In the current economic scenario interest rates are falling and fluctuation in the share market has put investors in confusion. One finds it difficult to take decision on investment. This is primarily, because of investments are risky in nature and investors have to consider various factors before investing in investment avenues.
These factors include risk, return, volatility of shares and liquidity. The main objective of comparing investment in equity shares with mutual fund schemes is to analyze the performance of mutual funds with their benchmark and comparing them with equities by using risk, return, beta and alpha as a parameter.
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Financial Statement Analysis With The Help of Ratios (Suyesh Metel Pressing p...Avinash Labade
If any have Need Project Report please call +919011888598 and I will provide only Word File.
and
Project Cost is Rs 500/- Per Project
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Grand Project Report on “A Study of Investor’s Perception on IPO And IPOs Per...Manoj Muliya
A Grand Project Report on “A study of Investor’s Perception on IPO And IPOs Performance in Stock Market”.
This project is related is Stock Market in MBA 4th Semester and comparison between IPO and Share related how they react Before and After.
I have found all primary data and secondary data for this project by my own efforts and the all data are 100% true according to my summer internship experience..Thanks
A Study on Empirical Testing of Capital Asset Pricing ModelProjects Kart
A Study on Empirical Testing of Capital Asset Pricing Model is compared with many blue chip companies with the help of detailed questionnaire to understand the problem statement. Visit http://www.projectskart.com/p/contact-us.html for more information.
Financial Statement Analysis With The Help of Ratios (Suyesh Metel Pressing p...Avinash Labade
If any have Need Project Report please call +919011888598 and I will provide only Word File.
and
Project Cost is Rs 500/- Per Project
Send Me Payment Phone Pay or Google Pay
Grand Project Report on “A Study of Investor’s Perception on IPO And IPOs Per...Manoj Muliya
A Grand Project Report on “A study of Investor’s Perception on IPO And IPOs Performance in Stock Market”.
This project is related is Stock Market in MBA 4th Semester and comparison between IPO and Share related how they react Before and After.
I have found all primary data and secondary data for this project by my own efforts and the all data are 100% true according to my summer internship experience..Thanks
A Study on Empirical Testing of Capital Asset Pricing ModelProjects Kart
A Study on Empirical Testing of Capital Asset Pricing Model is compared with many blue chip companies with the help of detailed questionnaire to understand the problem statement. Visit http://www.projectskart.com/p/contact-us.html for more information.
The Risk and return analysis is important to equity shares investors in the share
market. The need of equity shares at the time of preliminary stage of company or
bank to raising fund for establish company and starting a business. The equity share
holder is an actual owner of company or bank.
A Study on Investment Pattern of Investors on Different ProductsProjects Kart
A study on investment pattern of investors on different products in India using the questionnaires to understand how salaried employees investment pattern and preferences towards different products. Read more on www.projectskart.com for information. An investment refers to the commitment of funds at present, in anticipation of some positive rate of return in future. Today the spectrum of investment is indeed wide. An investment is confronted with array of investment avenues. Among all investment, investment in equity is in best high proportion. This is because the history of stock market is booming and bursts overnight millionaires, an instant pauper.
A Study on Investors Perception towards Mutual Fund Investments (With Special...Dr. Amarjeet Singh
This examination on Investors acknowledgment
towards and late improvement and headway of Mutual Fund
premiums in Alwar city goes under the board an area of
organization publicizing. In the wide thought of organization
publicizing it exclusively centers around the exhibiting of cash
related organization specifically basic resources. Well ordered
Indian budgetary market is getting the chance to be engaged
and the supply of various fiscal instruments ought to be in
parity to the premium perspectives of the monetary
authorities. The prime drive of any hypothesis is to get most
extraordinary returned with a base danger and normal
resources allow to the budgetary masters. The examination
gives an information into the sorts of risks which exist in a
mutual save plan. The data was assembled from shared save
budgetary authorities similarly as non basic store examiners of
this industry. The investigation bases on the association
between theory decision and factors like liquidity, cash related
care, and demography. It was found commonly safe resources
and liquidity of store plot are having influence on the
budgetary authority's acumen for placing assets into the
mutual save. With the more broad thought of the distinctive
components of organization publicizing, thing care, mark
tendencies, and money related authority's satisfaction are the
specific regions of the examination. The other displaying limits
like thing progression publicize division, channels of
exhibiting, thing life cycle, scale headway procedures and their
impact of Marketing are completely disposed of from the audit
of this examination. So likewise the availability of substitute
aftereffect of normal hold units and their impact on this
organization thing it also rejected in the examination. In
reality, even in the normal store monetary authorities lead also
the researcher concentrate only the urban theorists and their
anxiety for this examination work. The rustic speculator's
perspectives are totally barred from the investigation.
EVALUATING PERCEPTION OF INVESTORS TOWARDS MUTUAL FUNDS & PERFORMANCE OF THE ...Nishant Kumar
This study has investigated into the perception of the investors in Indian markets towards Mutual Funds and has evaluated the returns of the top Mutual Fund performers in India over period of last 3 years – January 1, 2016 to December 31, 2018. It has helped us to conclude on how different schemes attract investors of different age groups and how the impact of different characteristics are known by investors.
This study looks specifically into open-ended equity schemes. Returns have been calculated using daily closing values of NAV of the selected schemes. BSE-Sensex has been chosen as the market portfolio as a comparison basis here. Based on Sharpe, Treynor, and Jensen’s measure the historical performance of the selected schemes are evaluated, whose results will be useful for investors for taking better investment decisions.
financial modeling for risk management using portfolio is the study of how effectively an invester can diversify the investment risk by constructing optimal portfolio. this study construct an optimal portfolio using Sharpe's optimization model thereby an evaluative study of the effectiveness of sharpe's optimizaion model has happened in this study it compaes he optimal porfolio with three other portfolio's constructed by using randome weight , equal weight, and P/E ratio. and also predict the expected loss and income of portfolio by finding value at risk for 99% and confidance level and also for 95% of confidance level using monte Carlo simulation method
Similar to A Study on Performance Evaluation of Equity Shares and Mutual Funds (20)
When we think about refreshment, the first thing that comes to our mind is coffee or tea. Most people prefer coffee and most prefer tea and these two drinks have become a part of a human being’s life.
Here we (I) have concentrated on coffee which is considered as a traditional drinks especially in south India. People here start their everyday life with a cup of coffee. Not only in south India but in all parts of the world people are so dependent and addicted to coffee that it acts as a daily schedule to every body every where. But this coffee is not grown in all parts of the world but is grown in very few places with right kind or weather, atmosphere and most important of all, the soil of that region.
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The sugar industry occupies a major portion in the (organization) industries of India. The sugar industries have rank second next to cotton and textile industries. The sugar industry started since 1830. China is the first producer of sugar in the world. It provides highest direct employment opportunities.
The sugar industry is one of the important Ago-based industry of the country India is the fourth major sugar production in the world. The first three is Russia, Brazil and Cuba. Sugar industry provides direct employment to nearly 3lakh persons this industry supports about 25 million agriculturists. It pay’s both to the central government and the state government about Rs.350 crores by way of different taxes. The capital employed in the industry is of the order of Rs.780 crores. There are about 414 mills producing sugar, which are spread all over the country.
When we think about refreshment, the first thing that comes to our mind is coffee or tea. Most people prefer coffee and most prefer tea and these two drinks have become a part of a human being’s life.
Here we (I) have concentrated on coffee which is considered as a traditional drinks especially in south India. People here start their everyday life with a cup of coffee. Not only in south India but in all parts of the world people are so dependent and addicted to coffee that it acts as a daily schedule to every body every where. But this coffee is not grown in all parts of the world but is grown in very few places with right kind or weather, atmosphere and most important of all, the soil of that region. It is usually grown in hill stations with adequate amount of rainfall and such places which are high above sea level. Therefore in India, Karnataka is such a place, especially South Karnataka which produces the highest amount of coffee in whole India. Most parts of Karnataka such as Chikmagalur district and many parts in Hassan District, and also Coorg.
A Study on Sugar Industry at Chamundeshwari SugarProjects Kart
The discovery of sugarcane from which sugar was produced had been known since thousands of years. It is thought to have originated in New Guinea, and was spread along routes to Southeast Asia and India. The process known for creation of sugar, by pressing out the juice and then boiling it into crystals, was developed in India around 500 BC.
Its cultivation was not introduced into Europe until the middle-ages, when it was brought to Spain by Arabs to thrive in a most favorable climate.
Study on Inventory Management at Reid & Taylor (India) LtdProjects Kart
Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. The scope of inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting.
Study on Working Capital Management at PNBProjects Kart
The prime objective of any business is to maximize the value of the company and to maximize the wealth of its shareholders. Working capital management has its own role to play in attaining this goal. Working capital is the funds required for day to day working in a business concern. The working capital management involves deciding upon the amount and composition of current assets and how to finance those assets. There should be a proper trade off between risk and profitability in each decision relating to it. This project work has been undertaken to know the procedures involved in the working capital management in PUNJAB NATIONAL BANK. An attempt is made to study the factors contributing towards working capital and the sources on which the company is depending for funds. The research study was also conducted to derive working capital ratios, to know the performance and efficiency of working capital management and to know the kind of policy adopted in this part of the management. For analyzing the factors and conditions influencing working capital tables and graphs were drawn based on the study. pubjab national bank mba project, summer internship 2017, project reprot, punjab national bank pdf, risk, project report pdf, project report, customer satisfaction in punjab national bank
Study on Mutual Fund is the Better Investment PlanProjects Kart
Mutual funds have become a hot favorite of millions of people all over the world. The driving force of mutual fund is the ‘safety of the principal’ guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. People prefer Mutual Funds to bank deposits, life insurance and even bond because with a little money, they can get into the investment game. One can own string blue chips like ITC, TISCO, Reliance etc., through mutual funds. Thus, mutual funds act as a gateway to enter into big companies hitherto inaccessible to an ordinary investor with his small investment.
Study on Store Environment and Merchandising Mix at Big BazaarProjects Kart
Retailing consists of those business activities involved in the sale of goods and services to consumers for their personal, family, or household use. Retailing comprises of four elements customer orientation, coordinated effort, value-driven, and goal orientation. The word "Retail" originates from a French-Italian word. Retailer-someone who cuts off or sheds a small piece from something. Retailing is the set of activities that markets products or services to final consumers for their own personal or household use. It does this by organizing their availability on a relatively large scale and supplying them to customers on a relatively small scale. Retailer is a Person or Agent or Agency or Company or Organization who is instrumental in reaching the Goods or Merchandise or Services to the End User or Ultimate Consumer.
Initial Public Offers and Due DiligenceProjects Kart
This report, as the Title “Initial Public Offers and Due Diligence: The Role of a Investment Banker”, is an attempt to bring forth the importance of the process of Due Diligence and the significance of the vital role played by the Investment Banker in managing the issue of an Initial Public Offer (IPO).
When a Company issues an IPO, it means it is going public. The issue of an IPO introduces a great degree of transparency in a Company‟s operations. All the relevant and updated information pertaining to the company is laid down before the investors so that they may make an investment decision. Again, there are set procedures, rules, regulations and laws to be followed in laying down this information before the investors. A document called the Prospectus‟ must be prepared. The Prospectus captures all the necessary information that is to be made available to the investors. Apart from the Prospectus, there are various other company documents that need to be verified and summarized in order to present them before the investors.
Influence of ADR on Underlying Stock PricesProjects Kart
Globalization has opened the door for the investors to avail various investment avenues across the globe. American Depository Receipt (ADR) is one such opportunity to the investing community. The ADR is a proxy for the Indian shares to enable them to be traded in the American stock exchanges. Various studies conducted on Depository Receipts (DRs) have shown that the trading on the DR sin the foreign market has its influence in the home country’s stock in terms of price, volatility and volume. This interested me and this project is concerned about studying “Whether the price fluctuations of ADR affect the corresponding Indian share prices?”
After the liberalization of the economy in 1991, the corporatist started sourcing their capital from both domestic and foreign markets. The Indian shares cannot be directly listed in the American stock exchanges. ADRs have been very helpful in this purpose. So a custodian bank receives the shares as deposit and issues receipt to the market. These receipts are issued in appropriate ratio to the shares deposited with the depository. The market players in the stock exchanges trade these receipts.
Impact of ERP on Organizational Functions in Retail SectorProjects Kart
The business environment has changed more in the last five years than it did in the previous five decades. Winning in today’s business climate requires more than just providing high-quality, low-cost products to customers, when and how the customers want them. The ability to respond to new customer needs and seize market opportunities as they arise, without compromising on the profitability of the firm is critical for the success of any organization. Competitive pressures frequently force manufacturers to decrease prices in spite of the fact that their internal costs continue to rise. Enterprises are continuously striving to improve themselves in the areas of quality, time to market, customer satisfaction, performance and profitability. Making informed business decisions in this manner would enable organizations to accomplish their business growth and at the same time enable them to utilize the information to competitive advantage. To make it possible for the companies to execute this vision, there is a need for an infrastructure that will provide information across all functions and locations within the organization and this is the Enterprise Resource Planning (ERP) solution available in the market today.
The Impact of Creativity and Wow Factor in AdvertisingProjects Kart
The approach used in this report is a case study approach. It essentially deals with two aspects; creativity and WOW factor. These two terms have been defined and the impact they have in advertising has been studied. The objectives of doing such a study were to understand creativity, to define it and to find factors that elicit a WOW response from viewers.
Impact of Advertisements on Investors at HDFC Standard Life InsuranceProjects Kart
This project is managing study on “Impact of advertisement on Investors – A case study in HDFC Standard Life Insurance” The scope of study is regarding the advertisements and therefore the presence of HDFC SLIC with relation to in door advertisements and their advertisements & their effectiveness & out door advertisements, however the folks wish to watch them. to understand the notice within the public like better to watch the ads and medium.
Impact of Advertising on Customers in Tata MotorsProjects Kart
The consumer durable market in India has been very competitive in the recent years, with opening up of market for international players due to liberalization; the domestic players are facing a tough competition. So it‟s time for domestic companies to frame new strategies for their production and marketing activities. An evaluation of the effectiveness of the past activities of a company will enable the company in framing these new strategies. Such an effort has been made through this market research to know the http://www.projectskart.com/ on Customers in TATA MOTORS (A case study in AUTO MATRIX, HASSAN).
Recruitment and Selection at Aviva Life InsuranceProjects Kart
The MBA project titled “RECRUITMENT AND SELECTION” Undertaken in AVIVA life insurance.
AVIVA is a UK based insurance group. It has a long history dating back to 1834 and has a joint venture with DABUR groups. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.
It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world.
The project report is about recruitment and selection process that‟s an important part of any organization. Which is considered as a necessary asset of a company? In fact, recruitment and selection gives a home ground to the organization acumen that is needed for proper functioning of the organization.
Financial Freedom through Reverse MortgageProjects Kart
The world population structure shows that population worldwide is ageing owing to exaggerated longevity of older folks and small birth rates in developed and most developing countries. Visit www.projectskart.com for more information. In Asian nation alone, statistics show that variety of older as a proportion of population can show a 107% growth, from 113 million in 2016 and 179 million by 2026 severally.
Financial Analysis on Recession Period at M&M TractorsProjects Kart
Financial ANalysis (also stated as financial plan analysis or accounting analysis) refers to an assessment of the viability, stability and profitable of a business, sub-business or project. Visit www.projectskart.com for more information. It is performed by professionals World Health Organization prepare reports exploitation ratios that create use of data taken from monetary statements and different reports. These reports area unit typically given to prime management mutually of their bases in creating business selections.
Effective Supply Chain Management as a Strategic AdvantageProjects Kart
TSS was established in 1913 and since then it has been in Sirsi. The products have got their own brand image and also customers. Based on the service provided by TSS to its customers we can know how the organization considers its customers and its products to the customers. A study Effective supply chain management as a strategic advantage at TSS is undertaken for assessing the supply towards the customers and to understand the expectations of the customers towards arecanut and its products which will in turn help to take appropriate action by the management for removing the loop holes.
Brand Awareness of Spencer's and Comparative Analysis with Big BazaarProjects Kart
By 2004 the retail industry was growing rapidly in India, and Spencer's Retail decided to pursue an aggressive expansion strategy. The company had the customers, the products, and the employees to make it happen. It just needed an IT infrastructure that could support rapid growth. Visit http://www.projectskart.com/p/contact-us.html for more information. Current servers were at capacity, and the company needed to upgrade before adding new stores. Amit Mukerjee, Group CIO of the RPG Group, describes the challenge as part of the learning curve for retail development in India. ―Retailing is a new business in this country. As the business matures, the process matures, and IT systems must evolve accordingly. The company also needed an enterprise resource planning (ERP) solution to handle critical processes such as supply-chain management. It decided to implement mySAP ERP, now called SAP ERP, and realized the solution needed to run on high-performance servers. Spencer's Retail evaluated several possibilities, including servers from HP, IBM, and Sun Microsystems. It decided to build its IT infrastructure on Sun systems for several reasons. Sun SPARC Enterprise Servers had the performance and scalability needed to sustain its business, and they delivered higher performance at less cost. Sun's knowledge of the retail space in India, as well as its long history with RGP Enterprises, were also deciding factors.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
A Study on Performance Evaluation of Equity Shares and Mutual Funds
1. Projectskart.com
Visit www.projectskart.com for more information
INTRODUCTION
1.1 Executive Summary
In the current economic scenario interest rates are falling and fluctuation in the
share market has put investors in confusion. One finds it difficult to take decision on
investment. This is primarily, because of investments are risky in nature and investors
have to consider various factors before investing in investment avenues.
These factors include risk, return, volatility of shares and liquidity. The main
objective of comparing investment in equity shares with mutual fund schemes is to
analyze the performance of mutual funds with their benchmark and comparing them with
equities by using risk, return, beta and alpha as a parameter.
Historical data were taken for calculating risk, return, alpha and beta. Analysis has
done on percentage method for comparing equity shares with mutual fund schemes.
Compare to equities mutual funds are less risky with stable returns and mutual funds
gives the investor a diversified portfolio. Those who have well knowledge in equity
market they can go for equity investments rather than investing in mutual funds because
no control on the expenses made by the fund manager.
The study will guide the new investor who wants to invest in equity and mutual
fund schemes by providing knowledge about how to measure the risk and return of
particular scrip or mutual fund scheme. The study recommends new investors to go for
mutual funds rather than equities, because of high risk and market instability.
1.2 Statement of the Problem:
In the current economic scenario interest rates are falling and fluctuation in the
share market has put investors in confusion. One finds it difficult to take decision on
investment. This is primarily, because investments are risky in nature and investors have
to consider various factors before investing in investment avenues. Therefore the study
aims to compare equity and mutual fund schemes in form their risk, return & liquidity and
also creating awareness about Equity and Mutual Fund Schemes among the investors
PROJECTSKART.COM
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2. Projectskart.com
1.3 Objectives of the Study:
Saving money is not enough. Each of us also need to invest one’s savings intelligently in
order to have enough money available for funding the higher education of one’s children,
for buying a house, or for one’s own golden years. But the rapidly growing number of
investment avenues often led to confusion. Objectives of the study are to provide
information to individual investors regarding their risk, and choosing the best investment
options to match their goals and attitude to risk.
1. To compare Equity and Mutual Fund Schemes in respect of their risk & return.
2. Analyzing the performance of equity shares and mutual fund schemes with their
benchmark.
3. Finding the Volatility of shares by using beta.
4. Provide information about pros and cons of investing in Equity and Mutual Funds
portfolio management. The study is limited to compare equity capital and mutual fund
schemes in respect of their risk, return and liquidity. The study covers 5 randomly
selected stocks out of 30 BSE, 50 Sensex companies and 5 randomly selected mutual
fund schemes out of mutual fund industry in India for comparison. The analysis is strictly
based on share price and unit price information. Other company performance indicators
are not considered. It focuses on every month ending closing prices of during the period
from 1st
Apr, 2003 to 31st Mar, 2007.
1.4 Scope of the Study
The project primarily deals with equity, derivatives, mutual funds. The scope of
the study of mutual funds is very large but my study is confined to only 4 AMC’s mutual
funds. This study confines as how mutual fund is good investment avenue for investors.
The study considers performance evaluation of mutual fund based on three measures that
are Jensen’s measures, Sharpe’s measures, and Treyor’s measures.
PROJECTSKART.COM
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3. Projectskart.com
1.5 Research Methodology
The whole study can be termed as comparative study. It is also a desk research
hence; there is no field work and collection of primary date for this research.
The study centres on comparing equity and mutual fund schemes in respect of
their risk, return and liquidity. However, with the objective and scope of the study in
mind, it was decided to base the study on return series of selected stocks and mutual fund
schemes.
BSE being the premier exchange of India was chosen for selecting stocks. It is
widely accepted that BSE Sensex is the one of the most reliable index of the stock
exchange that reflects present day market condition. Since it is not possible to compare all
the 30 scripts in the index with all Mutual Fund Schemes due to time and resource
constraints, sampling techniques were considered. Randomly selected samples will
facilitate inference of the population, in our case BSE Sensex and mutual fund industry in
India. Hence by stratified random sampling 5 scrip’s out of 30 Sensex and 5 mutual fund
schemes out of whole mutual fund industry were selected.
The initial examination of the composition of index revealed that it is composed
of primarily two types of industries: manufacturing and services in the ratio of 3:2. there
for to give correct picture appropriate weight was assigned to manufacturing industries
and hence three scrip’s from manufacturing and two from service industries were
randomly selected and in case of mutual funds it consists basically large cap, mid cap,
small cap, sectorial funds and contra funds therefore one fund from each area were
selected.
Monthly share price and unit prices of the selected scrip’s and units were
collected from historical data. In order to avoid bias, at least three years monthly data was
decided to be necessary. The reference period is from 1st
Apr, 2003 to 31st Mar, 2007.
1.51 SOURCES OF DATA
Meaning of primary data: In primary data collection, you collect the data yourself
using methods such as interviews and questionnaires. The key point here is that the data
you collect is unique to you and your research and, until you publish, no one else has
access to it.
PROJECTSKART.COM
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4. Projectskart.com
Primary data: collected through face to face conversation with portfolio managers
and Brokers
Meaning of Secondary data: In research, secondary data is data collected and
possibly processed by people other than the researcher in question. Common sources of
secondary data for social science include censuses, large surveys, and organizational
records. In historical research secondary sources are summaries, collections, and
interpretations of primary sources.
Secondary data: Collected through Reports, Magazines, Publications, Newspapers,
Internet
Sampling technique:
The quality of research output and the validity of its findings depend upon
appropriateness of the sampling design selected for the study. It was needed to apply
inferential statistical analysis; hence probability sampling was chosen to be essential.
Criteria for Selecting Sampling Techniques
It is intended to generalize the finding based on the sample examination to the
population, therefore, probability sampling adopted in order to have a
representative sample.
Since the population is heterogeneous stratified random sampling was taken.
Probability sampling produces high degree of precision compared to non
probability sampling.
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1.52 Sample Design
1. Relative population – 30 BSE sensitivity index companies and mutual fund
industry in India.
2. Sampling frame – list of population, elements from which sample is drawn (see the
annexure).
3. Method of sampling – stratified random sampling. Stratification or division of
population into homogeneous group was done on the basis of industry.
4. Variables – monthly calculated risk and returns were used for comparing equity and
mutual fund schemes.
b. Sample size:
Five companies and five mutual fund schemes were selected.
(Since the population is heterogeneous stratified random sampling was taken).
c. Sample Description
EQUITIES BENCHMARK
ACC LIMITED BSE SENSEX
BHEL BSE SENSEX
HERO HONDA BSE SENSEX
ICICI BANK LIMITED BSE SENSEX
INFOSIS BSE SENSEX
MUTUAL FUNDS BENCHMARK
FRANKLIN INDIA PRIMA FUND BSE 100
PRUDENTIAL ICICI MUTUAL FUND BSE 100 BSE 100
RELIANCE MUTUAL FUND BSE SENSEX
SBI MUTUAL FUND BSE 100 BSE 100
SUNDARAM SMILE FUND BSE 500
f. Limitations of the Study
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The time period for the project was limited to only one and half month and information
provided is limited to the extent of internet and journals.
Some of the persons were not so responsive.
Possibility of error in data collection because many of investors may have not given
actual answers of my questionnaire.
Sample size is limited to 200 visitors of Allegro advisor private limited out of
the120 had invested in Mutual Fund.
The sample size may not adequately represent the whole market
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THEORITICAL FRAME WORK
2.1 Background of the study:
Introduction to Equity Capital and Mutual Fund
Issue of shares is the most important method of raising capital. Finance raised by
the issue of shares serves as a financial floor to the company’s capital structure. Shares
indicate the ownership or equity interest in the assets of the company. Shares are of
different nominal or face values and of different kinds to attract different kinds of
investors. The maximum amount of capital to be raised by the issue of shares is
mentioned in the memorandum of association.
During 1990-91 and 1991-92, equity accounts for 35 to 39 percent of the total
capital raised respectively. This proportion was reversed in 1992-93, the first year of free
pricing, when the share of equity increased to 62 percent. His share of equity finance
increased to a high of 73.18 percent in 1994-95. However, in 1995-96 there is a rise in the
importance of debt largely due to the high interest rates in the economy and negative
returns from the secondary market.
The mutual fund industry in India started in 1964 with the formation of Unit Trust
of India, at the initiative of the Government of India. The 1993 SEBI Regulations were
substituted by a more comprehensive and revised Mutual Fund Regulations in 1996.
The end of millennium marks 36 years of existence of mutual funds in this
country. The ride through these 36 years is not been smooth. Investor opinion is still
divided. While some are for mutual funds others are against it. UTI commenced its
operations from July 1964.
The impetus for establishing a formal institution came from the desire to increase
the propensity of the middle and lower groups to save and to invest. UTI came in to
existence during a period marked by great political and economic turmoil that depressed
the financial market; entrepreneurs were rather hesitant to enter the capital markets.
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2.2 Concept of Equity Capital and Mutual Fund
The term Equity literally means the stock or ownership of a company. They are
also known as ordinary shares. The rate of dividend on equity shares varies according to
the amount of profit available and the intention of board of directors. In the event of
winding up of the company, equity shares can be refunded only after all other claims,
including those of preference shares for the refund of their capital, have been met.
Equity capital or financing is money raised by a business in exchange for a share
of ownership in the company. Ownership is represented by owning shares of stock
outright or having the right to convert other financial instruments into stock of that private
company. Two key sources of equity capital for new and emerging businesses are angel
investors and venture capital firms.
Equity capital is represented by funds that are raised by a business, in exchange
for a share of ownership in the company. Equity financing allows a business to obtain
funds without incurring debt, or without having to repay a specific amount of money at a
particular time.
The Equity Capital Markets Group (ECM) oversees the Firm's activities in the primary
equity and equity-linked markets, as well as monetization and equity derivatives. It
provides support in the origination of primary market transactions and manages their
structuring, syndication, marketing and distribution.
The world over, it’s been shown that over long tenures, equities–with their risk
premier–have provided approximately 7 percentage points higher returns than risk-free
options. People have to accumulate significant amounts of wealth during their working
years. Right now, a 17-year bond gives you only 5.5 per cent. So, it is imperative that
these people have some exposure to equity.
A mutual fund is a trust that pools the money of many investors – its shareholders
- to invest in a variety of different securities. Investments may be in stocks, bonds,
money market securities or some combination of these. Those securities are
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professionally managed on behalf of the shareholders, and each investor holds a pro rata
share of the portfolio -- entitled to any profits when the securities are sold, but subject to
any losses in value as well.
A mutual fund is a group of investors operating through a fund manager to
purchase a diverse portfolio of stocks or bonds. There are myriad kinds of mutual funds,
each with its own goals and methodologies. Whether or not a mutual fund is a good
investment is a matter of much public debate, with many claiming they are excellent for
the average person, and others saying they are simply a poor way to invest.
For the individual investor, mutual funds provide the benefit of having someone
else manage your investments, take care of recordkeeping for your account, and diversify
your rupees over many different securities that may not be available or affordable to you
otherwise. Today, minimum investment requirements on many funds are low enough that
even the smallest investor can get started in mutual funds.
A mutual fund, by its very nature, is diversified -- its assets are invested in many
different securities. Beyond that, there are many different types of mutual funds with
different objectives and levels of growth potential, furthering your chances to diversify.
Many critics of mutual funds point out that scarcely over 20% of mutual funds
outperform the Standard and Poor's 500 Index. This means that nearly 80% of the time,
an investor would have been more profitable by simply buying equal shares in all 500 of
the companies currently on the S&P 500.
2.21 Schemes of Mutual funds
Schemes according to Maturity Period:
A mutual fund scheme can be classified into open-ended scheme or close-ended
scheme depending on its maturity period.
Open-ended Scheme:
An open-ended fund or scheme is one that is available for subscription and
repurchase on a continuous basis. These schemes do not have a fixed maturity period.
Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices
which are declared on a daily basis. The key feature of open-end schemes is liquidity.
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Close-ended Scheme:
A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The
fund is open for subscription only during a specified period at the time of launch of the
scheme. Investors can invest in the scheme at the time of the initial public issue and
thereafter they can buy or sell the units of the scheme on the stock exchanges where the
units are listed.
In order to provide an exit route to the investors, some close-ended funds give an
option of selling back the units to the mutual fund through periodic repurchase at NAV
related prices. SEBI Regulations stipulate that at least one of the two exit routes is
provided to the investor i.e. either repurchase facility or through listing on stock
exchanges. These mutual funds schemes disclose NAV generally on weekly basis.
Schemes according to Investment Objective:
A scheme can also be classified as growth scheme, income scheme, or balanced
scheme considering its investment objective. Such schemes may be open-ended or close-
ended schemes as described earlier. Such schemes may be classified mainly as follows:
Growth / Equity Oriented Scheme:
The aim of growth funds is to provide capital appreciation over the medium to
long- term. Such schemes normally invest a major part of their corpus in equities. Such
funds have comparatively high risks. These schemes provide different options to the
investors like dividend option, capital appreciation, etc. and the investors may choose an
option depending on their preferences.
Income / Debt Oriented Scheme:
The aim of income funds is to provide regular and steady income to investors.
Such schemes generally invest in fixed income securities such as bonds, corporate
debentures, Government securities and money market instruments. Such funds are less
risky compared to equity schemes. These funds are not affected because of fluctuations in
equity markets.
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Balanced Scheme:
The aim of balanced funds is to provide both growth and regular income as such
schemes invest both in equities and fixed income securities in the proportion indicated in
their offer documents. These are appropriate for investors looking for moderate growth.
They generally invest 40-60% in equity and debt instruments. These funds are also
affected because of fluctuations in share prices in the stock markets. However, NAVs of
such funds are likely to be less volatile compared to pure equity funds.
Money Market or Liquid Fund:
These funds are also income funds and their aim is to provide easy liquidity,
preservation of capital and moderate income. These schemes invest exclusively in safer
short-term instruments such as treasury bills, certificates of deposit, commercial paper
and inter-bank call money, government securities, etc. Returns on these schemes fluctuate
much less compared to other funds. These funds are appropriate for corporate and
individual investors as a means to park their surplus funds for short periods.
Gilt Fund:
These funds invest exclusively in government securities. Government securities
have no default risk. NAVs of these schemes also fluctuate due to change in interest rates
and other economic factors as is the case with income or debt oriented schemes.
Index Funds:
Index Funds replicate the portfolio of a particular index such as the BSE Sensitive
index, S&P NSE 50 index (Nifty), etc, these schemes invest in the securities in the same
weightage comprising of an index. NAV’s of such schemes would rise or fall in
accordance with the rise or fall in the index, though not exactly by the same percentage
due to some factors known as "tracking error" in technical terms. Necessary disclosures in
this regard are made in the offer document of the mutual fund scheme.
Sector Specific Schemes:
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These are the funds/schemes which invest in the securities of only those sectors or
industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast
Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are
dependent on the performance of the respective sectors/industries.
Tax Saving Schemes:
These schemes offer tax rebates to the investors under specific provisions of the
Income Tax Act, 1961 as the Government offers tax incentives for investment in specified
avenues. e.g. Equity Linked Savings Schemes (ELSS). Pension schemes launched by the
mutual funds also offer tax benefits. These schemes are growth oriented and invest pre-
dominantly in equities. Their growth opportunities and risks associated are like any equity
oriented scheme.
2.3 Advantages of Equity Capital and Mutual Fund:
Advantages of Equity Capital:
1. High dividend and high value:-
In times of prosperity, the equity shareholders get a very high rate of dividend,
sufficiently higher than that on preference shares. At the same time, their share value will
also go up in the market.
2. Voting rights:-
It is only the equity shareholders who enjoy voting rights on all the policy matters
of the company.
3. Pre-emptive right to new shares:-
Equity shareholders have the pre-emptive right to purchase new shares. Under the
provisions of the companies act, the existing shareholders of the company have a right to
allotment of newly issued shared.
4. Many privileges and rights:-
Equity shareholders enjoy many privileges and rights. For example, they can vote
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at meetings, elect directors, control the directors to run the company efficiently and
profitably, look into the books and records of the company and transfer or sell their
shareholdings.
2.31 Advantages of Mutual Fund:
1. Professional Investment Management:-
By pooling the funds of thousands of investors, mutual funds provide full-time,
high-level professional management that few individual investors can afford to obtain
independently. Such management is vital to achieving results in today's complex markets.
Your fund managers' interests are tied to yours, because their compensation is based not
on sales commissions, but on how well the fund performs.
2. Diversification:-
Mutual funds invest in a broad range of securities. This limits investment risk by
reducing the effect of a possible decline in the value of any one security. Mutual fund
shareowners can benefit from diversification techniques usually available only to
investors wealthy enough to buy significant positions in a wide variety of securities.
3. Low Cost:-
If you tried to create your own diversified portfolio of 50 stocks, you'd need at
least Rs.1, 00,000 and you'd pay thousands of rupees in commissions to assemble your
portfolio. A mutual fund lets you participate in a diversified portfolio for as little as
Rs.10, 000, and sometimes less. And if you buy a no-load fund, you pay or no sale
charges to own them.
4. Convenience and Flexibility:-
You own just one security rather than many, yet enjoy the benefits of a diversified
portfolio and a wide range of services. Fund managers decide what securities to trade, clip
the bond coupons, collect the interest payments and see that your dividends on portfolio
securities are received and your rights exercised.
5. Quick, Personalized Service:-
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Most funds now offer extensive websites with a host of shareholder services for
immediate access to information about your fund account. Or a phone call puts you in
touch with a trained investment specialist at a mutual fund company who can provide
information you can use to make your own investment choices, assist you with buying
and selling your fund shares.
6. Ease of Investing:-
You may open or add to your account and conduct transactions or business with
the fund by mail, telephone or bank wire. You can even arrange for automatic monthly
investments by authorizing electronic fund transfers from your checking account in any
amount and on a date you choose.
7. Total Liquidity, Easy Withdrawal:-
You can easily redeem your shares anytime you need cash by letter, telephone,
bank wire or check, depending on the fund. Your proceeds are usually available within a
day or two.
8. Life Cycle Planning:-
With no-load mutual funds, you can link your investment plans to future
individual and family needs -- and make changes as your life cycles change. You can
invest in growth funds for future college tuition needs, then move to income funds for
retirement, and adjust your investments as your needs change throughout your life.
9. Market Cycle Planning:-
For investors who understand how to actively manage their portfolio, mutual fund
investments can be moved as market conditions change. You can place your funds in
equities when the market is on the upswing and move into money market funds on the
downswing or take any number of steps to ensure that your investments are meeting your
needs in changing market climates.
10. Investor Information:-
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Shareholders receive regular reports from the funds, including details of
transactions on a year-to-date basis. The current net asset value of your shares (the price
at which you may purchase or redeem them) appears in the mutual fund price listings of
daily newspapers. You can also obtain pricing and performance results for the all mutual
funds at this site, or it can be obtained by phone from the fund.
11. Periodic Withdrawals:-
If you want steady monthly income, many funds allow you to arrange for monthly
fixed checks to be sent to you, first by distributing some or all of the income and then, if
necessary, by dipping into your principal.
12. Dividend Options:-
You can receive all dividend payments in cash. Or you can have them reinvested
in the fund free of charge, in which case the dividends are automatically compounded.
This can make a significant contribution to your long-term investment results.
13. Automatic Direct Deposit:-
You can usually arrange to have regular, third-party payments -- such as Social
Security or pension checks -- deposited directly into your fund account. This puts your
money to work immediately, without waiting to clear your checking account, and it saves
you from worrying about checks being lost in the mail.
14. Recordkeeping Service:-
With your own portfolio of stocks and bonds, you would have to do your own
recordkeeping of purchases, sales, dividends, interest, short-term and long term gains and
losses. Mutual funds provide confirmation of your transactions and necessary tax forms to
help you keep track of your investments and tax reporting.
15. Safekeeping:-
When you own shares in a mutual fund, you own securities in many companies
without having to worry about keeping stock certificates in safe deposit boxes or sending
them by registered mail. You don't even have to worry about handling the mutual fund
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stock certificates; the fund maintains your account on its books and sends you periodic
statements keeping track of all your transactions.
16. Retirement and College Plans:-
Mutual funds are well suited to Individual Retirement Accounts and most funds
offer IRA-approved prototype and master plans for individual retirement accounts (IRAs)
and Keogh, 403(b), SEP-IRA and 401(k) retirement plans.
17. Online Services:-
The internet provides a fast, convenient way for investors to access financial
information. A host of services are available to the online investor including direct access
to no-load companies. Visit Company Links to access these Companies.
18. Sweep Accounts:-
With many funds, if you choose not to reinvest your stock or bond fund dividends,
you can arrange to have them swept into your money market fund automatically. You get
all the advantages of both accounts with no extra effort.
19. Asset Management Accounts:-
These master accounts, available from many of the larger fund groups, enable you
to manage all your financial service needs under a single umbrella from unlimited check
writing and automatic bill paying to discount brokerage and credit card accounts.
2.32 Disadvantages of Equity Capital and Mutual Fund
Disadvantages of Equity Capital:
1. No refund of capital:-
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Since equity shares cannot be refunded, excessive issue of such shares may leads
to overcapitalization, particularly when the earning capacity of the company declining.
2. Benefits only in prosperity:-
During the periods of prosperity, the company has to distribute heavy dividends
on these shares.
3. Manipulation of control:-
Since the equity shares have proportionate voting power, the company’s
management may be vitiated by manipulation of votes, clique-formation, abuse of proxy
rights etc.
4. High risk:-
Equity share holders cannot claim dividend as a matter of right, because the
decision to fit the rate of dividend on equity shares is vested in the Board of Directors.
Therefore investors as a class may find equity shares unsafe, unattractive and
unremunerated.
5. Unhealthy Speculation:-
During the period of boom, the market value of shares will go up, which leads to
unhealthy speculation in the stock market.
Disadvantages of Mutual Fund:
There are certainly some benefits to mutual fund investing, but you should also be
aware of the drawbacks associated with mutual funds.
1. No Insurance:-
Mutual funds, although regulated by the government, are not insured against
losses. The Federal Deposit Insurance Corporation (FDIC) only insures against certain
losses at banks, credit unions, and savings and loans, not mutual funds. That means that
despite the risk-reducing diversification benefits provided by mutual funds, losses can
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occur, and it is possible (although extremely unlikely) that you could even lose your
entire investment.
2. Dilution:-
Although diversification reduces the amount of risk involved in investing in
mutual funds, it can also be a disadvantage due to dilution. For example, if a single
security held by a mutual fund doubles in value, the mutual fund itself would not double
in value because that security is only one small part of the fund's holdings. By holding a
large number of different investments, mutual funds tend to do neither exceptionally well
nor exceptionally poorly.
3. Fees and Expenses:-
Most mutual funds charge management and operating fees that pay for the fund's
management expenses (usually around 1.0% to 1.5% per year). In addition, some mutual
funds charge high sales commissions, 12b-1 fees, and redemption fees. And some funds
buy and trade shares so often that the transaction costs add up significantly. Some of these
expenses are charged on an ongoing basis, unlike stock investments, for which a
commission is paid only when you buy and sell (see Investor Guide University: Fees and
Expenses).
4. Poor Performance:-
Returns on a mutual fund are by no means guaranteed. In fact, on average, around
75% of all mutual funds fail to beat the major market indexes, like the S&P 500, and a
growing number of critics now question whether or not professional money managers
have better stock-picking capabilities than the average investor.
5. Loss of Control:-
The managers of mutual funds make all of the decisions about which securities to
buy and sell and when to do so. This can make it difficult for you when trying to manage
your portfolio. For example, the tax consequences of a decision by the manager to buy or
sell an asset at a certain time might not be optimal for you. You also should remember
that you trust someone else with your money when you invest in a mutual fund.
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6. Trading Limitations:-
Although mutual funds are highly liquid in general, most mutual funds (called
open-ended funds) cannot be bought or sold in the middle of the trading day. You can
only buy and sell them at the end of the day, after they've calculated the current value of
their holdings.
7. Size:-
Some mutual funds are too big to find enough good investments. This is especially
true of funds that focus on small companies, given that there are strict rules about how
much of a single company a fund may own. If a mutual fund has $5 billion to invest and
is only able to invest an average of $50 million in each, then it needs to find at least 100
such companies to invest in as a result, the fund might be forced to lower its standards
when selecting companies to invest in.
8. Inefficiency of Cash Reserves:-
Mutual funds usually maintain large cash reserves as protection against a large
number of simultaneous withdrawals. Although this provides investors with liquidity, it
means that some of the fund's money is invested in cash instead of assets, which tends to
lower the investor's potential return.
9. Different Types:-
The advantages and disadvantages listed above apply to mutual funds in general.
However, there are over 10,000 mutual funds in operation, and these funds vary greatly
according to investment objective, size, strategy, and style. Mutual funds are available for
virtually every investment strategy (e.g. value, growth), every sector (e.g. biotech,
internet), and every country or region of the world. So even the process of selecting a
fund can be tedious.
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PROFILE OF ALLEGRO ADVISORS PVT LTD
3.1 Introduction: Allegro Capital Advisors Put Ltd. One of the oldest and largest
broking firms in the Industry. The company’s offerings include stock broking through the
branch and Internet, Investments in IPO, Mutual funds and Portfolio management service.
Allegro Capital Advisors Pvt. Ltd. has a full-fledged research division involved in Macro
Economic studies, Sect oral research and Company Specific Equity Research combined
with a strong and well networked sales force which helps deliver current and up to date
market information and news. Kotak Securities’ network spans over 112 cities with 351
outlets, with an employee workforce beyond 5100.
The company is also a depository participant with National Securities Depository
Limited (NSDL) and Central Depository Services Limited (CDSL), providing dual
benefit services wherein the investors can avail the company’s brokerage services for
executing the transactions and the depository services for settling them. Allegro Capital
Advisors Pvt. Ltd processes more than 4, 00,000 trades a day which is much higher even
than some of the renowned international brokers.
Allegro Capital Advisors Pvt. Ltd. has over Rs. 3300 crore of Assets Under
Management (AUM) as of 31st March, 2009. The portfolio Management Service
provides top class service, catering to the high end of the market. Portfolio Management
from Allegro Capital Advisors Pvt. Ltd. comes as an answer to those who would like to
grow exponentially on the crest of the stock market, with the backing of an expert. Unlike
many other companies, Allegro Capital Advisors Pvt. Ltd. has a Centralised Risk
Management System and an in-house Research Team which allows it to offer the same
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levels of service to customers across all locations. Allegro Capital Advisors Pvt. Ltd has
been the first in providing many products and services which have now become industry
standards.
· Facility of Margin Finance to the customers
· Investing in IPOs and Mutual Funds on the phone
· SMS alerts before execution of depository transactions
· Mobile application to track portfolios
· Auto Invest - A systematic investing plan in Equities and Mutual funds
MANAGEMENT TEAM
al Kashyap -
Chairman and
CEO
Kunal Kashyap - Chairman and CEO
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3.3 Derivatives trading
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a It also provides derivatives trading services through our ground network of share
shops
an
. With Allegro Capital Advisors Pvt. Ltd. you can invest in index and stock futures as
well
d
as stock and index options on the NSE. Keep track of the derivatives market with
"Derivatives
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Info Kit" and find out which strike to buy/sell using Black & Scholars
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calculator.
ra
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ap Content features at Allegro Capital Advisors Pvt. Ltd. online trading in equities is
madeit easy with the help of jargon-free investment advice. If you experience our
language,al presentation style or content, you will find a common thread--the one that
helps youA make informed investment decisions and Simplifies investing in stocks.
Hd.R.I.H.E. HASSAN
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Track domestic and international stock indices with "Indices at a Glance". Get
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real-time stock quotes, live NSE ticker, daily top 5 gainers/losers, volume toppers and d)
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tie-up with Capital Market News Service for "Archive News".
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o ANALYSIS OF DATA & INTERPRETATIONS
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Calculation of Return and Risk of Selected Mutual Fund Schemes and
ba
their Bench Marks
y,
1. BSE SENSEX: Calculation of Return and Standard Deviation
M
DATE SCRIP RETURN IN R-R1 (R-R1)2
B
VALUE %
A
13827.77 -31/01/2008
fr
14124.36 2.14 3.23 10.4628/02/2008
o
13013.74 -7.86 -6.77 45.8331/03/2008
30/04/2008m 12811.93 -1.55 -0.46 0.21
31/05/2008
13987.77 9.18 10.27 105.47X
30/06/2008
14610.28 4.46 5.55 30.80L
31/07/2008 14685.16 0.51 1.6 2.56
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1. Reliance Vision Fund:-
Reliance Vision Fund is large cap open ended growth fund. Its objective is to
achieve long term growth of capital through a research based investment approach.
Monthly risk and return from 30th Apr 2003 to 31st Mar 2007 is calculated below.
Return=P1 /P0 *100
Where, P1 = Current month price,
P0 = Previous month price
R1 = ∑R/n, = -17.52/24, = -0.73
Where n=number of months.
SD = ∑ (R- R1)2
/n, = 2078.95./24
SD = 9.30
Calculation of Beta
B = [ ∑(Ra –Ra1)(Rm-Rm1)]/∑(Rm-Rm1)2
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Where Ra = Return on Company, Ra1= Average return on company
Rm= Return on market, Rm1= Average return on market
=244.29/2086.44
B = 0.11
Calculation of Alpha
Alpha = (Ra1 - Rm1)*B
=(-0.76-(-1.14)*0.11
=0.04
Calculation of Risk and Return
DATE SCRIP VALUE RETURN IN % R-R1 (R-R1)2
31/01/2008 184.14
28/02/2008 171.42 -6.91 -6.18 38.17
31/03/2008 169.69 -1.01 -0.28 0.08
30/04/2008 183.8 8.32 9.05 81.81
31/05/2008 200 8.81 9.54 91.08
30/06/2008 207.32 3.66 4.39 19.27
31/07/2008 219.24 5.75 6.48 41.98
31/08/2008 214.28 -2.26 -1.53 2.35
30/09/2008 235.29 9.80 10.53 110.98
31/10/2008 268.3 14.03 14.76 217.84
30/11/2008 264.45 -1.43 -0.71 0.50
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Average risk = 64.49/5
=12.89
ANALYSIS:
1. Sundaram SMILE fund has the highest risk factor of 11.78% with 0.01%
a. Beta and 0.009% of alpha.
2. SBI Contra Fund has the lowest risk factor of 7.70% with 0.08% of
beta and 0.04% of alpha.
3. Bench Mark has the risk factor of 9.32%
4. On an average Mutual Fund Schemes have the risk factor of 12.89%
INTERPETATION:
Risk is a major factor influence all type of investors. In the above selected Mutual
Fund Schemes average risk factor is 12.89% even though the risk factor of bench mark is
9.32%; it is very close to average risk. It is showing Mutual Funds are also risky.
Average return of selected mutual fund schemes
Mutual Fund Schemes Return
Reliance Vision fund -0.73
Franklin India prima fund -2.70
Pru icici FMCG sector fund -0.79
Sundaram SMILE fund -0.46
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SBI Contra Fund -0.59
Total -5.27
Bench Mark -1.09
AVERAGE RETURN= -5.27/5
= -1.05
ANALYSIS:
1. Sundaram SMILE fund got the lowest negative return of -0.46%
2. Bench Mark return is -1.09%
3. On an average Mutual Fund Schemes have got -1.05% per month.
INTERPETATION:
Return is a major factor influencing factor to all type of investors. In the above
selected Mutual Fund Schemes average return is -1.05%, compared to bench mark return
mutual fund returns are good and it will attract more and more customers.
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Calculation of Return and Risk of Selected companies
Calculation of Return and Risk of Bench Mark (BSE SENSEX)
DATE SCRIP RETURN IN R-R1 (R-R1)2
VALUE %
31/01/2008 13827.77 -
28/02/2008 14124.36 2.14 3.23 10.46
31/03/2008 13013.74 -7.86 -6.77 45.83
30/04/2008 12811.93 -1.55 -0.46 0.21
31/05/2008 13987.77 9.18 10.27 105.47
30/06/2008 14610.28 4.46 5.55 30.80
31/07/2008 14685.16 0.51 1.6 2.56
31/08/2008 15344.02 4.48 5.57 31.02
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Rm= Return on market, Rm1= Average return on market
=1367.19/2086.44
B = 0.65
Calculation of Alpha
Alpha = (Ra1 - Rm1)*B
=(-3.20-(-1.13))*0.65
=-1.34
Factor Risk Return Beta Alpha
Percentage 11.75 -3.20 0.65 1.34
ANALYSIS:
1. ACC Ltd. has a risk factor of 11.75%
2. Its rate of return on a monthly average is -3.2%
3. Alpha and Beta are 0.65 and 1.34 respectively
INTERPETATION:
Beta of the ACC ltd. is 0.65which is less than one; it shows the less volatility of
scrip with respect to market. Risk of the share is 11.75% and the rate of return is only
-3.2%.
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Where Ra = Return on Company, Ra1= Average return on company
Rm= Return on market, Rm1= Average return on market
=1782.71/2086.44
B = 0.85
Calculation of Alpha
Alpha = (Ra1 - Rm1)*B
=(-0.92-(-1.13))*0.85
=-0.17
ANALYSIS:
1. BHEL has a risk factor of 14.9%
2. Its rate of return on a monthly average is -0.92%
3. Alpha and Beta are -0.17and 0.85 respectively
INTERPETATION:
Beta of the BHEL is 0.85 which is very close to one; it shows the equal volatility
of scrip with respect to market. Risk of the share is 14.9% and the rate of return is only
-0.92%.
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3. ICICI BANK LTD:-
Calculation of Return and Risk
DATE SCRIP VALUE RETURN IN % R-R1 (R-R1)2
31/01/2008 889
28/02/2008 957 7.65 10.58 112.0209
31/03/2008 841 -12.12 -9.19 84.38744
30/04/2008 823 -2.14 0.79 0.631452
31/05/2008 871.5 5.89 8.83 77.93398
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Calculation of Beta
B = [∑ (Ra –Ra1) (Rm-Rm1)]/∑ (Rm-Rm1)2
Where Ra = Return on Company, Ra1= Average return on company
Rm= Return on market, Rm1= Average return on market
=2446/2086.44
B = 1.18
Calculation of Alpha
Alpha = (Ra1 - Rm1)*B
=(-2.93-(-1.13))*1.18
=-2.12
ANALYSIS:
1. ICICI Bank Ltd. has a risk factor of 12.83%
2. Its rate of return on a monthly average is -2.93%
3. Alpha and Beta are -2.12 and 1.18 respectively
INTERPETATION:
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Beta of the ICICI Bank Ltd. is 1.18 which is higher to one; it shows the high volatility of
scrip with respect to market. Risk of the share is 12.83% and the rate of return is only
-2.93%.
4. INFOSYS TECHNOLOGIES LTD:-
Calculation of Return and Risk
DATE SCRIP VALUE RETURN IN % R-R1 (R-R1)2
31/01/2008 2242
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R1 = ∑R/n, = -42.40/24, = -1.76
Where n=number of months.
SD = ∑ (R- R1)2
/n, = 2292.92/24
SD = 11.16
Calculation of Beta
B = [∑ (Ra –Ra1) (Rm-Rm1)]/∑ (Rm-Rm1)2
Where Ra = Return on Company, Ra1= Average return on company
Rm= Return on market, Rm1= Average return on market
=845.21/2086.44
B = 0.40
Calculation of Alpha
Alpha = (Ra1 - Rm1)*B
=(-1.76-(-1.13))*0.40
=- -0.25
ANALYSIS:
1. INOFSYS has a risk factor of 11.16%
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2. Its rate of return on a monthly average is -1.76%
3. Alpha and Beta are -0.25 and 0.4 respectively
INTERPETATION:
Beta of the INOFSYS is 0.4 which is lower than one; it shows the low volatility of
scrip with respect to market. Risk of the share is 11.16% and the rate of return is only
-1.76%.
5. HEROHONDA:-
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Return=P1 /P0 *100
Where, P1 = Current month price,
P0 = Previous month price
R1 = ∑R/n, = 12.51/24, = 0.52
Where n=number of months.
SD = ∑ (R- R1)2
/n, = 1662.51/24
SD = 8.32
Calculation of Beta
B = [∑ (Ra –Ra1) (Rm-Rm1)]/∑ (Rm-Rm1)2
Where Ra = Return on Company, Ra1= Average return on company
Rm= Return on market, Rm1= Average return on market
=1044.09/2086.44
B = 0.50
Calculation of Alpha
Alpha = (Ra1 - Rm1)*B
=(0.52-(-1.13))*0.50
=0.82
ANALYSIS:
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1. Herohonda Ltd. has a risk factor of 12.83%
2. Its rate of return on a monthly average is -2.93%
3. Alpha and Beta are -2.12 and 1.18 respectively
INTERPETATION:
Beta of the Herohonda ltd. is 1.18 which is very close to one; it shows the equal
volatility of scrip with respect to market. Risk of the share is 12.83% and the rate of
return is only -2.93%.
Average risk of selected Company shares
Company ACC Ltd BHEL ICICI Infosys Herohonda Bench Total
Bank Mark
Risk 11.75 14.9 12.83 11.16 12.83 9.32 63.47
Average risk = 63.47/5
=12.69
ANALYSIS:
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1. BHEL has the highest risk factor of 14.9% with 0.85% beta and -
-0.17% of alpha.
2. Infosys has the lowest risk factor of 11.16% with 0.40% of
beta and -0.25% of alpha.
3. Bench Mark has the risk factor of 9.32%
4. On an average Equity shares have the risk factor of 12.69%
INTERPETATION:
Risk is a major factor influence all type of investors. In the above selected Equity
Shares average risk factor is 12.69% and the risk factor of bench mark is 9.32%, it is
showing equities are more risky.
Average return of selected Company shares
Company ACC BHEL ICICI Infosys Herohonda Bench Total
Ltd Bank Mark
Return -3.2 -0.92 -2.93 -1.76 -2.93 -1.09 -11.74
Average return = -11.74/5
= -2.34
ANALYSIS:
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1. BHEL shares have got the highest return of -0.92%
2. Bench Mark return is -1.09%
3. On an average equity shares have got -2.34% per month.
INTERPETATION:
Return is a major factor influencing factor to all type of investors. In the above
selected equity shares average return is -2.34%, compared to bench mark return of -1.09%
selected equity shares returns are good and it will attract more and more customers.
Comparison of Selected Equity Capital and Mutual Fund
Schemes in respect their Risk
Investment Mutual fund Equity
Risk 12.69 12.89
ANALYSIS:
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1. Mutual funds have the risk on an average of 12.69%
2. Equity shares have the risk on an average of 12.89%
INTERPETATION:
Equity capital and Mutual fund schemes are subjected to market risk. Based on the above
analysis mutual funds have an average risk of 12.69% which is compared to equity shares
risk of 12.89% is lower. Those who would like to take risk can go for equity investments.
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Comparison of Selected Equity Capital and Mutual Fund
Schemes in respect their Return
Investment Mutual fund equity
return -1.05 -2.34
ANALYSIS:
1. Mutual funds have average return of -1.05%
2. Equity shares have the return on an average of -2.34%
INTERPETATION:
Equity capital and Mutual fund schemes are subjected to market risk. Based on the
above analysis mutual funds have an average return of -1.05% which is compared to
equity shares return of -2.34% is lower. Those who would like to take risk can go for
equity investments for getting higher return.
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FINDINGS
Saving money is not enough. Each of us also need to invest one’s savings
intelligently in order to have enough money available for funding the higher education of
one’s children, for buying a house, or for one’s own golden years.
1. Investments in both equity capital and mutual fund schemes are subjected to
market risk.
2. Now a day’s investments in equity and mutual fund schemes are increases
because of falling interest rates and awareness of equity capital and mutual fund
schemes in the minds of investors.
3. BHEL has a highest risk factor of 14.9% and Infosys has a lowest risk factor of
11.16%, where as benchmark risk is 9.32% which shows investing in equity is
more risky.
4. Sundaram SMILE fund has higher risk factor of 11.78% with a negative return of
0.46%.
5. On the basis of above analysis mutual funds have a risk factor on an average
12.69%, and their returns are -1.05% per month
6. On the basis of above analysis Equity shares have a risk factor on an average
12.89%, and their returns are -2.34% per month
7. On the basis of above statements it has proved higher the risk higher the return
and lower the risk lower the return.
8. Investment in mutual fund schemes gives diversified portfolio to investors.
9. Standard deviation is one of the best ways for finding risk of scrip’s mutual fund
units.
10. In case of both equities and mutual funds(open ended) liquidity is very high,
within three working days mutual funds will converted into cash and liquidity of
equity is based on demand and supply conditions of the market for a particular
scrip.
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SUGGESTIONS
1. Now a day’s Indian capital market is attracting more and more foreign
institutional investors (FII’s) because of economic stability and increasing
growth rate, it leads to gradual increase in the stock market indices.
2. This is the right time to invest in share and mutual funds because of above
reason.
3. Interest rates are falling gradually and equity markets are booming because of
this reason investors can move from bank deposits to mutual funds and equities.
Five basic norms of smart investing:
1. Investors must have a portfolio approach to wealth.
2. One must analyze one's risk appetite.
3. One must possess a long-term outlook
4. Never forget to do homework and analysis.
5. It is essential to have control over one's emotions.
Investment in both equity capital and mutual fund schemes are subjected to market
risk. Following are the recommendations given to investors for investing rationally in
equity capital and mutual fund schemes.
· Aggressive Growth Funds
Investors who can assume the risk of potential loss in value of their investment in the
hope of achieving substantial and rapid gains. They are not suitable for investors who
must conserve their principal or who must maximize current income.
· Balanced/Equity Income funds
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Balanced and equity income funds are suitable for conservative investors who want
high current yield with some growth.
· Growth Funds
Although growth funds are more conservative than aggressive growth funds, they are
still relatively volatile. They are suitable for growth-oriented investors but not investors
who are unable to assume risk or who are dependent on maximizing current income from
their investments.
· Growth and Income Funds
Growth and income funds have low to moderate stability of principal and moderate
potential for current income and growth. They are suitable for investors who can assume
some risk to achieve growth of capital but who also want to maintain a moderate level of
current income.
· Fixed-Income Funds
Fixed-income funds are suitable for investors who want to maximize current income
and who can assume a degree of capital risk in order to do so. Again, carefully read the
prospectus to learn if a fund's investment policy with respect to yield and risk coincides
with your own objectives.
· Money Market Funds
Money market funds are suitable for conservative investors who want high stability of
principal and moderate current income with immediate liquidity.
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CONCLUSION
Saving money is not enough. Each of us also need to invest one’s savings
intelligently in order to have enough money available for funding the higher education of
one’s children, for buying a house, or for one’s own golden years.
The study will guide the new investor who wants to invest in equity and mutual
fund schemes by providing knowledge about how to measure the risk and return of
particular scrip or mutual fund scheme. The study recommends new investors to go for
mutual funds rather than equities, because of high risk and market instability.
From the calculation it is found that the average risk of equities based on sample
size is 12.89% & they are earning -2.34% returns per month where as mutual funds
average risk based on sample size is only 12.69 & they are earning -1.05% per month.
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BIBLIOGRAPHY
TEXT BOOKS:
Donald E. Fischer & Ronald J. Jordan-Prentice Security Analysis and Portfolio
Management, - hall of India Pvt. Ltd.
Punithavathy Pandian, Security Analysis and Portfolio Management-Vikas
Publishing House Pvt.Ltd.
S.Kevin, Security Analysis and Portfolio Management -PHI Learning Pvt.Ltd.
V.K. Bhalla, Investment Management -Anmol Publications Pvt.Ltd
WEB SITES:
www.nseindia.com
www. financeyahoo.com
www .amfliindia.com
www.google.com
www.bseindia.com
www.rbi.org.in
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