This document is a project report submitted by Nilesh P Shingote to Kohinoor Business School in partial fulfillment of the requirements for a Post Graduate Diploma in Management. The project involves a fundamental analysis of the cement industry in India, conducted during an internship at Rubycapital. The analysis covers the Indian economy, cement industry trends, growth drivers, regional leaders, and opportunities. Financial analysis is performed on cement companies to evaluate profitability, leverage, and valuation ratios.
This document provides an analysis of HDFC Bank from a macroeconomic and fundamental perspective. It begins with an introduction and scope before analyzing the macroeconomic outlook in India, including economic growth projections, inflation rates, and issues concerning the banking industry. Part 1 discusses the international linkages of the Indian economy and analyzes factors like GDP growth, industrial growth, and inflation projections. It notes the banking industry will be affected by macroeconomic changes. Part 2 examines the banking industry in India, including the role of public and private sector banks and the path forward for the industry. The document aims to comprehensively analyze HDFC Bank within the contexts of the macroeconomic environment and banking industry in India.
This document summarizes Jagruti Godambe's project on equity research in the banking sector completed as part of a one month internship with Birla Sun Life Insurance in 2012-2013. The project analyzed the banking sector through fundamental and technical analysis and examined four Indian banks. Jagruti conducted the project under the guidance of Mr. Subojeet Sen Gupta and acknowledges his support. The project includes analysis of the banking sector, tools used, profiles of sample banks, and recommendations.
A Study of business analysis oil & Natural Gas Corporation RJ Capital Oversea...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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The document provides an overview of the telecommunications industry in India. It discusses the evolution of the industry from a state-run monopoly to a liberalized sector with private participation. Key points include:
- India has the second largest telecommunications network in the world, with over 895 million connections as of December 2015.
- The industry has grown rapidly since the 1990s after economic liberalization opened the sector to private companies.
- Telecom has become a major driver of India's economic growth and development, contributing over 2% to GDP.
Project Report on Financial Analysis by Nirbhay Kumar, MBA - 3rd Sem.,TMBU,B...Nirbhay Kumar
The document appears to be a summer internship report submitted by a student named Nirbhay Kumar to the National Thermal Power Corporation (NTPC) in India analyzing the financial performance of NTPC from 2012-2016. The report includes an executive summary of the financial analysis, ratios calculated, findings, and recommendations to improve NTPC's profitability and financial position based on the financial statements over the period studied.
The document is an internship report submitted by Abhijai Singh for the partial fulfillment of a Bachelor of Commerce degree. It discusses an internship completed at R.N. Khanna & Co, an auditing and tax consultancy firm. The report includes chapters on the industry profile of accounting and taxation, a 3C analysis of the company, organizational structure, SWOC analysis, learning outcomes, and a conclusion. Key points covered include the history of taxation in India, types of direct and indirect taxes, tax slabs, deductions, and the process of filing income tax returns for clients.
A project report on analysis of financial statement of icici bankProjects Kart
This document discusses a minor project report on the analysis of the financial statements of ICICI Bank. It provides background information on ICICI Bank, including its history, board of directors, organizational structure, products and services. It then outlines the objectives and contents of the financial statement analysis project, which includes studying ICICI Bank's profit and loss account, balance sheet, and cash flow statement as well as conducting ratio analysis and evaluating the bank's financial soundness.
REPORT ON SUMMER TRAINING A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION...priya bansal
REPORT ON SUMMER TRAINING
A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION OF B.K. TRADING CO.
I HELP'S U HOW TO PREPARE INTERNSHIP TRAINING REPORT ON A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION
This document provides an analysis of HDFC Bank from a macroeconomic and fundamental perspective. It begins with an introduction and scope before analyzing the macroeconomic outlook in India, including economic growth projections, inflation rates, and issues concerning the banking industry. Part 1 discusses the international linkages of the Indian economy and analyzes factors like GDP growth, industrial growth, and inflation projections. It notes the banking industry will be affected by macroeconomic changes. Part 2 examines the banking industry in India, including the role of public and private sector banks and the path forward for the industry. The document aims to comprehensively analyze HDFC Bank within the contexts of the macroeconomic environment and banking industry in India.
This document summarizes Jagruti Godambe's project on equity research in the banking sector completed as part of a one month internship with Birla Sun Life Insurance in 2012-2013. The project analyzed the banking sector through fundamental and technical analysis and examined four Indian banks. Jagruti conducted the project under the guidance of Mr. Subojeet Sen Gupta and acknowledges his support. The project includes analysis of the banking sector, tools used, profiles of sample banks, and recommendations.
A Study of business analysis oil & Natural Gas Corporation RJ Capital Oversea...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
The document provides an overview of the telecommunications industry in India. It discusses the evolution of the industry from a state-run monopoly to a liberalized sector with private participation. Key points include:
- India has the second largest telecommunications network in the world, with over 895 million connections as of December 2015.
- The industry has grown rapidly since the 1990s after economic liberalization opened the sector to private companies.
- Telecom has become a major driver of India's economic growth and development, contributing over 2% to GDP.
Project Report on Financial Analysis by Nirbhay Kumar, MBA - 3rd Sem.,TMBU,B...Nirbhay Kumar
The document appears to be a summer internship report submitted by a student named Nirbhay Kumar to the National Thermal Power Corporation (NTPC) in India analyzing the financial performance of NTPC from 2012-2016. The report includes an executive summary of the financial analysis, ratios calculated, findings, and recommendations to improve NTPC's profitability and financial position based on the financial statements over the period studied.
The document is an internship report submitted by Abhijai Singh for the partial fulfillment of a Bachelor of Commerce degree. It discusses an internship completed at R.N. Khanna & Co, an auditing and tax consultancy firm. The report includes chapters on the industry profile of accounting and taxation, a 3C analysis of the company, organizational structure, SWOC analysis, learning outcomes, and a conclusion. Key points covered include the history of taxation in India, types of direct and indirect taxes, tax slabs, deductions, and the process of filing income tax returns for clients.
A project report on analysis of financial statement of icici bankProjects Kart
This document discusses a minor project report on the analysis of the financial statements of ICICI Bank. It provides background information on ICICI Bank, including its history, board of directors, organizational structure, products and services. It then outlines the objectives and contents of the financial statement analysis project, which includes studying ICICI Bank's profit and loss account, balance sheet, and cash flow statement as well as conducting ratio analysis and evaluating the bank's financial soundness.
REPORT ON SUMMER TRAINING A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION...priya bansal
REPORT ON SUMMER TRAINING
A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION OF B.K. TRADING CO.
I HELP'S U HOW TO PREPARE INTERNSHIP TRAINING REPORT ON A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION
The document is a student project analyzing the fundamentals of HDFC Bank. It includes an overview of HDFC Bank, its history, management, and financial details. It also analyzes the macroeconomic outlook for the Indian banking sector, including factors like inflation, interest rates, and regulatory changes. Finally, it examines the competitive landscape of the Indian banking industry, including trends among public sector banks, private banks, and foreign banks. The student conducted the analysis under the guidance of a professor to evaluate HDFC Bank as an investment.
A project report on evaluation of financial performance based on ratio analysisBabasab Patil
This document provides an overview of a study evaluating the financial performance of RSSKN Timmapur based on ratio analysis. The study includes an executive summary, methodology, introduction to the company and sugar industry, objectives of the study which are to analyze liquidity, leverage, activity and profitability ratios. It also outlines the organizational structure and various departments of RSSKN Timmapur, including production, accounts, administration and others.
Project on equity analysis on banking sectorHIMANI PADIA
This document outlines an equity analysis project on the banking sector submitted by Himani P. Padia to partially fulfill requirements for a PGDM program. The project was conducted under the guidance of faculty member Prof. Jagadish Reddy and the Director of Academics Prof. Mir Irfan Ul Haque. The analysis focuses on evaluating current growth trends in banking sector stocks in the equity market based on a study of the Indian economy.
Study of of working capital management in kotak mahindra bankManali Tendolkar
This project is base on day to day transaction on the business and how they manage it. Also given a information about the advantages growth and development in financial sector and the economy.
A project report on fundamental analysis of mahindra&mahindra companyBabasab Patil
- Mahindra & Mahindra (M&M) is an Indian automotive and farm equipment manufacturer and the flagship company of the Mahindra Group.
- M&M has a significant presence in key sectors of the Indian economy and is one of the most respected companies in India.
- The document provides an executive summary and theoretical background on fundamental analysis and discusses strengths and weaknesses of this valuation approach before discussing investment valuation.
The document analyzes Porter's Five Forces model in the context of the Indian banking industry. It discusses the competitive nature of the industry, with many public and private sector banks vying for customers. While it is difficult for new banks to enter due to customer trust in established brands, online banking has reduced switching costs between banks. The major suppliers of capital to banks are customers through deposits and loans from other institutions. While insurance and mutual funds can substitute some banking services, core banking functions have no real substitutes. Overall, the Indian banking sector has grown significantly in recent decades and remains an important part of the economy.
Perform EIC Analysis of Banking Sector and HDFC bank khushbu chauhan
This document provides an analysis of the banking sector and HDFC Bank through fundamental analysis. It begins with an overview of fundamental analysis and its three steps: economy analysis, industry analysis, and company analysis. The economy analysis covers economic variables, growth rates, and government policies that are positive for banking. The industry analysis finds that banking is in the expansion stage, exhibiting strong growth and profitability. The company analysis shows that HDFC Bank has stronger financial metrics than competitors like ICICI Bank, making it a good investment. Key metrics like NAV, market value, and performance over time are presented to compare HDFC Bank favorably.
A project report on fundamental & technical analysis of automobile sectorBabasab Patil
The document provides an executive summary of a study analyzing the automobile sector in India through fundamental and technical analysis. It discusses the scope, objectives, and methodology of the study, which included analyzing individual company scrips using economic, industry, and company factors. The study's tools included relative strength index, moving averages, and Japanese candlestick charts to predict stock price trends of Tata Motors and Maruti Suzuki. The findings showed the best times to buy and sell these stocks based on technical indicators. Fundamentally, the companies' financial performance was positive. The conclusion stated that India is growing fast in the automobile sector.
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
This document appears to be a project report submitted for a Master's degree in Business Administration. It includes an introduction to ratio analysis, definitions of key terms, and outlines various types of ratios that will be analyzed in the report such as liquidity, activity, profitability, and leverage ratios. The objectives of the study are to analyze the financial position and performance of the company through ratio analysis and suggest measures to improve performance.
Comparative study of financial statementsSupa Buoy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
A Study of ratios as a Tool of Financial Statement Analysis GK Plastics Bhala...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
Bank of Baroda- Summer Internship ReportAnkit Kumar
This document is a summer internship report submitted by Ankit Kumar to Bank of Baroda. The internship focused on enhancing the user interface and experience of the Bank's website. Ankit conducted research through surveys and analysis of industry best practices. Key findings indicated customers liked the website design but had concerns about colors, navigation, and outdated content. Recommendations included using predictive suggestions to engage customers, improving design elements, and incorporating new technologies like AI assistants. The report provides an overview of the Bank, its products and performance, and outlines Ankit's research methodology and findings to enhance the website.
Summer Training Report on Financial Performance Analysis for MBAMegha Bansal
This document provides an overview of a summer training project report on the financial performance analysis of Surya Roshni Limited conducted over 45 days. It includes an acknowledgement, declaration, abstract, table of contents, and lists of tables and charts. The report analyzes the company's financial statements from 2013-2016 using various techniques like common size statements, ratio analysis, comparative statements, and cash flow analysis to evaluate the company's financial performance and position over time.
This document is a project report on studying the financial statements and books of accounts of S.K Compuprints Pvt. Ltd. It was submitted by Shubham Jain to partial fulfillment of an MBA program. The report includes an introduction, company profile, objectives, conceptual background, research methodology, data analysis and interpretation, findings and suggestions, and conclusion. Certificates are provided by the guiding professor and institute. The analysis focuses on profitability, liquidity, and financial stability based on the company's 2015-16 and 2016-17 financial statements. Ratios and other calculations are used to analyze the company's prospects and identify areas for improvement.
Satyam Computer Services was an Indian IT company founded in 1987 that grew to have over 50,000 employees worldwide before a major accounting scandal in 2009. In January 2009, the founder confessed to inflating cash and revenue figures by over $1 billion USD. This led to a major drop in the company's stock price and impacted shareholder wealth, employee jobs, and the Indian economy. Key individuals involved in the fraud included the founder Ramalinga Raju and other executives. After the scandal, Tech Mahindra acquired Satyam and merged it to create a larger IT company.
This document provides an overview of security analysis approaches. It discusses fundamental analysis, which involves macroeconomic, industry, and company analysis to evaluate performance and value. Macroeconomic analysis considers economic variables' impact on companies. Industry analysis examines the life cycle, characteristics, and profit potential. Company analysis assesses financials, marketing, accounting policies, profitability, and capital structure. Technical analysis uses historical price and volume data to identify trends that may predict future performance. Fundamental analysis attempts to determine intrinsic value, while technical analysis does not evaluate value directly.
This document appears to be a project report on initial public offerings (IPOs) submitted for a Master of Business Administration degree. It includes sections on the introduction, literature review, company profile, data analysis and interpretations, findings, suggestions and conclusions. The introduction provides background on finance and IPOs. It outlines the scope, objectives, need and importance of studying IPOs. The literature review examines decisions, dimensions and concepts related to IPOs. The company profile section analyzes two companies that conducted IPOs. The data analysis interprets financial information from the IPOs. The findings make suggestions and the conclusion reflects on limitations of the study.
The document is a student project analyzing the fundamentals of HDFC Bank. It includes an overview of HDFC Bank, its history, management, and financial details. It also analyzes the macroeconomic outlook for the Indian banking sector, including factors like inflation, interest rates, and regulatory changes. Finally, it examines the competitive landscape of the Indian banking industry, including trends among public sector banks, private banks, and foreign banks. The student conducted the analysis under the guidance of a professor to evaluate HDFC Bank as an investment.
A project report on evaluation of financial performance based on ratio analysisBabasab Patil
This document provides an overview of a study evaluating the financial performance of RSSKN Timmapur based on ratio analysis. The study includes an executive summary, methodology, introduction to the company and sugar industry, objectives of the study which are to analyze liquidity, leverage, activity and profitability ratios. It also outlines the organizational structure and various departments of RSSKN Timmapur, including production, accounts, administration and others.
Project on equity analysis on banking sectorHIMANI PADIA
This document outlines an equity analysis project on the banking sector submitted by Himani P. Padia to partially fulfill requirements for a PGDM program. The project was conducted under the guidance of faculty member Prof. Jagadish Reddy and the Director of Academics Prof. Mir Irfan Ul Haque. The analysis focuses on evaluating current growth trends in banking sector stocks in the equity market based on a study of the Indian economy.
Study of of working capital management in kotak mahindra bankManali Tendolkar
This project is base on day to day transaction on the business and how they manage it. Also given a information about the advantages growth and development in financial sector and the economy.
A project report on fundamental analysis of mahindra&mahindra companyBabasab Patil
- Mahindra & Mahindra (M&M) is an Indian automotive and farm equipment manufacturer and the flagship company of the Mahindra Group.
- M&M has a significant presence in key sectors of the Indian economy and is one of the most respected companies in India.
- The document provides an executive summary and theoretical background on fundamental analysis and discusses strengths and weaknesses of this valuation approach before discussing investment valuation.
The document analyzes Porter's Five Forces model in the context of the Indian banking industry. It discusses the competitive nature of the industry, with many public and private sector banks vying for customers. While it is difficult for new banks to enter due to customer trust in established brands, online banking has reduced switching costs between banks. The major suppliers of capital to banks are customers through deposits and loans from other institutions. While insurance and mutual funds can substitute some banking services, core banking functions have no real substitutes. Overall, the Indian banking sector has grown significantly in recent decades and remains an important part of the economy.
Perform EIC Analysis of Banking Sector and HDFC bank khushbu chauhan
This document provides an analysis of the banking sector and HDFC Bank through fundamental analysis. It begins with an overview of fundamental analysis and its three steps: economy analysis, industry analysis, and company analysis. The economy analysis covers economic variables, growth rates, and government policies that are positive for banking. The industry analysis finds that banking is in the expansion stage, exhibiting strong growth and profitability. The company analysis shows that HDFC Bank has stronger financial metrics than competitors like ICICI Bank, making it a good investment. Key metrics like NAV, market value, and performance over time are presented to compare HDFC Bank favorably.
A project report on fundamental & technical analysis of automobile sectorBabasab Patil
The document provides an executive summary of a study analyzing the automobile sector in India through fundamental and technical analysis. It discusses the scope, objectives, and methodology of the study, which included analyzing individual company scrips using economic, industry, and company factors. The study's tools included relative strength index, moving averages, and Japanese candlestick charts to predict stock price trends of Tata Motors and Maruti Suzuki. The findings showed the best times to buy and sell these stocks based on technical indicators. Fundamentally, the companies' financial performance was positive. The conclusion stated that India is growing fast in the automobile sector.
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
This document appears to be a project report submitted for a Master's degree in Business Administration. It includes an introduction to ratio analysis, definitions of key terms, and outlines various types of ratios that will be analyzed in the report such as liquidity, activity, profitability, and leverage ratios. The objectives of the study are to analyze the financial position and performance of the company through ratio analysis and suggest measures to improve performance.
Comparative study of financial statementsSupa Buoy
Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.
Cheers to lyf…!!!
Supa Bouy
A Study of ratios as a Tool of Financial Statement Analysis GK Plastics Bhala...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
Bank of Baroda- Summer Internship ReportAnkit Kumar
This document is a summer internship report submitted by Ankit Kumar to Bank of Baroda. The internship focused on enhancing the user interface and experience of the Bank's website. Ankit conducted research through surveys and analysis of industry best practices. Key findings indicated customers liked the website design but had concerns about colors, navigation, and outdated content. Recommendations included using predictive suggestions to engage customers, improving design elements, and incorporating new technologies like AI assistants. The report provides an overview of the Bank, its products and performance, and outlines Ankit's research methodology and findings to enhance the website.
Summer Training Report on Financial Performance Analysis for MBAMegha Bansal
This document provides an overview of a summer training project report on the financial performance analysis of Surya Roshni Limited conducted over 45 days. It includes an acknowledgement, declaration, abstract, table of contents, and lists of tables and charts. The report analyzes the company's financial statements from 2013-2016 using various techniques like common size statements, ratio analysis, comparative statements, and cash flow analysis to evaluate the company's financial performance and position over time.
This document is a project report on studying the financial statements and books of accounts of S.K Compuprints Pvt. Ltd. It was submitted by Shubham Jain to partial fulfillment of an MBA program. The report includes an introduction, company profile, objectives, conceptual background, research methodology, data analysis and interpretation, findings and suggestions, and conclusion. Certificates are provided by the guiding professor and institute. The analysis focuses on profitability, liquidity, and financial stability based on the company's 2015-16 and 2016-17 financial statements. Ratios and other calculations are used to analyze the company's prospects and identify areas for improvement.
Satyam Computer Services was an Indian IT company founded in 1987 that grew to have over 50,000 employees worldwide before a major accounting scandal in 2009. In January 2009, the founder confessed to inflating cash and revenue figures by over $1 billion USD. This led to a major drop in the company's stock price and impacted shareholder wealth, employee jobs, and the Indian economy. Key individuals involved in the fraud included the founder Ramalinga Raju and other executives. After the scandal, Tech Mahindra acquired Satyam and merged it to create a larger IT company.
This document provides an overview of security analysis approaches. It discusses fundamental analysis, which involves macroeconomic, industry, and company analysis to evaluate performance and value. Macroeconomic analysis considers economic variables' impact on companies. Industry analysis examines the life cycle, characteristics, and profit potential. Company analysis assesses financials, marketing, accounting policies, profitability, and capital structure. Technical analysis uses historical price and volume data to identify trends that may predict future performance. Fundamental analysis attempts to determine intrinsic value, while technical analysis does not evaluate value directly.
This document appears to be a project report on initial public offerings (IPOs) submitted for a Master of Business Administration degree. It includes sections on the introduction, literature review, company profile, data analysis and interpretations, findings, suggestions and conclusions. The introduction provides background on finance and IPOs. It outlines the scope, objectives, need and importance of studying IPOs. The literature review examines decisions, dimensions and concepts related to IPOs. The company profile section analyzes two companies that conducted IPOs. The data analysis interprets financial information from the IPOs. The findings make suggestions and the conclusion reflects on limitations of the study.
This document appears to be a project report submitted for a Master's degree program. It includes sections on the introduction, objectives, need, scope and methodology of the study. The study focuses on analyzing the banking sector in India through fundamental analysis of three major banks - ICICI Bank, HDFC Bank and Axis Bank. The analysis will cover the past performance and growth of the banking sector and companies over the last five years. Key factors like the economy, industry trends and company financials will be examined to suggest the best stock for investors. The report outlines the structure and limitations of the study.
The document appears to be a project report submitted by a student named G Deepak Shapur for their MBA program. The report focuses on analyzing equity through a study of the banking sector in India. It includes sections on the company profile, theoretical framework, data interpretation and analysis, findings and conclusions. The student conducted the analysis under the guidance of their project guide to fulfill the requirements for their MBA degree.
The document provides an analysis of the Indian telecom industry, including:
- An overview of the industry growth driven by factors like rising incomes and urbanization in India.
- Details of the major players in the industry, led by Bharti Airtel and Reliance Communications, which together hold around 50% market share.
- Profiles of Reliance Communications and Bharti Airtel, the two largest players, including their visions, boards of directors, and customer bases.
In this power point presentation i am discussing about the fundamental and technical analysis done by an investor before making investment in any company.
This document is a project report submitted by Rajat Jain for a post graduate diploma in management. The report focuses on conducting fundamental analysis of securities to suggest equity investments. It includes declarations, acknowledgements, an introduction on fundamental analysis and objectives. It discusses analyzing the economy, industry and companies. It also covers tools for fundamental analysis and profiles India Infoline, Tata Steel, Wipro and Sun Pharma to analyze their sectors, financials and make investment interpretations. The report aims to understand company performance, suggest investment opportunities and draw conclusions on the analysis.
Fundamental analysis evaluates past and expected future performance of companies, industries, and the overall economy. It includes analysis of economic, industry, and company-specific factors. The analysis of these three levels constitutes the main activity in fundamental security analysis and investment decision making. Key factors analyzed include economic growth rates, inflation, interest rates, government spending, infrastructure, exchange rates, and seasonal impacts. The goal is to estimate future share prices and business performance.
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and onlin
- India is the second largest cement producer globally and is expected to reach 550 million tons of annual production capacity by 2020, dominated by private players. Cement demand is recovering faster than expected.
- ACC is uniquely positioned to benefit from India's cement market growth, with over 10% market share. However, high operating costs and vintage plants may hamper its growth.
- This project evaluates ACC using a discounted cash flow valuation and determines the stock is currently overvalued based on fundamental analysis. A conservative intrinsic valuation approach is used.
This document provides an overview of sectoral indices on the Bombay Stock Exchange (BSE) of India. It discusses the selection criteria for various BSE sectoral indices, including market capitalization thresholds and trading frequency. It also outlines the methodology used for periodic reviews and adjustments to index constituents. Several case studies are presented on specific sectors and companies to analyze factors influencing their performance.
This document provides an overview of security analysis, which involves analyzing tradeable financial instruments like stocks, bonds, and derivatives. It discusses the main approaches to security analysis: fundamental analysis and technical analysis. Fundamental analysis examines underlying business and economic factors, while technical analysis focuses on price trends and momentum. The document then goes into more detail about fundamental analysis and the three steps involved: economic analysis, industry analysis, and company analysis. It provides examples of key variables to consider in each type of analysis.
FINAL PROJECT OF ACTIVITY RATIO by mc070400183 .Prodential ruls
This document provides an evaluation sheet for a student's finance project on analyzing activity ratios of Kohat Cement, Lucky Cement, and Pioneer Cement in Pakistan from 2008-2009 and 2010. The student received an excellent evaluation on their written work and passed their presentation and viva voce. Their final project analyzed the activity ratios of the three cement companies to determine which company effectively manages its assets.
The document discusses investment analysis and equity research. It covers four main topics: fundamental analysis, economic analysis, industry analysis, and company analysis. Fundamental analysis values stocks based on expected future dividends. Economic analysis examines macroeconomic factors that may impact industries and companies. Industry analysis assesses the outlook and competitiveness of the specific industry. Company analysis evaluates the financials, growth, and positioning of an individual business. The document provides techniques for analyzing each of these areas.
SAPM - Portfolio Construction and Comparison for Securities on BSEBishnu Kumar
This document presents a study on portfolio construction and comparison of securities listed on the Bombay Stock Exchange (BSE). It begins with an introduction to modern portfolio theory and the single index model. It then discusses factors that impact company performance such as economic, industry and company-specific analyses. The document outlines the study's objectives, methodology and data analysis approach. It describes calculating beta and constructing optimal portfolios using the Sharpe single index model. The document compares the resulting portfolios and provides observations. Tables with portfolio construction worksheets are also included.
Fundamental analysis examines a security's intrinsic value by studying economic and financial factors that may impact its value. It focuses on a company's financials, the economy, and industry conditions. Technical analysis evaluates investments by analyzing statistical trends in trading data like price movement and volume. Fundamental analysis involves determining a stock's intrinsic value by forecasting earnings, dividends, and choosing a discount rate. It consists of economic, industry, and company analysis. Technical analysis is based on historical price patterns and stock trends.
GREEN SHOE OPTIONS - Sohraab Teckchandanisohraab123
This document discusses green shoe options as a post-issue stabilization mechanism for IPOs. It begins by providing background on IPOs and how they allow companies to raise capital and investors to invest in growing companies. It then explains that green shoe options were introduced to stabilize share prices after an IPO listing. The document outlines the IPO process and how companies and merchant banks determine listing price and whether to offer green shoe options. It also reviews the global use of green shoe options and will analyze their use and performance in India.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Eco-Innovations and Firm Heterogeneity.Evidence from Italian Family and Nonf...
Fundamental analysis
1. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
TOPIC
Fundamental Analysis of Cement Industry
By
Nilesh P Shingote
Batch 2014 – 2016
In partial fulfillment of the requirements for
POST GRADUATE DIPLOMA IN MANAGEMENT
September 2015
2. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
DECLARATION
I hereby declare that the Industrial Immersion project report entitled
“Fundamental Analysis of Cement Industry” carried out at “Rubycapital”
is my work submitted in partial fulfillment of the requirement for the Post
Graduate Diploma in Management from KOHINOOR BUSINESS SCHOOL,
KURLA, MUMBAI and not submitted for the award of any degree, diploma,
fellowship or any similar titles or prizes.
Date: Signature: _______________
Place: Mumbai Student Name: Nilesh P Shingote
3. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
CERTIFICATE
This is to certify that the project entitled “Fundamental Analysis of Cement
Industry” is successfully completed by “Nilesh P Shingote” in partial
fulfillment of the Post Graduate Diploma In Management, AICTE Approved ,
through KOHINOOR BUSINESS SCHOOL, Kurla, Mumbai-400070.
Date:
Place: Mumbai “Prof. Hemal Thakker”
4. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
ACKNOWLEDGEMENT
I am using this opportunity to express my sincere gratitude to everyone who supported me to complete
this project. I am very thankful for their guidance and friendly advice during the project work.
I express my warm thanks to My Mentor Prof. Hemal Thakker, Mr. Nirav Morakhia and Mr. Ashutosh
Zawar for their support and guidance.
Prof. Hemal Thakker is guiding me from first day of my college and he motivate and show me right
direction at every step of my college life.
Mr. Nirav Morakhia and Mr. Ashutosh Zawar has gave me platform to learn, understand and practice
fundamental analysis at Rubycapital.
Nevertheless, we express our gratitude toward colleagues for their kind co-operation and
encouragement which help me in completion of this project.
Thank You,
5. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Contents
Executive Summary.......................................................................................................................................6
1. Introduction to Fundament analysis.........................................................................................................7
A. Economy analysis..................................................................................................................................7
B. Industry Analysis...................................................................................................................................9
C. Company analysis................................................................................................................................11
2. RubyCapital .............................................................................................................................................14
Work done during Internship..................................................................................................................14
Key Job ....................................................................................................................................................14
3. Economy and Cement Industry..............................................................................................................15
Indian Economy Snapshot:......................................................................................................................15
4. Fundamental of Cement Industry...........................................................................................................16
Industry Snap shot: .................................................................................................................................18
Growth Drivers:.......................................................................................................................................18
Five Region and leading companies........................................................................................................19
Opportunities in North-East....................................................................................................................20
5. Company analysis....................................................................................................................................21
Bibliography ................................................................................................................................................22
Books:......................................................................................................................................................22
Website:..................................................................................................................................................22
6. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Executive Summary
Fundamental analysis is analysis of all the fundamental factors which impact performance of business.
Fundamental factors includes economic factor which cannot be control by single company, industry
factors like demand supply gap, competition and company factors like management capacity to deliver
return and company’s Competitiveness.
Cement industry is cyclical in nature. Its performance is strongly correlated to construction activity and
infrastructure spending. Transportation and power are the two major cost in cement industry. Due to slow
down in economy, it is not working at its full capacity.
India economy is growing at 7.3% which is make India fastest growing economy in world. Increasing
economy activity will increase capacity utilization rate of cement industry in future. Increased capacity
utilization rate will have positive impact on margin of Cement Company.
Currently, leading companies are trading at higher valuation simply at higher P/E which reduce
attractiveness in cement industry. Investor can investment in this sector when there in huge correction
and fall with long term view of 4-5 years.
7. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
1. Introduction to Fundament analysis
Fundamental analysis means a detailed analysis of the fundamental factors affecting the company
performance. It systematic approach to estimating the future dividends and share price. It is based on the
basic premise that share price is determined by a number of fundamental factors relating to the economy,
industry and company.
Each share has real value based on its present and future ability to generate profit. This real value is called
intrinsic value. It is believed that market price of share will move toward real price of share in near future.
When market price of share is less than intrinsic value, it create buying opportunity for investor and wise
versa.
Fundamental analysis involves three steps as follows:
A. Economic analysis
B. Industry analysis
C. Company analysis
A. Economy analysis
The performance of a company depends on number of economic factors. Here we will look at some key
economic variable which help analyst to understand economic situation and its impact on stock prices.
National Income:
Gross Domestic Product (GDP), Gross National Product (GNP), Net National Product (NNP) are the different
measures of national income. Analysts prefer to look at National income in term of growth rate. Growth
rate of national income is key indicator to know state of economy.
Growth rate of the economy would be a pointer towards the state of the economy. An economy typically
passes through different stages of prosperity known as economic Cycle. The four stages of an economic
cycle are
1. Depression: is the worst of the four stages. During a depression, demand is low and declining.
Inflation is often high. In this period, GDP growth rate keep declining or negative for number of
quarters or years. In depression, many people lose their job and because of this, spending and
investment activity declines which have direct impact on demand and earning of companies.
2. Recovery stage: In recovery stage, Economy start recovering from depreciation phase. Demand
picks up leading to more investments in the economy. Production, employment and profits are on
the increase. Early Recovery stage is right time to invest in stock market for long term investors.
8. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
3. Boom: Boom Phase is of high demand and high spending. Production and investments activities
remain on top to satisfy the high demand. During this period, company earn high profit.
4. Recession: When demand reach at maximum level, the boom phase gradually slowdown .the
economy slowly begin to experience a downturn in demand, production employment etc., the
profits of companies are also start to decline. Investors who are looking for long term investment,
must avoid investment in this phase.
Inflation
Inflation reduce purchasing power of money. It impact consumer demand and spending. It also increase
production cost because of increasing cost of raw materials and other factor of production. High Inflation
has impact on corporate earnings and expansion. Many Central banks takes interest rate decision on basis
of current inflation number and target.
Interest rates
Interest rate determine availability and cost of credit for companies. Low interest rate available credit at
cheap cost which help companies in expansion of bottom line growth. On other side, higher interest rates
lead to higher production cost which may result into contraction in bottom line growth.
Government revenue, spending and deficits
Government is the largest spender and investor in infrastructure, defense, social security etc. Trend in
government revenue, spending and deficit have large impact on the performance of economy. Higher
government spending creates jobs and demand in economy. But if government spending is higher than its
revenue it called deficits which can create problems in longer term not only for particular sector or
company but also whole economy.
Exchange rates
Domestic currency value against major currencies of the world plays important role in today’s economy.
Industries and companies who depends on export or impact get impacted due to fluctuation in exchange
rate. Depreciation of domestic currency improve competitive position of domestic product in international
market but it would also make import more expensive. Devaluation of domestic currency, increase
profitability of exporter and have negative impact on importers’ profitability.
Infrastructure
Infrastructure plays key role in economic development of country. Bad infrastructure facilities like
transportation, power, communication, storage lead to inefficiencies, lower productivity, wastage and
delays.
Monsoon
9. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
More than half population of India depends on agriculture and large amount of agriculture activities are
depend on monsoon. Monsoon not only impact agriculture sector but whole economy because earning of
more than half population get impacted by monsoons.
Political and Economic policies stability
Political and economic policies stability is foundation for balanced and steady growth. Stable government
led to quick decision making and stable policies. Unstable government and policies can impact business
sentiment and industry growth.
B. Industry Analysis
Industry analysis is analysis of fundamental factors and competiveness of industry. Industry influences
performance of the companies which operate in the industry. Even the best stocks can post low returns if
they are in a struggling industry. It is often said that a weak stock in a strong industry is preferable to a
strong stock in a weak industry.
In industry analysis we will try to cover key variable which has significant impact on performance of
company. Some key variable are as follows:
Industry life cycle
The Industry life cycle is useful for an investor because the profitability of a company or an industry
depends upon its life cycle stage. The life cycle of industry can be divides into to pioneering stage,
expansion stage, stagnation stage and decay stage.
1. Pioneering stage: It is first stage in life cycle of new industry or product where product or service
have not reached state of perfection. This Stage is known for rapid growth in demand for the
output of industry. As a result there is a greater opportunity for profit. Number of firms compete
with each other. Weak firms are get out of race and lesser number of firms survive in the
pioneering industry. It’s very important to choose right company with strong promoter and
management team in pioneering stage industry.
2. Expansion stage: Once an industry has established itself it enters the second stage of expansion
or growth. These companies continue to become stronger. Each company finds a market for itself
and develops its own strategies to sell and maintain its position in the market. The competition
among the surviving companies brings about improved products at lower prices. Companies in
the expansion stage of an industry are quite attractive for investment purposes.
3. Stagnation stage: In this stage the growth of the industry stabilizes. The ability of the industry to
grow appears to have been lost. Sales may be increasing but at a slower rate than that
experienced by competitive industries or by the overall economy. The transition of an industry
from the expansion stages to stagnation stages is very slow. Important reason for this
transition is change in social habits and development of improved technology. e. g. the black and
10. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
white television industry in India provides a good example of an industry which passed from the
expansion stages to stagnation stage.
4. Decaystage: Decay stage occurs when the products of the industry are no longer in demand. New
products and new technologies have come to the market. Customers have changed their habits,
style and liking. As a result, the industry become obsolete and gradually ceases to decay of an
industry
Demand supply gap
The demand for the product usually trends to change at a steady rate, whereas the capacity to produce
the product tends to change at irregular intervals, depending upon the installation of additional
production capacity. As result an industry is likely to experience under supply and over supply of
capacity at different times. Excess supply reduces the profitability of the industry through a decline in
the unit price realization. On the contrary, i n s u f f i c i e n t supply tends to improvethe profitability
through higher unit price realization.
Competitiveconditions in the industry
The level of competition among various companies in an industry is determined by certain competitive
forces. These competitive forces are: barriers to entry, the threat of substitution, bargaining power
of the suppliers and the rivalry among competitors.
Permanence
Permanence is the phenomenon related to the products and the technology used by the industry. If an
analyst feels that the need for a particular industry will vanish in a short period, or that the rapid
technological changes would render the products obsolete within short period of time, it would be
foolish to invest such industry.
Labour conditions
In India, the labour unions are very power full .if the labour in a particular industry is rebellious and
is inclined to resort to strikes frequently, the prospects of that industry cannot become bright.
Government Attitude
The government may encourage certain industries and can assist such industries through favorable
legislation. On the contrary, the government may look with disfavor on certain other industries .in India
this has been the experience of alcoholic drinks and cigarette industries. A prospective investor should
consider the role of government is likely to play in the industry.
Supply of raw materials
Supply of raw materials is the important factor determine the profitability of an industry. Some industry
may have no difficulty in obtaining the major raw materials as they may be indigenously available easily.
Other industries may have to depend on a few manufactures within the country or on imports from
outside the country for their raw material supply.
Cost structure
11. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Cost structure effect the profitability of the firm. Broadly cost structure is consist of fixed cost and variable
cost. The higher the fixed cost components, need high volume of sales to achieve breakeven point.
Profitability after breakeven point is higher in case of higher the fixed cost components. Conversely, the
lower the proportion of fixed cost relative to variable cost lower would be the breakeven point and
provides higher margin of safety even for small volume of sales. Most analyst prefer industry that has
a lower breakeven point.
C. Company analysis
Company analysis is next stage in fundamental analysis after Economic and Industry analysis. The economic
analysis provides the analyst a broad outline of the prospects of growth in the economy, the industry
analysis helps the analyst to select the industry in which investment would be rewarding (Generally, one
analyst focus on one or two industry at a time). Now he has to decide the company in which he should
invest his money. Company analysis provides answer to this question. Last few years Annual report is one
of the key available resource to do company analysis.
One of the most important variable in company analysis is promoter background and management ability
to deliver its promises.
In company analysis, the analyst tries to forecast the future earnings of the company because there is a
strong evidence that the earnings have a direct and powerful effect upon share prices. However, earning
is not only variable to effect share price. Following are the standard practices to do company analysis.
Analysis of Financial statements
The financial statements of a company help to assess the profitability and financial health of the company.
The three basic financial statements provided by a company are the balance sheet, the profit and loss
account and cash flow statement. The balance sheet indicates the financial position of the company on a
particular date, generally end of each financial year. The profit and loss account indicates overall revenue,
expenditure and profit after deduction of various expenses during particular period, generally during each
financial year or quarter. The profit and loss account also called income statement. In balance sheet and
income statement amount are recorded as per transaction date but it does not consider cash flow. Cash
flow statement record actual cash going out of business and coming in business during particular period.
Financial ratios are one of the power tool to analysis financial health and performance of company, namely,
Analyst prefer to compare 5-10 year financial ratios of particular company. It help to assess the whether
the financial performance and financial strengths are improving or deteriorating, ratios can be used for
comparative analysis either with other firms in the industry through a cross sectional analysis or a time
series analysis. Four groups of ratios may be used for analyzing the performance of the company
Profitability ratios:
As name Suggest, It help to measure the profitability of the company.
EBIDTA Margin = EBITDA / (Total Revenue – Other Income)
PAT Margin = (PAT/Total Revenues)
ROE = Net Profits / Avg. shareholders’ Equity
12. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
For More Accurate and meaning full insight, analyst prefer to find ROE by DuPont Method as
follows
ROE: PAT Margin*Asset Turnover*Financial Leverage
[ROE: (PAT/Revenue)*(Revenue*Avg. Total Assets)*(Avg. Total Assets/Shareholder Equity]
ROA = Net income/ Total Average Assets
ROCE = [Profit before Interest & Taxes / Overall Capital Employed]
Leverage Ratios:
It is also known as solvency ratio, it measures what extent the company uses debt to finance business and
help to understand company’s long term sustainability.
Interest Coverage Ratio= EBIT/Interest Payment
Debt to Equity Ratio= Total Debt/Total Equity
Debt to Assets Ratio= Total Debt/Total Assets
Financial Leverage Ratio= Avg. Total Asset / Avg. Total Equity
Valuation Ratios:
Here, Analyst compare the stock price of the company with profitability and overall value of company to
get sense of expensive the stock to invest.
Price to sales ratio = Current Share Price / Sales per Share
(The earnings figure may not be true as some companies might be experiencing a cyclical low in
their earning cycle. Additionally due to some accounting rules, a profitable company may seem to
have no earnings at all, due to the huge write offs applicable to that industry)
Price to Book Value (P/BV) Ratio: Price /Book value
Note: BV = Share Capital + Reserves (excluding revaluation reserves) / Total Number of shares
Price to Earning (P/E) Ratio= Market Price/PAT
Note: Frequently changing accounting policy can manipulate PAT. It is always better to compare
trend of cash flow and PAT before taking investment)
Index Valuation ratios: Same as company valuation, we can find index valuation ratios which give
sense about overall market and also help to compare company valuation ratios with index valuation
ratios. P/E, P/B of nifty available at NSE site on daily basis.
Operating Ratios:
Operating ratios also knows as efficiency or management ratio. It measures how efficiently business can
convert its assets into revenues.
Fixed Assets Turnover = Operating Revenues /Avg. Total Assets
Working Capital Turnover = Revenue / Average Working Capital
Total Asset Turnover = Operating Revenue / Avg. Total Assets
Inventory Turnover= Cost of Goods Sold / Avg. Inventory
Inventory Number of Days = 365 / Inventory Turnover
Accounts Receivable Turnover Ratio = Revenue / Avg. Receivables
Inventory Number of Days = 365 / Inventory Turnover
/
13. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Days Sales outstanding = 365 / Receivable Turnover Ratio
Important thing to remember. A financial ratio on its own conveys very little information. To make sense
of it, we should either see the trend or compare it with its peers.
Other variables
The future prospects of the company would also depend upon the number of other factors some of
which is given below:
Market Share
Brand Name
Level of Capacity Utilization
Expansion and Modernization Plan
Order book Position
Availability of raw Material
Modernization and expansion plans
14. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
2. RubyCapital
Ruby Capital is Started by investment banking and investing professionals and primarily engaged in
providing analytical support to financial services companies across the Globe including Investment Banks,
PE/VC, Consulting firms, Hedge Funds and firms engaged in other corporate finance services, providing
fund-raising and M&A advisory services to SME companies in India.
Name Ruby Capital
Business Corporate Advisory
Key Activities Capital Raising(Debt/Equity)
Transaction Advisory(M&A, JVs, Restricting)
Business Modeling and Financial Research
Preparation of Business Plan for investor
Market and company Analyses
Valuation Analysis
Investment Recommendation to HNO
Corporate Training
Strategic Consulting(SME)
Key Personal Mr. Ashutosh Zawar, Director
Mr. Nirav Morakhia, Director
Work done during Internship
Work as Associates analyst on various project from following industries
Renewable Energy
Electrical Vehicles
Media
Survey industry in US
Brand licensing
Homeopathy
Cruise liner
RFID
Cement Industry
Key Job
Sector and Company Analysis
Investor Presentation
Financial Modeling
15. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
3. Economy and Cement Industry
Cement is essential commodity for fast growing economies like India which is second largest cement
producer (280 MT output as on Dec. 2014) in world after china, accounting for 7% of world’s total output.
Cement industry provides employment to millions of people directly or indirectly since it was deregulated
in 1982. India’s Infrastructure development and construction industry have huge potential and the cement
industry is going to be largely benefited from it. Government’s 100 smart city project and other
Infrastructure initiative will boost cement demand in near future.
Cement is basic commodity for construction. Cement industry is driven by the growth in housing sector
and infrastructure development in country. Contribution of various industry to total cement consumption
in India follows:
Cement is a cyclical commodity with a high correlation with GDP and other economic variables. As per
MOSPI’s GDP estimates, dated 29/05/2015, India’s GDP growth rate were 7.5 during 4th
quarter of 2014-
15. The government expects gross domestic product (GDP) to expand 8% in 2015-16. The International
Monetary Fund and the Asian Development Bank have forecast growth of 7.5% and 7.8%, respectively.
According to The World Bank, Indian economy is expected to grow at 7.5 per cent in 2015-16, followed by
further acceleration to 7.9 per cent in 2016-17 and 8 per cent in 2017.
Indian Economy Snapshot:
67%
13%
11%
9%
Industry Wise Consumption
Housing
Infrastructure
Commercial Construction
Industrial Construction
Source: Ministry of statistics and Programme Implementation
16. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Composite Leading Indicator
Source: OECD
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
Jan-10
Jun-10
Nov-10
Apr-11
Sep-11
Feb-12
Jul-12
Dec-12
May-13
Oct-13
Mar-14
Aug-14
Jan-15
Jun-15
Core Industry Perfomance
Overall Growth % Cement Growth %
Source: MOSPI, RBI
Source: Nielsen India
Consumer Confidence Index CPI
Source: Trading Economics, RBI
WPI
Source: Trading Economics, RBI
Interest Rate
Source: Trading Economics, RBI
Improved consumer confidence, Lower Inflation, better policy reforms are key elements
which indicates bright future for Indian economy ahead. Following are key events which
will have significant impact on india economy as well as cement industry.
GST: Government has set April 2016 deadline for GST implementation. GST will bring
qualitative changes in tax system by redistributing taxes equitably between manufactures
and services. NCEAR study explore reduction in direct cost and capital input cost due to
GST. Study find out, GST can boost GDP by 2%
Smart City and other Similar Initiatives: Government has gave a big push to
infrastructure by launching three flagship schemes -- Smart Cities Mission, Housing for all
by 2022 and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) -- at
an expenditure of close to Rs 4 lakh crore.
17. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
4. Fundamental of Cement Industry
Cement industry has total installed capacity of 377.1 million tone out of which 366 million tone is held by
188 large cement plants and remain 11.1 million tone is held by 365 mini and white cement plants. Plant
are not working at full capacity due to slow down in economy in last few years. As per Edelweiss research,
total installed capacity will reach 550 million tonnes in 2020.
India is 2nd
largest cement producer and consumer in world after China.
There is too much gap between cement production as well as consumption activity of various country
specially china and India. India is emerging economy, its demand for cement will increase in future. In
today’s market scenario, Surplus production is concern for cement manufacturers.
2500
280
83 72
2160
242
79 59
0
500
1000
1500
2000
2500
3000
China India USA Iran
Source: International Cement Review, IBEF Report
Camparing to Other Contries
Production Consumption
1683
1581
911
770
644
232 191
Saudi Arabia China South Korea Iran Turkey USA India
Source: International Cement Review, IBEF Report
Per Capita Cement Consumption in 2012 (kg)
18. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
323
336
315
333
405
441
479
229
247
251
256
332
368
407
222
242
265
293
324
359
398
FY 11 FY 12 FY 13 FY 14 FY 15E FY 16E FY 17E
INMILLIONTONNES
SOURCE: WOKRING GROUP ON 12TH FIVE YEAR AND IBEF REPORT
CAPACITY-PRODUCTION-CONSUMPTION
Capacity Production Domestic Consumption 2
India’s per capital consumption of cement is low as compare to other country. India per capital
consumption will increase in coming year as growing urbanization and changing lifestyle of people.
Industry Snap shot:
In FY 2011, production to capacity and Domestic consumption to capacity ratios were 71% and 69%
respectively which is expected to reach 85% and 83% in 2017. This growth in capacity utilization increase
margin and profitability of cement manufacture.
Growth Drivers:
Real Estate Growth:
Real estate segment demand is major portion of overall demand for cement in India. Real estate is
expected to grow at a CAGR 17.2% during 2011-15 to reach USD 126 billion. Government Smart city
Project and other similar initiative will give boost to real estate industry.
71%
74%
80%
77%
82%
83%
85%
69%
72%
84%
88%
80%
81%
83%
FY 11 FY 12 FY 13 FY 14 FY 15E FY 16E FY 17E
SOURCE: WOKRING GROUP ON 12TH FIVE YEAR AND IBEF REPORT
CAPACITY RATIOS
Production to Capacity Domestic Consumption to Capacity
19. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Infrastructure Growth:
Infrastructure is second largest contributor to cement demand in India. Government is focusing on
infrastructure development and government has double its spending on infrastructure in 12th
plan (2012-
17). Infra Spending 11TH
plan was 7.6 which increase to 10.1 in 12th
plan.
Five Region and leading companies
250
450
1000
10th Plan (2002-07) 11th Plan (2007-12 12th Plan (2012-17)
Source: Planning Commision, IBEF Report
Infrastructure Spending in USD Billion
5.2%
7.6%
10.1%
10th Plan (2002-07) 11th Plan (2007-12 12th Plan (2012-17)
Source: Planning Commision, IBEF Report
Infrastructure Spending % of GDP
20. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
10%
13.70%
16.40%
11th Year Plan 12th Year Plan 13TH Year Plan
Source: IBEF Report
North-East State Project
Growth
Opportunities in North-East
North-east region is has been in cement deficit in last several years. Indian cement industry is not
working at its full installed capacity because of lower demand but as per IBEF report, north-east region is
facing shortage of supply. There is deficit of 2.2 mtpa in these region which creates opportunity for
cement manufacture.
5.2
3
0
1
2
3
4
5
6
Estimated Demand Estimated Supply
Source: IBEF Report
Demand supply Gap in
North-east
Deficit of 2.2
mtpa
22. Ultratech Cement is largest cement producer in india.
Earning growth is is strongly correlated to construction
activity and infrastructure spending.Ultratech cement has
own power plant satisfy 80% power requirement and high
plant efficiency which give competitive advantage over
competitors.
Ultratech will be biggest beneficiary of increasing
demand from construction and infrasturce activity as
increase in government infrastructure spending and other
initiative like smart city, home for every one etc.
Economic slow down in last few years, has created price
pressure where excess capacity was evident. Even
thought, ultratech able to achieve good returen on capital
invested.
In India, any new entrant in cement industry faces the
number of problems like high capital cost, Long time
duration of govement approval for land, power, coal and
limestone reservation.
More than 25% of its loan is in foreign currency Japanese
Yen and USD which may create considerable currency risk
Shareholding Pattern
Ultratech Cement
31/08/2015
Key Stats
Promoter 63%
DII 7%
FII 19%
Other
11%
Key Financial Metrics ( Rs. Crore)
Source: BSE
Management:
Mr. Kumar Mangalam Birla, Chairman
Mr. Kumar Mangalam Birla is the Chairman of UltraTech Cement. He is at the helm of the US$40
billion multinational Aditya Birla Group, which operates in 36 countries across six continents. Over 53
per cent of its revenues flow from its operations outside India.
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Operaring Revenue 13798 19077 21324 21652 24349
Growth(%) 92% 38% 12% 2% 12%
Operating Exp. 11102 15039 16485 17616 19923
Operating Profit 2696 4039 4839 4035 4425
OPM( %) 20% 21% 23% 19% 18%
EBITDA 2850 4565 5143 4358 4776
EBITDA Margin % 21% 24% 24% 20% 20%
Net Profit 1367 2403 2678 2206 2098
NPM(%) 10% 13% 13% 10% 9%
EPS (INR) 49 86 96 79 75
P/E (X) 22X 18X 18X 29X 40X
ROE 13% 19% 18% 13% 11%
Price Graph
Current price (₹) 2898.1
52 weeks range (₹) 3399.00/2299.55
Market Cap(₹ Cr) 79526
P/E 40X
EV(₹ Cr) 86092
EV/EBITDA 19X
BV 687
P/B 4X
Debt-Equity 0.35X
Interest Coverage 6X
23. ACC Ltd. is India’s oldest and second largest cement
company with a total Capacity of about 30 MMTPA. It was
acquired in 2005 by Holcim Ltd – one of the world’s
leading suppliers of cement. Ambuja Cements is also a
part of the Holcim group.
The company's operations are spread throughout the
country with 16 modern cement factories, more than 40
Ready mix concrete.
The recent modernization of Wadi and Chanda and
upcoming commissioning of modernized Jamul plant
should see reduction in cost and enhanced efficiencies
Company’s sales growth is not satisfactory and there is
constant decline in OPM last five years.
ACC consistently disappointed On the earnings despite
modernized facilities.
Shareholding Pattern
ACC LTD
31/08/2015
Key Stats
Promoter 50%
DII 17%
FII 17%
Other
16%
Key Financial Metrics ( Rs. Crore)
Source: BSE
Latest Update
For 2QCY2015, ACC’s net revenue declined by 1.6% yoy to Rs2,961cr. The net profit saw a decline of
45.5% yoy to Rs131.5cr. One of the reason for decline in profit is increase in railway freight.
Further, an Emkay Global Financial Services report highlights that the delay in commissioning of ACC’s
new plant will stymie volume expansion until the second half of calendar year 2016
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Operaring Revenue 8,261 10,237 11,358 11,150 11,739
Growth(%) -3% 24% 11% -2% 5%
Operating Exp. 6,718 8,316 9,497 9,520 10,226
Operating Profit 1,542 1,921 1,861 1,630 1,513
OPM( %) 19% 19% 16% 15% 13%
EBITDA 1901 2112 2125 1911 1770
EBITDA Margin % 23% 21% 19% 17% 15%
Net Profit 1,415 1,505 1,441 1,214 1,120
NPM(%) 17% 15% 13% 11% 10%
EPS (INR) 52 65 52 53 55
P/E (X) 18X 11X 25X 22X 23X
ROE 23% 22% 20% 16% 14%
Source: Company, BSE, CMIE
Price Graph
Current price (₹) 1334.55
52 weeks range (₹) 1774.80/1320.00
Market Cap(₹ Cr) 25056
P/E 25X
EV(₹ Cr) 25969
EV/EBITDA 15X
BV 438.64
P/B 3X
Debt-Equity 0X
Interest Coverage 15X
24. Ambuja Cement is 3rd cement company in india. It is a
part of Holcim Group and also owns 50.1% of ACC,
another top-four cement producer in India. It has total
production capacity 28.75 million tones
It has strong presence in western and northern India,
where prospects for robust demand for building materials
are brighter than in southern India. Geographic location
gives flexibility to choose between domestic and export
market
In Ambuja, People has freedom to set their own targets,
and achieve it. As a result, Ambuja is the most profitable
cement company in India, and one of the lowest cost
producer of cement in the world.
Company has reduce debt and it is virtually debt free
company. As result it has high interest coverage ratio.
Company is enjoying good margin and trading at lower P/E
compare to other peers.
Shareholding Pattern
Ambuja Cement LTD
31/08/2015
Key Stats
Promoter 50%
DII 10%
FII 33%
Other 7%
Key Financial Metrics ( Rs. Crore)
Source: BSE
Latest Update
In June Quarter 2015. Net sales were reported at Rs.2,492.76 crore, 8% lower from Rs.2,706.35 crore
reported a year back. The company posted a net profit of Rs.226.35 crore compared with Rs.408.70
crore, in the year-ago period. Net profit has drop by 45% on account of lower operating profit and
Rs.22 crore depreciation charge.
The company sold 5.88 million tonne of cement in the April-June period, 1.6% higher than a year back
Price Graph
Current price (₹) 207.4
52 weeks range (₹) 286.85/198.00
Market Cap(₹ Cr) 32186
P/E 29X
EV(₹ Cr) 33014
EV/EBITDA 14X
BV 65
P/B 3X
Debt-Equity 0X
Interest Coverage 29X
Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Operarting Revenue 7,390 8,571 9,795 9,206 10,000
Growth(%) 4% 16% 14% -6% 9%
Operating Exp. 5,613 6,618 7,601 7,547 8,071
Operating Profit 1,777 1,953 2,194 1,659 1,928
OPM( %) 24% 23% 22% 18% 19%
EBITDA 2,097 2,201 2,543 2,059 2,353
EBITDA Margin % 28% 26% 26% 22% 24%
Net Profit 1,263 1,228 1,293 1,279 1,487
NPM(%) 17% 14% 13% 14% 15%
EPS (INR) 7.83 7.48 7.80 7.66 8.65
P/E (X) 17X 19X 23X 23X 23X
ROE 17% 15% 15% 14% 15%
Source: Company, BSE, CMIE
25. Shree Cement is leading cement manufacturing in North
India with 13.5 million tons per annum per
manufacturing capacity.
The company follows a multibrand strategy and sells
cement under the highly recognized brands of Shree Ultra,
Bangur and Rockstrong which together enjoy the largest
market share in high value markets of Rajasthan, Delhi
and Haryana.
It also has a power generation capacity of 260 MW with
plants located at Beawar and Ras in Rajasthan which help
to reduce cost.
The company was promoted by Calcutta-based
industrialists P D Bangur and B G Bangur. The company is
one of the largest cement producers in Rajasthan
(Beawar) and is the largest single location manufacturer in
Northern India.
Shree cements is well-positioned for a recovery in
infrastructure spending in northern India, where the
prospects for strong demand for building materials are
much brighter.
Shareholding Pattern
Shree Cement LTD
31/08/2015
Key Stats
Promoter 65%
DII 5%
FII 14%
Other
16%
Key Financial Metrics ( Rs. Crore)
Source: BSE
Latest Update
The Company has posted a net profit of Rs. 1197.30 million for the quarter ended March 31, 2015 as
compared to Rs. 2225.10 million for the quarter ended March 31, 2014.
Total Income has decreased from Rs. 17145.60 million for the quarter ended March 31, 2014 to Rs.
16268.40 million for the quarter ended March 31, 2015.
Price Graph
Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Operarting Revenue 3,587 4,040 4,350 5,590 5,887
Growth(%) 22% 13% 8% 29% 5%
Operating Exp. 2,310 3,013 3,125 4,030 4,578
Operating Profit 1,278 1,027 1,225 1,560 1,309
OPM( %) 36% 25% 28% 28% 22%
EBITDA 1567 961 1796 1748 1494
EBITDA Margin % 44% 24% 41% 31% 25%
Net Profit 461 680 423 1004 787
NPM(%) 13% 17% 10% 18% 13%
EPS (INR) 131 185 129 285 222
P/E (X) 17X 10X 26X 15X 31X
ROE 25% 34% 15% 26% 17%
Note: Adjusted figures Source: Company, BSE, CMIE
Current price (₹) 10802.05
52 weeks range (₹) 12388.85/7884.00
Market Cap(₹ Cr) 37634
P/E 82X
EV(₹ Cr) 26287
EV/EBITDA 18X
BV 1514
P/B 7X
Debt-Equity 0.29X
Interest Coverage 7X
26. Prism Cement Ltd is the leading cement manufacture in
india. It caters mainly to markets of UP, MP and Bihar,
It sales its cement under brand name 'Champion' and
Ordinary Portland Cement (OPC).
Prism Cement is India’s largest integrated Building
Materials Company; with a wide range from cement,
ready–mixed concrete, tiles, bath products to kitchens.
The company has three Divisions, viz. Prism Cement, H &
R Johnson (India), and RMC Readymix (India).
Company is under loss for last 3 years even though there
is increase in sales.
Prism Cement is highly depend on borrowed capital. It
may failed to meet its short term obligation as interest
coverage ratio is below one.
It has 7mn tones cement and clinker production capacity.
81% of company sales Primarily caters to rural and tier 2
& 3 city Housing.
Shareholding Pattern
Prism Cement ltd
31/08/2015
Key Stats
Promoter 75%
DII 7% FII 9%
Other 9%
Key Financial Metrics ( Rs. Crore)
Source: BSE
Latest Update
Prism Cement reported a standalone net loss of Rs 8.04 crore for the quarter ended June 30, 2015.
Net sales of the company for the quarter stood at Rs 1,365.94 crore, against Rs 1,383.91 crore in the
year-ago period.
The company sold 13.60 lakh tonnes of cement and clinker in April-June 2015 as against 15.12 lakh
tonnes for the quarter ended June 30, 2014,
Launched premium cement Hi-Tech in Bihar and recently in UP
Price Graph
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Operating Revenue 2,875 3,447 4,596 4,821 5,040
Growth(%) 254% 20% 33% 5% 5%
Operating Exp. 2,362 3,069 4,284 4,509 4,855
Operating Profit 513 378 312 312 185
OPM( %) 18% 11% 7% 6% 4%
EBITDA 548 391 326 329 352
EBITDA Margin % 19% 11% 7% 7% 7%
Net Profit 260 105 -18 -62 -86
NPM(%) 9% 3% 0% -1% -2%
EPS (INR) 5 2 0.00 0.00 0.00
P/E (X) 11X 25X 0X 0X 0X
ROE 22% 8% -2% -5% -8%
Source: Company, BSE, CMIE
Current price (₹) 97.95
52 weeks range (₹) 133.60/65.25
Market Cap(₹ Cr) 4930.41
P/E -
EV(₹ Cr) 3701
EV/EBITDA 13
BV (₹) 20
P/B 4.856222112X
Debt-Equity 1.66X
Interest Coverage 0.48X
27. Comparison
31/08/2015
Risk And Concern:
• Ultratech primary business is driven by construction activity which highly dependent on economic
condition
• Government spending and fulfillment off its promises remain key driver and risk factor for industry
performance.
• More than 25% of its loan is in foreign currency Japanese Yen and USD which may create
considerable currency risk.
Peer Comparison Matric:
Comaparny Ultratech ACC
Ambuja
Cement
Shree
Cement
Prisam
Cement
Revenue(₹ Cr) 24349 11739 10000 5887 5040
Revenue Growth YOY % 2% 5% 9% 5% 3%
Market Cap(₹ Cr) 80,862 25,614 31,985 38,375 4,835
P/E(X) 40X 25X 28.77X 83.59X 0X
OPM% 13% 8% 14% 14% 0%
NPM% 10% 10% 15% 13% 0%
RONW 13% 14% 15% 18% 5%
Dividend Yield % 0.31 2.49 2.42 0.2 0
Interest Coverage Ratio(X) 6X 14.62X 17.71X 4.32X 0.81X
Debt/Equity(X) 0.39X 0X 0X 0.25X 1.81X
Source: Company, BSE, CMIE
Conclusiion:
Among top five companies by sales, Ambuja cement is an attractive script to invest with long term
horizon of 3 years. Ambuja Cement has performed better on most parameters. It is enjoying good
operating margin and trading at lower P/E compare to other.
28. PGDM INDUSTRY IMMERSSION PROJECT Kohinoor Business School
Bibliography
Books:
Guide to Economic Indicators: Making Sense of Economics by Economist, Edition 7th
Equity Research Valuation by Dun and Bradsstreet, Edition 2007
Website:
www.nasdaq.com/investing/how-to-invest.aspx
www.bseindia.com
www.nseindia.com
www.rbi.com
www.screener.com
www.moneycontrol.com
www.ultratechcement.com
www.tradingeconomics.com
www.ambujacement.com
www.ultratechcement.com
www.prismcement.com
www.shreecement.in
www.acclimited.com