Black Book

Vivekanand Education Society Institute of Management
Studies & Research
FINAL REPORT ON
“ EQUITY STOCK ANALYSIS ”
BY
PARAG UMESH BAGUL

ROLL NO : 05
FACULTY MENTOR
PROF: PALLAVI VARTAK
INDUSTRY MENTOR
MR. KETAN BHATIA
1
CERTIFICATE OF COMPLETION
2
ACKNOWLEDGEMENT
I am using this opportunity to express my gratitude to everyone who supported me

throughout the course of this MBA project. I am thankful for their aspiring guidance,
invaluably constructive criticism and friendly advice during the project work. I am
sincerely grateful to them for sharing their truthful and illuminating views on a number
of issues related to the project.
I express my warm thanks to Mr. Ketan Bhatia and Mr. Adnan Tinwala for their
support and guidance at INDIANIVESH SECURITIES LTD.
I would also like to thank my project external guide Ms. Pallavi Vartak and all the
people who provided me with the facilities being required and conductive conditions
for my MBA project.
3
DECLARATION
I Mr. Parag Umesh Bagul a bonafide student of MMS in Vivekanand Education

Society's Institute of Management Studies and Research would like to declare that
the dissertation entitled project submitted by me under the guidance of Prof. Pallavi
Vartak in partial fulfillment of the requirements for the award of the Degree of
MASTER OF MANAGEMENT STUDIES IN FINANCE is my original work.
Place:
Date: Signature of the candidate.
4
CERTIFICATE
This is to certify that the Dissertation entitled project is a bonafide record of
independent research work done by MR. PARAG UMESH BAGUL ( Roll No.: 5 )
under my supervision and submitted to Vivekanand Education Society's Institute of
Management Studies and Research in partial fulfillment for the award of the Degree
of MASTER OF MANAGEMENT STUDIES IN FINANCE.
Signature of the supervisor

(With Seal)
5
Table of content
Sr. no. Topic Page Nos.
1 Executive Summary
2 Industry Analysis
2.1 Customer profile of the industry
2.2 Supplier profile of the Industry
2.3 Competitors profiling of the Industry
2.4 Industry Financial
2.5 Challenges based by the industry
2.6 Government regulations
3 About the company
3.1 Genesis of the company and its vision and mission
3.2 Product and services
3.3 Position in the industry
3.4 Stake holders detail
3.5 Location and operational details
3.6 Company Financials
3.7 Challenges faced by the company
3.8 SWOT Analysis of the company
4 On the job training
4.1 Key Results Areas
4.2 Target Assigned
4.3 Target Achieved
4.4 Technical/Soft skills acquired
6
5 Research on the challenges faced by the company
5.1 Problem identification
5.2 Doing literature review on the problem being investigated
5.3 Data collection from secondary sources
5.4 Data collection from primary sources
5.5 Data Analysis(if any)
6 Results and recommendations
6.1 Results/Learnings
6.2 Limitation and Future scope
6.3 Conclusion and Recommendations
6.4 References
7 Annexure
7.1 Exhibits
7.2 Questionnaires and forms
7.3 Statistical output
7.4 Lists
7
1. EXECUTIVE SUMMARY
Stock market is one of the booming sectors in today's economy.But this is a place where
people enter and exit within a short period.Stock market is a place where money is in
bulk ,you just need to grab it in a right way.Professional investor will make more money
and less loss than who let their heart rule.Be ruthless and calculating ,you are ought to
make money.
Decision should be based on actual movement of share price measured both in money
and percentage term.
In Equity Analysis, calculations are based on facts and not on hope.Equity analysis is
basically a combination of two independent analyses, namely Fundamental Analysis
and Technical Analysis.
Fundamental analysis is used for long term investment.In Fundamental analysisa

company's goodwill its performances ,liquidity, leverage, turnover, profitability and
financial health was checked.This includes study of financial statement,financial
ratios of the company.Investors prefer Fundamental Analysis.
8
2. INDUSTRY ANALYSIS
2.1. CUSTOMER PROFILE OF THE INDUSTRY
The retail investor’s interest, in stock markets has heightened, with greater
transparency in stock exchange operations, higher household savings, and the rally in
stock markets. Evidently, broking companies have expanded to semi-urban and urban
areas to tap growing demand. However, the sudden fall in stock markets has
increased the anxiety in these investors who have become risk averse. The investors
in the retail segment need to be educated about equity as an asset class and from a
long term investment perspective. Many broking companies can impart this training
to retail investors through investor camps.
The broking fraternity has long demanded an industry status that would provide them
an opportunity to put their demands at different fora. Further, this would aid them in
raising funds for their expansion plans, which remains a major hurdle as of now.
India’s economic growth and deepening financial system will present broking firms
numerous opportunities for growth and expansion.
Moreover, integration of financial markets will enhance the scope. of their business
and scalability. Access to public equity markets will enable. broking to raise
resources for expansions and growth and to pursue useful business acquisitions . With
the growth in international investor interests there is a pressing need to scale up the
business and upgrade it to global standard and practices.
9
2.2. SUPPLIER PROFILE OF THE INDUSTRY
The suppliers of broking industry are NSE and BSE:
1. NSE:
The National Stock Exchange of India Limited (NSE) is the leading stock
exchange of India. located in Mumbai. NSE was established in 1992 as the first
demutualized electronic exchange in the country. NSE was the first exchange in the
country to provide a modern, fully automated screen-based electronic trading system
which offered easy trading facility to the investors ispread across the length and
breadth of the country.
NSE was set up by a group of leading Indian financial institutions at the behest of the
government of India to bring transparency to the Indian capital market. Based on the
recommendations laid out by the government committee, NSE has been established
with a diversified shareholding comprising domestic and global investors. The key
domestic investors include Life Insurance Corporation of India, State Bank of
India, IFCI Limited IDFC Limited and Stock Holding Corporation of India Limited.
And the key global investors are GS Strategic Investments Limited, SAIF 11 SE
Investments Mauritius Limited, and PI Opportunities Fund
NSE offers trading, clearing and settlement services in equity, equity derivatives, debt
and currency derivatives segments. It is the first exchange in India to introduce
electronic trading facility thus connecting together the investor base of the entire
country.
NSE was mainly set up to bring in transparency in the markets. Instead of trading
membership being confined to a group of brokers, NSE ensured that anyone who was
qualified, experienced and met minimum financial requirements was allowed to trade.
In this context, NSE was ahead of its times when it separated ownership and
management in the exchange under SEBI‘s supervision. NSE was also instrumental in
creating the National Securities Depository Limited (NSDL) which allows investors
to securely hold and transfer their shares and bonds electronically. It also allows
investors to hold and trade in as few as one share or bond. This not only made holding
financial instruments convenient, but more importantly eliminated the need for paper
certificates and greatly reduced the incidents of forged or fake certificates and
fraudulent transactions that had plagued the Indian stock market.
10
 BSE:
The Bombay Stock Exchange (BSE) is an Indian stock exchange located at Dalal
Street. Kala Ghoda,Mumbai,Maharashtra,India. Established in 1875 the BSE is
considered to be one of Asia’s fastest stock exchanges, with a speed of 200
microseconds and one of India‘s leading exchange groups and the oldest stock
exchange in the South Asia region. Bombay Stock Exchange is the world's 10th
largest stock market by market capitalization at $1.7 trillion as of 23 January
2015. More than 5,000 companies are listed on BSE.
The launch of SENSEX in 1986 was later followed up in January 1989 by

introduction of BSE National Index (Base: 1983-84 = 100). It comprised 100 stocks
listed at five major stock exchanges in India -
Mumbai,Calcutta, Delhi, Ahmedabad and Madras. The BSE National Index was
renamed BSE—lOO Index from 14 October 1996 and, since then, its calculations
take
into consideration only the prices of stocks listed at BSE.
For BSE, the requirements to becoming a member are:
 Authorised By NSC As A Brokerage House
 Authorisation Of BSE
 Negotiation From NSC
 Trained Staff At BSE(Brokers, Traders, Accountants)
 Data On Member Registration
 Company By-Laws
 Membership Fee
 Financial Statements
 Company Mission Statements
 Handbook On Internal Operations & Control
 Personal Information File For Management And Specialized Staff

Contribution To The Guarantee Fund
11
 Payment For The Licensed Access To Use The Operating System
List of some of the BSE SENSEX companies are AXIS Bank, Dr. Reddy’s
Laboratories Ltd,HDFC Bank ,ICICI Bank, HUL, Wipro Ltd, State Bank of
India,Tata Consultancy Services Ltd,etc. '
12
2.3 COMPETITORS OF THE INDUSTRY
 Sharekhan
 Indiabulls
 Angel Broking
 Kotak Securities
 ICICI Securities
 Motilal Oswal
 India Infoline
2.5.CHALLENGES FACED BY THE BROKING

INDUSTRY
 Getting right marketing employees

 Productivity of the marketing employees
 Keeping the operating overheads low
 Low participation of Retail Investors in Equity Market.
 Continuous investment in technology, trading platform
 Competition from foreign firm
 Continuously declining brokerage rate
 Risk Management System to take care of increased volatility in the market.
13
2.6. GOVERNMENT REGULATIONS
The Securities and Exchange Board of India (SICBI) is the regulator for
the securities market in India. It was established in the year I988 and given statutory
powers on 12 April 1992 through the SEBI Act, l992.
'l'he Preamble of the Securities and Exchange Board of lndia describes the basic
functions of the Securities and Exchange Board of India as "...to protect the interests
of investors in securities and to promote the development ol‘, and to regulate the
securities market and for matters connected therewith or incidental thereto".
To regulate the activities of stock exchange following functions are performed;
1.SEBI has framed rules and regulations and a code of conduct to regulate the
intermediaries such as merchant bankers, brokers, underwriters, etc.
2.These intermediaries have been brought under the regulatory purview and
private
placement has been made more restrictive.
3.SEBI registers and regulates the working of stock brokers, sub-brokers, share
transfer agents, trustees, merchant bankers and all those who are associated with
stock
exchange in any manner.
4.SEBI registers and regulates the working of mutual funds etc.
5.SEBI regulates takeover of the companies.
6.SEBI conducts inquiries and audit of stock exchanges.
14
3.ABOUT THE COMPANY
HISTORY OF INDIA NIVESH
IndiaNivesh Ltd was incorporated within the year 1931. the corporate provides a
large vary of services that features Stressed plus Management, Investment Banking,
Securities Broking, Commodities and Currency Broking, Insurance
Broking, facility Services, Wealth Management
and varied alternative money product. the corporate has established
its sturdy presence all across Asian nation.
In a short span of your time IndiaNivesh, with its made-to-order offerings, has
emerged as a powerful player within the investment
market getting supposed clienteles that embrace Government establishments, Public
Finance establishments, Foreign Institutional Investors,
Domestic establishments (Mutual Funds, Insurance Companies),
HNI's, company homes and SME enterprises.
Brand Identity
Our brand identity says it all. A HANDSHAKE represents partnership and trust. A
SHIELD represents security and longevity. A HANDSHAKE and SHIELD together
represent –
 Partnership - Long term association with our Stakeholders.

 Trust - Which our clients bestow on us.
 Security - Preservation of Capital.
 Longevity - Creation of Wealth.
At IndiaNivesh, we try to earn the trust of our clients whereas protect their
wealth. We have a tendency to believe that winning the trust and protecting the wealth
of our clients is a lot of vital than achieving personal targets. It's bound that
Growth isn't by mere Chance; it's the results of completely
different forces operating along towards a typical goal. it's this core thought that has
helped US rework into a progressive money services cluster not solely within
the country, however across the world.
15
3.1 Vision & Mission Statement
Vision Statement
To be the sure, modification catalyzing and worth enhancing monetary services

cluster of India
Mission statement
 To provide customized and innovative money solutions, whereas managing
internal and external risks and challenges.
 To enhance skilled competencies incessantly, with new technologies and
game dynamical alliances.
 To encourage entrepreneurship amongst our folks, at intervals our
worth system.
 To exceed client expectations altogether our endeavours.
16
3.2 PRODUCTS AND SERVICES
 Broking & Distribution
 Equities Derivatives Currencies Commodities
MutualFund IPO/OFS Insurance LAS & MTF
 Institutional Equities
 Research Sales And Trading
 PMS, PE & Strategic Investments
 Portfolio Management Services Private Equity Strategic

Investments
 Investment Banking & Corporate Advisory
 Capital Raise (Equity & Debt) India Entry
 Globalization Of Indian Companies Mergers & Acquisitions
 Wealth Management
 Customized Solutions Mutual Funds Wealth Cafe
17
3.3 Position in Industry
India Nivesh is a broking firm. It is one of India’s well known retail broking house
with over 7 lakh customers and pan india presence all over India.
The Company is a corporate member of both the Bombay Stock Exchange (BSE) and
the National Stock Exchange (NSE) and provides access to equities , derivatives ,
IPO’s , Mutual Funds , Bonds and Corporate FD’s
3.4 Shareholding Pattern
Tota
No. of l as
No. of
fully Sharehold a%
Category Total equity
No. of paid ing as a No. of of
of no. shares held
sharehold up % of total Voting Tota
sharehol shares in
ers equity no. of Rights l
der held demateriali
shares shares Voti
zed form
held ng
right
(A)
Promoter
2,35,75,8 2,35,75,8 2,35,75,8
& 3 62.45 62.45 2,35,75,817
17 17 17
Promoter
Group
1,41,74,1 1,41,74,1 1,41,74,1
(B) Public 619 37.55 37.55 1,41,26,183
83 83 83
(C1)
Shares
0.00 0.00
underlying
DRs
(C2)
Shares
held by 0.00 0.00
Employee
Trust
(C) Non
Promoter-
0.00 0.00
Non
Public
Grand 3,77,50,0 3,77,50,0 3,77,50,0
622 100.00 100.00 3,77,02,000
Total 00 00 00
18
3.5 Location and Operational Details
IndiaNivesh Securities Ltd :

Location: Mumbai
Registered Address:
601/602, SukhSagar, N.S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007.
Corporate Address:
Lodha Supremus, 17th Floor, Senapati Bapat Marg, Lower Parel Mumbai 400013
Boardline:
022-62406240
Fax:
022-62406241
Operational Details
The various operations provided by India Nivesh is as follows :-
 Internet Trading
 Client Account Opening
 Clearing and Settlement
 Risk Management
 Customer Service
19
3.6 COMPANY FINANCIALS
CMP - 46.40
Profit & Loss statement
Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017
Sales 53.17 73.29 71.50 59.21 85.44
Expenses 40.38 64.48 35.46 44.58 60.30
Operating Profit 12.79 8.81 36.04 14.63 25.14
OPM % 24.05% 12.02% 50.41% 24.71% 29.42%
Other Income 0.58 1.92 0.15 0.16 0.59
Interest 10.10 5.53 9.27 14.43 15.59
Depreciation 1.73 1.44 2.46 1.39 1.18
Profit before tax 1.55 3.75 24.47 -1.03 8.95
Tax -0.09 1.36 5.67 0.75 5.51
Net Profit 1.64 2.24 18.79 -1.23 3.33
EPS (unadj) 0.42 0.60 5.22 0.00 0.93
Dividend Payout % 23.02% 16.85% 0.4% -6.14% 2.27%
Years Compounded Compounded Return On Equity

Sales Growth Profit Growth
5yrs 27.03% 40.88% 9.02%
3 yrs 5.25% 14.13% 10.31%
TTM 44.30% -370.37% 4.15%
20
Balance Sheet
Particulars 2013 2014 2015 2016 2017
Share Capital 3.78 3.60 3.60 3.60 3.60
Reserves 27.99 48.68 70.35 74.87 78.26
Borrowings 103.59 110.60 111.61 136.60 214.58
Other Liabilities 108.63 173.72 88.68 101.40 147.89
Total Liabilities 243.99 336.60 274.24 316.47 444.33
Fixed Assets 7.55 38.12 5.19 4.66 10.75
CWIP 37.00 0.00 0.00 1.65 0.00
Investments 44.65 70.71 46.33 28.41 50.27
Other Assets 154.79 227.77 222.72 281.75 383.31
Total Assets 243.99 336.60 274.24 316.47 444.33
Cash Flows Statement
Cash from Operating

1.76 -26.16 -53.39 -57.96 -23.68
Activity
Cash from Investing

8.88 37.15 55.07 22.56 -25.10
Activity
Cash from Financing

7.04 6.58 0.34 24.89 77.91
Activity
Net Cash Flow 17.68 17.57 2.02 -10.51 29.14
21
3.7 Challenges faced by Company
 Low client database

 No Facility of 3 in 1 account
 No facility for bracket order or trailing stoploss
 Competition from foriegn firms
3.8 SWOT ANALYSIS OF THE COMPANY
Strengths:
1. Price competitiveness(eg.annual maintanence charges are least)
2. India Nivesh is able to respond very quickly
3. India Nivesh is able to give really good care customer
4. Management philosophy and commitment to maximize shareholders returns.
5. Ongoing activities of the company to support upgradation of operational
performance and rise in productivity.
6. Team of talented and committed professionals available to improve company's
performance
7. Innovative range of financial services
Weakness:
1. New entrant in market which is dominated by big brands like lcici, Zerodha,Etc
2. Penetration limited to urban areas
Opportunities:
1. The share trading sector is expanding with many future opportunities for success
2. The competitors may be slow to adopt new technologies
3. Earning Urban Youth
4. Growing rural market
Threats:
1. A small change in focus of large competitor is a threat for the market position.
2 Developments in technology will change the share market beyond the ability to
adapt constant pressure to be cost effective to meet customer expectations
Stringent Economic measures by Government and RBI
3. Entry of foreign finance firms in Indian Market
22
4. ON JOB TRAINING
4.1 Targets Assigned

 Fundamental Analysis of a Sector.
 Technical Calls Analysis for Intraday Trading.
 Generating Call/Put Premium Calculations.
 Live Trading and Maintaining the Portfolio.
 Study of IPO in Indian Capital Market.
 Acquisition of Clients for 2 Demat and 3 Mutual Fund SIP.
4.2 Targets Achieved

All targets assigned above achieved.
4.3 SOFT SKILLS REQUIRED

 EXCEL SKILLS
 ACCOUNTING SKILLS
 UPDATED MARKET KNOWLEDGE
 RATIO ANALYSIS
23
INTRODUCTION TO FUNDAMENTALANALYSIS
What is analysis?
examination and evaluation of the relevant information to select t
of action from among various alternatives. The methods used to analyze securities and
make investment decisions fall into two very broad categories: fundamental analysis
and technical analysis. Fundamental analysis involves analyzing the characteristics of
the best course a company in order to estimate its value.
What is fundamental analysis?

Fundamental Analysis involves examining the economic, financial and other
qualitative and quantitative factors related to a security in order to determine its
intrinsic value. It attempts to study everything that can affect the security's value,
including macroeconomic factors
and individually specific factors like the financial condition and management of
companies. Fundamental analysis, which is also known as quantitative analysis,
involves delving into a company"'s financial statements (such as profit and loss
account and balance sheet in order to study various financial indicators such as
revenues, earnings, liabilities, expenses and assets. Such analysis is usually carried
out by analysts, brokers and savvy investors.Many analysts and investors focus on a
single number-net income (or earnings)-to evaluate performance. When investors
attempt to forecast the market value of a firm, they frequently rely on earnings. Many
institutional investors, analysts and regulators believe earnings are not as relevant as
they once were. Due to nonrecurring events, disparities in measuring risk and
management's ability to disguise fundamental earnings problems, other measures
beyond net income can assist in predicting future firm earnings
Two Approaches of fundamental analysis

While carrying out fundamental analysis, investors can use either of the following
approaches:
1.Top-down approach: In this approach, an analyst investigates both

international and national economic indicators, such as GDP growth rates, energy
prices, inflation and interest rates. The search for the best security then trickles down
to the analysis of total sales, price levels and foreign competition in a sector in order
to identify the best business in the sector
2.Bottom-up approach: In this approach, an analyst starts the search with
specific businesses, irrespective of their industry/region.
24
How does fundamental analysis works?
Fundamental analysis is carried out with the aim of predicting the future performance
of a company. It is based on the theory that the market price of a security tends to
move towards its 'real value' or 'intrinsic value.' Thus, the intrinsic value of a security
being higher than the security"s market value represents a time to buy. If the value of
the security is lower than its market price, investors should sell it. The steps involved
in fundamental analysis are:
1. Macroeconomic analysis, which involves considering currencies, commodities and
indices.
2. Industry sector analysis, which involves the analysis of companies that are a part of
the sector
3. Situational analysis of a company.
4. Financial analysis of the company.
5. Valuation
The valuation of any security is done through the discounted cash flow (DCF) model,
which takes into consideration:
1. Dividends received by investors

2. Earnings or cash flows of a company
3. Debt, which is calculated by using the debt to equity ratio and the current ratio
(current assets/current liabilities)
Fundamental Analysis Tools
These are the most popular tools of fundamental analysis.

 Earnings per Share -EPS
 Price to Earnings Ratio-PE
 Price to Book-P/B
 Dividend Payout Ratio
 Book Value
 Return on Equity
 Ratio analysis
25
Financial ratios are tools for interpreting financial statements to provide a basis for
valuing securities and appraising financial and management performance.
A good financial analyst will build in financial ratio calculations extensively in a
financial modeling exercise to enable robust analysis. Financial ratios allow a
financial analyst to:
Standardize information from financial statements across multiple financial years to
allow comparison of a firm"s performance over time in a financial model.
Measure key relationships by relating inputs (costs) with outputs (benefits) and
facilitates comparison of these relationships over time and across firms in a financial
model.
WHY ONLY FUNDAMENTAL ANALYSIS

 Long-term Trends
Fundamental analysis is good for long-term investments based on long-term
trends,very long-term. The ability to identify and predict long-term economic,
demographic,technological or consumer trends can benefit patient investors who
pick the right industry groups or companies.
 Value Spotting
Sound fundamental analysis will help 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. Fundamental analysis can help uncover companies with valuable
assets, a strong balance sheet, stable earnings, and staying power.
 Business insights
One of the most obvious, but less tangible, rewards of fundamental analysis is the
development of a thorough understanding of the business. After such pains taking
and analysis, an investor will be familiar with the key revenue and profit
hind a company. Earnings and earnings expectations can be potent drivers
of equity prices. Even some technicians will agree to that. A good understanding
can help investors avoid companies that are prone to shortfalls and identify those
that to deliver. In addition to understanding the business, fundamental analysis
allows investors to develop an understanding of the key value drivers and
companies within an industry. A stock's price is heavily influenced by its industry
group.
26
Fundamental and Technical Analysis on
Infrastructure Sector (Roadways and
Highways) and IRB Infrastructure Company
27
Fundamental Analysis of Infrastructure Sector
(Roadways and Highways)
The Indian Government has identified infrastructure jointly of the key drivers of
economic development within the country. The Infrastructural sector continues to
suffer with the high concentration of poorly playacting assets and lower than expected
returns. Infrastructure sector Breakup (for the aim of this article).
1. Roads & Highways

2. Power
3. Railways
4. Ports
5. Water & Solid Waste Management
The Infrastructure can be a boom for the Indian economy. the arena is
extremely accountable for propellant India’s overall development and enjoys intense
focus from Government for initiating policies that would lead to good infrastructure in
the country.The infrastructure sector includes construction of roads and highways
,ports, dams, and concrete infrastructure development. India has ranked 19th in the
world bank provision performance Index in 2017.
The FDI accumulated in construction sector from 2000 to 2017 is 25.67 billion $
according to DIPP.
To have sustainable development in India , it requires an investment of 51 Trillion US
$ by 2020. A good amount of interest is been received from the international Investors
in infrastructure space.
 200 million USD investment into the National Investment & Infrastructure Fund
was proclaimed in June 2018 by the Asian Infrastructure Investment Bank (AIIB)
 Private equity investments touched US$4.4 billion with 28 deals during January-
May 2018 in the infrastructure sector.
 M&A deals worth US$ 5.8 billion in 2017 took place in Indian infrastructure
sector
 A loan agreement costing US$ 332 million with the New Development Bank for
the Rajasthan Water Sector Project for desert was taken by the Government of
India in feb 2018.
IMPACT OF GST ON INFRASTRUCTURE SECTOR
28
Roadways
The roadways are about to bounce back with GST. The interstate movement of products
are expedited properly. it'll save the unproductive time wasted within the movement of
products. it'll get electric sander than ever. The National Highways that account for
many of the interstate movement of products can facilitate. the large tax compliance
procedure are scrapped.
Electricity and Power

The transmission of products are higher however the electricity and power are absolute
to get costly. although there'll be no GST on input, on the procurance aspect the levying
of GST will create it expensive than it presently is. it's skew within the same direction
for different sectors like mining. Currently, excise duty on most of the mining output is
one levied however once the introduction of GST, this can augment prices additionally.
moreover, railways ar partly dutiable as of currently however it should amendment once
GST comes into force.
Cement business
Cement constitutes the backbone of infrastructure sector and is absolute to be improved
once the GST is extended. it'll be benefited from the reduced value of provision and
successively resulting in falling within the costs of cement.
Aviation Sector
Aviation is near to get costly. The credit on tax paid by Airlines won't be attributable
to them currently. The jet fuel is additionally about to burn the pockets of Airlines.
There still are several unreciprocated questions on the impact of GST on Infrastructure
sector but the large amendment is coming back and it’s coming back shortly, therefore
be ready for any price and everything that GST brings to your means.
29
Indian Infrastructure Sector as an Engine of
Growth
The infrastructure sector, comprising of connectivity, communication and essential

facilities, forms an economy’s foundation and is an important determinant of
economic growth. The sector is a key growth driver for the Indian economy and plays
a significant role in the economy’s overall development process.
The infrastructure sector witnessed significant growth and increased investments over
the last 10 years, with infrastructure investment as a share of India’s total expenditure
rising from 23% to 32.5% in 2015. The Union Budget 2016-17 laid considerable
emphasis on infrastructure spend as essential in achieving double digit growth.
Infrastructure sector in India is traversing through one in all its most attention-
grabbing phases nowadays. If we glance at our growth pattern over the past few
years, we are going to notice however necessary it's for a rustic to possess a
powerful infrastructure to modify growth and development. It’s imperative that the
state prepares itself for the longer term and therefore the next anticipated growth
curve. i'm proud of the actual fact that our government is pro-development and
can verify the problem with utmost concern and expedite the required initiatives.
Infrastructure comes, adore urban conveyance systems like metros, expressways,

superior quality highways, flyovers, and world category airports can modify North
American nation deliver the goods our dreams – but, these comes have to be
compelled to be unreal with a protracted term perspective.
There is an enormous chance for alternative allied sectors to participate within

the infrastructure sector’s growth across Asian country. an enormous gap in
demand and provide of power, to boot full of the losses in transmission and
distribution provides a chance to enhance this demand. we'd have to be compelled
toup the facility generation furthermore as confirm that correct transmission and
distribution systems are in place in order that the AT&C losses, theft,
and stealing may well be decreased .
Opportunities in water and environmental engineering ar vast. Investment of Rs. 2.3

trillion ($55 billion) is projected for water resource management within
the eleventh 5 year set up. Moreover, India’s water market is one in all the most
important within the world, with just about third of the whole calculable price
dedicated for water provisioning, third for municipal water treatment, and therefore
the remaining third for industrial water treatment. the general annual rate is 15-20 p.c,
with the beverage and industrial segments growing even faster. India’s urban water
demand is anticipated to double and its industrial demand triple by 2025.
The palatopharyngoplasty model are crucial to accelerate growth and increase output
and efficiencies during this sector. additionally to the present, we tend
to additionally want a lot of foreign collaborations in order that we will replicate
30
models that have worked elsewhere within the world when appropriate customization
to Indian conditions. Also, integrated solutions are the requirement of the hour. we'd
like to confirm the shoppers interact with one single partner for construction,
operation, maintenance, and management to confirm possession. necessary steps to
accelerate infrastructure growth in our country are initiated adore public-private-
partnership, a protracted term written agreement partnership between personal and
public sector agencies, specifically finance,designing, implementing, and in operation
infrastructure facilities.
Similarly,the road networks across the country have to be compelled

to be enlarged and therefore the existing networks have to be compelled to be
overhauled, in order that our nation will race ahead on the quick lane of growth.
India wants an oversized quantity of investment in returning years for upgradation and
modernization of its existing infrastructure and for creation of recent marvels just like
the Bandra-Worli Rajiv Gandhi ocean Link in Bombay.
We additionally have to be compelled to uplift the quality of living of the

population within the country. A healthy population can lead the state on the road to
development. beside urbanization, steps have to be compelled to be taken to
confirm environmental protection too. we'd like to accelerate the comes touching
on renewable energy and conservation to confirm a property development.
The Union Budget 2009 has sent the proper signals to the infrastructure business and
may give the required positive stimulus to accelerate the general growth and
development within the country. the govt.has expressed that bottlenecks for
quick implementation of infrastructure comes are removed to confirm
that adequate funds ar created on the market to the present sector.
Allocation for the National Highways Development Programme

being enlarged by twenty three p.c, Nehru National renewal Mission by eighty
seven p.c, and Accelerated Power Development and Reform Programme by one
hundred sixty p.c ar an exact welcome signal from the govt. for revived growth across
the board. Rajiv Awas Yojana, the new program geared toward creating the country
slum free within the next 5 years by providing hygienical dwellings to the urban
poor could be a progressive initiative.
On the full, we are going to be seeing tons of activity within the infrastructure
sector within the close to future.
31
Market Competitors in Infrastructure Sector
( Roadways & Highways)
Larsen & Toubro limited (“L&T” or the “Company”) has business interests in
sectors starting from engineering, construction, producing, data technology
and monetary services. it has a dominant presence in India’s infrastructure,
power, organic compound, machinery and railway-related comes. the
corporate continues to be the simplest play within the Indian infrastructure house,
given its robust business model (diversified with a presence across all segments of
infrastructure i.e. power, roads, hydrocarbons industries), robust execution
capabilities and comparatively healthy record.
IRB Infrastructure Developers (“IRB” or the “Company”) is one in all the leading
infrastructure development firms in Bharat in road and road sector. The Company’s
portfolio of twenty one bot comes (14 operational, six in construction section and one
won recently) is among the most important within the country. IRB has recently
won an enormous Rs.10,000 Cr. and Zozila pass project in Jammu and geographical
area. With this, IRB’s order book stands at Rs.17,320 Cr. – 4.5 times FY 2015
revenue — that has smart earnings visibility.
32
Ashoka Buildcon Ltd. is one of the largest highway developers in the country with an
impressive portfolio of over 28 PPP (Public Private Partnership) projects.
FINANCIAL COMPARISON
COMPANY MARKET CAP DEBT/EQUITY CURRENT

PRICE
LARSEN & TOUBRO 177500.77 0.21 1266.30
IRB 7304.89 1.23 207.85
INFRASTRUCTURE
ASHOKA BUILDCON 4310.04 0.09 230.30
33
FUNDAMENTAL AND TECHNICAL
ANALYSIS
34
LARSEN & TOUBRO
Profit & Loss
Sales 74,498 85,128 92,004 101,122 109,311
Expenses 62,192 71,084 76,346 85,421 92,571
Operating Profit 12,305 14,043 15,658 15,700 16,740
OPM % 16.52% 16.5% 17.02% 15.53% 15.31%
Other Income 1,561 1,343 1,422 998 1,522
Interest 4,642 6,494 7,265 6,898 7,007
Depreciation 1,637 1,445 2,622 1,786 2,369
Profit before tax 7,637 7,482 7,217 8,019 8,887
Tax 2,385 2,607 2,253 2,436 2,148
Net Profit 5,218 4,922 4,764 4,280 5,899
EPS (unadj) 81 50 48 45 63
Dividend Payout % 21.82% 26.83% 31.7% 39.71% 33.21%
35
Cash Flows
Mar Mar Mar

Mar 2013 Mar 2014
2015 2016 2017
Cash from Operating Activity -4,354.76 -7,142.77 -1,365.38 -3,239.59 6,234.85
Cash from Investing Activity -6,922.35 -5,509.87 -4,778.15 -4,626.56 -9,740.24
Cash from Financing Activity 11,429.36 13,135.63 7,902.86 7,252.70 3,527.09
Net Cash Flow 152.25 482.99 1,759.33 -613.45 21.70
Balance Sheet
Share Capital 123 185 185 186 186
Reserves 33,716 37,506 40,707 43,994 50,029
Borrowings 63,144 80,845 93,629 88,135 93,976
Other Liabilities 47,076 51,562 60,440 64,394 69,149
Total Liabilities 144,060 170,100 194,963 196,709 213,342
Fixed Assets 30,389 32,397 34,738 14,175 13,073
CWIP 11,350 14,178 14,992 10,974 13,471
Investments 8,767 8,108 9,612 15,465 23,182
Other Assets 93,552 115,415 135,620 156,094 163,614
Total Assets 144,060 170,100 194,963 196,709 213,342
36
Cash Flow
15,000.00
10,000.00
5,000.00
0.00
Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
-5,000.00
Cash from Operating Activity Cash from Investing Activity
Cash from Financing Activity Net Cash Flow
-10,000.00
-15,000.00
Net Profit
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1 2 3 4 5
37
IRB INFRASTRUCTURE
Profit & Loss
Sales 3,687 3,731 3,848 5,127 5,845
Expenses 2,050 1,973 1,630 2,461 2,788
Operating Profit 1,637 1,757 2,217 2,666 3,057
OPM % 44.4% 47.11% 57.63% 52.0% 52.3%
Other Income 134 121 113 127 123
Interest 623 760 937 1,070 1,341
Depreciation 441 477 707 853 854
Profit before tax 706 641 686 870 983
Tax 153 182 144 230 268
Net Profit 556 459 542 639 715
EPS (unadj) 16 13 14 16 19
Dividend Payout % 23.88% 28.96% 25.89% 22.0% 24.56%
38
Balance Sheet
Share Capital 332 332 351 351 351
Reserves 2,923 3,228 4,009 4,484 4,920
Borrowings 8,776 11,084 12,576 15,626 13,963
Fixed Assets 5,508 8,554 31,763 35,148 24,387
CWIP 4,915 4,486 4,835 4,019 6,806
Investments 62 14 8 36 145
Other Assets 2,586 2,658 2,795 2,969 15,343
Total Assets 13,073 15,714 39,403 42,173 46,683
Cash Flows
Cash from Operating Activity 1,445.32 1,655.46 1,823.48 2,339.87 3,209.29
Cash from Investing Activity -2,243.31 -2,394.48 -2,297.01 -3,143.98 -2,998.22
Cash from Financing Activity 699.36 925.45 475.09 670.89 -201.63
Net Cash Flow -98.63 186.43 1.55 -133.22 9.45
39
Cash Flow
4,000.00
3,000.00
2,000.00
1,000.00
0.00
-1,000.00
-2,000.00
-3,000.00
-4,000.00

Net Profit
800
700
600
500
400
300
200
100
0
1 2 3 4 5
40
ASHOKA BUILDCON
Profit & Loss
Sales 1,852.68 1,794.88 2,319.71 2,824.92 2,975.26
Expenses 1,496.49 1,428.41 1,846.72 1,963.66 2,080.64
Operating Profit 356.19 366.47 472.99 861.26 894.62
OPM % 19.23% 20.42% 20.39% 30.49% 30.07%
Other Income 29.40 29.72 29.03 81.12 122.37
Interest 139.45 133.54 272.11 799.60 789.86
Depreciation 132.38 138.91 151.71 269.05 273.53
Profit before tax 113.76 123.73 78.20 -126.27 -46.39
Tax 68.50 68.80 79.56 97.35 78.96
Net Profit 84.19 97.45 81.48 -85.36 -9.96
EPS (unadj) 15.25 6.01 4.83 0.00 0.00
Dividend Payout % 25.02% 24.31% 27.26% -32.89% -300.64%
41
Balance Sheet
Share Capital 52 78 79 93 93
Reserves 983 1,168 1,277 1,621 1,578
Borrowings 2,453 3,192 3,872 4,691 4,754
Fixed Assets 1,499 4,025 12,571 8,514 8,369
CWIP 9,609 7,962 150 19 36
Investments 282 284 240 227 186
Other Assets 1,047 1,246 1,704 2,214 2,554
Total Assets 12,440 13,518 14,666 10,977 11,146
Cash Flows
Cash from Operating Activity 6,499.90 385.79 389.82 250.74 704.41
Cash from Investing Activity -7,074.03 -922.25 -812.21 -104.29 -56.94
Cash from Financing Activity 575.82 578.99 369.36 25.04 -743.48
Net Cash Flow 1.69 42.53 -53.02 171.50 -96.02
42
Caash Flow
8,000.00
6,000.00
4,000.00
2,000.00
0.00
-2,000.00
-4,000.00
-6,000.00
-8,000.00

Net Profit
150
100
50
0
1 2 3 4 5
-50
-100
43
RATIO ANALYSIS
1.OPERATING PROFIT MARGIN (OPM)
Operating Profit Margin indicates how effective a company is at controlling the costs
and expenses associated with their normal business operations. This ratio is found out
using
the following formula and expressed in percentage terms.
Operating Profit Margin = Operating Profit/Net Sales X 100
Year IRB L&T Ashok Buildcon

2013 44 16 19.23
2014 47 16 20.42
2015 57 17 20.39
2016 52 15 30.49
2017 52 15 30.07
AVERAGE 50.4% 15.8% 24.12%
Source: Computed using MS- Excel spread sheets from the data available in
Screener.com
From the above analysis the operating profit margin of IRB
INFRASTRUCTURE is highest among all the companies and that of
L&T is very low so IRB looks best among all in case of operating profit
margin.
Operating Profit Margin

60
50
40
30
20
10
0
2013 2014 2015 2016 2017
IRB L&T Ashok Buildcon
44
2. NET PROFIT MARGIN (NPM )
Net Profit Margin indicates how much a company is able to earn after all direct and
indirect expenses to every rupee of revenue. This ratio is calculated by using the
following formula and expressed in percentage terms.
Net Profit Margin = Net Profit/Net Sales X 100

2013 8.44 9.39 6.23
2014 13.02 9.01 6.64
2015 6.28 8.86 7.22
2016 10.28 8.88 8.23
2017 5.58 8.29 8.99
AVERAGE 8.92 8.886 7.462
Screener.com
The NPM of IRB is 8.92 that is greater than other four companies so we
can easily conclude that in terms of NPM IRB is best among all the three
companies.
Net Profit Margin

14
12
10
0
2013 2014 2015 2016 2017 AVERAGE
45
3.EARNING PER SHARE (EPS )
Earning per share is the measure of company’s ability to generate after tax profits per
share held by the investors. This ratio is computed with the help of the following
formula and expressed in rupee terms.
Earning per share = Profit after tax - Preference dividend/No. of Equity Share

2013 5.64 58.23 19.40
2014 8.67 59.26 6.55
2015 3.94 54.39 8.96
2016 9.24 57.02 8.52
2017 5.78 58.46 9.83
AVERAGE 6.654 57.472 10.652
Screener.com
The EPS position of L&T is very high Rs.57.472 as compare to others
and of IRB is very low I.e Rs.8 so we can say that L&T enjoys a good
position in market among competitors.
EPS
70
60
50
40
30
20
10
0
2013 2014 2015 2016 2017 AVERAGE
46
4. DIVIDEND PER SHARE (DPS)
This ratio tells us about the dividend paying of a particular company. This ratio
determines about the dividend as a return from the point of view of investor.
Dividend per Share:- Equity dividend *100/Number of equity shareholder

2013 4 14.55 4
2014 4 14.25 1.50
2015 4 16.25 1.40
2016 4 18.25 1.50
2017 5 21 1.60
AVERAGE 4.2 16.86 2
Screener.com
Here the L&T has paid the maximum DPS approx Rs.17 which is quite high
compared to other companies , whereas Ashoka Buildcon is just Rs.2 so clearly we
can go with L&T or IRB if an investor wants to have a fair return on his investment.
DPS
25
20
15
10
0
2013 2014 2015 2016 2017 AVERAGE
47
5. DIVIDEND PAYOUT RATIO (DPR)
This ratio DPR tells us about the amount of dividend given as compared to what the
earning of share is. It shows us the ratio of dividend as per the ratio of earning of
share.
Dividend Payout Ratio:- Dividend per share/Earning per share
2013 70.96 23.85 20.61
2014 46.12 24.04 22.90
2015 98.84 29.87 17.02
2016 43.26 32 17.61
2017 34.58 36 8.13
AVERAGE 58.752 29.152 17.254
Screener.com
IRB has got the best position if dividend payout ratio is considered.
DIVIDEND PAYOUT RATIO

120
100
80
60
40
20
0
2013 2014 2015 2016 2017 AVERAGE
48
6. RETURN ON EQUITY
Return on equity (ROE) is the amount of net income returned as a percentage of

shareholders equity.
Return on equity = Net profit * 100

(Equity share capital + reserve & surplus)
YEARS IRB L&T Ashoka Buildcon

2013 11.92 16.21 11.96
2014 16.69 16.32 11.08
2015 6.43 13.63 13.48
2016 13.92 13.04 9.48
2017 8.11 11.85 9.86
AVERAGE 11.414 14.21 11.172
Screener.com
From the above analysis Ashoka builcon has got a low average of 11 and
that of L&T is quite good as compared to others. L&T RONW is around
14 so here we can say that L&T plays the dominant position over the
other companies wrt net worth.
RETURN ON EQUITY
18
16
14
12
10
8
6
4
2
0
2013 2014 2015 2016 2017 AVERAGE
IRB L&T Ashoka Buildcon
49
7. CURRENT RATIO
Current ratio is a liquidity ratio which shows the liquidity position of a company.
Current ratio is current assets over current liabilities. Current ratio signifies how
efficient the company is to pay off its liabilities the higher the ratio better the
company is in liquidity position.
Current ratio = Current assets/Current liabilities

2013 0.84 1.33 0.82
2014 1.21 1.27 0.74
2015 1.25 1.34 0.88
2016 1.11 1.35 1.26
2017 1.35 1.37 1.25
AVERAGE 1.152 1.332 0.99
Screener.com
IRB is a having a good liquidity position near to 1.1 so we can say that its
good to go with IRB though L&T is having very high current ratio but
having this much high ratio also bad for the company it shows that
company has got idle funds wasted in current assets good ratio is near
around 1.
Current Ratio
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
2013 2014 2015 2016 2017 AVERAGE
50
8. CASH FLOW STATEMENTS
Operational cash flow is driven by the activities shown on the income statement.
Positive operational cash flow indicates that your company is able to fully fund
operations from sales. When operational cash flow is negative, cash flow from
investing or financing activities must make up for the operational cash shortfall or
your company will quickly burn through the cash shown on its balance sheet.

2013 -98.63 152.45 1.69
2014 186.43 482.99 42.53
2015 1.55 1759.33 -53.02
2016 -133.22 -613.45 171.50
2017 9.45 21.70 96.02
AVERAGE -6.884 360.604 51.744
Screener.com
Hence from above table we get to know that L&T has a positive Net Cash
flow and can fund its activities from sales where as other companies need
to use money from investing and financing activities.
Cash Flow
2000
1500
1000
500
0
2013 2014 2015 2016 2017 AVERAGE
-500
-1000
51
COMPANY RECOMMENDATION FOR INVESTING OVER A
PERIOD OF 5 YRS
Considering the Ratio analysis and past five year record on financial terms IRB
infrastructure company looks to be the booming company for a period of next 5 years.
Also winning the contract for Bharatmala and Sagarmala project and the current
government supporting Infrastructure sector to make smart cities, I am bullish on IRB
Infrastructure with a target price of 600 over a period of 5 yrs.
About BharatMala and Sagarmala project.

A total of around 24,800 kms are being considered in Phase I of Bharatmala. In
addition, Bharatmala Pariyojana phase -I also includes 10,000 kms of balance road
works under NHDP, taking the total to 34,800 kms at an estimated cost of Rs.5,35,000
crore. Bharatmala Phase I - is to be implemented over a five years period of i.e. 2017-
18 to 2021-22.
BHARATMALA PROJECT CATEGORY
 Economic Corridor - As per the guidelines of the road construction project, the
construction of 9000kms of Economic Corridors will be undertaken by the central
government.
 Feeder Route or Inter Corridor - The total length of the roads, which fall under
the Feeder Route or Inter Corridor category, is a whopping 6000kms.
 National Corridor Efficiency Improvement - 5000kms of roads, constructed
under the scheme will fall in the category of National Corridor for the better
connection between roads.
 Border Road and International Connectivity - Connecting the cities and remote
areas, which are situated in the border regions, the project has kept provision for
constructing 2000kms roads that fall in the Border Road or International
Connectivity category.
 Port Connectivity and Coastal Road - To connect the areas that are dotted along
the shorelines and important ports, the central government has ordered the
construction of 2000km of roads.
 Green Field Expressway - The main stress will be given on the construction and
development of Green Field Expressway for better management of traffic and
freight.
 Balance NHDP Works - Under the last segment, the project will see a
construction and maintenance of about 10,000kms of new roads.
52
About Sagarmala Project
The Sagarmala Programme is a strategic ₹8.5 trillion (US$130 billion or €110 billion)
investment initiative of the Government of India entailing setting up of new mega ports,
modernization of India's existing ports, development of 14 Coastal Employment
Zones (CEZs) and Coastal Employment Units, enhancement of port connectivity via
road, rail, multi-modal logistics parks, pipelines & waterways and promote coastal
community development, resulting in boosting merchandise exports by US$110 billion,
and generation of around 10,000,000 direct and indirect jobs.
The Sagarmala Programme is the flagship programme of the Ministry of Shipping to
promote port-led development in the country through harnessing India’s 7,500 km long
coastline, 14,500 km of potentially navigable waterways and strategic location on key
international maritime trade routes. Sagarmala aims to modernize India's Ports so that
port-led development can be augmented and coastlines can be developed to contribute
in India's growth. It also aims for "transforming the existing Ports into modern world
class Ports and integrate the development of the Ports, the Industrial clusters and
hinterland and efficient evacuation systems through road, rail, inland and coastal
waterways resulting in Ports becoming the drivers of economic activity in coastal areas.
53
TECHNICAL ANLAYSIS
54
STOCK NAME: IRB INFRASTRUCTURE
CMP: 203
CALL: BUY
TARGET PRICE: 280(38.30%)
STOP LOSS: 195
Volume traded: 1.216mn (Avg. volume traded: 1.934mn)

According to RSI, it is at 34 which shows that there will be trend reversal in
upcoming trading days.
According to ADX, positioned at 34, shows strong bullish reversal.
According to MACD, the histogram is at the low level level so it will now
consolidate.
The stock is at the support level at rs. 200 and resistance (R1) is rs. 250 and R2 is rs.
280
55
STOCK NAME: Ambuja cement ltd.
CMP: 219.55
CALL: BUY
TARGET PRICE: 229 (4.30%)
STOP LOSS: 214
Chart:

According to RSI, it is at 27.91 which shows that there will be trend reversal in
According to Stochastic, fast moving average is about to cross the slow moving
average in uptrend which shows trend reversal pattern.
According to MACD, the histogram is at the max level so it will now consolidate.
The stock is at the support level at rs. 219 and resistance (R1) is rs. 241 and R2 is rs.
246
56
STOCK NAME: COAL INDIA LTD
CMP: 269.75
CALL: BUY
STOP LOSS: 266
Chart:

According to Stochastic, fast moving average is about to cross the slow moving
average in uptrend which shows trend reversal pattern.
According to MACD, the histogram is at the max level so it will now consolidate.
The stock is at the support level at rs. 266.5 and resistance (R1) is rs. 295 and R2 is rs.
306
57
STOCK NAME: EMAMI LTD
CMP: 1040
CALL: BUY
STOP LOSS: 1023
Chart:
Volume traded: 574.183k (Avg. volume traded: 200.357k)

According to Stochastic, fast moving average crossed the slow moving average in
uptrend which shows trend reversal pattern.
According to MACD, the histogram is consolidating now so it shows the uptrend.
The stock is at the support level at rs. 1012.11 and resistance (R1) is rs. 1121 and R2
is rs. 1210
58
CALCULATION
Capital: 20,000
Leverage: 10 times = 200000
1) Ambuja cement(purchase) : 201 shares
200*219.55 =44129.55
2) Coal India Ltd(purchase) : 200 shares
200*269.75 = 53950
3) Emami Ltd(purchase) = 98 shares
98*1040 =101,920
Total no. shares = 499

Total value = 199999.55
Total target value = (229*201) + (275*200)+ (1063*98) = 205203
Total profit = 5203.45
Less:
Brokerage (IndiaNivesh): .70*499 = 349.3
Interest on leverage: 177.53
Tax and transaction cost: 800
Net Total profit: 3876.62
Total return on our capital: 19.3%
59

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Vivekanand Education Society Institute of Management

Studies & Research

PARAG UMESH BAGUL

I am using this opportunity to express my gratitude to everyone who supported me

I Mr. Parag Umesh Bagul a bonafide student of MMS in Vivekanand Education

Signature of the supervisor

2.1 Customer profile of the industry

2.2 Supplier profile of the Industry

2.3 Competitors profiling of the Industry

2.4 Industry Financial

2.5 Challenges based by the industry

2.6 Government regulations

3 About the company

3.1 Genesis of the company and its vision and mission

3.2 Product and services

3.3 Position in the industry

3.4 Stake holders detail

3.5 Location and operational details

3.6 Company Financials

3.7 Challenges faced by the company

3.8 SWOT Analysis of the company

4 On the job training

4.1 Key Results Areas

4.2 Target Assigned

4.3 Target Achieved

4.4 Technical/Soft skills acquired

5.1 Problem identification

5.2 Doing literature review on the problem being investigated

5.3 Data collection from secondary sources

5.4 Data collection from primary sources

5.5 Data Analysis(if any)

6 Results and recommendations

6.2 Limitation and Future scope

6.3 Conclusion and Recommendations

7.2 Questionnaires and forms

7.3 Statistical output

Fundamental analysis is used for long term investment.In Fundamental analysisa

The launch of SENSEX in 1986 was later followed up in January 1989 by

For BSE, the requirements to becoming a member are:

 Authorised By NSC As A Brokerage House

 Negotiation From NSC

 Trained Staff At BSE(Brokers, Traders, Accountants)

 Data On Member Registration

 Company Mission Statements

 Handbook On Internal Operations & Control

 Personal Information File For Management And Specialized Staff

2.5.CHALLENGES FACED BY THE BROKING

 Getting right marketing employees

To regulate the activities of stock exchange following functions are performed;

intermediaries such as merchant bankers, brokers, underwriters, etc.

placement has been made more restrictive.

exchange in any manner.

4.SEBI registers and regulates the working of mutual funds etc.

5.SEBI regulates takeover of the companies.

6.SEBI conducts inquiries and audit of stock exchanges.

 Partnership - Long term association with our Stakeholders.

To be the sure, modification catalyzing and worth enhancing monetary services

 Broking & Distribution

 Equities Derivatives Currencies Commodities

MutualFund IPO/OFS Insurance LAS & MTF

 Research Sales And Trading

 PMS, PE & Strategic Investments

 Portfolio Management Services Private Equity Strategic