"A Study on Impact of Quarterly Results of Top Six Companies Share Price"

1
A
Project Report
On
“A Study on Impact of Quarterly Results of Top Six
Companies Share Price”
Submitted To:
Bhulabhai Vanmalibhai Patel Institute of
Business Management, Computer &
Information Technology,
Uka Tarsadia University
Submitted By:
Patel Heniben V
TY BBA (Finance)
Enrollment No.: 201303100310022

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INDEX
Ch.
No
Topic
Page
No
Executive Summary
Synopsis
1 Introduction
2 Literature Review
3 Research Methodology
4 Data Analysis and Interpretation
5 Findings and conclusion
6
References
 Bibliography

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ACKNOWLEDGEMENT
I wish to express my sincere thanks to Dr. Poonam Mittal, Director of Bhulabhai
Vanmalibhai Patel Institute of Business Management, Computer & Information
Technology, Uka Tarsadia University who gave me the chance to do this project report.
I wish to express my heartfelt gratitude to my internal guide Mr. Nisarg Shah whose
constant help and support at all stages of this project has enabled me to complete it.
Last but not least, I thank all those who have helped me directly or indirectly during the
course of this project.
Patel Heniben V
13BBA22

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DECLARATION
I, Patel Heniben Vijaybhai from Bhulabhai Vanmalibhai Patel institute of Business
Management, Computer, & Information Technology, hereby declare that the project
report has been undertaken as a part of 6th
Semester of Bachelor of Business
Administration (BBA) syllabus of Uka Tarsadia University, Bardoli. I declare that this
report has not been submitted to any other university or institute for any other purposes.
Place: Gopal Vidyanagar Patel Heniben V.

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EXECUTIVE SUMMARY
As a part of BBA curriculum, I have made this report on the topic of “ A Study on Impact
of Quarterly Results of Top Six Companies Share prices”, stock market is always
determined on predication and company’s fundamentals. The present study is based on
company’s fundamental which impact on share prices.
Here, the study shows that when company published its quarterly results that impact on
company’s stock prices but there are so many speculation spread in the market that’s why
company stock price is determine by the fundamentals or it negativity react on company’s
fundamentals.
The concept of this project is to check the performance of top six companies. To study the
relationship between share price before and after quarterly results. The performance can
be evaluated by doing comparison between quarter-1 and quarter-2 results and quarter-3
and quarter-4 results.
In statistical tools, the project also includes objectives of study, research methodology,
data analysis and interpretation, findings and conclusion, recommendation and
bibliography.
In this study “Descriptive Research Design” is used because it is based on some previous
understanding of the topic, and research has got a specified objectives and clear cut data
requirements.

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List of Chart
Sr. No Title Pg. No
4.1 Generate comparison of Q1 and Q2 net profit and
share price of Coal India Ltd
share price of Infosys Ltd
share price of ITC Ltd
share price of ONGC Ltd
share price of Reliance Industry Ltd
share price of TCS Ltd
share price of Coal India Ltd
share price of Infosys Ltd
4.9 Generate comparison of Q3 ad Q4 net profit and share
price of ITC Ltd
share price of ONGC Ltd
share price of Reliance Industry Ltd
share price of TCS Ltd

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List of Tables
Sr. No Title Pg. No
4.1 Closing price data of Q1 Coal India Ltd (for the year
2015-2016)
4.2 Generates paired T-test of Q1 Coal India Ltd (for the year
2015-2016)
4.3 Closing price data of Q1 Infosys Ltd (for the year 2015-
2016)
4.4 Generates paired T-test of Q1 Infosys Ltd (for the year
2015-2016)
4.5 Closing price data of Q1 ITC Ltd (for the year 2015-2016)
4.6 Generates paired T-test of Q1 ITC Ltd (for the year 2015-
2016)
4.7 Closing price data of Q1 ONGC Ltd (for the year 2015-
2016)
4.8 Generates paired T- test of Q1 ONGC Ltd (for the year
2015-2016)
4.9 Closing price data of Q1 Reliance Industry Ltd (for the
year 2015-2016)
4.10 Generates paired T-test of Q1 Reliance Industry Ltd (for
the year 2015-2016)
4.11 Closing price data of Q1 TCS Ltd (for the 2015-2016)
4.12 Generates paired T-test of Q1 TCS Ltd (for the 2015-
2016)
2015-2016)
2015-2016)
2016)
2015-2016)
2016)
2016)
2015-2016)
year 2015-2016)
the year 2015-2016)

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2016)
2015-2016)
2015-2016)
2016)
2015-2016)
2016)
2016)
2015-2016)
year 2015-2016)
the year 2015-2016)
2016)
2014-2015)
2014-2015)
2015)
2014-2015)
2015)
2015)
2014-2015)
year 2014-2015)
the year 2014-2015)
2015)
4.49 Represent comparison of Q1 and Q2 net profit and share
price of Coal India Ltd

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price of Infosys Ltd
price of ITC Ltd
price of ONGC Ltd
price of Reliance Industry Ltd
price of TCS Ltd
price of Coal India Ltd
price of Infosys Ltd
price of ITC Ltd
price of ONGC Ltd
price of Reliance Industry Ltd
price of TCS Ltd

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1.1 Introduction
Most of the trading in the Indian stock market takes place on its two stock exchanges: the
Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The BSE has
been in existence since 1875. The NSE, on the other hand, was founded in 1992 and
started trading in 1994. However, both exchanges follow the same trading mechanism,
trading hours, settlement process, etc. At the last count, the BSE had about 4,700 listed
firms, whereas the rival NSE had about 1,200. Out of all the listed firms on the BSE, only
about 500 firms constitute more than 90% of its market capitalization; the rest of the
crowd consists of highly illiquid shares. NSE enjoys a dominant share in spot trading,
with about 70% of the market share, as of 2009, and almost a complete monopoly in
derivatives trading, with about a 98% share in this market, also as of 2009.
A stock exchange is a form of exchange which provides services for stock brokers and
traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities
for issue and redemption of securities and other financial instruments, and capital events
including the payment of income and dividends.
Securities traded on a stock exchange include stock issued by companies, unit trusts,
derivatives, pooled investment products and bonds. Stock exchanges often function as
"continuous auction" markets, with buyers and sellers consummating transactions at a
central location, such as the floor of the exchange.
Corporate governance refers to the set of systems, principles and processes by which a
company is governed. They provide the guidelines as to how the company can be directed
or controlled such that it can fulfill its goals and objectives in a manner that adds to the
value of the company and is also beneficial for all stakeholders in the long term.
Stakeholders in this case would include everyone ranging from the board of directors,
management, shareholders to customers, employees and society.
The management of the company hence assumes the role of a trustee for all the others. A
listing contract is a contract between a real estate broker (their agent representatives,
acting in the broker's name) and a seller or sellers of real property to give the broker the
right to offer the property for sale. As per the listing agreement every company has to
report the quarterly results within one month from the end of the quarter.

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The objective of interim reporting is to inform the position of the company to its investors
or shareholders. Timely and reliable interim reporting improves the ability of investors,
creditors and others to understand an enterprise capacity to generate earnings and cash
flows, its financial condition and liquidity. Based on the information available front the
results the investors can take informed decisions. However, on many occasions, the paces
of the securities have not changed to the extent of rise or fall in profit reported in the
quarterly results. Hence there is a need to know the real impact of quarterly results on
share price movement of securities.

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1.2 What is stock market?
A stock market or equity market or share market is the aggregation of buyers and sellers
(a loose network of economic transactions, not a physical facility or discrete entity)
of stocks (also called shares); these may include securities listed on a stock exchange as
well as those only traded privately.
1.3 Function of stock market
 Primary Market
The primary market is where securities are created. It's in this market that firms
sell (float) new stocks and bonds to the public for the first time. For our purposes,
you can think of the primary market as being synonymous with an initial public
offering (IPO). Simply put, an IPO occurs when a private company sells stocks to
the public for the first time.
 Secondary Market
The secondary market is what people are talking about when they refer to the
"stock market". This includes the New York Stock
Exchange (NYSE), Nasdaq and all major exchanges around the world. The
defining characteristic of the secondary market is that investors trade among
themselves. That is, in the secondary market, investors trade previously issued
securities without the issuing companies' involvement. For example, if you go to
buy Microsoft stock, you are dealing only with another investor who owns shares
in Microsoft. Microsoft (the company) is in no way involved with the transaction.
The secondary market can be further broken down into two specialized
categories: auction market and dealer market.
In the auction market, all individuals and institutions that want to trade securities
congregate in one area and announce the prices at which they are willing to buy
and sell. These are referred to as bid and ask prices. The idea is that an efficient
market should prevail by bringing together all parties and having them publicly
declare their prices. Thus, theoretically, the best price of a good need not be
sought out because the convergence of buyers and sellers will cause mutually-
agreeable prices to emerge. The best example of an auction market is the New
York Stock Exchange (NYSE).

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In contrast, a dealer market does not require parties to converge in a central
location. Rather, participants in the market are joined through electronic
networks (from low-tech telephones or fax machines to complicated order-
matching systems). The dealers hold an inventory of the security in which they
"make a market". The dealers then stand ready to buy or sell with market
participants. These dealers earn profits through the spread between the prices at
which they buy and sell securities. An example of a dealer market is the Nasdaq,
in which the dealers, who are known as market makers, provide firm bid and ask
prices at which they are willing to buy and sell a security. The theory is that
competition between dealers will provide the best possible price for investors.
1.4 Characteristic of stock market
 Volatile: The stock market can undergo wild swings, rising and falling by
hundreds of points, with many stocks posting steep gains or losses based on
factors having nothing to do with their performance. Interest rate changes by the
Fed, housing or employment reports, legislative action and natural disasters all
can affect the stock market.
 Regulated: Federal regulations and oversight by the Securities and Exchange
Commission help keep the stock market fair and transparent. For example, most
companies that issue stock must release quarterly earnings reports, while investors
who buy large blocks of stock must report their intentions. Individual trades must
meet specific parameters and certain players in the stock market, such as certain
types of stockbrokers, must be licensed.
 Transparent: A variety of reporting services provide real-time quotes, last-price
quotes, volume and other data. At the end of each day, you can see how many
shares of a particular stock traded, its high and low price and other information.
As previously mentioned, most publicly traded companies must release detailed
quarterly earnings reports as well as annual reports.
 Accessible: For many decades, stock market trades were made by professional
floor traders who worked for large brokerage houses. Today, any adult with a
computer may buy and sell stocks online or find a personal broker to place trades
for him. Online trading accounts are free to open; the broker through which you
open an account takes a small fee per trade. Online trading accounts provide small

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investors with real-time data about the market and offer a variety of additional
resources to help you research stocks, sectors, trends and other factors that can
help in making investing decisions.
 Fraud: Not all securities sold on the stock market are regulated in the same way.
Small businesses that cannot get listed on the big exchanges such as the New York
Stock Exchange or the Nasdaq may still sell shares. These businesses provide less
public disclosure and are riskier and more subject to fraud. The common “pump
and dump” scheme involves fraudsters buying shares of a penny stock, promoting
them to unsuspecting investors to drive up the price, then selling the stock to make
a quick profit, leaving the other investors holding stock that inevitably crashes.
1.5 Stock exchange market
A stock exchange or bourse is an exchange where stock brokers and traders can buy
and/or sell stocks (also called shares), bonds, and other securities. Stock exchanges may
also provide facilities for issue and redemption of securities and other financial
instruments, and capital events including the payment of income and dividends. Securities
traded on a stock exchange include stock issued by listed companies, unit
trusts, derivatives, pooled investment products and bonds. Stock exchanges often function
as "continuous auction" markets, with buyers and sellers consummating transactions at a
central location, such as the floor of the exchange.
1.6 Functions of stock exchange
 Economic Barometer: A stock exchange is a reliable barometer to measure the
economic condition of a country. Every major change in country and economy is
reflected in the prices of shares. The rise or fall in the share prices indicates the
boom or recession cycle of the economy. Stock exchange is also known as a pulse
of economy or economic mirror which reflects the economic conditions of a
country.
 Pricing of Securities: The stock market helps to value the securities on the
basis of demand and supply factors. The securities of profitable and growth
oriented companies are valued higher as there is more demand for such securities.
The valuation of securities is useful for investors, government and creditors. The

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investors can know the value of their investment, the creditors can value the
creditworthiness and government can impose taxes on value of securities.
 Safety of Transactions: In stock market only the listed securities are traded and
stock exchange authorities include the companies names in the trade list only after
verifying the soundness of company. The companies which are listed they also
have to operate within the strict rules and regulations. This ensures safety of
dealing through stock exchange.
 Contributes to Economic Growth: In stock exchange securities of various
companies are bought and sold. This process of disinvestment and reinvestment
helps to invest in most productive investment proposal and this leads to capital
formation and economic growth.
 Spreading of Equity Cult: Stock exchange encourages people to invest in
ownership securities by regulating new issues, better trading practices and by
educating public about investment.
 Providing Scope for Speculation: To ensure liquidity and demand of supply
of securities the stock exchange permits healthy speculation of securities.
 Liquidity: The main function of stock market is to provide ready market for sale
and purchase of securities. The presence of stock exchange market gives
assurance to investors that their investment can be converted into cash whenever
they want. The investors can invest in long term investment projects without any
hesitation, as because of stock exchange they can convert long term investment
into short term and medium term.
 Better Allocation of Capital: The shares of profit making companies are
quoted at higher prices and are actively traded so such companies can easily raise
fresh capital from stock market. The general public hesitates to invest in securities
of loss making companies. So stock exchange facilitates allocation of investor’s
fund to profitable channels.
 Promotes the Habits of Savings and Investment: The stock market offers
attractive opportunities of investment in various securities. These attractive
opportunities encourage people to save more and invest in securities of corporate
sector rather than investing in unproductive assets such as gold, silver, etc.
1.7 Characteristics or features of stock exchange

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 Market for securities: Stock exchange is a market, where securities of
corporate bodies, government and semi-government bodies are bought and sold.
 Deals in second hand securities: It deals with shares, debentures bonds and
such securities already issued by the companies. In short it deals with existing or
second hand securities and hence it is called secondary market.
 Regulates trade in securities: Stock exchange does not buy or sell any
securities on its own account. It merely provides the necessary infrastructure and
facilities for trade in securities to its members and brokers who trade in securities.
It regulates the trade activities so as to ensure free and fair trade
 Allows dealings only in listed securities: In fact, stock exchanges maintain
an official list of securities that could be purchased and sold on its floor. Securities
which do not figure in the official list of stock exchange are called unlisted
securities. Such unlisted securities cannot be traded in the stock exchange.
 Transactions effected only through members: All the transactions in
securities at the stock exchange are effect only through its authorized brokers and
members. Outsiders or direct investors are not allowed to enter in the trading
circles of the stock exchange. Investors have to buy or sell the securities at the
stock exchange through the authorized brokers only.
 Association of persons: A stock exchange is an association of persons or body
of individuals which may be registered or unregistered.
 Recognition from Central Government: Stock exchange is an organized market.
It requires recognition from the Central Government.
 Working as per rules: Buying and selling transactions in securities at the stock
exchange are governed by the rules and regulations of stock exchange as well as
SEBI Guidelines. No deviation from the rules and guidelines is allowed in any
case.
 Specific location: Stock exchange is a particular market place where authorized
brokers come together daily (i.e. on working days) on the floor of market called
trading circles and conduct trading activities. The prices of different securities
traded are shown on electronic boards. After the working hours market is closed.
All the working of stock exchanges is conducted and controlled through
computers and electronic system.

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 Financial Barometers: Stock exchanges are the financial barometers and
development indicators of national economy of the country. Industrial growth and
stability is reflected in the index of stock exchange.
1.8 Corporate Governance
Corporate governance is the set of processes, customs, policies, laws, and institutions
affecting the way a corporation (or company) is directed, administered or controlled.
Corporate governance also includes the relationship among the many stakeholders
involved and the goals for which the corporation is governed. In simpler terms it means
the extent to which companies are run in an open & honest manner.
1.9 Importance of Corporate governance
 Corporate governance ensures that a properly structured Board, capable of taking
independent & objective decisions is at the helm of affairs of the company. This
lays down the framework for creating long-term trust between the company &
external providers of capital.
 It improves strategic thinking at the top by inducting independent directors who
bring a wealth of experience & a host of new ideas.
 It rationalizes the management & monitoring of risk that a corporation faces
globally.
 Corporate governance emphasizes the adoption of transparent procedures &
practices by the Boards, thereby ensuring integrity in financial reports.
 It inspires & strengthens investors’ confidence by ensuring that there are adequate
number of non-executive & independent directors on the Boards, to look after the
interests & well-being of all the stakeholders.
 Corporate governance helps provide a degree of confidence that is necessary for
the proper functioning of a market economy, as it contemplates adherence to
ethical business standards.
 Finally, globalization of the market place has ushered in an era wherein the quality
of corporate governance has become a crucial determinant of survival of
corporate.

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1.10 Why company disclose its information or results to shareholders
and general public?
Companies that are privately owned are not required by law to disclose detailed financial
and operating information. They have wide latitude in deciding what types of information
to make available to the public. They can shield information from public knowledge and
determine for themselves who needs to know specific types of information.
Companies that are publicly owned, on the other hand, are subject to detailed disclosure
laws about their financial condition, operating results, management compensation, and
other areas of their business.
The current system of mandatory corporate disclosure began in the 1930s with the
passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. These acts
as well as subsequent legislation related to disclosure have been implemented by rules
and regulations of the Securities and Exchange Commission (SEC).
Disclosure laws are designed to protect investors through the disclosure of business and
financial information that could be considered relevant to making an investment decision.
Since private companies do not raise money from the investing public, they are not
subject to the same disclosure laws as public companies. Investors in private companies
are considered to be sufficiently well informed about their investment decisions so as not
to require the protection of disclosure laws.
1.11 Disclosure required by the Securities and Exchange Commission
SEC regulations require publicly owned companies to disclose certain types of business
and financial data on a regular basis to the SEC and to the company's stockholders. The
SEC also requires disclosure of relevant business and financial information to potential
investors when new securities, such as stocks and bonds, are issued to the public (with
exceptions for small issues and private placements).
The current system of mandatory corporate disclosure is known as the integrated
disclosure system. By amending some of its regulations, the SEC has attempted to make
this system less burdensome on corporations by standardizing various forms and
eliminating some differences in reporting requirements to the SEC and to shareholders.

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The system integrates the different requirements of the 1933 and 1934 acts and those of
shareholder reports.
1.12 Stock Market Sectors Classification
There are many ways in which stocks can be classified. One of the most preferred ones is
by the sector in which the particular business that issues the stocks falls. This
classification, which includes the grouping together of companies from the same sector, is
done for the purposes of facilitating comparisons between the companies' stocks.
However, many classifications by sectors can be found. One of them divides the market
into eleven sectors, where two of them are referred to as defensive, whereas the other nine
are referred to as cyclical.
Let's now turn our attention to these two classifications and examine them at a closer
look.
A. Cyclical Stocks:
Stocks from the cyclical classification tend to be sensitive to the market
conditions, especially to its cycles, as their name implies. The good news is that if
one sector is down, another sector may experience an upward trend.
This classification includes nine of the sectors that fall in the sector division. They
are as follows:
1. Capital Goods
2. Energy
3. Technology
4. Health care
5. Communications
6. Transportation
7. Basic materials
8. Consumer cyclical
9. Financial
As it can be seen from the list above, investors will not find any difficulty in recognizing
whether a particular business belongs to one cyclical sector or another.

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B.Defensive Stocks:
This classification includes two of the sectors that fall in the sector division. They
are as follows:
 Utilities
 Consumer staples
These sectors are less susceptible to market cycles since no matter what the
market conditions are people will not stop consume food or electricity. Stocks
from these sectors are used as a balancing and protection mechanism by many
investors in their portfolios in case the market starts to go down.
However, the advantage of defensive stocks can be their drawback as well. This is
so, since no matter what the conditions of the market are people will probably not
start to consume more energy or food, so when the market is up, the prices of
defensive stocks may not go up as well.
C.Stock Sectors Purpose:
The main purpose of stocks sectors is to facilitate investors' comparison of
different stocks. Moreover, comparison of stocks within a particular sector can be
very useful if you want to see how your sectors are performing relative to stocks
within the same sector.
However, try to use the classifications of various sources, since different sources
use different set of sectors.
D.Final Piece of Advice:
Use stock sectors to make effective and reliable comparisons between your stocks
and the other from the same sector. This is recommended in order to see whether
there are any drastic differences in the performance and if there are such to
regulate the disparities.
1.13 Role of stock exchange:
Stock Exchanges play a crucial role in the consolidation of a national economy in general
and in the development of industrial sector in particular. It is the most dynamic and
organized component of capital market. Especially, in developing countries like India, the
stock exchanges play a cardinal role in promoting the level of capital formation through
effective mobilization of savings and ensuring investment safety.
Let’s study the role of stock exchanges in capital market in India:

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1) Effective Mobilization of Saving: Stock exchange provides organized market
for an individual as well as institutional investors. They regulate the trading
transaction with proper rules and regulations in order to ensure investor’s
protection. This helps to consolidate the confidence of investors and small savers.
Thus, stock exchanges attract small savings especially of large number of
investors in the capital market.
2) Promoting Capital formation: The funds mobilized through capital market
are provided to the industries engaged in the production of various goods and
services useful for the society. This leads to capital formation and development of
national assets. The savings mobilized are channelized into appropriate avenues of
investment.
3) Wider Avenues of Investment: Stock exchanges provide a wider avenue for
the investment to the people and organization with investible surplus. Companies
from diverse industries like Information Technology, Steel, Chemicals, Fuels and
Petroleum, Cement, Fertilizers, etc. offer various kinds of equity and debt
securities to the investors. Online trading facility has brought the stock exchange
at the doorsteps of investors through computer network. Diverse type of securities
is made available in the stock exchanges to suit the varying objectives and notions
of different classes of investor. Necessary information from stock exchanges
available from different sources guides the investors in the effective management
of their investment portfolios.
4) Liquidity of Investment: Stock exchanges provide liquidity of investment to
the investors. Investors can sell out any of their investments in securities at any
time during trading days and through hours on stock exchanges. Thus, stock
exchanges provide liquidity of investment. The online trading and online
settlement of demat securities facilitates the investors to sell-out their investment
and realize the proceeds within a day or two. Even investors can switch over their
investment from one security to another according to the changing scenario of
capital market.
5) Investment Priorities: Stock exchanges facilitate the investors to decide his
investment priorities by him the basket of different kinds of securities of different
industries and companies. He can sell stock of one company and buy a stock of

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another company through stock exchange whenever he wants. He can manage his
investment portfolio to maximize his wealth.
6) Investment Safety: Stock exchanges through their by-laws, Securities and
Exchange Board of India (SEBI) guidelines, transparent procedures try to provide
safety to the investment in industrial securities. Government has established the
National Stock Exchange (NSE) and over The Counter Exchange of India
(OTCEI) for investor’ Safety. Exchange authorities try to Curb Speculative
Practices and Minimize The Risk for common Investor to preserve his confidence.
7) Wide Marketability to Securities: Online price quoting system and online
buying and selling facility have changed the nature and working of stock
exchanges. Formerly, the dealings on stock exchanges were restricted to its head
quarters. The investors across the country were absolutely in dark about the price
fluctuations on stock exchanges due to the lack of information. But today due to
Internet, online quoting facility is available at the computers of investors. As a
result, they can keep track of price fluctuations taking place on stock exchange
every second during the working hours. Certain T.V. Channels like CNBC are
fully devoted to stock market information and corporate news. Zeven other
channels display the on line quoting of stocks. Thus, modern stock exchanges
backed up by internet and information technology provide wide marketability to
securities of the industries. Demat facility has revolutionized the procedure of
transfer of securities and facilitated marketing.
8) Financial resources for public and private sectors: Stock exchanges make
available the financial resources available to the industries in public and privat
sector through various kinds of securities. Due to the assurance of liquidity,
marketing support, investment safety assured through stock exchanges, the public
issues of securities by these industries receive strong public response (resulting in
over subscription of issue).
9) Funds for Development Purpose: Stock exchanges enable the government to
mobilize the funds for public utilities and public undertakings which take up the
development activities like power projects, shipping, railways,
telecommunication, dams & roads constructions, etc. Stock exchanges provide
liquidity, marketability, price continuity and constant evaluation of government
securities.

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10)Indicator of Industrial Development: Stock exchanges are the symbolic
indicators of industrial development of a nation. Productivity, efficiency,
economic-status, prospects of each industry and every unit in an industry is
reflected through the price fluctuation of industrial securities on stock exchanges.
Stock exchange Sensex and price fluctuations od securities of various companies
tell the entire story of changes in industrial sector.
11)Barometer of National Economy: Stock exchange is taken as a Barometer of
the economy of a country. Each economy is economically symbolized (indicators)
by its most significant stock exchange. New York Stock Exchange, London Stock
Exchange, Tokyo Stock Exchange and Bombay Stock Exchange are considered as
barometers or U.S.A, United Kingdom, Japan and India respectively. At both
national and international level these stock exchanges represent the progress and
conditions of their economies.
Thus, stock exchange serves the nation in several ways through its diversified
economic services which include imparting liquidity to investments, providing
marketability, enabling evaluation and ensuring price continuity of securities.
1.14 What is 'Market Capitalization'?
Market capitalization is the total dollar market value of all of a company's outstanding
shares. Market capitalization is calculated by multiplying a company's shares outstanding
by the current market price of one share. The investment community uses this figure to
determine a company's size, as opposed to sales or total asset figures.
Frequently referred to as "market cap."
BREAKING DOWN 'Market Capitalization'
If a company has 35 million shares outstanding, each with a market value of $100, the
company's market capitalization is $3.5 billion (35,000,000 x $100 per share).
Company size is a basic determinant of asset allocation and risk-return parameters for
stocks and stock mutual funds. The term should not be confused with a company's
"capitalization," which is a financial statement term that refers to the sum of a company's
shareholders' equity plus long-term debt.

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The stocks of large, medium and small companies are referred to as large-cap, mid-cap,
and small-cap, respectively. Investment professionals differ on their exact definitions, but
the current approximate categories of market capitalization are:
a) Large Cap: $10 billion plus and include the companies with the largest market
capitalization.
b) Mid Cap: $2 billion to $10 billion.
c) Small Cap: Less than $2 billion.
In order to make an investment decision, you may need to factor in the market cap of
some investments. Read Understanding Small- And Big-Cap Stocks.
1.15 Derivatives market
 What is a “Derivative”?
The term ‘Derivative’ stands for a contract whose price is derived from or is dependent
upon an underlying asset. The underlying asset could be a financial asset such as
currency, stock and market index, an interest bearing security or a physical commodity.
As Derivatives are merely contracts between two or more parties, anything like weather
data or amount of rain can be used as underlying assets.
 Need for Derivatives
The derivatives market performs a number of economic functions. They help in:
 Transferring risks
 Discovery of future as well as current prices
 Catalyzing entrepreneurial activity
 Increasing saving and investments in long run.
 Participants in Derivative markets
 Hedgers use futures or options markets to reduce or eliminate the risk associated
with price of an asset.
 Speculators use futures and options contracts to get extra leverage in betting on
future movements in the price of an asset.
 Arbitrageurs are in business to take advantage of a discrepancy between prices in
two different markets.

25
1.16 What is OTC (Over the counter)?
Over the Counter (OTC) derivatives are those which are privately traded between two
parties and involves no exchange or intermediary.
Non-standard products are traded in the so-called over-the-counter (OTC) derivatives
markets. The Over the counter derivative market consists of the investment banks and
include clients like hedge funds, commercial banks, government sponsored enterprises
etc.
Exchange Traded Derivatives Market: A derivatives exchange is a market where
individuals trade standardized contracts that have been defined by the exchange.
A derivatives exchange acts as an intermediary to all related transactions, and takes initial
margin from both sides of the trade to act as a guarantee.
 Classification of Derivatives:
a) Future Contracts
b) Forward Contracts
c) Options
d) Swaps
1.17 The Characteristics of an Efficient Market
Since investors have the opportunity to invest in more than one market, it is important to
have a fair understanding of the criteria on which markets can be compared. Following
are features of an efficient stock market:
I. Efficient system to facilitate trading: A good market should operate smoothly
and efficiently in terms of operation. Buyers and sellers should be able to meet their
expectations without any time delays or difficulties.
II. Availability of information: Timely information plays a vital role in decision-
making relating to investments in stocks. Information on share prices, volumes and
bids of transactions should be available on time without any difficulty.
III. Liquidity: Liquidity in this context refers to the ability to buy or sell shares
quickly at a known price that is not substantially different from the price a moment
ago.

26
IV. Transaction Cost: An efficient market should be cost effective to the investors.
In other words, transaction cost should be minimal. The transaction cost includes
brokerage, cost of trading in the market and cost of transferring the ownership of the
stock.
V. Information Processing Efficiency: One of the most critical and important
attributes of a good market is its information processing capability. The market
price should adequately reflect all information relating to the stock. This also means
that the market should swiftly adjust prices to new information relating to stocks.
1.18 Factors Affecting Share Prices:
Stock market is something where you can never foretell what is going to happen in the
market. You might get huge gain or incur losses when the stock market crashes. There are
many factors affecting share prices. It is very hard to say just one or two factors affect the
share prices. So, let us have a look at the factors that affect share prices.
 Demand and Supply: This is the first factor that affects share prices. When you get
to see that more people are buying stocks, then there is an increase in the price of that
particular stock. On the other hand price of stock falls when more people are selling
their stocks. So it is very difficult to predict the Indian stock market. This is the main
reason why you need to get in touch with a good stock market consultant. There is
consultancy for you which can help you a lot on choosing the right stocks for you.
 Market cap: It is a very big mistake when you try to guess a company’s worth from
the price of a stock. You should know that the more important is the market
capitalization of the particular company. This helps to determine the worth of a
company. So market cap serves as an important use to determine share prices.
 Earnings per share: Now when it comes to the term, “earning per share”, it means
the profit that a particular company has made per share and that too on the last
quarter. If you need to know the health of the company then this is the most important
factor. What’s more earning per share also influences the buying tendency in the
market that results in the increase of the particular stock price. This is the reason why
it is very important for every public company to bring out the quarterly report. So
when you wish to make a profitable investment, then the best thing for you would be

27
to keep a good watch on the quarterly reports of different companies. This is very
important before you wish to invest your hard earned money in the share market.
 Impact of news: News is another factor that affects the share price. When there is
positive news about a particular stock or company, people try to invest all their money
in that particular stock or market. This leads to increase in the interest of buying the
stock. But there are many circumstances where news could also bring a negative
effect where it could ruin the prospect of the particular stock. So it is very important
to know the overall news of a stock or company where you can invest your money so
that it grows within a very short period of time.
There are many things that you need to consider when you go for investing your hard
earned money in the stock market. You should never be in a haste to invest your
money in the stock market. You should always get in touch with a good stock market
consultancy where it can give you some share tips. They are the one who can give you
advice where to invest your money and where not to. They know to distinguish the
good stock from the bad ones.
So, you have come to know about the factors affecting share prices. Remember that it
is very important to make a good market research before investing in any stock or
company.
1.19 What is NSE?
National Stock Exchange of India or in short NSE happens to be India’s largest Stock
Exchange and World’s third largest stock exchange in terms of transactions. It is located
in Mumbai and was incorporated in November 1992 as a tax-paying company. It was in
April 1993 that NSE was recognized as stock exchange under the Securities Contract Act
1956.
1.20 Objectives of NSE
The main objective behind NSE is to establish trading facility nationwide for all types of
securities. It also ensures equal access to all investors in the country through the process
of an appropriate telecommunication network. NSE was able to achieve its objectives
within a very short span of time. NSE has national reach to major market segments like
equity or capital markets, futures and options or derivatives market, wholesale debt
market, mutual funds, initial public offerings and so on. There is also a concept of day

28
trading which suits well for short term investments. But there are investors who think
that this type of trading is quite risky.
 Difference between NSE and BSE:
Bombay Stock Exchange and National Stock Exchange are both major stock exchange in
India. But there is a difference between NSE and BSE. Investors put their money in the
stock market in order to reap huge benefits from their investment. But nobody can predict
the market as we have already discussed. Also any stock market is decided by its
country’s growth. But you should be aware that it requires a lot of patience. The market
tumbles down and this is the reason why investors fear of investing their money.
 Contents: BSE Vs NSE:
1 Formation
2 Members
3 Listing
4 Indices
1) Formation:
The National Stock Exchange of India was promoted by leading financial institutions
at the behest of the Government of India, and was incorporated in November 1992 as
a tax-paying company. In April 1993, it was recognized as a stock exchange under the
Securities Contracts (Regulation) Act, 1956. NSE commenced operations in the
Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities)
segment of the NSE commenced operations in November 1994, while operations in
the Derivatives segment commenced in June 2000.
Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich
heritage. Popularly known as "BSE", it was established as "The Native Share & Stock
Brokers Association" in 1875. It was the first stock exchange in the country to obtain
permanent recognition in 1956 from the Government of India under the Securities
Contracts (Regulation) Act, 1956. Earlier an Association of Persons (AOP), the
Exchange is now a demutualised and corporatized entity incorporated under the
provisions of the Companies Act, 1956, pursuant to the BSE (Corporatization and
Demutualization) Scheme, 2005 notified by the Securities and Exchange Board of

29
India (SEBI).Bombay Stock Exchange Limited received its Certificate of
Incorporation on 8th August, 2005 and Certificate of Commencement of Business on
12th August, 2005. The Exchange has succeeded the business and operations of BSE
ongoing concern basis and its recognition as an Exchange has been continued by
SEBI.
2) Members:
While the BSE has over 874 members-brokers across the country, NSE has more
than, 1000 members. In NSE, a prospective trading member is admitted to any of the
following combinations of market segments: Wholesale Debt Market segment,
Capital Market (CM) and the Futures and Options segments, CM Segment and the
WDM segment, or CM Segment, the WDM and the F and O segment. There is no
such thing at BSE and members join as any of the following: Trading Members,
Trading cum Clearing Members, Professional clearing member, Limited trading
member and Self Clearing member.
For NSE: In order to be admitted as a trading member, the individual trading
member/at least two partners of the applicant firm/at least two directors of the
applicant corporate must be graduates and must possess at least two years' experience
in securities markets. The applicant for trading membership/any of its
partners/shareholders/directors must not have been declared defaulters on any stock
exchange, must not be debarred by SEBI for being associated with capital market as
intermediaries and must not be engaged in any fund-based activity. The trades
executed on the Exchange may be cleared and settled by a clearing member. There is
a special category of members, called professional clearing members (PCMs), who do
not trade but only clear trades executed by others.
The initial joining fee for a member at BSE is Rs. 90 Lakhs while that for an NSE
member is between 100 to 300 Lakh depending on the kind of membership one
chooses. In addition to annual fees, NSE members are required to pay transaction
charges on trades undertaken by them. They pay transaction charge at the rate of Rs.
3.5 for every Rs. 1 lakh of turnover in the CM segment. The transaction charges
payable to the exchange by the trading member for the trades executed by him on the
F&O segment are fixed at the rate of Rs. 2 per lakh of turnover (0.002%) subject to a
minimum of Rs. 1,00,000 per year. At BSE, these fees differ according to the various
types of members.

30
For BSE, the requirements to becoming a member are:
 Authorized By NSC As A Brokerage House.
 Authorization Of BSE
 Negotiation From NSC
 Trained Staff At BSE (Brokers, Traders, Accountants)
 Data On Member Registration
 Company By-Laws
 Membership Fee
 Financial Statements
 Company Mission Statements
 Handbook On Internal Operations & Control
 Personal Information File For Management And Specialized Staff
 Contribution To The Guarantee Fund
 Payment For The Licensed Access To Use The Operating System
3) Listing:
Listing means formal admission of a security to the trading platform of the Exchange.
In BSE, the securities may be of any public limited company, Central or State
Government, quasi governmental and other financial institutions/corporations,
municipalities, etc. The objectives of listing are mainly to: provide liquidity to
securities; mobilize savings for economic development; protect interest of investors
by ensuring full disclosures. The Exchange has a separate Listing Department to grant
approval for listing of securities of companies in accordance with the provisions of
the Securities Contracts (Regulation) Act, 1956, Securities Contracts (Regulation)
Rules, 1957, Companies Act, 1956, Guidelines issued by SEBI and Rules, Bye-laws
and Regulations of the Exchange. A company intending to have its securities listed on
the Exchange has to comply with the listing requirements prescribed by the Exchange.

31
Some of the requirements are
A. Minimum Listing Requirements for new companies
B. Minimum Listing Requirements for companies listed on other stock exchanges
C. Minimum Requirements for companies delisted by this Exchange seeking
relisting of this Exchange
D. Permission to use the name of the Exchange in an Issuer Company's
prospectus
E. Submission of Letter of Application
F. Allotment of Securities
G. Trading Permission
H. Requirement of 1% Security
I. Payment of Listing Fees
J. Compliance with Listing Agreement
K. Cash Management Service(CMS) - Collection of Listing Fees
L. At NSE, the following criteria’s are to be fulfilled when one applies to be
listed:
M. Approval of Memorandum and Articles of Association
N. Approval of draft prospectus
O. Submission of Application
P. Listing conditions and requirements
Q. Once a company fulfils these criteria’s then they have to submit the following
to the board:
R. A brief note on the promoters and management.
S. Company profile.
T. Copies of the Annual Report for last 3 years.
U. Copies of the Draft Offer Document.
V. Memorandum & Articles of Association.

32
The listing fees depend on the companies paid up capital at both NSE and BSE. While
the initial listing fee at NSE is Rs.7,500, it is Rs.20,000 at BSE. The annual listing
fees for a company with a paid up capital up to Rs. 5 Crores is Rs. 10,000 at BSE
while it is Rs. 8,400 at NSE. For a company with paid up capital between 5 to 10
crores, BSE charges Rs. 15,000 while NSE charges Rs. 10,000.
4) Indices:
The main Index of BSE is SENSEX while that of NSE is CNX Nifty. The other
indices at BSE are: BSE 500, BSE 100, BSE 200, BSE PSU, BSE MIDCAP, BSE
SMLCAP, BSE BANKEX, BSE Teck, BSE Auto, BSE Pharma, BSE Fast Moving
Consumer Goods (FMCG), BSE Consumer Durables (SYMBOL: Cons Dura), BSE
Metal.
NSE also set up as index services firm known as India Index Services & Products
Limited (IISL) and has launched several stock indices, including: S&P CNX Nifty,
CNX Nifty Junior, CNX 100 (= S&P CNX Nifty + CNX Nifty Junior), S&P CNX
500 (= CNX 100 + 400 major players across 72 industries), CNX Midcap (introduced
on 18 July 2005 replacing CNX Midcap 200).

33
REVIEW OF LITERATURE
1) Huong N. Higgins (2009), Using quarterly earnings to predict stock price. This paper
develops a stock price prediction model based on quarterly earnings forecasts. The
prediction model is based on the residual income model by Ohlson (1995), and
adjustment for auto-correlation by Higgins (2009). This paper shows that seasonality is
not a problem if four consecutive quarters are included in each price equation. The
paper shows that quarterly earnings forecasts can be useful inputs to stock price
forecast models.
2) Craig E. Lefanowicz, Adam Koch and John R. Robinson (2011), The effect of
quarterly earnings guidance on share values in corporate acquisitions. We examine the
market for corporate control to investigate whether the practice of issuing quarterly
earning guidance results in a short-term focused misallocation of resources. First,
additional research can examine the relation between earnings guidance by potential
targets and the probability of being subsequently acquired. A second opportunity for
future research is to examine the relation between pre-acquisition guidance by targets
and the extent to which the top management from the target firm retain an influential
position in the combined firm. As a result, the process of redeploying assets to more
productive uses may increase the probability of terminating the targets‟ top
management team.
3) S.Saravanakumar, Dr. A.Mahadevan, B.L. Sairam Subramaniam And R.Aarthy
(2012), An empirical investigation on the announcement of corporate quarterly results.
This study examines abnormal returns of earnings announcement during the pre-
announcement and post announcement period. This study is based on samples of 50
Nifty companies listed on National Stock Exchange, exhibited that investors do not
gain value from earnings announcement. The behavior of stock prices has been
examined in the pre-and post-announcement periods in relation to the announcement of
quarterly results. The study is made to find out whether the announcement of earnings
is having any influence on the stock return. The findings of the present study basically
highlight as to how the market evaluates quarterly results.
4) Viktor Soltes (2012), study the impact of quarterly results and analysts’ expectations
on prices of selected equities. The aim of the article is to find the relationship between
the growth and decline in the share price during the promulgation period of quarterly
results of companies and surprise, either positive or negative in the quarterly results.

34
These results became from testing of shares with panel data models, when testing sole
shares, results are not so positive. But in the whole process of testing panel data results
are more important, so it is possible to write these positive conclusions.
5) C.Babu and R. Kasilingam (2013), Impact of quarterly results on share prices. The
purpose of the present study is to find out the effect of quarterly results on share prices
of securities. To find out the relationship between Sensex movements and share price
movements so as to understand the real effect of quarterly results on share prices. The
relation between growth in results of the company and changes in the share prices.
This indicates that there is no relationship between increase in share prices and growth
announced in the quarterly results. The negative relationship indicates that share prices
of certain companies decreased irrespective of good results.
6) S.Saravanakumar and A.Mahadevan (2013), An empirical study on the
announcement of corporate quarterly results in India. This study examines abnormal
returns of earnings announcement during the pre-announcement and post
announcement period. This study is based on samples of 50 nifty companies listed on
national stock exchange, exhibited that investors do not gain value from earnings
announcement. Indeed shareholders earned little value over a period of 15 days prior to
the earnings announcement through to 15 days after the announcement. The findings of
the present study basically highlight as to how the market evaluates quarterly results. It
is simply not true, that earnings announcement data can provide a profitable guide to
investment timing or improve a portfolio’s rate of return.
7) Dr. Rakesh Kumar (2015), Effects of declaration of quarterly results on share price of
selected automobile companies. This Study has been based on Secondary data. Four
Companies has been selected as sample size. The duration of the study from2013-2014
(four quarter year on 1st April to 31st March 2014) Average, standard deviation,
correlation and pie chart have been used in this study. Share price is not affected by the
company’s performance or financial result. Share price of the companies effected by
the micro and macro factors. This study indicates that quarterly result and growth rate
of the companies do not have significant impact on share price of the company.

35
RESEARCH METHODOLOGY
3.1 Problem statement
To study the impact of quarterly results on companies share prices.
3.2 Research question
 Weather quarterly results impact on companies share price or not?
 Weather any internal or external factors impact on companies or not?
3.3 Objective of the study
The aim of the project is to find out the impact of quarterly results on companies share
prices.
 To study the impact of quarterly results on share price.
 To study the relationship between share prices before and after quarterly results.
3.4 Research design
In this study researcher used descriptive research designs as researcher describe the
relationship of share price before and after publishing of quarter results.
3.5 Hypothesis
H0: The interim results have an impact on the share prices of the companies.
H1: The interim results have no impact on the share prices of the companies.
3.6 Data collection
This Study has been based on Secondary data. Secondary data has been collected from
the NSE (Nifty) websites. The daily historical closing prices of the companies are
collected from NSE website. The Company’s interim financial report collected from
companies’ websites.

36
3.7 Duration of the study
The duration of the study from 2015-2016 (four quarter year on 1st April to 31st March
2016)
3.8 Sample size
Six Companies has been selected as sample size. Sample Selection Criteria Top six
companies on the basis of market capitalization in the NSE.
3.9 Limitation of the study
 Time also imposed a serious limitation on the study was time bound.
3.10 Benefits of the study
The benefits to the investors to invest in future stock market on the basis of quarterly
results of companies share prices.

37
DATA ANALYSIS AND INTERPRETATION
QUARTER 1
Table 4.1 Closing price data of Coal India Ltd
BEFORE AFTER
1-Jul-15 425.5 13-Aug-15 377.05
2-Jul-15 424.05 14-Aug-15 377.55
3-Jul-15 417.5 17-Aug-15 379.85
6-Jul-15 419.75 18-Aug-15 364.15
7-Jul-15 428.9 19-Aug-15 355.65
8-Jul-15 417.15 20-Aug-15 349.85
9-Jul-15 417.15 21-Aug-15 348.65
10-Jul-15 419.95 24-Aug-15 336.6
13-Jul-15 419.95 25-Aug-15 353.6
14-Jul-15 434.15 26-Aug-15 358.15
15-Jul-15 436.65 27-Aug-15 361.85
16-Jul-15 438.3 28-Aug-15 357.55
17-Jul-15 430.15 31-Aug-15 366.35
20-Jul-15 425.45 1-Sep-15 354.7
21-Jul-15 428.65 2-Sep-15 344.35
22-Jul-15 432.35 3-Sep-15 345.3
23-Jul-15 431.5 4-Sep-15 347.5
24-Jul-15 426.05 7-Sep-15 337.45
27-Jul-15 423.6 8-Sep-15 337.35
28-Jul-15 420.85 9-Sep-15 338.95
29-Jul-15 420.15 10-Sep-15 338.35
30-Jul-15 420.35 11-Sep-15 333.85
31-Jul-15 439.05 14-Sep-15 339.3
3-Aug-15 431.7 15-Sep-15 338.05
4-Aug-15 443.4 16-Sep-15 337.45
5-Aug-15 438.5 18-Sep-15 343.35

38
6-Aug-15 431.4 21-Sep-15 342.2
7-Aug-15 414.7 22-Sep-15 323.6
10-Aug-15 407.95 23-Sep-15 327.8
11-Aug-15 392.7 24-Sep-15 318.4
Table 4.2 Generates paired T-test of Coal India Ltd
BEFORE AFTER
Average 425.25 347.8267
Variance 107.4062069 235.3258
Observation 30
Pearson correlation 0.29689117
Hypothesized mean difference 0
Df 29
t Stat 26.91020672
P(T<=t) two-tail 4.6225E-22
t Critical two-tail 2.045229611
Standard deviation 10.36369658 15.34033
Interpretation:
To determine the impact of interim result on share price of COALINDIA Ltd, the
independent sample t-test was performed. Above table 4.2 shows the average price
(mean) of COALINDIA Ltd before and after announcement of result.
Average Price of COALINDIA Ltd before announcement is Rs. 425.25 per share and
after announcement is Rs. 347.826 which indicates that there was a decrease in price after
the announcement of result.
The correlation between before and after share price of COALINDIA Ltd is 0.30 so it
indicates the positive correlation between share price of COALINDIA Ltd before and
after the announcement of result.
Now the above table indicates that there is a no significance difference in the value of t-
test of the share price of COALINDIA Ltd as its P value is 4.623 which is greater than
table value 0.05.
It means that H0 is rejected. Hence, that there is no impact in Q1 result on share price. It
may be because speculation or any other economic determinants.

39
Table 4.3 Closing price data of Infosys Ltd
BEFORE AFTER
9-Jun-15 1992.1 22-Jul-15 1103.15
10-Jun-15 2026.5 23-Jul-15 1098
11-Jun-15 1997.65 24-Jul-15 1087.6
12-Jun-15 1975.05 27-Jul-15 1065.3
15-Jun-15 990.45 28-Jul-15 1062.85
16-Jun-15 999.35 29-Jul-15 1085.4
17-Jun-15 995.7 30-Jul-15 1070
18-Jun-15 1001.95 31-Jul-15 1077.05
19-Jun-15 995.35 3-Aug-15 1078.95
22-Jun-15 1023.85 4-Aug-15 1057.25
23-Jun-15 1000.4 5-Aug-15 1086.35
24-Jun-15 995.1 6-Aug-15 1086.95
25-Jun-15 990.45 7-Aug-15 1095.6
26-Jun-15 1005.25 10-Aug-15 1086
29-Jun-15 990.15 11-Aug-15 1109.15
30-Jun-15 984.35 12-Aug-15 1144.4
1-Jul-15 997.4 13-Aug-15 1158
2-Jul-15 988 14-Aug-15 1149.25
3-Jul-15 990.3 17-Aug-15 1142.15
6-Jul-15 983.3 18-Aug-15 1164.35
7-Jul-15 980.5 19-Aug-15 1175.55
8-Jul-15 957.5 20-Aug-15 1134.55
9-Jul-15 938 21-Aug-15 1149.9
10-Jul-15 937.5 24-Aug-15 1092.05
13-Jul-15 950.15 25-Aug-15 1085.65
14-Jul-15 971.25 26-Aug-15 1064.6
15-Jul-15 984 27-Aug-15 1082.8
16-Jul-15 989.05 28-Aug-15 1111.05
17-Jul-15 1001.85 31-Aug-15 1094.4
20-Jul-15 1001.25 1-Sep-15 1089

40
Table 4.4 Generates paired T-test of Infosys Ltd
BEFORE AFTER
Average 1121.123333 1102.91
Variance 122731.346 1111.264
Observation 30
Pearson correlation -0.18554269
Df 29
t Stat 0.27864173
P(T<=t) two-tail 0.782497107
Interpretation:
To determine the impact of interim result on share price of Infosys Ltd, the independent
sample t-test was performed. Above table 4.4 shows the average price (mean) of Infosys
Ltd before and after announcement of result.
Average Price of Infosys Ltd before announcement is Rs. 1121.12 per share and after
announcement is Rs. 1102.91 which indicates that there was a decrease in price after the
announcement of result.
The correlation between before and after share price of Infosys Ltd is -0.19 so it indicates
the negative correlation between share price of Infosys Ltd before and after the
test of the share price of Infosys Ltd as its P value is 0.782 which is greater than table
value 0.05.

41
Table 4.5 Closing price data of ITC Ltd
BEFORE AFTER
18-Jun-15 305 31-Jul-15 331.55
19-Jun-15 310.4 3-Aug-15 329.9
22-Jun-15 314.55 4-Aug-15 331.8
23-Jun-15 313.65 5-Aug-15 326.25
24-Jun-15 312.35 6-Aug-15 324.45
25-Jun-15 307.95 7-Aug-15 320.95
26-Jun-15 309.95 10-Aug-15 320.1
29-Jun-15 315.15 11-Aug-15 316.75
30-Jun-15 313.6 12-Aug-15 316.35
1-Jul-15 315.05 13-Aug-15 318.15
2-Jul-15 315.6 14-Aug-15 316.9
3-Jul-15 318.4 17-Aug-15 314.85
6-Jul-15 317.35 18-Aug-15 316.9
7-Jul-15 312.95 19-Aug-15 329.35
8-Jul-15 310.6 20-Aug-15 330.75
9-Jul-15 309.9 21-Aug-15 320.2
10-Jul-15 314.6 24-Aug-15 319.9
13-Jul-15 312.3 25-Aug-15 317.65
14-Jul-15 314 26-Aug-15 325.7
15-Jul-15 317.95 27-Aug-15 327
16-Jul-15 322.3 28-Aug-15 325.15
17-Jul-15 320.5 31-Aug-15 315.45
20-Jul-15 313.4 1-Sep-15 320.1
21-Jul-15 314.5 2-Sep-15 320
22-Jul-15 315.1 3-Sep-15 317.1
23-Jul-15 314.55 4-Sep-15 313.45
24-Jul-15 311.65 7-Sep-15 312.9
27-Jul-15 311.2 8-Sep-15 314.4
28-Jul-15 304 9-Sep-15 313.35
29-Jul-15 315.95 10-Sep-15 313.75

42
Table 4.6 Generates paired T-test of ITC Ltd
BEFORE AFTER
Average 313.48167 320.703333
Variance 15.742497 35.941023
Observation 30
Df 29
t Stat -5.159879
Interpretation:
To determine the impact of interim result on share price of ITC Ltd, the independent
sample t-test was performed. Above table 4.6 shows the average price (mean) of ITC Ltd
before and after announcement of result.
Average Price of ITC Ltd before announcement is Rs. 313.48 per share and after
announcement is Rs. 320.70 which indicates that there was a increase in price after the
The correlation between before and after share price of ITC Ltd is -0.15 so it indicates the
negative correlation between share price of ITC Ltd before and after the announcement of
result.
test of the share price of ITC Ltd as its P value is 1.63 which is greater than table value
0.05.

43
Table 4.7 Closing price data of ONGC Ltd
BEFORE AFTER
18-Jun-15 301.9 31-Jul-15 326
19-Jun-15 305 3-Aug-15 331.55
22-Jun-15 310.4 4-Aug-15 329.9
23-Jun-15 314.55 5-Aug-15 331.8
24-Jun-15 313.65 6-Aug-15 326.25
25-Jun-15 312.35 7-Aug-15 324.45
26-Jun-15 307.95 10-Aug-15 320.95
29-Jun-15 309.95 11-Aug-15 320.1
30-Jun-15 315.15 12-Aug-15 316.75
1-Jul-15 313.6 13-Aug-15 316.35
2-Jul-15 315.05 14-Aug-15 318.15
3-Jul-15 315.6 17-Aug-15 316.9
6-Jul-15 318.4 18-Aug-15 314.85
7-Jul-15 317.35 19-Aug-15 316.9
8-Jul-15 312.95 20-Aug-15 329.35
9-Jul-15 310.6 21-Aug-15 330.75
10-Jul-15 309.9 24-Aug-15 320.2
13-Jul-15 314.6 25-Aug-15 319.9
14-Jul-15 312.3 26-Aug-15 317.65
15-Jul-15 314 27-Aug-15 325.7
16-Jul-15 317.95 28-Aug-15 327
17-Jul-15 322.3 31-Aug-15 325.15
20-Jul-15 320.5 1-Sep-15 315.45
21-Jul-15 313.4 2-Sep-15 320.1
22-Jul-15 314.5 3-Sep-15 320
23-Jul-15 315.1 4-Sep-15 317.1
24-Jul-15 314.55 7-Sep-15 313.45
27-Jul-15 311.65 8-Sep-15 312.9
28-Jul-15 311.2 9-Sep-15 314.4
29-Jul-15 304 10-Sep-15 313.35

44
Table 4.8 Generates paired T-test of ONGC Ltd
BEFORE AFTER
Average 313.013333 321.111667
Variance 19.9308506 35.0687385
Observation 30
Df 29
t Stat -5.5131049
Interpretation:
To determine the impact of interim result on share price of ONGC Ltd, the independent
sample t-test was performed. Above table 4.8 shows the average price (mean) of ONGC
Average Price of ONGC Ltd before announcement is Rs. 313.01 per share and after
The correlation between before and after share price of ONGC Ltd is -0.18 so it indicates
the negative correlation between share price of ONGC Ltd before and after the
test of the share price of ONGC Ltd as its P value is 6.10 which is greater than table value
0.05.

45
Table 4.9 Closing price data of Reliance Industry Ltd
BEFORE AFTER
12-Jun-15 889.85 27-Jul-15 1005.35
15-Jun-15 901.75 28-Jul-15 1010.25
16-Jun-15 903.95 29-Jul-15 996
17-Jun-15 931.2 30-Jul-15 1000.15
18-Jun-15 978.95 31-Jul-15 1001.85
19-Jun-15 996.65 3-Aug-15 1002.45
22-Jun-15 991.7 4-Aug-15 988
23-Jun-15 995 5-Aug-15 987.75
24-Jun-15 990.9 6-Aug-15 978.95
25-Jun-15 1004.55 7-Aug-15 984.35
26-Jun-15 1000.7 10-Aug-15 968.9
29-Jun-15 990.85 11-Aug-15 966
30-Jun-15 1000.1 12-Aug-15 942.9
1-Jul-15 1005.65 13-Aug-15 933.35
2-Jul-15 1010.85 14-Aug-15 966.95
3-Jul-15 1007.2 17-Aug-15 950.7
6-Jul-15 1015.55 18-Aug-15 944.1
7-Jul-15 1003.25 19-Aug-15 954.6
8-Jul-15 996.6 20-Aug-15 916.3
9-Jul-15 987.4 21-Aug-15 907.95
10-Jul-15 1001.8 24-Aug-15 829.55
13-Jul-15 1007 25-Aug-15 848.15
14-Jul-15 997.8 26-Aug-15 853.4
15-Jul-15 1011.15 27-Aug-15 869.15
16-Jul-15 1023.7 28-Aug-15 872.4
17-Jul-15 1021.7 31-Aug-15 855.9
20-Jul-15 1024.75 1-Sep-15 839.85
21-Jul-15 1007.8 2-Sep-15 849.55
22-Jul-15 1050.4 3-Sep-15 853.85
23-Jul-15 1045.3 4-Sep-15 835.9

46
Table 4.10 Generates paired T-test of Reliance Industry Ltd
BEFORE AFTER
Average 993.135 930.485
Variance 1454.174 3949.241
Observation 30
Df 29
t Stat 3.731397
P(T<=t) two-tail 1.699127
Interpretation:
To determine the impact of interim result on share price of RELIANCE Ltd, the
(mean) of RELIANCE Ltd before and after announcement of result.
Average Price of RELIANCE Ltd before announcement is Rs. 993.14 per share and after
The correlation between before and after share price of RELIANCE Ltd is -0.64 so it
indicates the negative correlation between share price of RELIANCE Ltd before and after
test of the share price of RELIANCE Ltd as its P value is 1.699 which is greater than
table value 0.05.

47
Table 4.11 Closing price data of TCS Ltd
BEFORE AFTER
28-May-15 2609.5 10-Jul-15 2474.35
29-May-15 2610.3 13-Jul-15 2509.55
1-Jun-15 2617.75 14-Jul-15 2499.5
2-Jun-15 2599.9 15-Jul-15 2545.75
3-Jun-15 2610.9 16-Jul-15 2540.2
4-Jun-15 2605.65 17-Jul-15 2564.4
5-Jun-15 2575.85 20-Jul-15 2579.15
8-Jun-15 2577.45 21-Jul-15 2561.4
9-Jun-15 2561.65 22-Jul-15 2528.05
10-Jun-15 2600.75 23-Jul-15 2488.6
11-Jun-15 2571.3 24-Jul-15 2505.15
12-Jun-15 2505.8 27-Jul-15 2497.05
15-Jun-15 2504.8 28-Jul-15 2502.05
16-Jun-15 2512 29-Jul-15 2506.75
17-Jun-15 2513.8 30-Jul-15 2480.65
18-Jun-15 2530.05 31-Jul-15 2510.75
19-Jun-15 2549.55 3-Aug-15 2509.6
22-Jun-15 2591.5 4-Aug-15 2508.9
23-Jun-15 2574.6 5-Aug-15 2547.15
24-Jun-15 2570.3 6-Aug-15 2573.3
25-Jun-15 2550 7-Aug-15 2552.05
26-Jun-15 2592.8 10-Aug-15 2572.1
29-Jun-15 2592.9 11-Aug-15 2604.2
30-Jun-15 2550.95 12-Aug-15 2671.7
1-Jul-15 2593.1 13-Aug-15 2635.6
2-Jul-15 2577.75 14-Aug-15 2703.2
3-Jul-15 2603.9 17-Aug-15 2684.75
6-Jul-15 2633.3 18-Aug-15 2740.9
7-Jul-15 2616.25 19-Aug-15 2733.6
8-Jul-15 2595.1 20-Aug-15 2686.85

48
Table 4.12 Generates paired T-test of TCS Ltd
BEFORE AFTER
Average 2576.64833 2567.242
Variance 1269.02267 6269.91
Observation 30
Df 29
t Stat 0.71288075
P(T<=t) two-tail 0.48161683
Interpretation:
To determine the impact of interim result on share price of TCS Ltd, the independent
sample t-test was performed. Above table 4.12 shows the average price (mean) of TCS
Average Price of TCS Ltd before announcement is Rs. 2576.65 per share and after
The correlation between before and after share price of TCS Ltd is 0.41 so it indicates the
positive correlation between share price of TCS Ltd before and after the announcement of
result.
test of the share price of TCS Ltd as its P value is 0.48 which is greater than table value
0.05.

49
QUARTER 2
BEFORE AFTER
28-Sep-15 308.85 13-Nov-15 337.7
29-Sep-15 315.4 16-Nov-15 330.75
30-Sep-15 327.6 17-Nov-15 332.35
1-Oct-15 328.35 18-Nov-15 335.05
5-Oct-15 329.75 19-Nov-15 333.7
6-Oct-15 342.7 20-Nov-15 333.3
7-Oct-15 346.25 23-Nov-15 332.2
8-Oct-15 346.2 24-Nov-15 332.4
9-Oct-15 335.85 26-Nov-15 335.8
12-Oct-15 334.4 27-Nov-15 336.5
13-Oct-15 340.35 30-Nov-15 330.55
14-Oct-15 334.75 1-Dec-15 341.55
15-Oct-15 341.4 2-Dec-15 338.35
16-Oct-15 338.6 3-Dec-15 334.8
19-Oct-15 337.8 4-Dec-15 335.25
20-Oct-15 334.95 7-Dec-15 327.55
21-Oct-15 337.25 8-Dec-15 318
23-Oct-15 341.9 9-Dec-15 307.6
26-Oct-15 333.4 10-Dec-15 310.95
27-Oct-15 332.3 11-Dec-15 307.75
28-Oct-15 330.2 14-Dec-15 316.15
29-Oct-15 321.8 15-Dec-15 314.55
30-Oct-15 319.9 16-Dec-15 316.8
2-Nov-15 325 17-Dec-15 316.05
3-Nov-15 325.85 18-Dec-15 316.35
4-Nov-15 330.45 21-Dec-15 319.3
5-Nov-15 337.1 22-Dec-15 319.1
6-Nov-15 342.2 23-Dec-15 322.5

50
9-Nov-15 339.6 24-Dec-15 322.3
10-Nov-15 326.05 28-Dec-15 325.5
BEFORE AFTER
Average 332.873333 326.023333
Variance 79.704092 98.1402989
Observation 30
Df 29
t Stat 2.95630485
P(T<=t) two-tail 0.00613081
Interpretation:
(mean) of COALINDIA Ltd before and after announcement of result.
after announcement is Rs. 326.02 which indicates that there was a increase in price after
The correlation between before and after share price of COALINDIA Ltd is 0.09 so it
indicates the positive correlation between share price of COALINDIA Ltd before and
test of the share price of COALINDIA Ltd as its P value is 0.0061 which is smaller than
table value 0.05.
It means that H0 is accepted. Hence, that there is an impact in Q2 result on share price.

51
BEFORE AFTER
26-Aug-15 1064.6 13-Oct-15 1099.4
27-Aug-15 1082.8 14-Oct-15 1097.6
28-Aug-15 1111.05 15-Oct-15 1097.35
31-Aug-15 1094.4 16-Oct-15 1094.9
1-Sep-15 1089 19-Oct-15 1111.95
2-Sep-15 1099.45 20-Oct-15 1125.95
3-Sep-15 1099.35 21-Oct-15 1138.4
4-Sep-15 1073.95 23-Oct-15 1149.9
7-Sep-15 1058.75 26-Oct-15 1152.15
8-Sep-15 1058.8 27-Oct-15 1149.4
9-Sep-15 1088.7 28-Oct-15 1153.2
10-Sep-15 1080.45 29-Oct-15 1145.05
11-Sep-15 1090.75 30-Oct-15 1135.45
14-Sep-15 1099.75 2-Nov-15 1131.2
15-Sep-15 1099.2 3-Nov-15 1145.5
16-Sep-15 1101.65 4-Nov-15 1136.8
18-Sep-15 1104.45 5-Nov-15 1122.9
21-Sep-15 1104.65 6-Nov-15 1138.3
22-Sep-15 1107.45 9-Nov-15 1134.6
23-Sep-15 1116.25 10-Nov-15 1103.85
24-Sep-15 1140.55 11-Nov-15 1107.6
28-Sep-15 1105.55 13-Nov-15 1100.8
29-Sep-15 1121.85 16-Nov-15 1080.2
30-Sep-15 1161.95 17-Nov-15 1061.5
1-Oct-15 1173.05 18-Nov-15 1020
5-Oct-15 1181.75 19-Nov-15 1047.8
6-Oct-15 1154.6 20-Nov-15 1052.4
7-Oct-15 1133.2 23-Nov-15 1053.7
8-Oct-15 1132.15 24-Nov-15 1041.15
9-Oct-15 1167.4 26-Nov-15 1052.4

52
BEFORE AFTER
Average 1109.9167 1106.047
Variance 1088.9976 1510.233
Observation 30
Df 29
t Stat 0.309236
P(T<=t) two-tail 0.7593528
Interpretation:
To determine the impact of interim result on share price of INFOSYS Ltd, the
(mean) of INFOSYS Ltd before and after announcement of result.
Average Price of INFYSOS Ltd before announcement is Rs. 1109.91 per share and after
The correlation between before and after share price of INFOSYS Ltd is -0.82 so it
indicates the negative correlation between share price of INFOSYS Ltd before and after
test of the share price of INFOSYS Ltd as its P value is 0.76 which is greater than table
value 0.05.

53
BEFORE AFTER
14-Sep-15 313.65 2-Nov-15 337.2
15-Sep-15 317.4 3-Nov-15 334.85
16-Sep-15 322.15 4-Nov-15 335.7
18-Sep-15 318 5-Nov-15 337.15
21-Sep-15 314.25 6-Nov-15 337.7
22-Sep-15 312.15 9-Nov-15 343.05
23-Sep-15 316.1 10-Nov-15 336.75
24-Sep-15 322.55 11-Nov-15 334.25
28-Sep-15 319.25 13-Nov-15 329.8
29-Sep-15 320.4 16-Nov-15 338.3
30-Sep-15 328.8 17-Nov-15 349.1
1-Oct-15 328.75 18-Nov-15 347.85
5-Oct-15 329.5 19-Nov-15 352.05
6-Oct-15 342.85 20-Nov-15 344.45
7-Oct-15 347.25 23-Nov-15 337.25
8-Oct-15 339.1 24-Nov-15 335.9
9-Oct-15 343.45 26-Nov-15 342.8
12-Oct-15 340.75 27-Nov-15 344.35
13-Oct-15 344.05 30-Nov-15 342.55
14-Oct-15 344.1 1-Dec-15 346.25
15-Oct-15 349.4 2-Dec-15 349.4
16-Oct-15 348.8 3-Dec-15 343.35
19-Oct-15 351 4-Dec-15 335.95
20-Oct-15 348.65 7-Dec-15 313.55
21-Oct-15 348.55 8-Dec-15 314.75
23-Oct-15 358.35 9-Dec-15 317.4
26-Oct-15 356.5 10-Dec-15 321.25
27-Oct-15 356 11-Dec-15 321
28-Oct-15 355.2 14-Dec-15 320.1
29-Oct-15 350 15-Dec-15 322.95

54
BEFORE AFTER
Average 336.23167 335.566667
Variance 234.86129 117.441782
Observation 30
Df 29
t Stat 0.1654603
P(T<=t) two-tail 0.8697298
Interpretation:
To determine the impact of interim result on share price of ITC Ltd, the
(mean) of ITC Ltd before and after announcement of result.
The correlation between before and after share price of ITC Ltd is so -0.398 it indicates
the negative correlation between share price of ITC Ltd before and after the
test of the share price of ITC Ltd as its P value is 0.87 which is greater than table value
0.05.

55
BEFORE AFTER
22-Sep-15 234.5 9-Nov-15 249.3
23-Sep-15 236.55 10-Nov-15 236.7
24-Sep-15 227.5 11-Nov-15 237
28-Sep-15 225.1 13-Nov-15 228.9
29-Sep-15 226.4 16-Nov-15 230.15
30-Sep-15 229.35 17-Nov-15 232.35
1-Oct-15 232.35 18-Nov-15 230.7
5-Oct-15 240.5 19-Nov-15 233
6-Oct-15 247.35 20-Nov-15 234.05
7-Oct-15 257.75 23-Nov-15 231.7
8-Oct-15 257.65 24-Nov-15 232.8
9-Oct-15 263.65 26-Nov-15 234.85
12-Oct-15 263.4 27-Nov-15 235.4
13-Oct-15 253.9 30-Nov-15 234.15
14-Oct-15 255 1-Dec-15 235.6
15-Oct-15 260.15 2-Dec-15 235.8
16-Oct-15 264.1 3-Dec-15 229.7
19-Oct-15 257.85 4-Dec-15 227.2
20-Oct-15 253.15 7-Dec-15 223.9
21-Oct-15 253.45 8-Dec-15 215.75
23-Oct-15 257.3 9-Dec-15 217.1
26-Oct-15 256.45 10-Dec-15 219.8
27-Oct-15 247.9 11-Dec-15 215.35
28-Oct-15 251.8 14-Dec-15 213.4
29-Oct-15 250.85 15-Dec-15 217.8
30-Oct-15 246.95 16-Dec-15 226.65
2-Nov-15 247.4 17-Dec-15 224.8
3-Nov-15 250.7 18-Dec-15 223.25
4-Nov-15 252.1 21-Dec-15 230.45
5-Nov-15 250.65 22-Dec-15 230.55

56
BEFORE AFTER
Average 248.39167 228.93833
Variance 134.36536 63.891497
Observation 30
Df 29
t Stat 6.8420191
Interpretation:
To determine the impact of interim result on share price of ONGC Ltd, the
(mean) of ONGC Ltd before and after announcement of result.
The correlation between before and after share price of ONGC Ltd is -0.24 so it indicates
the negative correlation between share price of ONGC Ltd before and after the
test of the share price of ONGC Ltd as its P value is 1.63 which is greater than table value
0.05.

57
BEFORE AFTER
1-Sep-15 839.85 19-Oct-15 963.5
2-Sep-15 849.55 20-Oct-15 956.7
3-Sep-15 853.85 21-Oct-15 955
4-Sep-15 835.9 23-Oct-15 955.65
7-Sep-15 833.2 26-Oct-15 942.85
8-Sep-15 848.6 27-Oct-15 939.55
9-Sep-15 874.05 28-Oct-15 936.95
10-Sep-15 867 29-Oct-15 941
11-Sep-15 860.95 30-Oct-15 947.7
14-Sep-15 863.85 2-Nov-15 959.8
15-Sep-15 868.15 3-Nov-15 967.2
16-Sep-15 872.55 4-Nov-15 951.3
18-Sep-15 895.4 5-Nov-15 936.6
21-Sep-15 878.1 6-Nov-15 952.4
22-Sep-15 847.9 9-Nov-15 961.25
23-Sep-15 850.35 10-Nov-15 922.75
24-Sep-15 837.35 11-Nov-15 928.45
28-Sep-15 834.25 13-Nov-15 933.05
29-Sep-15 840.75 16-Nov-15 934.3
30-Sep-15 862.3 17-Nov-15 927.75
1-Oct-15 864.7 18-Nov-15 912
5-Oct-15 888 19-Nov-15 934.75
6-Oct-15 898.05 20-Nov-15 946.85
7-Oct-15 913.8 23-Nov-15 953.75
8-Oct-15 889.1 24-Nov-15 967.7
9-Oct-15 887.35 26-Nov-15 988.65
12-Oct-15 891.75 27-Nov-15 979.05
13-Oct-15 893.6 30-Nov-15 965.85
14-Oct-15 902.95 1-Dec-15 965.9
15-Oct-15 903.7 2-Dec-15 977.95

58
BEFORE AFTER
Average 868.23 950.20667
Variance 566.998035 319.92306
Observation 30
Df 29
t Stat -19.25494
Interpretation:
(mean) of RELIANCE Ltd before and after announcement of result.
Average Price of RELIANCE Ltd before announcement is Rs. 868.23 per share and after
The correlation between before and after share price of RELIANCE Ltd is 0.40 so it
indicates the positive correlation between share price of RELIANCE Ltd before and after
test of the share price of RELIANCE Ltd as its P value is 4.58 which is greater than table
value 0.05.

59
Table 4.23 Closing price data of TCS Ltd
BEFORE AFTER
27-Aug-15 2574.65 14-Oct-15 2483.7
28-Aug-15 2570.85 15-Oct-15 2467.75
31-Aug-15 2564.05 16-Oct-15 2473.75
1-Sep-15 2537.4 19-Oct-15 2488.75
2-Sep-15 2591.8 20-Oct-15 2526.75
3-Sep-15 2605.6 21-Oct-15 2530
4-Sep-15 2547.45 23-Oct-15 2537.15
7-Sep-15 2539.75 26-Oct-15 2536.55
8-Sep-15 2540.3 27-Oct-15 2531.1
9-Sep-15 2549.75 28-Oct-15 2529.1
10-Sep-15 2545.4 29-Oct-15 2495.35
11-Sep-15 2552 30-Oct-15 2495.2
14-Sep-15 2551.65 2-Nov-15 2517.35
15-Sep-15 2547.6 3-Nov-15 2543.45
16-Sep-15 2550.35 4-Nov-15 2533.8
18-Sep-15 2551.25 5-Nov-15 2482.65
21-Sep-15 2551.05 6-Nov-15 2505.75
22-Sep-15 2526.8 9-Nov-15 2471.35
23-Sep-15 2532.65 10-Nov-15 2458.15
24-Sep-15 2580.4 11-Nov-15 2468.8
28-Sep-15 2593.7 13-Nov-15 2397.4
29-Sep-15 2588.25 16-Nov-15 2374.6
30-Sep-15 2588.05 17-Nov-15 2390.55
1-Oct-15 2644.6 18-Nov-15 2351.45
5-Oct-15 2711.65 19-Nov-15 2362.55
6-Oct-15 2700 20-Nov-15 2398.35
7-Oct-15 2653.95 23-Nov-15 2391.05
8-Oct-15 2633.8 24-Nov-15 2367.95
9-Oct-15 2629.65 26-Nov-15 2345.55
12-Oct-15 2592.6 27-Nov-15 2353.35

60
Table 4.24 Generates paired T-test of TCS Ltd
BEFORE AFTER
Average 2581.567 2460.3083
Variance 2301.255 4567.3038
Observation 30
Df 29
t Stat 6.191847
Interpretation:
To determine the impact of interim result on share price of TCS Ltd, the
(mean) of TCS Ltd before and after announcement of result.
Average Price of TCS Ltd before announcement is Rs. 2581.57 per share and after
The correlation between before and after share price of TCS Ltd is -0.72 so it indicates
the negative correlation between share price of TCS Ltd before and after the
test of the share price of TCS Ltd as its P value is 9.42 which is greater than table value
0.05.

61
QUARTER 3
BEFORE AFTER
30-Dec-15 322.1 12-Feb-16 302.85
31-Dec-15 329.8 15-Feb-16 324.25
1-Jan-16 334.05 16-Feb-16 317.9
4-Jan-16 330.2 17-Feb-16 312.8
5-Jan-16 325.8 18-Feb-16 317.6
6-Jan-16 327.9 19-Feb-16 312.25
7-Jan-16 326.4 22-Feb-16 313.9
8-Jan-16 321.1 23-Feb-16 301.1
11-Jan-16 315.95 24-Feb-16 295.25
12-Jan-16 316 25-Feb-16 299.4
13-Jan-16 317.3 26-Feb-16 311.45
14-Jan-16 318.65 29-Feb-16 311
15-Jan-16 318.55 1-Mar-16 317.85
18-Jan-16 310.85 2-Mar-16 311
19-Jan-16 308.85 3-Mar-16 314.1
20-Jan-16 298.15 4-Mar-16 325.15
21-Jan-16 288.2 8-Mar-16 324.05
22-Jan-16 299.45 9-Mar-16 322.5
25-Jan-16 304.9 10-Mar-16 321.7
27-Jan-16 304.05 11-Mar-16 318.9
28-Jan-16 306.6 14-Mar-16 296.7
29-Jan-16 319.95 15-Mar-16 295.65
1-Feb-16 328.55 16-Mar-16 295.65
2-Feb-16 318.95 17-Mar-16 294.25
3-Feb-16 317.25 18-Mar-16 297.75
4-Feb-16 322.5 21-Mar-16 296.6
5-Feb-16 326.25 22-Mar-16 294.4
8-Feb-16 323.35 23-Mar-16 298

62
9-Feb-16 309.25 28-Mar-16 293.5
10-Feb-16 313.75 29-Mar-16 295.15
BEFORE AFTER
Mean 316.8216667 307.755
Variance 115.6754626 123.7504052
Observations 30
Df 29
t Stat 2.830996795
P(T<=t) two-tail 0.008344639
Standard Deviation 10.75525279 13.36357203
Interpretation:
Independent sample t-test was performed. Above table 4.26 shows the average price
(Mean) of COALINDIA Ltd before and after announcement of result.
The correlation between before and after share price of COALINDIA Ltd is -0.29 so it
indicates the negative correlation between share price of COALINDIA Ltd before and
test of the share price of COALINDIA Ltd as its P value is 0.008 which is smaller than
table value 0.05.

63
BEFORE AFTER
2-Dec-15 1060.7 15-Jan-16 1139.9
3-Dec-15 1057.75 18-Jan-16 1131.9
4-Dec-15 1049.05 19-Jan-16 1139.65
7-Dec-15 1046.25 20-Jan-16 1121.25
8-Dec-15 1044.4 21-Jan-16 1137.05
9-Dec-15 1028.2 22-Jan-16 1136.25
10-Dec-15 1047.35 25-Jan-16 1137.65
11-Dec-15 1052.8 27-Jan-16 1138.5
14-Dec-15 1069.5 28-Jan-16 1129.6
15-Dec-15 1077.55 29-Jan-16 1164.9
16-Dec-15 1095.85 1-Feb-16 1173.35
17-Dec-15 1107.1 2-Feb-16 1175.55
18-Dec-15 1083.15 3-Feb-16 1157.7
21-Dec-15 1103.45 4-Feb-16 1179.75
22-Dec-15 1083.75 5-Feb-16 1174.7
23-Dec-15 1100.85 8-Feb-16 1150.8
24-Dec-15 1096.35 9-Feb-16 1107.65
28-Dec-15 1104.75 10-Feb-16 1108.55
29-Dec-15 1104.7 11-Feb-16 1078.65
30-Dec-15 1086.3 12-Feb-16 1084.65
31-Dec-15 1105.4 15-Feb-16 1091.75
1-Jan-16 1105.25 16-Feb-16 1079.15
4-Jan-16 1078.9 17-Feb-16 1097.85
5-Jan-16 1074.05 18-Feb-16 1123.4
6-Jan-16 1069.35 19-Feb-16 1127.25
7-Jan-16 1050.8 22-Feb-16 1126.65
8-Jan-16 1063.3 23-Feb-16 1123.9
11-Jan-16 1055.7 24-Feb-16 1125.35
12-Jan-16 1049.95 25-Feb-16 1110.3
13-Jan-16 1083.4 26-Feb-16 1121.15

64
Interpretation:
To determine the impact of interim result on share price of INFOSYS Ltd, the
(Mean) of INFOSYS Ltd before and after announcement of result.
Average Price of INFOSYS Ltd before announcement is Rs. 1074.53 per share and after
The correlation between before and after share price of INFOSYS Ltd is -0.072 so it
indicates the negative correlation between share price of INFOSYS Ltd before and after
test of the share price of INFOSYS Ltd as its P value is which is 6.801 greater than table
value 0.05.
BEFORE AFTER
Average 1074.53 1129.825
Variance 535.6156 781.3196
Observation 30
Df 29
t Stat -8.06488368

65
BEFORE AFTER
10-Dec-15 321.25 25-Jan-16 309.4
11-Dec-15 321 27-Jan-16 312.95
14-Dec-15 320.1 28-Jan-16 318.55
15-Dec-15 322.95 29-Jan-16 320.2
16-Dec-15 319.25 1-Feb-16 324.75
17-Dec-15 320.5 2-Feb-16 324.25
18-Dec-15 317.1 3-Feb-16 321.95
21-Dec-15 326.55 4-Feb-16 321.8
22-Dec-15 320.25 5-Feb-16 323.95
23-Dec-15 321.5 8-Feb-16 315.25
24-Dec-15 323.7 9-Feb-16 312.4
28-Dec-15 326.2 10-Feb-16 309
29-Dec-15 324.85 11-Feb-16 298.55
30-Dec-15 326.55 12-Feb-16 300.1
31-Dec-15 327.8 15-Feb-16 303.7
1-Jan-16 327.5 16-Feb-16 295.5
4-Jan-16 325.1 17-Feb-16 299.85
5-Jan-16 324.85 18-Feb-16 305.45
6-Jan-16 315.1 19-Feb-16 304.55
7-Jan-16 309.6 22-Feb-16 299.85
8-Jan-16 313.65 23-Feb-16 293.8
11-Jan-16 316.05 24-Feb-16 287.6
12-Jan-16 315.15 25-Feb-16 286.2
13-Jan-16 315.75 26-Feb-16 290.95
14-Jan-16 317.25 29-Feb-16 295.65
15-Jan-16 313.9 1-Mar-16 325.35
18-Jan-16 315.4 2-Mar-16 319.55
19-Jan-16 314.05 3-Mar-16 318.15
20-Jan-16 308.95 4-Mar-16 315.2
21-Jan-16 306.4 8-Mar-16 320.25

66
BEFORE AFTER
Average 319.275 309.1567
Variance 33.55858 146.7855
Observation 30
Df 29
t Stat 4.044178
Interpretation:
To determine the impact of interim result on share price of ITC Ltd, the
(Mean) of ITC Ltd before and after announcement of result.
The correlation between before and after share price of ITC Ltd is -0.053 so it indicates
the negative correlation between share price of ITC Ltd before and after the
test of the share price of ITC Ltd as its P value is which 0.0004 is smaller than table value
0.05.

67
BEFORE AFTER
30-Dec-15 239.9 12-Feb-16 193.25
31-Dec-15 241.75 15-Feb-16 200.35
1-Jan-16 242.5 16-Feb-16 199.95
4-Jan-16 238.05 17-Feb-16 200.35
5-Jan-16 241.85 18-Feb-16 209.1
6-Jan-16 237.55 19-Feb-16 211.15
7-Jan-16 226.6 22-Feb-16 214.4
8-Jan-16 230.15 23-Feb-16 214.6
11-Jan-16 225.5 24-Feb-16 209.4
12-Jan-16 221.35 25-Feb-16 216.25
13-Jan-16 223.2 26-Feb-16 216.05
14-Jan-16 223.25 29-Feb-16 194.1
15-Jan-16 219.45 1-Mar-16 191.5
18-Jan-16 214.4 2-Mar-16 194.95
19-Jan-16 218 3-Mar-16 197.2
20-Jan-16 213.3 4-Mar-16 200.7
21-Jan-16 207.3 8-Mar-16 201.85
22-Jan-16 216.25 9-Mar-16 205.25
25-Jan-16 219.65 10-Mar-16 205.7
27-Jan-16 218.4 11-Mar-16 205.1
28-Jan-16 219.9 14-Mar-16 208.25
29-Jan-16 226.25 15-Mar-16 207.4
1-Feb-16 225.05 16-Mar-16 206.5
2-Feb-16 216.55 17-Mar-16 212.25
3-Feb-16 213.05 18-Mar-16 214.6
4-Feb-16 220 21-Mar-16 216.65
5-Feb-16 219.95 22-Mar-16 216.1
8-Feb-16 214.05 23-Mar-16 214.6
9-Feb-16 218.15 28-Mar-16 213.95
10-Feb-16 213.5 29-Mar-16 212.25

68
BEFORE AFTER
Mean 223.495 206.791667
Variance 96.00006034 60.4350144
Observations 30
Df 29
t Stat 6.784844111
P(T<=t) two-tail 1.89742E-07
Standard Deviation 9.797962051 7.77399604
Interpretation:
To determine the impact of interim result on share price of ONGC Ltd, the
(Mean) of ONGC Ltd before and after announcement of result.
The correlation between before and after share price of ONGC Ltd is -0.166 so it
indicates the negative correlation between share price of ONGC Ltd before and after the
test of the share price of ONGC Ltd as its P value is which is 1.897 greater than table
value 0.05.

69
BEFORE AFTER
7-Dec-15 952.05 20-Jan-16 1004.55
8-Dec-15 940.9 21-Jan-16 984.2
9-Dec-15 915.9 22-Jan-16 1004.15
10-Dec-15 950.35 25-Jan-16 1003.95
11-Dec-15 952.95 27-Jan-16 999.35
14-Dec-15 955.1 28-Jan-16 1016.9
15-Dec-15 975.9 29-Jan-16 1035.4
16-Dec-15 978.65 1-Feb-16 1030.3
17-Dec-15 1009.7 2-Feb-16 1001.15
18-Dec-15 991.9 3-Feb-16 981.4
21-Dec-15 992.1 4-Feb-16 973.05
22-Dec-15 987.3 5-Feb-16 970.9
23-Dec-15 1003.8 8-Feb-16 961.05
24-Dec-15 1000.55 9-Feb-16 957.5
28-Dec-15 1010.4 10-Feb-16 962.65
29-Dec-15 1015.4 11-Feb-16 924.55
30-Dec-15 1004.5 12-Feb-16 906.55
31-Dec-15 1014.6 15-Feb-16 946.75
1-Jan-16 1015.35 16-Feb-16 930.55
4-Jan-16 995.3 17-Feb-16 952.6
5-Jan-16 1005.15 18-Feb-16 940.1
6-Jan-16 1032.2 19-Feb-16 944.35
7-Jan-16 1013.25 22-Feb-16 962.3
8-Jan-16 1025.75 23-Feb-16 949.65
11-Jan-16 1051.6 24-Feb-16 952.65
12-Jan-16 1045.45 25-Feb-16 944.1
13-Jan-16 1076.85 26-Feb-16 950.35
14-Jan-16 1061.65 29-Feb-16 966.65
15-Jan-16 1073.3 1-Mar-16 981.3
18-Jan-16 1016.85 2-Mar-16 1001.5

70
BEFORE AFTER
Average 1002.158 971.3483
Variance 1506.373 1001.392
Observation 30
Df 29
t Stat 2.723212
Interpretation:
(Mean) of RELIANCE Ltd before and after announcement of result.
Average Price of RELIANCE Ltd before announcement is Rs. 1002.16 per share and
The correlation between before and after share price of RELIANCE Ltd is -0.542 so it
indicates the negative correlation between share price of RELIANCE Ltd before and after
test of the share price of RELIANCE Ltd as its P value is which 0.01 is smaller than table
value 0.05.

"A Study on Impact of Quarterly Results of Top Six Companies Share Price"

"A Study on Impact of Quarterly Results of Top Six Companies Share Price"

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