The document provides information about the author's summer internship at Sharekhan Ltd, a reputed stock broking company in India. During the internship, the author gained practical knowledge of the stock market and learned that Sharekhan's research team publishes daily reports analyzing companies and making buy, sell, or hold recommendations. These reports informed the author's decision to do a summer project on equity research, analyzing the automobile sector and two automobile companies. The document then lists the objectives and scope of the study.
Project by saurabh gupta on maruti suzuki india ltd.(1)Vinay Jeengar
This document provides an overview of the Indian automobile industry. It discusses key trends in recent years, including overall growth rates for different vehicle segments. Some of the major players in different segments are highlighted, with Maruti Suzuki and Hero Honda noted as the leading manufacturers in passenger cars and motorcycles respectively. Challenges in 2008 from the global recession are outlined, with most companies seeing sales declines that year. The road ahead is discussed, with expectations for continued overall industry growth in 2009 despite economic headwinds.
The document provides details about a financial management project proposal submitted to Ms. Priya Malhotra. It includes an overview of Mahindra and Mahindra Ltd, the automobile industry, the impact of COVID-19, future prospects, Mahindra's product portfolio and new launches, financial performance analysis, and a comparison with other automakers. Mahindra reported a revenue decline in FY2020 due to lower sales, though the long term outlook remains positive if policies support consumption and electric vehicles. The analysis found the company maintaining stable equity levels but with lower profitability ratios.
The document provides an overview of Caparo India, a subsidiary of UK-based Caparo Group. Caparo India began operations in 1994 through a joint venture with Maruti Suzuki and now has two strategic business entities and over 5000 employees across 25 facilities in India. It offers automotive systems, assemblies, components and engineering solutions to Indian automotive OEMs. However, due to overcapacity built up prior to the 2008 recession, Caparo is still dealing with the impact on its finances and ratings. It is pursuing a strategy to move into higher value segments like chassis and suspension products to improve margins.
This document provides an overview of a project on Maruti Suzuki's segmentation and sales trends. It includes a declaration signed by the students, an acknowledgment of those who helped with the project, and an executive summary that outlines the objectives to analyze Maruti Suzuki's segmentation of cars, the effect on customers, and study sales trends based on primary and secondary data collection and analysis.
project report on mahindra and mahindraamit prasad
The document discusses Yogesh Kumar's project report on his industrial training at Mahindra & Mahindra, which was submitted in partial fulfillment of the requirements for a Bachelor of Technology degree. It includes declarations by Yogesh Kumar and his supervisor, as well as acknowledgements and a table of contents outlining the chapters to be included in the report. The report will cover Yogesh Kumar's experience during his industrial training at Mahindra & Mahindra and analyze various aspects of the company.
Customer perception @ bijjaragi motors mba project reportBabasab Patil
The document discusses a study of customer perception and loyalty towards Bijjaragi Motors in Bijapur, Karnataka. It provides background on the automobile industry in India and Tata Motors. Bijjaragi Motors is a Tata Motors dealership that sells various Tata vehicle models. The study aims to understand customer awareness, opinions, and factors influencing vehicle purchases from Bijjaragi Motors. A survey was conducted through questionnaires with 50 potential customers in Bijapur district to collect primary data for the study.
This document is a project report submitted by Mr. Jiten H Menghani to the University of Mumbai for his M.Com program in the academic year 2013-2014. The report focuses on customer relationship management practices at Maruti Suzuki in India. It includes sections on the history of the Indian automobile industry and Maruti Suzuki, an analysis of Maruti Suzuki's customers and competitors using tools like Porter's Five Forces, and a discussion of Maruti Suzuki's approaches to analytical, operational, and strategic customer relationship management. The goal of the report is to evaluate Maruti Suzuki's CRM strategies and practices.
Project by saurabh gupta on maruti suzuki india ltd.(1)Vinay Jeengar
This document provides an overview of the Indian automobile industry. It discusses key trends in recent years, including overall growth rates for different vehicle segments. Some of the major players in different segments are highlighted, with Maruti Suzuki and Hero Honda noted as the leading manufacturers in passenger cars and motorcycles respectively. Challenges in 2008 from the global recession are outlined, with most companies seeing sales declines that year. The road ahead is discussed, with expectations for continued overall industry growth in 2009 despite economic headwinds.
The document provides details about a financial management project proposal submitted to Ms. Priya Malhotra. It includes an overview of Mahindra and Mahindra Ltd, the automobile industry, the impact of COVID-19, future prospects, Mahindra's product portfolio and new launches, financial performance analysis, and a comparison with other automakers. Mahindra reported a revenue decline in FY2020 due to lower sales, though the long term outlook remains positive if policies support consumption and electric vehicles. The analysis found the company maintaining stable equity levels but with lower profitability ratios.
The document provides an overview of Caparo India, a subsidiary of UK-based Caparo Group. Caparo India began operations in 1994 through a joint venture with Maruti Suzuki and now has two strategic business entities and over 5000 employees across 25 facilities in India. It offers automotive systems, assemblies, components and engineering solutions to Indian automotive OEMs. However, due to overcapacity built up prior to the 2008 recession, Caparo is still dealing with the impact on its finances and ratings. It is pursuing a strategy to move into higher value segments like chassis and suspension products to improve margins.
This document provides an overview of a project on Maruti Suzuki's segmentation and sales trends. It includes a declaration signed by the students, an acknowledgment of those who helped with the project, and an executive summary that outlines the objectives to analyze Maruti Suzuki's segmentation of cars, the effect on customers, and study sales trends based on primary and secondary data collection and analysis.
project report on mahindra and mahindraamit prasad
The document discusses Yogesh Kumar's project report on his industrial training at Mahindra & Mahindra, which was submitted in partial fulfillment of the requirements for a Bachelor of Technology degree. It includes declarations by Yogesh Kumar and his supervisor, as well as acknowledgements and a table of contents outlining the chapters to be included in the report. The report will cover Yogesh Kumar's experience during his industrial training at Mahindra & Mahindra and analyze various aspects of the company.
Customer perception @ bijjaragi motors mba project reportBabasab Patil
The document discusses a study of customer perception and loyalty towards Bijjaragi Motors in Bijapur, Karnataka. It provides background on the automobile industry in India and Tata Motors. Bijjaragi Motors is a Tata Motors dealership that sells various Tata vehicle models. The study aims to understand customer awareness, opinions, and factors influencing vehicle purchases from Bijjaragi Motors. A survey was conducted through questionnaires with 50 potential customers in Bijapur district to collect primary data for the study.
This document is a project report submitted by Mr. Jiten H Menghani to the University of Mumbai for his M.Com program in the academic year 2013-2014. The report focuses on customer relationship management practices at Maruti Suzuki in India. It includes sections on the history of the Indian automobile industry and Maruti Suzuki, an analysis of Maruti Suzuki's customers and competitors using tools like Porter's Five Forces, and a discussion of Maruti Suzuki's approaches to analytical, operational, and strategic customer relationship management. The goal of the report is to evaluate Maruti Suzuki's CRM strategies and practices.
Project on Marketing Strategy of Maruti Suzuki.Ashish1004
This document provides an overview of the Indian automobile industry and Maruti Suzuki Ltd. In 3 sentences:
The automobile industry in India has grown significantly since the 1940s and liberalization in the 1990s allowed more foreign automakers to enter the market. Maruti Suzuki Ltd was established in 1981 as a joint venture between the Indian government and Suzuki Motor Corporation of Japan, and was very successful with its launch of the Maruti 800. The document discusses the history and development of the automobile industry in India as well as Porter's Five Forces model, and provides details on Maruti Suzuki's history, marketing strategies, and performance.
This document appears to be a summer training report submitted for a Master's degree program. It provides an introduction and overview of Maruti Suzuki India Limited, including its history, products, sales and service network, subsidiaries like Maruti Insurance and Maruti Finance, and services like Maruti True Value (used car marketplace) and Maruti Driving School. It also includes logos of Maruti Suzuki and its various divisions, acknowledges those who provided guidance and support, and declares that the report is the submitter's original work.
Customer satisfaction on services provided by maruthi suzuki and tata motorsProjects Kart
A comparative stud on customer satisfaction with regards to services provided by Maruthi Suzuki India Pvt. Ltd. and Tata Motors. This project report has a detailed questionnaire to understand the customer satisfaction in Hassan, Karnataka. Visit http://www.projectskart.com/p/contact-us.html for more information.
This document summarizes a study on customer satisfaction with Mahindra Bolero vehicles in Allahabad, India. It includes an introduction covering customer satisfaction strategies used by Mahindra, the automobile industry history in India, and objectives of the study. It also describes the research methodology, which involved collecting primary data through questionnaires and secondary data from sources like websites and magazines. The document presents information on Mahindra & Mahindra as a company, their Bolero product, and dealer profiles before analyzing the collected data. It concludes with findings, recommendations, and a conclusion.
a project report on MAHINDRA & MAHINDRA . Here you will get all the data of product of MAHINDRA & MAHINDRA. made by me , best helpful for BBA student forn intership report.
Tata motors final project on consumer satisfaction.Joydip Roy
This document provides an overview of the sales and distribution systems of Tata Motors and Fiat in India. It discusses Tata Motors' dealership model, which the author studied as part of an internship. It also describes the automobile industry in India, major players, vehicle price segments, and trends in domestic sales. The author's research methods including conducting surveys of customers and potential customers.
Project on customer satisfaction with special reference to mahindra boleroProjects Kart
The document provides an overview of the Indian automobile industry and Mahindra & Mahindra's (M&M) operations. It discusses M&M's history and product portfolio, which includes utility vehicles, tractors, and military vehicles. The document also describes strategies used by M&M to improve customer satisfaction, including customer relationship management programs. Primary and secondary research was conducted to analyze customer satisfaction with M&M's Bolero SUV in the city of Allahabad.
This document provides background information on customer satisfaction, the automobile industry, and Mahindra & Mahindra. It discusses customer satisfaction and its importance for business success. It provides a brief history of the automobile industry and highlights Mahindra & Mahindra's products, history, awards, and facilities. The document also introduces Mahindra Bolero and discusses strategies M&M uses to improve customer satisfaction like customer relationship management and after-sales service.
A project report on customer satisfactioin regarding after sales services of ...Babasab Patil
This document provides an overview of a study on customer satisfaction regarding after-sales services of Mahindra & Mahindra. It includes an introduction discussing the purpose and scope of the study, as well as chapters covering the organization profile, research methodology, results and findings, and conclusions. The study examines customer satisfaction levels and reasons for declines at an authorized M&M service station in Belgaum district through a survey of 100 customers.
This document is a summer internship project report submitted by Ketan M. Zala to Gujarat Technological University. The report provides an overview of Mahindra & Mahindra, including its history, growth, organizational structure, products, and departments. It also includes a SWOT analysis and ratio analysis of Sidhhivinayak Motors Pvt. Ltd., the company where the internship was completed.
A project report on measurement of customer satisfaction level on tata indica...Babasab Patil
The document is a research report on measuring customer satisfaction with Tata Indica passenger cars. It provides background on the growth of the Indian automobile industry following economic reforms in 1991. The report focuses on measuring customer satisfaction with Tata Indica cars through surveys with 100 owners in Belgaum region. Key findings include that most owners have an income between 250,000-400,000 rupees and own diesel versions with AC and power steering. The report provides recommendations such as increasing awareness of different versions and improving vehicle maintenance to increase customer satisfaction.
This document is a project report submitted by Sanjay Kumar in partial fulfillment of an MBA program. The report studies investment avenues in fixed deposits at Mahindra Finance. It begins with an acknowledgment of those who helped and an introduction to the company. It then describes the research methodology used, which included primary and secondary data collection in Jalandhar. The data is analyzed regarding awareness of Mahindra Finance, investment patterns, and customer satisfaction. Key findings are that competitors offer higher rates and faster processing. Recommendations include establishing a local fixed deposit department and increasing broker incentives to better compete. The report provides insights into working at Mahindra Finance and evaluating its fixed deposit offerings.
This document appears to be a summer training report submitted by Satnam Singh on customer satisfaction at Peaks Automobiles Pvt Ltd, an authorized dealer of Maruti Suzuki vehicles in Srinagar, Kashmir. It includes an acknowledgements section, declaration, preface, table of contents, and initial sections on the industrial and company profiles of Peaks Automobiles. The objectives, vision, and mission of the organization are also outlined. The report appears to analyze customer satisfaction through research methodology and a questionnaire at the automobile dealership.
This document provides an overview of a project on consumer behavior and awareness towards Maruti Suzuki vehicles sold at Karlo Automobiles in Gaya, India. The project was conducted to fulfill requirements for a BBM degree. It includes an introduction describing the objectives to study major vehicle segments and factors influencing purchases. It also provides background on Maruti Suzuki and Karlo Automobiles. The document outlines the research methodology and structure, including literature review, data analysis, recommendations, and conclusions. It aims to understand consumer awareness and behavior regarding Maruti vehicles sold through Karlo Automobiles.
marketing strategies and consumer behaviour study for Mahindra BoleroARBA khan
The document is a project report submitted by Arba Khan, a student at Jamia Millia Islamia University, on the marketing strategies and consumer behavior of Mahindra Bolero. It includes a declaration, acknowledgements, synopsis, and outlines of the report contents. The synopsis states the objective is to examine Mahindra's marketing strategies for Bolero and study consumer behavior regarding the SUV. Primary data was collected through dealer interviews and consumer questionnaires, while secondary data came from websites, magazines, books and newspapers. Statistical tools like graphs and charts were used to present the findings.
Project report on mahindra and mahindra (1)mehrajkhan16
The document is a project report on Mahindra and Mahindra, an Indian multinational car manufacturing corporation. It provides details on the company's history, milestones, products, dealership profile and SWOT analysis. Some key points include:
- Mahindra was established in 1945 and is one of the largest manufacturers of tractors in India. It entered the passenger vehicle market in the 1960s.
- Popular models discussed include Scorpio, Bolero, Xylo, Logan, and Marshal.
- The dealer profile section outlines services provided and current vehicle prices.
- A SWOT analysis identifies strengths like brand trust, and weaknesses like low brand awareness internationally.
A study of consumer behavior on small carsProjects Kart
This document is a study on consumer behavior for small cars in India. It includes an executive summary that outlines the objectives of analyzing brand personality and measuring customer satisfaction for selected car brands. The introduction defines the importance of word-of-mouth recommendations and measuring customer willingness to recommend products. The overview provides context on the growth of the Indian auto industry and market segments.
The document is a research report submitted as part of an MBA program. It analyzes the factors leading to customer preference for sedan cars in the cities of Bikaner and Nagaur in Rajasthan, India. The report includes an introduction outlining the research topic, objectives, and methodology. It also provides background information on the automobile industry and popular car models and body styles in India.
The document is a summer training project report submitted by Santosh Kumar Singh for his MBA program. It discusses customer satisfaction with the Maruti Swift. The report includes an introduction to Maruti Suzuki, the history of automobiles in India, Maruti Suzuki's sales milestones in 2009-2010, and an index of contents to be covered. It provides background information on Maruti Suzuki and the automobile industry in India before analyzing customer satisfaction with the Maruti Swift.
This document is a project report submitted by Devishankar Carpenter for their B.Sc. (Hons.) Agriculture & MBA degree. The project examines customer satisfaction with Mahindra & Mahindra Limited in Kota, Rajasthan, India. It includes sections on the company and product profiles, dealer profiles, SWOT analysis, research methodology used, findings, and data analysis. The main research aims to understand customer satisfaction towards Mahindra SUVs in Kota. Primary and secondary research was conducted through questionnaires and sources like websites and magazines. The conclusion is that Mahindra has a good market share for SUVs in Kota and customers are generally satisfied with vehicle design and after-sales services.
Impact of advertising on customers in tata motorsProjects Kart
1. Tata Motors is India's largest automobile company with revenues of Rs.70,938.85 crores in 2008-09. It is a leader in commercial vehicles and among the top three in passenger vehicles in India.
2. Established in 1945, Tata Motors has a presence across India with over 4 million vehicles and manufacturing plants in several Indian states.
3. The company also has international operations through subsidiaries and joint ventures, including Jaguar Land Rover acquired in 2008, a South Korean truck maker, and bus and coach manufacturers in Spain and Brazil.
Project on Marketing Strategy of Maruti Suzuki.Ashish1004
This document provides an overview of the Indian automobile industry and Maruti Suzuki Ltd. In 3 sentences:
The automobile industry in India has grown significantly since the 1940s and liberalization in the 1990s allowed more foreign automakers to enter the market. Maruti Suzuki Ltd was established in 1981 as a joint venture between the Indian government and Suzuki Motor Corporation of Japan, and was very successful with its launch of the Maruti 800. The document discusses the history and development of the automobile industry in India as well as Porter's Five Forces model, and provides details on Maruti Suzuki's history, marketing strategies, and performance.
This document appears to be a summer training report submitted for a Master's degree program. It provides an introduction and overview of Maruti Suzuki India Limited, including its history, products, sales and service network, subsidiaries like Maruti Insurance and Maruti Finance, and services like Maruti True Value (used car marketplace) and Maruti Driving School. It also includes logos of Maruti Suzuki and its various divisions, acknowledges those who provided guidance and support, and declares that the report is the submitter's original work.
Customer satisfaction on services provided by maruthi suzuki and tata motorsProjects Kart
A comparative stud on customer satisfaction with regards to services provided by Maruthi Suzuki India Pvt. Ltd. and Tata Motors. This project report has a detailed questionnaire to understand the customer satisfaction in Hassan, Karnataka. Visit http://www.projectskart.com/p/contact-us.html for more information.
This document summarizes a study on customer satisfaction with Mahindra Bolero vehicles in Allahabad, India. It includes an introduction covering customer satisfaction strategies used by Mahindra, the automobile industry history in India, and objectives of the study. It also describes the research methodology, which involved collecting primary data through questionnaires and secondary data from sources like websites and magazines. The document presents information on Mahindra & Mahindra as a company, their Bolero product, and dealer profiles before analyzing the collected data. It concludes with findings, recommendations, and a conclusion.
a project report on MAHINDRA & MAHINDRA . Here you will get all the data of product of MAHINDRA & MAHINDRA. made by me , best helpful for BBA student forn intership report.
Tata motors final project on consumer satisfaction.Joydip Roy
This document provides an overview of the sales and distribution systems of Tata Motors and Fiat in India. It discusses Tata Motors' dealership model, which the author studied as part of an internship. It also describes the automobile industry in India, major players, vehicle price segments, and trends in domestic sales. The author's research methods including conducting surveys of customers and potential customers.
Project on customer satisfaction with special reference to mahindra boleroProjects Kart
The document provides an overview of the Indian automobile industry and Mahindra & Mahindra's (M&M) operations. It discusses M&M's history and product portfolio, which includes utility vehicles, tractors, and military vehicles. The document also describes strategies used by M&M to improve customer satisfaction, including customer relationship management programs. Primary and secondary research was conducted to analyze customer satisfaction with M&M's Bolero SUV in the city of Allahabad.
This document provides background information on customer satisfaction, the automobile industry, and Mahindra & Mahindra. It discusses customer satisfaction and its importance for business success. It provides a brief history of the automobile industry and highlights Mahindra & Mahindra's products, history, awards, and facilities. The document also introduces Mahindra Bolero and discusses strategies M&M uses to improve customer satisfaction like customer relationship management and after-sales service.
A project report on customer satisfactioin regarding after sales services of ...Babasab Patil
This document provides an overview of a study on customer satisfaction regarding after-sales services of Mahindra & Mahindra. It includes an introduction discussing the purpose and scope of the study, as well as chapters covering the organization profile, research methodology, results and findings, and conclusions. The study examines customer satisfaction levels and reasons for declines at an authorized M&M service station in Belgaum district through a survey of 100 customers.
This document is a summer internship project report submitted by Ketan M. Zala to Gujarat Technological University. The report provides an overview of Mahindra & Mahindra, including its history, growth, organizational structure, products, and departments. It also includes a SWOT analysis and ratio analysis of Sidhhivinayak Motors Pvt. Ltd., the company where the internship was completed.
A project report on measurement of customer satisfaction level on tata indica...Babasab Patil
The document is a research report on measuring customer satisfaction with Tata Indica passenger cars. It provides background on the growth of the Indian automobile industry following economic reforms in 1991. The report focuses on measuring customer satisfaction with Tata Indica cars through surveys with 100 owners in Belgaum region. Key findings include that most owners have an income between 250,000-400,000 rupees and own diesel versions with AC and power steering. The report provides recommendations such as increasing awareness of different versions and improving vehicle maintenance to increase customer satisfaction.
This document is a project report submitted by Sanjay Kumar in partial fulfillment of an MBA program. The report studies investment avenues in fixed deposits at Mahindra Finance. It begins with an acknowledgment of those who helped and an introduction to the company. It then describes the research methodology used, which included primary and secondary data collection in Jalandhar. The data is analyzed regarding awareness of Mahindra Finance, investment patterns, and customer satisfaction. Key findings are that competitors offer higher rates and faster processing. Recommendations include establishing a local fixed deposit department and increasing broker incentives to better compete. The report provides insights into working at Mahindra Finance and evaluating its fixed deposit offerings.
This document appears to be a summer training report submitted by Satnam Singh on customer satisfaction at Peaks Automobiles Pvt Ltd, an authorized dealer of Maruti Suzuki vehicles in Srinagar, Kashmir. It includes an acknowledgements section, declaration, preface, table of contents, and initial sections on the industrial and company profiles of Peaks Automobiles. The objectives, vision, and mission of the organization are also outlined. The report appears to analyze customer satisfaction through research methodology and a questionnaire at the automobile dealership.
This document provides an overview of a project on consumer behavior and awareness towards Maruti Suzuki vehicles sold at Karlo Automobiles in Gaya, India. The project was conducted to fulfill requirements for a BBM degree. It includes an introduction describing the objectives to study major vehicle segments and factors influencing purchases. It also provides background on Maruti Suzuki and Karlo Automobiles. The document outlines the research methodology and structure, including literature review, data analysis, recommendations, and conclusions. It aims to understand consumer awareness and behavior regarding Maruti vehicles sold through Karlo Automobiles.
marketing strategies and consumer behaviour study for Mahindra BoleroARBA khan
The document is a project report submitted by Arba Khan, a student at Jamia Millia Islamia University, on the marketing strategies and consumer behavior of Mahindra Bolero. It includes a declaration, acknowledgements, synopsis, and outlines of the report contents. The synopsis states the objective is to examine Mahindra's marketing strategies for Bolero and study consumer behavior regarding the SUV. Primary data was collected through dealer interviews and consumer questionnaires, while secondary data came from websites, magazines, books and newspapers. Statistical tools like graphs and charts were used to present the findings.
Project report on mahindra and mahindra (1)mehrajkhan16
The document is a project report on Mahindra and Mahindra, an Indian multinational car manufacturing corporation. It provides details on the company's history, milestones, products, dealership profile and SWOT analysis. Some key points include:
- Mahindra was established in 1945 and is one of the largest manufacturers of tractors in India. It entered the passenger vehicle market in the 1960s.
- Popular models discussed include Scorpio, Bolero, Xylo, Logan, and Marshal.
- The dealer profile section outlines services provided and current vehicle prices.
- A SWOT analysis identifies strengths like brand trust, and weaknesses like low brand awareness internationally.
A study of consumer behavior on small carsProjects Kart
This document is a study on consumer behavior for small cars in India. It includes an executive summary that outlines the objectives of analyzing brand personality and measuring customer satisfaction for selected car brands. The introduction defines the importance of word-of-mouth recommendations and measuring customer willingness to recommend products. The overview provides context on the growth of the Indian auto industry and market segments.
The document is a research report submitted as part of an MBA program. It analyzes the factors leading to customer preference for sedan cars in the cities of Bikaner and Nagaur in Rajasthan, India. The report includes an introduction outlining the research topic, objectives, and methodology. It also provides background information on the automobile industry and popular car models and body styles in India.
The document is a summer training project report submitted by Santosh Kumar Singh for his MBA program. It discusses customer satisfaction with the Maruti Swift. The report includes an introduction to Maruti Suzuki, the history of automobiles in India, Maruti Suzuki's sales milestones in 2009-2010, and an index of contents to be covered. It provides background information on Maruti Suzuki and the automobile industry in India before analyzing customer satisfaction with the Maruti Swift.
This document is a project report submitted by Devishankar Carpenter for their B.Sc. (Hons.) Agriculture & MBA degree. The project examines customer satisfaction with Mahindra & Mahindra Limited in Kota, Rajasthan, India. It includes sections on the company and product profiles, dealer profiles, SWOT analysis, research methodology used, findings, and data analysis. The main research aims to understand customer satisfaction towards Mahindra SUVs in Kota. Primary and secondary research was conducted through questionnaires and sources like websites and magazines. The conclusion is that Mahindra has a good market share for SUVs in Kota and customers are generally satisfied with vehicle design and after-sales services.
Impact of advertising on customers in tata motorsProjects Kart
1. Tata Motors is India's largest automobile company with revenues of Rs.70,938.85 crores in 2008-09. It is a leader in commercial vehicles and among the top three in passenger vehicles in India.
2. Established in 1945, Tata Motors has a presence across India with over 4 million vehicles and manufacturing plants in several Indian states.
3. The company also has international operations through subsidiaries and joint ventures, including Jaguar Land Rover acquired in 2008, a South Korean truck maker, and bus and coach manufacturers in Spain and Brazil.
This document discusses credit appraisal, which refers to assessing a borrower's creditworthiness or ability to repay debt. It explains that banks conduct thorough analyses using financial ratios, risk evaluations, and other concepts to judge if a borrower poses default risk. The key aspects banks examine include the loan reason, company finances/history, management, market conditions, and ability to meet obligations. Effective appraisals benefit both banks and firms. Banks ensure loan safety while firms can more easily obtain financing. The document also outlines various stages in the appraisal process like feasibility studies and investment phases to thoroughly evaluate creditworthiness over time like a project cycle.
This document provides an introduction and overview of a report comparing the non-performing asset (NPA) scenarios of public sector banks (SBI) and private sector banks (HDFC) in India. It includes the report title, authors, department/university, table of contents listing chapters on the banking structure in India, company profiles of SBI and HDFC, data analysis and conclusions. The introduction discusses the banking system in India and provides background on bank nationalization, the Reserve Bank of India, and the Indian Banks' Association.
Project report on mahindra & mahindra ltd. (tractors division)Paras Dhingra
This document provides an overview of Mahindra & Mahindra Ltd., an Indian automotive manufacturing company. It discusses the company's history beginning in 1945, facilities and subsidiaries globally. The company manufactures tractors, utility vehicles, passenger cars and other vehicles. It has two main divisions - automotive and farm equipment. The document outlines the company's various products, competitors like Maruti Suzuki and Hind Motors, functional departments, business development operations including marketing strategies, and financial performance over time.
Mahindra & mahindra project repot by (makshud khan)Makshud Khan
The document discusses customer satisfaction with Mahindra and Mahindra vehicles based on a study conducted in Deoghar, Jharkhand. It provides details about Mahindra's product portfolio and strategies to improve customer satisfaction. The research methodology involved collecting primary data through 150 questionnaires and secondary data from websites and magazines. Key findings were that Mahindra has a good market share in Deoghar for SUVs and customers are generally satisfied with the design, services, and facilities provided compared to other brands. The conclusion is that Mahindra is offering good customer satisfaction in Deoghar.
Axis Bank was established in 1994 as one of the first new generation private sector banks in India after the government allowed entry of new private banks. It has grown to become one of the largest private sector banks in India with over 1,200 branches and 6,000 ATMs across the country. The bank was formerly known as UTI Bank but changed its name to Axis Bank in 2007.
The Indian automotive industry has experienced significant growth over the past decade. Exports of automobiles from India surged 57% in 2008-2009, led by major exporters Hyundai and Maruti Suzuki shipping more vehicles to Europe. However, domestic sales were impacted by the economic slowdown and high lending rates. Passenger vehicle sales grew only 0.13% while commercial vehicle sales declined sharply. Two-wheeler sales also grew modestly at 2.6% due to financing issues. Going forward, demand from Europe may soften and domestic sales will depend on availability of financing and new model launches.
CHAPTER:-1
INTRODUCTION OF THE STUDY
The report contains the brief description of the state bank of India. It contains the finding and analysis of the survey conducted to gather primary data to judge the importance of various attributes that influence the satisfaction of customer in different manner and to the different extent. These attributes are classified as initial experience, service delivery experience, relationship experience and grievance handling. Further an attempt has been made to know the overall satisfaction of the customer.
Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals. Customer service proves to be one of the most important factors governing business.
OBJECTIVE OF THE STUDY:-
• TO find out the customer feedback i.e. improvement required or suggestion.
• To find out the relationship between bank and the customer.
• To study the Satisfaction of customers towards the ― state bank of India.
• To Identify the factors that influences the customer behavior of ―state bank of India.
• To identify the factors those influence the selection of SBI banking services in MUMBAI DISTRICT.
SCOPE OF THE STUDY:-
The present study was undertaken to know the preference of the customer towards state bank of India (SBI). The problem of the customer is they are not aware of the services provided by their bank. The study also force on the customer perception that how the banking services can be improved. In my study I have used both primary sources of data as well as secondary sources of data.
• The study has been conducted on behalf of ―STATE BANK OF INDIA.
• The study is confined to the Mumbai region.
• The study covers the service providers and users of ―STATE BANK OF INDIA.
• The study has put forward the Customers as well as acceptability behavior for the services.
• The scope of the study is to find out the ―Customer Satisfaction
Limitations of the Study:-
The study report consists of few limitations:-
• The report has been conducted within a limited time frame.
• The study is self financed.
• The study is limited to the customer of Mumbai only.
• Only selected Branches and Banks have been considered for the study.
• Samples were selected conveniently.
• The sample size does not represent the total population.
• The sample of size is limited to 30 only and the sample size may not represent whole market.
LITERATURE REVIEW:-
This document provides an overview and summary of Sharekhan Limited, an Indian stock brokerage firm. It discusses Sharekhan's history, vision, mission, products offered, reasons for choosing Sharekhan, and account types including Classic, Speed Trade, and Trade Tiger accounts. Key points include that Sharekhan is a leading retail brokerage arm of SSKI Group with over 80 years of experience in stock markets, it aims to educate and empower individual investors through quality advice and services, and it provides online and offline access to trading, research, depository services and more.
Sharekhan is one of India's leading retail brokerage firms with over 450 centers across 157 cities. It offers equity and derivatives trading via its website which has over 1 lakh registered customers. Sharekhan also provides investment advice, research reports, and other tools to help customers invest effectively.
1. The document provides an overview of Sharekhan, one of India's leading retail brokerage firms, outlining its background, services offered, awards, research section, and how to open an account.
2. Key details include that Sharekhan offers equity and derivatives trading, depository services, online trading, investment advice through over 450 centers across India. It has over 1 lakh online trading customers and 5000 trading members.
3. The document describes Sharekhan's services such as classic and speedtrade online trading accounts, research reports, trading calls, mutual fund and commodity trading, and the documents required to open an account.
The document discusses opening a PAN (Permanent Account Number) card and a DP (Depository Participant) account, which are necessary for stock trading. A PAN card can be obtained by filling out form 49A from an income tax office, stock broker, or bank that is a depository participant. A DP account allows holding securities in electronic form and is opened by completing the account opening form of a depository participant like CDSL or NSDL.
it will help you understanding the market condition in india for the approaching the share trading firm so that we can easily crack the market it will help you to understand what the public want in return of investment.
Sharekhan is one of India's leading retail brokerage firms established in 2000, with over 1200 share shops across 400 cities. It provides a range of products and services including equity and derivatives trading, IPO facilitation, research reports, portfolio management, insurance products, mutual funds, currency trading and more. Sharekhan also has tie-ups with banks and financial institutions to offer additional services like fixed deposits.
Sharekhan is one of India's leading retail brokerage firms established in 2000, with over 1200 share shops across 400 cities. It provides a range of products and services including equity and derivatives trading, IPO facilitation, research reports, portfolio management services, insurance products, mutual funds, commodities trading, currency trading, and depository services through its partnerships with NSDL and CDSL. Sharekhan aims to be a one-stop financial services provider for its retail customers.
fundamental and technical analysis of equitiesabhishek
This document provides an overview of fundamental analysis for evaluating investments in stocks. It discusses analyzing the political, economic, and industry factors that can influence a company. Specifically, it outlines analyzing the business cycle of an industry, competitive landscape, demand drivers, and other key metrics like revenues, profits, margins. The goal of fundamental analysis is to understand the intrinsic value of a company's stock by examining its financials and operations in the context of macroeconomic conditions.
The document outlines a project report submitted by Shashank Tribhuwan to Savitribai Phule Pune University for their MBA program. The report focuses on conducting a fundamental analysis of the automobile sector in India. It includes certificates, declarations, and an index outlining the various chapters that will be included in the analysis such as the industry and company profiles, objectives, methodology, findings and conclusion.
learning share trading at india infolineSaleem Baig
IIFL is one of India's leading brokerage firms, offering services like equity trading, depository services, and investment advice. The study analyzes customer investment decisions and satisfaction. It finds that most customers are influenced by brokers when investing. While equity investment is most popular and seen as higher returning, over half of customers surveyed were dissatisfied with their current investments. The top factors considered before investing in a company were found to be its financial position and current market position.
A study on construction of optimal portfolio using sharpe’s single index modelProjects Kart
1. The document discusses constructing an optimal portfolio using Sharpe's single index model. It analyzes stock price movements and index values of companies over 5 years to calculate expected returns, standard deviation, and beta values.
2. The methodology uses secondary data sources and interprets the results using Sharpe's model to select stocks for the optimal portfolio.
3. The scope is limited to 30 Sensex companies over 5 years based only on share prices, indexes, interest rates, and beta values.
A project report on comparative analysis of demat account and online tradingProjects Kart
The document provides an overview of Indiabulls, an Indian financial services company. It discusses Indiabulls' profile, including that it was founded in 2000 and is headquartered in Mumbai. It offers various financial products and services through over 640 branches across India. The document also provides details on Indiabulls' key business areas, employees, leadership, and financial performance.
A project on invesment patter of individusal with special reference to karvy ...Projects Kart
The document discusses various topics related to investing in the Indian stock market, including:
- An overview of Karvy Stock Broking Ltd and its services such as stock broking, depository services, and investment banking.
- An explanation of key stock market concepts such as demat trading, day trading activities and settlements, and the membership process for stockbrokers.
- A brief discussion of share trading processes, both online and offline.
A study of technical analysis in different sector stocksProjects Kart
A study of technical analysis in different sectors stocks. This study helps us understand the difference between fundamental study and technical study of different sector's stocks. Fundamental analysis is one of the important techniques, which is used to study the future behavior of the stocks. It actually refers to analyses of present and future earning capacity of the stocks based on the analysis of economy, industry and company as a whole there by to determine the intrinsic values of the stocks.
In other words, fundamental analysis is mainly concerned with the determination of intrinsic value of the stocks by analyzing the fundamental factors of economy, industry and company as a whole. The intrinsic value of the stocks represents the real worth or economic value, which is used by the fundamental analysts to identify the under priced and overpriced securities in the market. It means, if the intrinsic value of the stock is more than the market value, it considered as under priced and included in the portfolio. On the other hand, if the intrinsic value of a stock is less then the market value then it is considered as overpriced and excluded from the portfolio.
Thus, fundamental analysis is mainly concerned with the determination of intrinsic value of stocks and based on that intrinsic value investment decisions are taken by the fundamental analysts.
It is another important technique, which is used to predict the future performance of the stocks. It is mainly concerned with the study of historical price movements of the stocks and on its volume of trade in the market to predict the future trend movements of the stocks. However, it does not consider any fundamental factors of the company like earnings, dividends, growth rates etc.
Technical analysis in different sectors stocksProjects Kart
Technical analysis in different sectors stocks. Today investing in financial securities such as shares, debentures, bonds, and other financial securities are considered to be the most profitable investment avenues when compare to other type of investments. However, these financial securities not only ensures higher return but also bears higher risk. Therefore, the combination of these two characteristics in the financial securities has created a challenging task for the investors. Hence with an object of getting success in the investment activity, the investors tries to predict the future behavior of the stocks by using some of the techniques among them the important are: 1. Fundamental analysis and 2. Technical analysis. For more information http://www.projectskart.com/p/contact-us.html
This report is basically a idea about the about share market and the investors attitude toward share market which helps to get knowledge about trade in share market.
This report can help to analysis the share market how the market work and the attitude of the investors(bearish and bullish) .This report can also help full for the new investor and provide a platform to invest and market.
Lightspeed provides a platform for retailers and ecommerce businesses. The platform includes features like ecommerce storefronts, order management, inventory management, fulfillment, customer relationship management, and analytics. Lightspeed has helped over 2,000 customers across various industries.
Sharekhan is an Indian stock brokerage founded in 2000 that has over 679 branches across 234 cities. It was previously known as SSKI Investor Services Private Limited. Sharekhan has over 6 lakh trading members and was awarded the Most Preferred Stock Broking Brand in India in 2005. The document then discusses Sharekhan's products and services, competitors, and provides an analysis of commodity marketing customers, finding that 975 out of 1325 customers in one branch have earned profits through commodity investments while 74 are unfamiliar with commodity marketing.
The document discusses the CB Insights Fintech 250 list, which recognizes the top 250 private companies changing financial services globally. It describes how the companies are selected using an algorithmic process that considers factors like momentum, market health, funding amounts, and investor quality. The rest of the document provides brief descriptions of 55 companies that have been recognized on the Fintech 250 list.
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1. Genesis of the report
I have done my summer training at SHAREKHANLtd. It is one of the reputed company& brand name
in the share broking companies in India.
During my interns I have got the practical knowledge of Stock market. Working in share khan I
have got to know that research team of Share Khan makes analysis of the companies & prepares
research report which contains information & news about different companies. Through this research
report researcher recommends investors about what stock should be buy, sale or hold etc. it contains the
performance of the companies. So investor can invest in stock market by reading this report. This
report appears daily on the Share Khan website. After getting this I have decided to do my summer
project on Equity research.
There is a lot of scope and growth opportunities in the Automobile sector. Development of
Automobile sector is the key for the economic growth of developing countries like India and so I have
selected this sector. During the training session I had observed the price rise and decline inthese sectors
every day. Even I have earned some money by trading in this sector companies.
This report constitutes the detailed analysis of automobile sector& Analysis of two companies.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 1
2. OBJECTIVE OF STUDY
To acquire a deep knowledge of the Automobile Sector which I am studying.
To predict expected share price with the projected company‟s financial performance (2009-
20010)
Fundamental analysis of the company.
Comparative analysis of Tata Motors & Mahindra & Mahindra.
To study the demand of Automobile sector.
Projection about improving performance of the company.
To evaluate management & internal business decisions.
Application of various fundamental & technical tools.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 2
3. Share Khan ltd.
Name of the company- Share Khan ltd.
Year of establishment - 1925
Headquarter - Share Khan SSKI
A 206 phoenix house
Phoenix Mills Compound
Lower Parel Mumbai.
Nature of business - Service Provider
Services - Depository services, online services & technical research.
Website - www.sharekhan.com
Slogan - Your guide to financial jungle.
Vision - TO be the best broking brand in the retail broking business.
Mission - to educate & empower individual investor to make better investment decision through
quality advice & superior services.
Share Khan is the one of the leading retail brokerage company of SSKI group which is running
successfullysince 1022 in the country. It is the leading retail firm of Mumbai based SSKI group. Which
has over 8 decades of experience in retail broking? Sharekhan offers its customers wide range of equity
related services including trade execution on BSE, NSE, DERIVATIVES, DEPOSITORY SERVICES,
ONLINE TRADING & DMAT ACCOUNT.
The firms online site “ www.sharekahn.com” Was launched in 8 Feb 2000. the site give access to
superior content & transaction facility to retail customers across the country. The site has registered
base of over 100000 lakh client & number is increasing day by day. Share Khan stands for 32 % of the
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 3
4. volume traded online. The site is very user friendly. It gives superior market information. Share Khan
daily provides research report on its site. It involves recommendation to its clients regarding different
deferent stocks. Investor can get an idea about investment from this research report.
Share Khan Networks include over 588 centers in 148 cities in India of which 32 are fully owed
branches.
Share Khanalways believein investment in technology to build its business. The company has used
some of the best names in IT Industry. Like Sun Microsystem, Oracle, Microsoft, Cambridge
Technologies, Nexgenix, Spider Software pvt.ltd. To build its online trading terminal.
The Morakhiya family holds a majority stakes in company. HSBC, Intel & Carlyle are the other
investors.
With a legacy of more than 80 years in stock market, the SSKI group ventured in to institutional
broking & corporate finance 18 years ago. Presently SSKI is one of the leading players in institutional
broking & corporate finance activity. SSKI holds a Sizable portion of the market in each of this
segment. SSKI's institutional broking arm accounts for a 7 % of the market for foreign institutional
portfolio investment & 5 % of all the domestic institutional portfolio investment in the country. It has
60 institutional client spread over India, far East UK, & U.S. Foreign institutional investors generate
about 65 % of the organizations revenue, with a daily turnover of over US$ 2 million. The corporate
finance section has a list of very prestigious clients & has many first to its credit in terms of the size of
deal, sector tapped etc. The group has placed over US$ 1 million in private equity deals. Some of the
client includes BPL, Cellular holding, GujaratPipavav, Assar, Hutchison, Planet Asia, &Shoppers Stop.
Products offered by Share Khan-
BOLT for online trading
NEAT for online trading
Port Folio management services
Online trade & commodities
Mutual Fund Advisory
Insurance
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 4
5. Three types of online terminal
trade Tiger
classic
fast trade
1- Trade Tiger-
A single platform for multiple exchange BSE & NSE (Cash & F&O), MCX, NCDEX, Mutual
Funds, IPOs
Multiple Market Watch available on Single Screen
Multiple Charts with Tick by Tick Intraday and End of Day Charting powered with various
Studies
Graph Studies include Average, Band- Bollinger, Know SureThing, MACD, RSI, etc
Apply studies such as Vertical, Horizontal, Trend, Retracement & Free lines
User can save his own defined screen as well as graph template, that is, saving the layout for
future use
User-defined alert settings on an input Stock Price trigger
Tools available to guage market such as Tick Query, Ticker, Market Summary, Action Watch,
Option Premium Calculator, Span Calculator
Shortcut key for FAST access to order placements & reports Online fund transfer activated
with 12 Banks
2- classic account-
Online trading account for investing in Equities and Derivatives via sharekhan.com
Integration of: Online trading + Bank + Demat account
Instant cash transfer facility against purchase & sale of shares
Make IPO bookings
You get Instant order and trade confirmations by e-mail
Streaming Quotes
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 5
6. Personalized Market Scan with your own customized stock ticker!
Single screen interface for cash and derivatives
Your very own Portfolio Tracker!
Reasons to choose Share Kahn ltd.
Experience-
SSKI has more than 8 years of trust & credibility in the Indian Stock Market. SSKI has won the
“ best broking house award” in the year 2004. Share Khan has been providing Institutional research &
broking services to individual investors.
Technology-
with online trading account anyone who is having demat account in Share Khan can buy & sell
stocks instantly from any PC with an internet connections. The online trading terminal is technically
very strong & user friendly. You get all details regarding your demat account. Anyone can transfer his
fund online from bank account to demat account or from demat account to his bank account.
Knowledge-
Access to the wide range of information on content rich portal, also get a knowledge based tools
that will empower you to take right decisions.
Convenience-
You can call our “DIAL & TRADE” number to get investment advice & execute yor
transaction. Share Khan is having a dedicated call centre to provide this service via a toll free number
1800-22-7500 & 1800-22-7050.
Customer Service-
Share Khan Customer service team will assist you for any help that you need relating to
transactions, billing, demat & other queries. Customer service can be contracted via a toll free no, email
or online chat on “harekhan.com”.
Investment Advice-
Share Khan has a dedicated research team of more than 30 people for fundamental & technical
research. Analyst constantly tracks the pulse of the market & provides timely investment advice to you
in the form of daily research emails, online chats, printed reports & SMS on your mobile phone.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 6
7. Sharekhan Demat Account
A Demat Account is an account which you need in India in order to buy and sell shares. Earlier
shares or stocks or a company were bought and sold in paper format. Now they are stored
electronically. Just like money is saved in your bank account, Shares are stored in your Demat Account
(sometimes also called DMAT account). You can open a Demat Account with sharekhan. This is
especially recommended if you have an online trading account with Share khan. You can then link you
Share khan trading account with your Share khan Demat Account so that any shares bought with the
trading account can be directly transferred to your Demat. Here is all information you need about Share
khan Demat Account.
Documents Needed to Open a Sharekhan Demat Account.
1. PAN Card. Pan card is now mandatory in order to open a Demat Account.
2. Address Proof. Example- your ration card, driver's licence, electricity bill, voters id or election
card, etc.
3. Your recent photographs. Two or three.
4. A cancelled check. This may or may not be required. But carry your bank passbook and check
book when you go to open a Sharekhan Demat Account.
Sharekhan Demat Account Charges
1. Share khan Demat Account Opening Charges: NIL
2. Share khan Demat Account Maintenance Charges: Rs. 75 per quarter, i.e. Rs. 300 per anum.
3. Share khan Demat Account Closing Charges: Rs. 100.
4. Brokerage -
for trading in Equity-
Intraday- 0.10%
Delivery- 0.50%
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 7
8. for trading in derivatives-
100 RS per lot.( per lot includes 50 shares)
5. Share khan Dematerialization Charges: RS.3 per certificate or RS.15 per request, whichever is
higher.
6. Share khan Demat Account Custody Fee: NIL
Minimum amount requires to open demat account- 5000 Rs. You can do trading from this
amount & 750 advance brokerage for 6 months validity. There are different plans for reducing the
amount of brokerage.
Brokerage slab
Cash F&O
Scheme Period in
Trading Delivery Futures Options
Name Months
Min Min Min
% % % %
(paisa) (paisa) (paisa)
2% of premium
AMC or Rs. 90,
12 0.07 5 0.40 10 0.07 1
2000 whichever is
higher
1.5% of premium
AMC or Rs. 75,
12 0.05 5 0.25 5 0.05 1
6000 whichever is
higher
1% of premium
AMC or Rs. 50,
12 0.04 4 0.20 4 0.04 1
18000 whichever is
higher
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 8
9. Table 1: Brokerage slab
Indian Stock Market
Indian Stock market contains more than 20 stock exchanges, some of which are popular nationally as
well as regionally. The first stock market started in country was Bombay Stock Exchange(BSE ) stock
market. It‟s the oldest stock market in Asia. It has around 5000 listings & a volume of more than US$
1 Trillion. The other most popular stock exchange is National Stock Exchange(NSE). Its also largest
stock exchange in the country & third in the world. These two Exchanges constitutes major part of
Indian Capital Market.
Purpose of stock market?
Stock markets basic role to provide platform for the people of the country to invest their
savings & also a source of funds for the various institutions & organizations. It provides an opportunity
for any person to become a part owner of the company by buying the companies share. One can deal in
variety of financial instruments such as Equity, futures & options, currency future, commodities etc.
Impact on the economy
Provides source of funding for the organization
An investment avenue
A source of income for investors
A source of revenue for government in the form of taxes.
A source of employment
Present scenario-
Current condition of Stock Market has drastically improved. SENSEX has already crossed
17000 Mark & Nifty has crossed 5000 mark. We have seen that in the recession SENSEX has come
down to 8000 point from 21000. But now market is gearing up & crossed 17000 points. Lot of people
invest in stock market. Indian Stock Market has been giving average 19% return on investment much
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 9
10. more than returns which we get from bank or any other sources. Though the Indian Stock Market can
be very rewarding avenue of investment but the constant changes & the inherent dynamic changes in
the market can wipe your funds or savings. Because market is very volatile. So every investor has to
very alert & observant. People from across the country & globe get in touch with minute wise reading
on the stock market & gain a lot of trading aptitude after daily seeing BSE Stop Gainers or BSE top
losers list which does a world of good to their investment portfolio.
Stock Analysis
Indian Securities markets are touching new heights as it has surpassed 17,000 marks. More and
more investors are attracting towards equity investment and trading. But this is not always the case that
no one can assure you certain returns there is always uncertainty and risk in investment and that push
investors on back seats. Sometimes it becomes very difficult for investors to predict the share price of
the particular company in this very volatile market. It raises questions in investor‟s mind that
At what price I should buy? When to sell it... hold?
As trading and investments are increasing on the markets as SEBI made it compulsory for all
the companies to disclose important information to its Shareholder and investor. So they can get as
possible as information about the companies of which they are holding the shares or going to buy.
now-a-days brokers and some analyst providing some future predictions of stocks price movements. So
now investment has become somewhat easy for investors.
This is done with a Stock Analysis getting the information about company and its price
movements on stock markets and tries to predict the value of shares. So, there is great importance of
stock analysis among investors. Stock analysis is usually done by Broking Firms. They recommends
there investors regarding buying & selling of shares.
Types of Stock Analysis-
1. Technical Analysis
2. Fundamental Analysis
Here we have selected a Fundamental analysis as subject of our project so we would do it in detail
with practical analysis. We would get only some flavor of technical analysis and then we would
understand about fundamental analysis.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 10
11. TECHNICAL ANALYSIS1
“Technical analysis is a method of evaluating securities by analyzing the statistics generated by market
activity, such as past prices and volume. Technical analysts do not attempt to measure a security's
intrinsic value, but instead use charts and other tools to identify patterns that can suggest future
activity.”
Just as there are many investment styles on the fundamental side, there are also many different types of
technical traders. Some rely on chart patterns; others use technical indicators and oscillators, and most
use some combination of the two. In any case, technical analysts' exclusive use of historical price and
volume data is what separates them from their fundamental counterparts. Unlike fundamental analysts,
technical analysts don't care whether a stock is undervalued - the only thing that matters is a security's
past trading data and what information this data can provide about where the security might move in
the future. Technical analysis is very useful for short term investors.
The field of technical analysis is based on three assumptions: 2
1. The Market discounts everything.
2. Price moves in trends.
3. History tends to repeat itself.
1. The Market Discounts Everything
A major criticism of technical analysis is that it only considers price movement, ignoring
the fundamental factors of the company. However, technical analysis assumes that, at any given time, a
stock's price reflects everything that has or could affect the company - including fundamental factors.
Technical analysts believe that the company's fundamentals, along with broader economic factors and
marketpsychology, are all priced into the stock, removing the need to actually consider these factors
separately. This only leaves the analysis of price movement, which technical theory views as a product
of the supply and demand for a particular stock in the market.
1
http://en.wikipedia.org/wiki/Technical_analysis
2
ttp://www.tradegreeks.com/articles/Article-Technical-Analysis-Indepth1.htm
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 11
12. 2. Price Moves in Trends
In technical analysis, price movements are believed to follow trends. This means that after a trend has
been established, the future price movement is more likely to be in the same direction as the trend than
to be against it. Most technical trading strategies are based on this assumption.
3. History Tends To Repeat Itself
Another important idea in technical analysis is that history tends to repeat itself, mainly in terms of
price movement. The repetitive nature of price movements is attributed to market psychology; in other
words, market participants tend to provide a consistent reaction to similar market stimuli over time.
Technical analysis uses chart patterns to analyze market movements and understand trends. Although
many of these charts have been used for more than 100 years, they are still believed to be relevant
because they illustrate patterns in price movements that often repeat themselves.
Other Usage
Technical analysis can be used on any security with historical trading data. This includes stocks, futures
and commodities, fixed-income securities, forex, etc. these concepts can be applied to any type of
security. In fact, technical analysis is more frequently associated with commodities and forex, where
the participants are predominantly traders.
Strengths of Technical Analysis3
Focus on Price
If the objective is to predict the future price, then it makes sense to focus on price movements. Price
movements usually precede fundamental developments. By focusing on price action, technicians are
automatically focusing on the future. The market is thought of as a leading indicator and generally
leads the economy by 6 to 9 months. To keep pace with the market, it makes sense to look directly at
the price movements. More often than not, change is a subtle beast. Even though the market is prone to
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13. sudden knee-jerk reactions, hints usually develop before significant moves. A technician will refer to
periods of accumulation as evidence of an impending advance and periods of distribution as evidence
of an impending decline.
Supply, Demand, and Price Action
Many technicians use the open, high, low and close when analyzing the price action of a security.
Separately, these will not be able to tell much. However, taken together, the open, high, low and close
reflect forces of supply and demand.
Before the open, the number of buy orders exceeded the number of sell orders and the price was
raised to attract more sellers. Demand was brisk from the start. The intraday high reflects the strength
of demand (buyers). The intraday low reflects the availability of supply (sellers). The close represents
the final price agreed upon by the buyers and the sellers. Even after this selling pressure, the close
remained above the open. higher prices reflect increased demand and lower prices reflect increased
supply.
Support/Resistance
Simple chart analysis can help identify support and resistance levels. These are usually marked by
periods of congestion (trading range) where the prices move within a confined range for an extended
period, telling us that the forces of supply and demand are deadlocked. When prices move out of the
trading range, it signals that either supply or demand has started to get the upper hand. If prices move
above the upper band of the trading range, then demand is winning. If prices move below the lower
band, then supply is winning.
Pictorial Price History
A price chart can offer plenty of valuable information. The price chart is an easy to read historical
account of a security's price movement over a period of time. Charts are much easier to read than a
table of numbers. On most stock charts, volume bars are displayed at the bottom. With this historical
picture, it is easy to identify the following:
Reactions prior to and after important events.
Past and present volatility.
Historical volume or trading levels.
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14. Relative strength of a stock versus the overall market.
Assist with Entry Point
Technical analysis can help with timing a proper entry point. Someanalysts use fundamental
analysis to decide what to buy and technical analysis to decide when to buy. It is no secret that timing
can play an important role in performance. Technical analysis can help spot demand (support) and
supply (resistance) levels as well as breakouts. Simply waiting for a breakout above resistance or
buying near support levels can improve returns.
Weaknesses of Technical Analysis
Analyst Bias
Just as with fundamental analysis, technical analysis is subjective and our personal biases can be
reflected in the analysis. It is important to be aware of these biases when analyzing a chart. If the
analyst is a perpetual bull, then a bullish bias will overshadow the analysis. On the other hand, if the
analyst is a disgruntled eternal bear, then the analysis will probably have a bearish tilt.
Open to Interpretation
Furthering the bias argument is the fact that technical analysis is open to interpretation. Even though
there are standards, many times two technicians will look at the same chart and paint two different
scenarios or see different patterns. Both will be able to come up with logical support and resistance
levels as well as key breaks to justify their position. While this can be frustrating, it should be pointed
out that technical analysis is more like an art than a science, somewhat like economics. Is the cup half-
empty or half-full? It is in the eye of the beholder.
Too Late
Technical analysis has been criticized for being too late. By the time the trend is identified, a
substantial portion of the move has already taken place. After such a large move, the reward to risk
ratio is not great. Lateness is a particular criticism of Dow theory.
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15. Predictions may go wrong-
Sometimes predictions may go wrong. Analysis is done only by charts & past trends. Generally if a
particular stock going up it is predicted that this stock will go up in future also. If a stock of a particular
company increasing from last 1 year it is not sure that it will increase in future also. It may go down if
the company fails to perform well or any other economic reason.
Fundamental Analysis
Meaning: -Fundamental analysis is the examination of the underlying forces that affect the
wellbeing of the economy, industry groups, and companies. As with most analysis, the goal is to
derive a forecast and profit from future price movements.
At the company level, fundamental analysis may involve examination of financial data,
management, business concept and competition.
At the industry level, there might be an examination of supply and demand forces for the
products offered.
For the national economy, fundamental analysis might focus on economic data to assess the
present and future growth of the economy.
Strengths of Fundamental Analysis
Useful for Long-term-
Fundamental analysis is good for long-term investments based on long-term. It is very
important for those who wants to invest in market for long term.
Value prediction-
Sound fundamental analysis help to identify companies that represent a good value. Some of
the most legendary investors think long-term and value. Graham and Dodd, Warren Buffett and
John Neff are seen as the champions of value investing.
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16. Business Accuracy-
Fundamental analysis is the development of a thorough understanding of the business. After
research and analysis, an investor will be familiar with the key revenue and profit drivers
behind a company. Earnings and earnings expectations can be main drivers of equity prices. A
good understanding can help investors avoid companies that are to be going to shortfalls and
identify those that continue to deliver.
Weaknesses of Fundamental Analysis4
Time Constraints
Fundamental analysis may offer excellent insights, but it can be extraordinarily time-
consuming. It requires lot of research.
Industry/Company Specific
Valuation techniques vary depending on the industry group and specifics of each company. For
this reason, a different technique and model is required for different industries and different
companies. This can get quite time-consuming, which can limit the amount of research that can
be performed. A subscription-based model may work great for an Internet Service Provider
(ISP), but is not likely to be the best model to value an oil company.
Subjectivity
Fair value is based on assumptions. Any changes to growth or assumptions can greatly alter the
ultimate valuation. & i will cause loss to the investors.
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17. Economic Analysis-
The purpose of analyze economic condition of the country in fundamental analysis to asses the
general economic situation both within the country and inter nationally.
The economy is like the tide and the various industry groups and individual companies are like
boats. When economy expands most industry groups and companies benefits and grows. When the
economy declines, most sectors and companies usually suffer. The stock market does not operate in a
vacuum it is an integral part of ht whole economy of a country, more so in a free economy that of
United States and to some extent in mixed economy like ours.
To gain an insight into the complexities of stock market. One needs to develop a sound
economic understanding and be able to interpret the impact of important economic indicators on stock
markets.
The following are some important factors which should be taken into account while doing
fundamental analysis:
Economic Growth
Per capita income
Industrial Production
Inflation
Interest Rates
Foreign Exchange Reserves
Budgetary Deficit
Domestic Savings and Investment
Tax Rates
Infrastructure
Political Situation
In absolute terms, India is 16th in the world in terms of nominal factory output. The service
sector is growing rapidly in the past few years. This is the pie- chart showing contributions of different
sectors in Indian economy. The per capita Income is near about Rs38,000 reflecting improvement in the
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18. living standards of an average Indian.
Today, automobile sector in India is one of the key sectors of the economy in terms of the
employment. Directly and indirectly it employs more than 10 million people and if we add the number
of people employed in the auto-component and auto ancillary industry then the number goes even
higher.
Figure 1: Composition of GDP by industries(08-09)
India GDP Growth Rate-
India Gross Domestic Product (GDP) expanded 8.5% over the last quarter. The India Gross
Domestic Product is worth 1217 billion dollars or 1.96% of the world economy, according to the World
Bank
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19. Figure 2: Quarterly GDP growth
Contribution of automobile sector in GDP is about 5% & will be doubled by 2016.
FDI(Foreign Direct Investment)
In India FDI has been permitted up to 100% in automobile sector. Which has led to a turnover
of USD 12 billion in Indian Auto industry & USD 3 billion in auto parts industry. Manufacturing cost
in India is 25% to 30% lower than there foreign counterparts. Investment commission has set a target of
US $ 5 billion in next 7 years to increase the share of India in global Auto market. From existing .9 %
to 2.5 % by 2015.
Highlights of 2010-11 budget regarding Automobile Industry-
The correction in Excise duty on Electric Vehicles which will enable the manufacturers take
CENVAT credit and exemption of Customs duty on Electric Vehicles parts.
Payment made to an approved association engaged in research in Social Sciences or Statistical
Research will be allowed as a weighted deduction of 125 per cent. The income of such
approved research association shall be exempted from tax.
increase in weighted deduction for in-house R&D to 200% from 150% and outsourced R&D
from 125% to 175%.
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20. 2% hike in Excise duty
The budget did not meet all the expectations as the sector is yet to recover fully from
recession.
Indian automobile industry is expected to grow at 9-11 % in near future.
From the above analysis we have seen that our economic condition is preferable to Automobile
Industry.
Industry Analysis
Brief history of Automobile Industry-
In 1898 car had touched the Indian streets for the first time. The Automobile Industry in India
is the seventh largest in the world with an annual production of over 2.6 million units in 2009. In 2009,
India emerged as Asia's fourth largest exporter of automobiles, behind Japan, South Korea and
Thailand. By 2050, the country is expected to top the world in car volumes with approximately 611
million vehicles on the nations road.
Following economic liberalization in India in 1991, allowed foreign companies to enter into
India for the business purpose. The Indian automotive industry has demonstrated sustained growth as
a result of increased competitiveness and relaxed restrictions. Several Indian automobile manufacturers
such as Tata Motors, Maruti Suzuki and Mahindra and Mahindra, expanded their domestic and
international operations. In February 2009, monthly sales of passenger cars in India exceeded 100,000
units.
India‟s automobile sector consists of the passenger cars and utility vehicles, commercial
vehicle, two wheelers and tractors segment. The total market size of the auto sector in India is
approximately RS. 540 billion and has been growing at around 8 percent per annum for the last few
years. Since the last four to five years, the two wheelers segment has driven the overall volume growth
on account of the spurt in the sales of motorcycles. However, lately the passenger cars and commercial
vehicles segment has also seen a good growth due to high discounts, lower financing rates and a pickup
in industrial activity respectively.
In the initial years after independence Indian automobile industry was plagued by unfavorable
government policies. All it had to offer in the passenger car segment was a 1940s Morris model called
the Ambassador and a 1960s Suzuki-derived model called the Maruti 800. The automobile sector in
India underwent a metamorphosis as a result of the liberalization policies initiated in the 1991.
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21. Measures such as relaxation of the foreign exchange and equity regulations, reduction of tariffs on
imports, and refining the banking policies played a vital role in turning around the Indian
automobileindustry. Until the mid 1990s, the Indian auto sector consisted of just a handful of local
companies. However, after the sector opened to foreign direct investment in 1996, global majors moved
in. Automobile industry in India also received an unintended boost from stringent government auto
emission regulations over the past few years. This ensured that vehicles produced in India conformed to
the standards of the developed world.
Indian automobile industry has matured in last few years and offers differentiated products for different
segments of the society. It is currently making inroads into the rural middle class market after its
inroads into the urban markets and rural rich. In the recent years Indian automobile sector has
witnessed a slew of investments. India is on every major global automobile player's radar. Indian
automobile industry is also fast becoming an outsourcing hub for automobile companies worldwide, as
indicated by the zooming automobile exports from the country. Today, Hyundai, Honda, Toyota, GM,
Ford and Mitsubishi have set up their manufacturing bases in India. Due to rapid economic growth and
higher disposable income it is believed that the success story of the Indian automobile industry is not
going to end soon..
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23. Industry Analysis
Analysis of automobile industry-
this is the pie chart showing segment wise market share in automobile induistry.
Figure 2: Composition of GDP by industries (08-09)
Figure 4: Proportion of different type of vehicles
FIVE FORCES MODEL-
Porter identifies five forces model that influences industry.
degree of rivalry-
Rivalry in the Indian Auto sector is intense due to entry of foreign companies. The rivalry is
too high because any new kind of product manufactured by a particular company is being is being
manufactured by competitors also. This is done because technical capabilities of companies under
the technical collaboration with foreign players.
Threat of Substitutes-
The threat of substitutes to the Automobile Sector is fairly low. Many forms of
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24. transportation are available but none offered utility, convenience, independence & value offered by
automobiles. & the cost associated with other modes of transport may be high in terms of personal
time, convenience & utility.
Barriers to entry-
The barriers to enter automobile sector is substantial. For a new company the initial capital
require to establish new manufacturing setup up achieve minimum efficient scale is prohibitive. But
existing companies entered in to market by alliance with domestic partner acquiring stake. However
the domestic company with potentials & expertise has the potential to compete with foreign
players.
Suppliers Power-
Relationship between the industry & its suppliers the power is in favor of industry.The
industry is powerful buyer who is generally able to dictate their terms to suppliers.
Buyers Power-
In the relationship between industry & its consumers the power axis is in favor of its
consumers. This is because of the competition.
SWOT ANALYSIS
Scanning of internal & external factors of industry is very essential while analyzing the
Automobile industry. Internal factors include strengths, weakness & external factors includes
opportunities, threats.
Strengths-
Large domestic market
Sustainable labor cost advantage
Competitive Auto component vendor base
Government incentives for manufacturing plants
Strong engineering skills in design etc.
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25. Weakness-
Low labor productivity
High interest cost & high overheads
various forms of taxes
low investment in research & developments
infrastructure problem
Opportunities-
Commercial vehicles- SC ban on overloading
Heavy thrust on mining & construction activity
increase in the income level
cut in excise duty
rising rural demand
Threats-
Rising input cost
Rising interest rates
Cut throat competition
Largest three wheeler market in the world.
2nd largest two wheeler market in the world.
4th largest passenger vehicle market in Asia.
4th largest tractor market in the world.
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26. AUTOMOTIVE MISSION PLAN5
A mission for development of automobile industry
VISION
“To emerge as the destination of choice in
The world for design and manufacture of
Automobiles and auto components with
Output reaching a level of US$ 145 billion
Accounting for more than 10% of the GDP
And providing additional employment to
25 million people by 2016.”
The necessity of this Mission Plan arises in the background of a newfound strength and
resurgence in the Indian manufacturing sector. For most of the decade of the 1990s, post economic
deregulation in 1991, growth in the Indian economy has been led by growth in the service sector, a
growth that has overshadowed the growth in the manufacturing sector. In the past few years, several
industries in the Indian manufacturing sector have become internationally competitive and have
acquired a new energy to grow. Several industries, including the automotive industry, genuinely
believe that they can become world-beaters.
4.2 In developing a Mission Plan for India‟s automotive sector, answer to the following questions
has been sought:
i) Where is automotive sector in India today? What linkages does the automotive sector have with
other facets of the India‟s economy?
(ii) What do we want the automotive sector of India to look like in 2016? in other words, what is
the potential of 4th largest position in world to grow along other segments of its value chain. &
what can be the maximum impact on its shareholder.
(iii) How do we attain the vision? What policy interventions will facilitate the attainment of this
potential?
Vision for the Future: The opportunity landscape for the Indian auto industry would
encompass manufacture of vehicles and components for domestic sales, manufacture for exports (both
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27. vehicles and components), and export of services in areas such as design, engineering, and back office
operations. It is estimated that the total turnover of the automotive industry in India would be in the
order of USD 122-159 billion in 2016 (a substantial increase from the size of USD 34 billion in 2006).
4. It is expected that in real terms, India would continue to enjoy its eminent position of being the
largest tractor and three wheeler manufacturers in the world and the world‟s second largest two
wheeler manufacturer By 2016, India would emerge as the world‟s seventh largest car producer
(as compared to the In eleventh largest currently) and retain the automotive sector to grow along
manufacturing sector. Further, by 2016 and the automotive sector would double its contribution to
the country‟s GDP up to10 % the share of industry in GDP is expected to go up to around 35% from
current level of 24% by 2016.
So this Automotive Mission Plan is already helping Automobile sector & this plan contributes
to the growth of the Automobile Sector. & it will boost this sector in future also.
Current status of Indian Automobile Industry-
The time has gone when people just wanted to have vehicles as a means of transportation but
nowadays they are more aware about the vehicle model, their price and various other features. India
opened its gates for the foreign companies in 1991 various automobiles giants entered our country
seeking it as their target market. We Indians also got a wide variety of cars to choose from. Hyundai
entered in India with a view to capture the small market segment earlier captured mostly by two giant
Indian companies- Tata Motors and Maruti Udyog Limited.
Tata is one of the company in which the Indians trust like anything. It has diversified itself in a
number of sectors gaining the trust and proving its competence in every such field. Tata when come up
with a small car segments it was welcomed by people in the same way as it welcomed all its products.
It has a wide choice of four wheelers to satisfy the varied Indian choices. In the other hand MARUTI
also is said to capture the pulse of Indian middle class by giving them their MARUTI 800.To its wing it
added many other cars to competition to TATA motors.
TATA has Launched TATA NANO the world‟s cheapest car. This was the remarkable point in
Indian Automobile history. This car is generally made for middle class people. Tata Nano‟s launch
could expand the Indian car market by 65%. TATA has launched world‟s cheapest car so now other
players will invent the car like TATA NANO. The customers will have the different options in that price
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28. segment. Middle class people can afford Rs.1 lack car. This leads to increase in the number of car
holders. & this automatically leads to growth of car segment.
Indian Automobile Industry
Largest three wheeler market in the world.
2nd largest two wheeler market in the world.
4th largest passenger vehicle market in Asia.
4th largest tractor market in the world.
5th largest commercial vehicle market in the world.
The industry structure spans all segments and is concentrated in regional clusters
The India automotive sector has a presence across all vehicle segments and key components. In
terms of volume, two wheelers dominate the sector, with nearly 80 per cent share, followed by
passenger vehicles with 13 per cent. The industry had few players and was protected from global
competition till the 1990s. After government lifted licensing in 1993, 17 new ventures have come up.
At present, there are 12 manufacturers of passenger cars, 5 manufacturers of multi utility vehicles
(MUVs), 9 manufacturers of commercial vehicles, 12 of two wheelers and 4 of three wheelers, besides
5 manufacturers of engines. With the arrival of global players, the sector has become highly
competitive.
Concentrated in regional clusters
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29. Automobile manufacturing units are located all over India. These are, however, concentrated in
some pockets such as Chennai and Bangalore in the south, Pune in the west, the National Capital
Region (NCR, which includes New Delhi and its suburban districts) in the north, Jamshedpur and
Kolkata in the east and Pithampur in the central region. Following global trends, the Indian automotive
sector also has most auto
Suppliers located close to the manufacturing locations of OEMs, forming regional automotive clusters.
Broadly, the three main clusters are centered around Chennai, Pune and the NCR.
Auto Components sector is highly fragmented
India is emerging as one of the most attractive automotive markets in the world, and is
poised to become a key sourcing base for auto components.
The Indian automotive component industry is highly fragmented. There-are nearly 6,400 players in the
sector, of which only about 6 per cent are organized and the remaining 94 per cent are small-scale,
unorganized players. In terms of value added, however, the organized players account for nearly 77 per
cent of the output in the sector. The sector manufactures components across all key vehicle systems.
The break-up of the output from the organized sector, in value terms, across key vehicle systems, is
shown in the figure.
Exports of automobiles from India are booming
While the domestic sales of automobiles have been increasing at a significant rate,exports have
taken a quantum leap in recent years. The exports of automobiles from India have been growing at a
CAGR of 39 per cent for the past four years.
Exports growth has been spearheaded by the passenger vehicle segment, which has grown at a
rate of 57.4 per cent. Europe is the biggest importer of cars from the country while predominantly
African nations import buses and trucks.The Association of South East Asian Nations (ASEAN) region
is the prime destination for Indian two wheelers.
Most of the key auto component manufacturers in India are very positive about the outlook for
exports, and expect about 15 per cent of their revenue to come from exports over the next 3-5 years. It
has been estimated that exports of auto components from India could be around US$ 20-25 billion by
2015.
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30. Competitive Advantages
India has several competitive advantages in the automobile sector,which have been analyzed
using the following framework. Availability of skilled manpower with engineering and design
capabilities India has a growing workforce that is English-speaking, highly skilled and trained in
designing and machining skills required by
The automotive and engineering industries. In a combined assessment of manpower availability and
capabilities, India ranks much ahead of other competing economies (see figure).
Figure 5: India competitiveness compared to other industries
Many Indian and global players are leveraging this advantage by increasingly outsourcing activities
like design and R&D to their Indian arms. The Society of Indian Automobile manufacturers(SIAM)
estimates that automotive vehicle manufacturers are
Expected to invest US$ 5.7 billion in the Indian market from 2010 to 2012. Of this, about US$ 2.3
billion will be on research and development and the rest probably on capex.
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31. Table 2: Key players in automobile industry
The Indian automobile industry is highly competitive with a large number of players in each
industry segment. Most of the global majors are present in the passenger vehicle and two wheeler
segments. In the components industry too,global players such as VISTEON, Delphi and Bosch are well
established,competing with domestic players. The presence of global competition has led to an overall
increase in capabilities of the Indian auto sector. Increase in competition has led to a pressure on
margins, and players have become increasingly cost efficient. Quality levels have gone up, and there is
an increasing focus on compliance to TPM, TQM and Six Sigma processes. This has led to an
increased confidence among domestic players, who are now focusing on opportunities abroad. Key
players in the components sector like Bharat Forge and Sundaram Fasteners have become key global
suppliers in their categories.
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32. Expected Growth by 2015-16
Potential Vehicle sales in India in 2015 - 16 ( in mn)
0.87
27.8
2015-16
0.64
2.65
0 10 20 30
Three Wheelers Two wheelers CVs Cars
Figure 6: potential vehicle sales
After this whole analysis of Automobile Industry we can say that though there are some
backlogs like regional clusters, some threats & weaknesses of Automobile Industry there are more
positive sign than the negative. There is a lot of potential in this industry. This is the industry which
will go day by day. Because the population level of India is increasing. Many of the villages in India is
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33. developing.
car segment -
today car is not meant for need only it becomes a luxury & income level of people is increasing this can
b leads to increase in sale of cars.
TATA NANO RS. 1 lack car.
Petrol prices are increasing but it does not affect the sale of car because people gives more important to
need & luxury than the petrol & diesel prices.
Commercial vehicles-
today transportation facilities are developing.
Business is expanding so it leads to requirement of more & more commercial vehicles.
Two Wheeler-
Even lower middle class people can afford two wheelers. Today almost every company provides two
wheeler at a price of RS. 35000 to 40000.
it is cheaper than the other mode of transport & less time consuming.
So we can say that there is so much potential to invest in Automobile sector. in future also this
sector will grow.
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34. Company Analysis-
i have taken two companies from the Automobile Sector-
1- TATA Motors
2- MAHINDRA & MAHINDRA
TATA MOTORS
TATA Motors Limited is India's largest automobile company, with consolidated revenues of RS. 92,519
crores (USD 20 billion) in 2009-10. It is the leader in commercial vehicles in each segment, and among
the top three in passenger vehicles with winning products in the compact, midsize car and utility
vehicle segments. The company is the world's fourth largest truck manufacturer, and the world's second
largest bus manufacturer.
The company's 24,000 employees are guided by the vision to be "best in the manner in which we
operate, best in the products we deliver, and best in our value system and ethics."
Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 5.9
million Tata vehicles ply on Indian roads, since the first rolled out in 1954. The company's
manufacturing base in India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow
(Uttar Pradesh), Patagar (Uttarakhand) and Dhār wad (Karnataka). Following a strategic alliance with
Fiat in 2005, it has set up an industrial joint venture with Fiat Group Automobiles at Ranjangaon
(Maharashtra) to produce both Fiat and Tata cars and Fiat powertrains. The company is establishing a
new plant at Sanand (Gujarat). The company's dealership, sales, services and spare parts network
comprises over 3500 touch points; Tata Motors also distributes and markets Fiat branded cars in India.
Tata Motors, the first company from India's engineering sector to be listed in the New York Stock
Exchange (September 2004), has also emerged as an international automobile company. Through
subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand
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35. and Spain. Among them is Jaguar Land Rover, a business comprising the two iconic British brands that
was acquired in 2008. In 2004, it acquired the Daewoo Commercial Vehicles Company, South Korea's
second largest truck maker. The rechristened Tata Daewoo Commercial Vehicles Company has
launched several new products in the Korean market, while also exporting these products to several
international markets. Today two-thirds of heavy commercial vehicle exports out of South Korea are
from Tata Daewoo. In 2005, Tata Motors acquired a 21% stake in Hispano Carrocera, a reputed
Spanish bus and coach manufacturer, and subsequently the remaining stake in 2009. Hispano's presence
is being expanded in other markets. In 2006, Tata Motors formed a joint venture with the Brazil-based
Marco polo, a global leader in body-building for buses and coaches to manufacture fully-built buses
and coaches for India and select international markets. In 2006, Tata Motors entered into joint venture
with Thornburg Automotive Assembly Plant Company of Thailand to manufacture and market the
company's pickup vehicles in Thailand. The new plant of Tata Motors (Thailand) has begun production
of the Xenon pickup truck, with the Xenon having been launched in Thailand in 2008.
Tata Motors is also expanding its international footprint, established through exports since 1961. The
company's commercial and passenger vehicles are already being marketed in several countries in
Europe, Africa, the Middle East, South East Asia, South Asia and South America. It has franchisee/joint
venture assembly operations in Kenya, Bangladesh, Ukraine, Russia, Senegal and South Africa.
The foundation of the company's growth over the last 50 years is a deep understanding of economic
stimuli and customer needs, and the ability to translate them into customer-desired offerings through
leading edge R&D. With over 3,000 engineers and scientists, the company's Engineering Research
Centre, established in 1966, has enabled pioneering technologies and products. The company today has
R&D centers in Pune, Jamshedpur, Lucknow, Dharwad in India, and in South Korea, Spain, and the
UK. It was Tata Motors, which developed the first indigenously developed Light Commercial Vehicle,
India's first Sports Utility Vehicle and, in 1998, the Tata Indica, India's first fully indigenous passenger
car. Within two years of launch, Tata Indica became India's largest selling car in its segment. In 2005,
Tata Motors created a new segment by launching the Tata Ace, India's first indigenously developed
mini-truck.
In January 2008, Tata Motors unveiled its People's Car, the Tata Nano, which India and the world have
been looking forward to. The Tata Nano has been subsequently launched, as planned, in India in March
2009. A development, which signifies a first for the global automobile industry, the Nano brings the
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36. comfort and safety of a car within the reach of thousands of families. The standard version has been
priced at Rs.100, 000 (excluding VAT and transportation cost).
Designed with a family in mind, it has a roomy passenger compartment with generous leg space and
head room. It can comfortably seat four persons. Its mono-volume design will set a new benchmark
among small cars. Its safety performance exceeds regulatory requirements in India. Its tailpipe
emission performance too exceeds regulatory requirements. In terms of overall pollutants, it has a
lower pollution level than two-wheelers being manufactured in India today. The lean design strategy
has helped minimize weight, which helps maximize performance per unit of energy consumed and
delivers high fuel efficiency. The high fuel efficiency also ensures that the car has low carbon dioxide
emissions, thereby providing the twin benefits of an affordable transportation solution with a low
carbon footprint.
In May 2009, Tata Motors introduced ushered in a new era in the Indian automobile industry, in
keeping with its pioneering tradition, by unveiling its new range of world standard trucks called Prima.
In their power, speed, carrying capacity, operating economy and trims, they will introduce new
benchmarks in India and match the best in the world in performance at a lower life-cycle cost.
Tata Motors is equally focused on environment-friendly technologies in emissions and alternative fuels.
. It has developed electric and hybrid vehicles both for personal and public transportation. It has also
been implementing several environment-friendly technologies in manufacturing processes,
significantly enhancing resource conservation
Through its subsidiaries, the company is engaged in engineering and automotive solutions, construction
equipment manufacturing, automotive vehicle components manufacturing and supply chain activities,
machine tools and factory automation solutions, high-precision tooling and plastic and electronic
components for automotive and computer applications, and automotive retailing and service operations.
Tata Motors is committed to improving the quality of life of communities by working on four thrust
areas – employability, education, health and environment. The activities touch the lives of more than a
million citizens. The company's support on education and employability is focused on youth and
women. They range from schools to technical education institutes to actual facilitation of income
generation. In health, our intervention is in both preventive and curative health care. The goal of
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 36
37. environment protection is achieved through tree plantation, conserving water and creating new water
bodies and, last but not the least, by introducing appropriate technologies in our vehicles and operations
for constantly enhancing environment care.
With the foundation of its rich heritage, Tata Motors today is etching a refulgent future.
Technical Chart
Figure 7: Technical chart
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 37
38. Profit & Loss account of
Tata Motors ------------------- in Rs. Cr. -------------------
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09
12 mths 12 mths 12 mths 12 mths 12 mths
Total Income 17,747.15 21,197.95 28,128.31 29,461.60 26,343.92
Operating Profit 2,000.05 2,146.36 2,586.51 3,030.52 1,723.10
PBIT 2,404.03 2,998.77 3,700.89 3,764.69 2,644.39
Interest 234.30 350.24 455.75 471.56 704.92
Profit Before Tax 1,652.45 2,053.81 2,573.83 2,576.47 1,013.76
Reported Net Profit 1,236.95 1,528.88 1,913.46 2,028.92 1,001.26
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 452.19 497.94 578.07 578.43 311.61
Per share data (annualised)
Shares in issue (lakhs) 3,617.52 3,828.34 3,853.74 3,855.04 5,140.08
Earning Per Share (Rs) 34.19 39.94 49.65 52.63 19.48
Equity Dividend (%) 125.00 130.00 150.00 150.00 60.00
Book Value (Rs) 113.65 143.94 177.59 202.70 240.64
Table 3: P & L account of TATA motors
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 38
39. Quarterly Results of Tata Motors ------------------- in Rs. Cr. -------------------
Mar '09 Jun '09 Sep '09 Dec '09 Mar '10
Total Income 6,976.45 6,723.99 8,399.75 8,980.11 13,342.65
Operating Profit 535.91 716.79 1,050.27 1,129.29 1,137.90
Net Profit 591.42 513.76 729.14 400.14 597.04
Dividend -- -- -- -- --
Earnings Per Share 11.51 9.99 14.18 7.36 10.46
Equity 514.05 514.05 514.05 543.96 570.60
Face Value 10.00 10.00 10.00 10.00 10.00
Table 3:Quarterly P & L account of TATA motors
Analysis of profit & loss
Total income of the company in the year 2009-10 has increased drastically as compare to previous
year but in previous year income had gone down as compare to the year 2008. After a Sharp decline
in sales volume auto industry recovered with the sales growth in the year 2009-10. This is because
improved economic activity reflected by improvement in industry production, favorable impact ogf
government packages & overall improvement in financial environment.Because of increase in the
total income net profit of the company has also increased. Company didn‟t pay any dividend in the
year 2009-10. Earning per share doubled as compare to previous year.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 39
40. Balance sheet
(Rs. In crore)
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Sources of funds
Owner's fund
Equity share capital 514.05 385.54 385.41 382.87 361.79
Share application money - - - - -
Preference share capital - - - - -
Reserves & surplus 11,855.15 7,428.45 6,458.39 5,127.81 3,749.60
Loan funds
Secured loans 5,251.65 2,461.99 2,022.04 822.76 489.81
Unsecured loans 7,913.91 3,818.53 1,987.10 2,114.08 2,005.61
Total 25,534.76 14,094.51 10,852.94 8,447.52 6,606.81
Uses of funds
Fixed assets
Gross block 13,905.17 10,830.83 8,775.80 7,971.55 6,611.95
Less : revaluation reserve 25.07 25.51 25.95 26.39 -
Less : accumulated depreciation 6,259.90 5,443.52 4,894.54 4,401.51 3,454.28
Net block 7,620.20 5,361.80 3,855.31 3,543.65 3,157.67
Capital work-in-progress 6,954.04 5,064.96 2,513.32 951.19 538.84
Investments 12,968.13 4,910.27 2,477.00 2,015.15 2,912.06
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 40
41. Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Net current assets
Current assets, loans & advances 10,836.58 10,781.23 10,318.42 9,812.06 7,248.88
Less : current liabilities & provisions 12,846.21 12,029.80 8,321.20 7,888.65 7,268.80
Total net current assets -2,009.63 -1,248.57 1,997.22 1,923.41 -19.92
18.12
Miscellaneous expenses not written 2.02 6.05 10.09 14.12
Total 25,534.76 14,094.51 10,852.94 8,447.52 6,606.81
Notes:
Book value of unquoted investments 12,358.84 4,145.82 2,117.86 1,648.57 2,480.15
Market value of quoted investments 558.32 2,530.55 1,323.08 1,550.00 1,260.05
Contingent liabilities 5,433.07 5,590.83 5,196.07 2,185.63 1,450.32
Number of equity sharesoutstanding
5140.08 3855.04 3853.74 3828.34 3617.52
(Lacs)
Table 4: Balance sheet of TATA motors
Analysis of Balance Sheet
Share capital of a company is continuously increasing. It means no. of shares also increasing.
Company is trying to raise more & more funds. Current liabilities of the company is more than the
current assets it means company‟s liquidity position is so poor. Company is blocking more & more
funds in the form of fixed assets. Investment of the company has increased substantially in the year
2009 which may help the company in long run. But this investment increase the risk of the
company because there is a chances of losses on this investment. & if company earns profit through
this investment it will boost the company in long run.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 41
42. Key Financial Ratios of ------------------- in Rs. Cr. -------------------
Tata Motors
Mar
Mar '06 Mar '07 Mar '08 Mar '09
'05
Dividend Per Share 12.50 13.00 15.00 15.00 6.00
Profitability Ratios
Net Profit Margin(%) 7.02 7.35 6.94 6.96 3.77
Return On Net Worth(%) 30.09 27.74 27.96 25.98 8.09
Return on Long Term Funds(%) 28.72 28.65 31.18 22.85 8.89
Debt Equity Ratio 0.61 0.53 0.59 0.80 1.06
Long Term Debt Equity Ratio 0.59 0.42 0.31 0.50 0.49
Debt Coverage Ratios
Total Debt to Owners Fund 0.61 0.53 0.59 0.80 1.06
Earnings Per Share 34.19 39.94 49.65 52.63 19.48
113.6
Book Value 143.94 177.59 202.70 240.64
5
Table 5: Key financial ratios of TATA motors
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 42
43. Ratio Analysis
Dividend per share has decreased by 100 % from the year 2005 to 2009. Net profit margin also
decreased more than 100 %. In the year 2009 the company‟s debt is more than its own fund. It is a
negative sign. Because higher the debt higher the risk.Earnings per share in the year 2009-10 were
approx. 39 RS. Doubled than the previous year. This leads to the growth prospects in future. Return
on long term funds are quite better.
Report Card-
PE ratio - 20.64 (15/7/2010)
EPS 39.26 Rs.
Sales 12,229.70 Rs.
Face Value 10 Rs
Net profit margin 3.77 % (Mar, 09)
Last bonus3:5 ( 28/09/95)
Last dividend 150 (27/05/10)
Return on avg. 8.09 (march 2009)
Equity
Table 6:Report card
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 43
44. -
Dividend paid by TATA MOTORS
Year Month Dividend (%)
2010 May 150
2009 May 60
2008 May 150
2007 May 150
2006 May 130
2005 May 125
Table 7- Dividend paid by Tata Motors.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 44
45. Share holding pattern as on : 30/06/2010 31/03/2010 31/12/2009
Face value 10.00 10.00 10.00
No. Of No. Of No. Of
% Holding % Holding % Holding
Shares Shares Shares
Promoter's holding
Indian Promoters 23213396 36.17 187376876 37.00 182666241 38.08
Sub total 23213396 36.17 187376876 37.00 182666241 38.08
Non promoter's holding
Institutional investors
Banks Fin. Inst. and
649461 1.01 79506752 15.70 72352755 15.08
Insurance
FII's 17141913 26.71 90736036 17.92 79801995 16.63
Sub total 32196708 50.17 181123079 35.77 162862945 33.95
Other investors
Private Corporate
2807249 4.37 2978660 0.59 2988981 0.62
Bodies
NRI's/OCB's/Foreign
489478 0.76 27471578 5.43 28637088 5.97
Others
Direcctors/Employee
46671 0.07 239972 0.05 238172 0.05
s
Govt - - 407181 0.08 407181 0.08
Others 221562 0.35 62719713 12.39 59565497 12.42
Sub total 3564960 5.55 93817104 18.53 91835419 19.14
General public 5201496 8.10 44064111 8.70 42371799 8.83
Grand total 64176560 100.00 506381170 100.00 479736404 100.00
Table 8: Share holding patterns
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 45
46. Share Market watch of TATA MOTORS
Month Price
August 449.45
September 489.35
October 580.10
November 551.85
December 629.50
January 792.60
February 707.95
March 668.70
April 739.65
May 844.60
June 673.70
July 798.05
Table 9: Share Market watch of TATA MOTORS
From the above table we can see that the share price of TATA MOTORS has almost doubled in the last
12 months. In the month of May it goes up to 872.85. it is very good performance. This trend shows
that the in future also market price of share will increase.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 46
47. News related to TATA MOTORS
TATA MOTORS raised US $ 750 through issue of global depository shares & convertible notes.
15-7-2010 Tata Motors global sales grew by 46 %.
07-7-2010 Tata Motors to invest RS. 10000 crore in 2 to 3
IndusInd Bank ties-up with Tata Motors for dealer financing.
Raising of long term capital funds
Tata Motors launches the all-new Tata Indigo e-CS, the most fuel efficient sedan in the country.
Tata Nano bags the Gold Prize in the 2010 Edison Awards
Tata Motors ties up with Indian Overseas Bank for financing its range of commercial vehicles
From above whole analysis we can say that there is a lot of potential to invest in this company.
on 17-7-2019 also the share price of TATA MOTRS was up by 30 Rs. TATA has launched TATA
NANO & acquired land rover & they are planning to invest more & more money. & TATA is brand on
which people blindly trust. So that‟s why this company definitely gives maximum returns in the future.
Investment in long term is beneficial. Hike in fuel prices may affect the industry in short run. Then too
small investor can go for short term investment because fluctuation in share price is more.
.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 47
48. Mahindra & Mahindra ltd.
Mahindra & Mahindra Limited. The Group's principal activities are to manufacture and distribute
automobiles and farm equipment. The Group also provides IT, Financial, trading and management
services. The Group operates in nine segments: Automotive, Farm equipment, IT services, Financial
services, Steel Processing and Trading, Infrastructure, Hospitality, Systech. The Automotive sector
manufactures multi utility vehicles and light commercial vehicles. The Farm equipment sector
manufactures and markets tractors. The IT segment comprises of services rendered to IT and Telecom.
The Financial services segment includes services like financing, leasing and hire purchase of
automobiles and tractors. Infrastructure comprise of operating of complex, Project management and
development. Hospitality comprise of sale of time share. SYSTECH comprise of automotive
components and other segment includes steel trading, project management, Investment and power plant
Mahindra & Mahindra Limited was set up in 1945 as Mahindra & Mohammed. Later in 1948 it‟s name
changed to present Mahindra & Mahindra. Initially it manufactured light commercial vehicles (LCVs)
and agricultural tractors and later it grown rapidly into manufacturing of utility vehicles.
Mahindra & Mahindra Limited is part of the US $6.7 billion Mahindra Group. M&M has entered into
partnership with international companies like Renault SA, France, and International Truck and Engine
Corporation, USA. Its UV models include Scorpio, Bolero, Legend, Major, Commander and Logan.
Automotive Sector: Mahindra Group is the market leader in utility vehicles in India since inception.
Mahindra also manufactures and markets utility vehicles and light commercial vehicles, including
three-wheelers. Some of the famous automobile brands of Mahindra are: Scorpio and Bolero. Recently,
Mahindra joined hands with French automobile major Renault to enter passenger car segment. It has
launched a car called Mahindra Renault Logan.
Farm Equipment Sector: Mahindra is the largest producer of tractors in India and is among the top
five tractor brands in the world. It has its own state-of-the-art plants in India, USA, China and
Australia, and a capacity to produce 1,50,000 tractors a year.
Trade & Financial Services: Mahindra Limited and its subsidiaries have specialized domain
knowledge in imports and exports of commodities, domestic trading, marketing and distribution
services. Mahindra Finance is one of the largest Non-Banking Finance Companies in India with an
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 48
49. asset base of about RS. 5000 crores. Mahindra Insurance Brokers offer Life and Non-life Insurance
plans to retail and corporate customers. Mahindra Steel Service Centre is the first steel service center in
the organized sector in India.
Infrastructure Development: Mahindra Group has interests in real estate, special economic zones,
hospitality industry, infrastructure development, project engineering consultancy and design. Mahindra
Holidays & Resorts is the leader in the lifetime holiday market in India. Mahindra Gesco is fastest
growing Construction Company in India. Mahindra World City is developing and promoting India's
first Integrated Business City. Mahindra Acres Consulting Engineers is a multidisciplinary engineering
consultancy organization.
Information Technology: Mahindra Group entered into IT sector in 1986 when it formed a joint
venture with British Telecommunications plc. The company was called Mahindra-British Telecom. The
Company has recently changed its name to Tech Mahindra. Tech Mahindra is a leading provider of
telecommunication solution and service industry world-wide. It is India's 8th largest software exporter.
Specialty Businesses: Mahindra Group companies such as Mahindra AshTech, Mahindra Defense,
Spares Business Unit and Mahindra Logistics are into Specialty Businesses. Mahindra AshTech
undertakes turnkey contract execution for Ash Slurry System and Travelling Water Screens. Mahindra
Defense Systems looks after the requirements of India's defense and security forces. Mahindra
Logistics provide complete logistics solutions to complex transportation needs of clients across the
world.
While the world-class Scorpio (declared to be the „Car of the Year‟ by CNBC Auto car, BBC Wheels
and Business Standard Motoring) is the Automotive Sector‟s current flagship, it has many more
products that have made it popular with individuals and institutions in India and the world. The
Automotive Sector of the Mahindra Group is currently present in the multi-utility vehicle, light
commercial vehicle and three-wheeler segments. Now, with its joint ventures, it will have a presence in
the passenger car and the medium and heavy commercial vehicle segments too.
Mahindra Group is one of the largest corporate groups of India. It is a US $4.5 billion conglomerate
with employee strength of over 40,000. The group has diverse business interests such as automotive,
farm equipment‟s, infrastructure, information technology, hospitality, and financial services. Mahindra
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 49
50. Group has global presence and it is ranked amongst Forbes Top 200 list of the World's Most Reputable
Companies and in the Top 10 list of Most Reputable Indian companies.
Technical Analysis chart
Figure 8: Technical analysis
Profit & Loss account of ------------------- in Rs. Cr. -------------------
Mahindra and Mahindra
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Net Sales 8,136.5 9,921.34 11,310.37 13,125.98 18,588.82
Total Income 8,694.9 10,458.92 12,035.44 13,339.54 18,902.61
Operating Profit 871.55 1,136.23 1,157.65 1,092.25 2,955.24
Reported Net Profit 857.10 1,068.39 1,103.37 836.78 2,087.75
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 50
51. Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 243.97 282.23 282.61 278.83 549.52
Per share data (annualized)
Shares in issue (lakhs) 2,334.0 2,380.33 2,390.73 2,726.16 5,659.08
Earnings Per Share (Rs) 36.72 44.88 46.15 30.69 36.89
Equity Dividend (%) 100.00 115.00 115.00 100.00 190.00
------------------- in Rs. Cr. -------------------
Quarterly Results of
Mahindra and Mahindra
Mar '09 Jun '09 Sep '09 Dec '09 Mar '10
Total Income 3,715.88 4,266.16 4,691.08 4,521.47 5,322.75
Net Profit 418.07 400.85 702.94 413.70 570.26
Dividend -- -- -- -- --
Dividend (%) -- -- -- -- --
Earnings Per Share 15.34 14.68 25.71 15.12 10.08
Book Value -- -- -- -- --
Equity 272.62 272.98 273.36 273.56 282.95
Face Value 10.00 10.00 10.00 10.00 5.00
Table 10: Quarterly results of Mahindra & Mahindra
Analysis of profit or loss account
Sales of the company in the year 2019-2010get doubled as compare to year 2005-06. Sale increased by
more than 100 % in the span of 4 years. In March 2009 profit was down because of economic
slowdown. Shareholders get on an average 30 to 35 RS. As EPS. This is a positive sign for future
growth.
Dividend
Year Month Dividend (%)
2010 May 190
2009 May 100
2008 May 115
2007 May 40
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 51
52. Year Month Dividend (%)
2007 Mar 75
2006 May 100
Table 11: Dividend
Balance Sheet of ------------------- in Rs. Cr. -------------------
Mahindra and Mahindra
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Sources Of Funds
Total Share Capital 233.40 238.03 239.07 272.62 282.95
Equity Share Capital 233.40 238.03 239.07 272.62 282.95
Share Application Money 0.00 0.00 0.00 0.00 8.01
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
2,662.1
Reserves 3,302.01 4,098.53 4,959.26 7,539.27
4
Revaluation Reserves 13.33 12.86 12.47 12.09 0.00
2,908.8
Networth 3,552.90 4,350.07 5,243.97 7,830.23
7
Secured Loans 216.68 106.65 617.26 981.00 602.45
Unsecured Loans 666.71 1,529.35 1,969.80 3,071.76 2,277.70
Total Debt 883.39 1,636.00 2,587.06 4,052.76 2,880.15
Total Liabilities 3,792.2 5,188.90 6,937.13 9,296.73 10,710.38
Application Of Funds
2,859.2
Gross Block 3,180.57 3,552.64 4,893.89 5,276.29
5
1,510.2
Less: Accumulated. Depreciation 1,639.12 1,841.68 2,326.29 2,537.77
7
1,348.9
Net Block 1,541.45 1,710.96 2,567.60 2,738.52
8
Capital Work in Progress 205.46 329.72 649.94 646.73 964.20
1,669.0
Investments 2,237.46 4,215.06 5,786.41 6,398.02
9
Inventories 878.74 878.48 1,084.11 1,060.67 1,188.78
Sundry Debtors 637.97 700.89 1,004.88 1,043.65 1,258.08
Cash and Bank Balance 258.39 415.89 310.58 635.61 1,743.23
1,775.1
Total Current Assets 1,995.26 2,399.57 2,739.93 4,190.09
0
Loans and Advances 558.02 1,011.50 866.19 1,402.45 1,852.30
Fixed Deposits 471.92 910.18 550.65 938.82 0.00
2,805.0
Total CA, Loans & Advances 3,916.94 3,816.41 5,081.20 6,042.39
4
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 1,711.2 2,138.77 2,525.31 3,520.20 3,640.33
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 52
53. 3
Provisions 543.14 715.43 943.46 1,277.56 1,796.54
2,254.3
Total CL & Provisions 2,854.20 3,468.77 4,797.76 5,436.87
7
Net Current Assets 550.67 1,062.74 347.64 283.44 605.52
Miscellaneous Expenses 18.05 17.55 13.53 12.55 4.12
3,792.2
Total Assets 5,188.92 6,937.13 9,296.73 10,710.38
5
Table 12: Balance sheet of Mahindra & Mahindra
Analysis of balance sheet
Company has raised good amount of equity share capital in the year 2008 & 2009. Investment of the
company is also increasing. In the year 2009 company‟s debt decreased by more than 100 %. Company
has paid their debt so the amount of risk of the company also decreased.
Key Financial Ratios of ------------------- in Rs. Cr. -------------------
Mahindra and Mahindra
Mar
Mar '07 Mar '08 Mar '09 Mar '10
'06
Dividend Per Share 10.00 11.50 11.50 10.00 19.00
Profitability Ratios
Operating Profit Margin(%) 10.71 11.45 10.23 8.32 15.89
Net Profit Margin(%) 10.28 10.34 9.45 6.22 11.11
Return On Net Worth(%) 29.60 30.18 25.51 16.03 26.70
Return on Long Term Funds(%) 23.17 26.09 19.64 12.36 26.01
Liquidity And Solvency Ratios
Current Ratio 1.21 1.31 0.86 0.90 1.11
Debt Equity Ratio 0.31 0.46 0.60 0.77 0.37
Long Term Debt Equity Ratio 0.40 0.53 0.63 0.83 0.37
Total Debt to Owners Fund 0.31 0.46 0.60 0.77 0.37
Dividend Payout Ratio Net Profit 32.45 30.39 29.10 37.29 29.87
Cash Earning Retention Ratio 65.14 72.28 71.61 70.69 73.66
Earnings Per Share 36.72 44.88 46.15 30.69 36.89
Book Value 124.06 148.72 181.43 191.91 138.22
Table 13: Key financial ratios of Mahindra & Mahindra
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 53
54. Analysis of Ratio.
Company has paid 19 RS.Dividend per share in the year 2010. Means 9 RS. More than the
previous year. It states that company was able to earn more profit. Good amount of dividend holds the
interest of Share Holders. It is a positive sign so Company can raise more amount of share capital in
near future.Company is giving sufficient amount of return on its total net worth.
We can see that from the above ratios, every ratio shows downward trend in the year 2008-0
but company bounce back in the year 2009-10. In the year 2009-10 every ratio has increased compare
to previous year.
Report Card
Attribute Value Date
PE ratio 16.37 16/07/10
EPS (Rs) 36.89 Mar, 10
Sales (Rscrore) 5,304.63 Mar, 10
Face Value (Rs) 5
Net profit margin (%) 11.11 Mar, 10
Last bonus 1:1 14/06/05
Last dividend (%) 190 24/05/10
Return on average equity 26.7 Mar, 10
Table 14: Report card
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 54
55. Share market watch of Mahindra & Mahindra ltd.
Month PRICE
August 920.00
September 847.30
October 896.45
November 921.95
December 1028.25
January 1062.40
February 1019.40
March 958.85
April 549.55
May 526.10
June 519.45
July 627.65
Table 15: Share market watch of Mahindra & Mahindra ltd.
Abovechart shows the share market prices of per month of Mahindra & Mahindra in last year
share price has gone down from 920 to 627.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 55
56. Share holding
Share holding pattern as on : 30/06/2010 31/03/2010 31/12/2009
Face value 5.00 5.00 10.00
No. Of % No. Of % No. Of %
Shares Holding Shares Holding Shares Holding
Promoter's holding
Indian Promoters 138114984 23.88 138114984 23.88 69063784 24.68
Foreign Promoters 14070507 2.43 14254608 2.46 7127304 2.55
Sub total 152185491 26.31 152369592 26.34 76191088 27.23
Non promoter's holding
Institutional investors
Banks Fin. Inst. and
117220102 20.27 119657640 20.69 59592156 21.30
Insurance
FII's 133190960 23.03 135337813 23.40 64064714 22.89
Sub total 277852033 48.04 279081526 48.25 139908653 50.00
Other investors
Private Corporate Bodies 45672952 7.90 44223273 7.65 21273737 7.60
NRI's/OCB's/Foreign
22274297 3.85 22122061 3.82 1645395 0.59
Others
Govt 448442 0.08 445132 0.08 221416 0.08
Others 30495372 5.27 30600421 5.29 16060852 5.74
Sub total 98890069 17.10 97389943 16.84 39201200 14.01
General public 49505891 8.56 49592473 8.57 24520124 8.76
Grand total 578433484 100.00 578433534 100.00 279821065 100.00
Table 16: Share Holding pattern of Mahindra& Mahindra ltd.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 56
57. News related to Mahindra & Mahindra
30-06-2010:M&M to acquire Boeing's Australian facility.
26-06-2010: Mahindra to invest RS. 250 crore in Aerospace.
Mahindra scores high on ET 500 list.
01-07-2010: Shortage of components constrained sales in June
M & M to acquire boings Australian facility.
Mahindra to invest re. 250 crore in Aerospace
From the whole company Analysis of Mahindra & Mahindra we have seen that the financial
result of a company for the year 2009-10 is quite good as compare to previous year but then too the
company‟s share decreased by more than 300 RS.In last 12 months. At this moment long term
investment in Mahindra is much preferable. Because hike in fuel prices will affect the Automobile
Industry in short run.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 57
58. Learning’s-
Whilemaking this project I have got the in-depth knowledge &learning’s
mentioned below.
Got the knowledge of equity market, equity analysis,
Fundamental & technical analysis of the company
Ratio analysis
Knowledge about trading.
Got deep knowledge of Automobile Industry
Got deep knowledge of Indian stock market, Economy.
There are different kinds of perceptions in the mind of investor while investing and it changes
from investor to investor
This study helps me to analyze the stock as per the objective of investment
Every investor needs to analyze the fundamental and technical aspects
Limitation of study
Study focused only on equity market. Have not taken derivatives & commodity market.
Analysis has been done on some parameters. Have not taken all the parameters which is required to
analyze the equity.
EQUITY RESEARCH ON AUTOMOBILE SECTOR Page 58