chapter 3 profile of the selected units -...

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CHAPTER 3 PROFILE OF THE SELECTED UNITS

3.1 INTRODUCTION…………………………………………………………………………...59

3.2 ABAN OFFSHORE LTD………….………….………………..……………………………60

3.3 ABB LTD……………………………………………………………………………………..61

3.4 ACC LTD………………………………………………………………………………….…62

3.5 ADANI ENTERPRISES LTD………………………………………………………………63

3.6 ADITYA BIRLA NUVO LIMITED………………………………………………………..64

3.7 AMBUJA CEMENTS LTD…………………………………………………………………65

3.8 ASHOK LEYLAND LTD…………………………………………………………………...66

3.9 ASIAN PAINTS LTD………………………………………………………………………..67

3.10 AXIS BANK LTD……………………………………………………………………………68

3.11 BAJAJ AUTO LTD………………………………………………………………………….69

3.12 BAJAJ FINSERV LTD……………………………………………………………………...60

3.13 BANK OF BARODA LTD…………………………………………………………………..71

3.14 BANK OF INDIA LTD…………………………………………………………...…………72

3.15 BHARAT FORGE LTD…………………………………………………………..…………73

3.16 BHARAT HEAVY ELECTRICALS LTD……………………….……………………...…74

3.17 BHARAT PETROLEUM CORPS LTD……………………………………………………75

3.18 BHARTI AIRTEL LTD………………………………………………………..……………76

3.19 CAIRN INDIA LTD……………………………………………………………...….………77

3.20 CENTURY TEXTILES INDUSTRIS LTD……………………………………..…………78

3.21 CIPLA LTD………………………………………………………………………..…………79

3.22 CROMPTON GREAVES LTD…………………………………………………..…………80

3.23 DIVI'S LABORATORIES LTD…………………………………………………….………81

3.24 DLF LTD……………………………………………………………………………………..82

3.25 DR REDDY'S LABORATORIES LTD……………………………………………………83

3.26 EDUCOMP SOLUTIONS LTD…………………………………………………………….84

3.27 ESSAR OIL LTD…………………………………………………………………………….85

3.28 FINANCIAL TECHNOLOGIES LTD……………………………………………………..86

3.29 GAIL LTD……………………………………………………………………………………87

3.30 GLAXOSMITHKLINE PHARMACEUTICALS LTD…………………………………...88

3.31 GLENMANRK PHARMACEUTICALS LTD…………………………………………….89

3.32 GMR INFRASTRUCTURE LTD…………………………………………………………..90

3.33 GRASIM INDUSTRIES LTD………………………………………………………………91

3.34 HCL TECHNOLOGIES LTD………………………………………………………………92

3.35 HOUSING DEVELOPMENT FINANCE CORPORATION…………………………….93

3.36 HDFC BANK LTD…………………………………………………………………………..94

3.37 HERO HONDA MOTORS LTD …………………………………………………………...95

3.38 HINDALCO INDUSTRIES LTD…………………………………………………………...96

3.39 HINDUSTAN PETROLEUM CORP LTD………………………………………………...97

3.40 HINDUSTAN UNILEVER LTD……………………………………………………………98

3.41 HOUSING DEV & INFRASTRUCTURE LTD…………………………………………...99

3.42 ICICI BANK LTD………………………………………………………………………….100

3.43 IDEA CELLULAR LTD…………………………………………………………………...101

3.44 INDIA CEMENTS LTD…………………………………………………………………...102

3.45 INDIABULLS FINANCIAL SERVICES LTD…………….…………………………….103

3.46 INDIABULLS REAL ESTATE LTD……………………………………………………..104

3.47 INDIAN HOTELS CO LTD……………………………………………………………….105

3.48 INDIAN OIL CORPORATION LTD……………………………………………………..106

3.49 INDUSTRIAL DEV BANK OF INDIA LTD……………………………………………..107

3.50 INFOSYS TECHNOLOGIES LTD……………………………………………………….108

3.51 INFRASTRUCTURE DEVELOPMENT FINANCE CO. LTD………………………...109

3.52 ITC LTD……….……………………………………………………………………………110

3.53 IVRCL INFRASTRUCTURES & PROJECTS LTD……………………………………111

3.54 JAIPRAKASH ASSOCIATES LTD………………………………………………………112

3.55 JINDAL STEEL & POWER LTD………………………………………………………...113

3.56 JSW STEEL LTD…………………………………………………………………………..114

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3.57 KOTAK MAHINDRA BANK LTD……………………………………………………….115

3.58 LARSEN & TOUBRO LTD……………………………………………………………….116

3.59 MMTC LTD………………………………………………………………………………...117

3.60 MAHANAGAR TELEPHONE NIGAM LTD……………………………………………118

3.61 MAHINDRA & MAHINDRA LTD……………………………………………………….119

3.62 MARUTI SUZUKI INDIA LTD…………………………………………………………..120

3.63 MUNDRA PORT & SEZ LTD………………………………………………………….…121

3.64 NATIONAL ALUMINUM CO. LTD……………………………………………………..122

3.65 NESTLE INDIA LTD……………………………………………………………………...123

3.66 NMDC LTD…………………………………………………………………………………124

3.67 NTPC LTD………………………………………………………………………………….125

3.68 ONGC LTD…………………………………………………………………………………126

3.69 POWER FINANCE CORPORATION LTD………………………………………….….127

3.70 POWER GRID CORPORATION OF INDIA LTD…………………………………..….128

3.71 PUNJ LOYD LTD………………………………………………………………………….129

3.72 PUNJAB NATIONAL BANK LTD……………………………………………………….130

3.73 RANBAXY LABORATORIES LTD………………………………………………..….…131

3.74 RELIANCE CAPITAL LTD…………………………………….……….………………..132

3.75 RELIANCE COMMUNICATIONS LTD…………………………………….……….….133

3.76 RELIANCE INDUSTRIES LTD……………………………………………………….…134

3.77 RELIANCE INFRASTRUCTURE LTD………….………………………………………135

3.78 RELIANCE NATURAL RESOURCES LTD…….………………………………………136

3.79 RELIANCE POWER LIMITED………………….………………………………………137

3.80 SESA GOA LTD……………………………………………………………………………138

3.81 SIEMENS LTD………………………………………..……………………………………139

3.82 STATE BANK OF INDIA LTD………………….……………………………………..…140

3.83 STEEL AUTHORITY OF INDIA LTD………….……………………………………….141

3.84 STERLITE INDUSTRIES LTD………………………………………………………..…142

3.85 SUN PHARMACEUTICAL INDS LTD……………………………………………….…143

3.86 SUZLON ENERGY LTD……………………………………………………………….…144

3.87 TATA CHEMICALS LTD……………………………………………………………...…145

3.88 TATA COMMUNICATIONS LTD…………………………………………………….…146

3.89 TATA CONSULTANCY SERVICES LTD………………………………………………147

3.90 TATA MOTORS LTD…………………………………………………………………..…148

3.91 TATA POWER CO. LTD……………………………………………………………….…149

3.92 TATA STEEL LTD…………………………………………………………………...……150

3.93 TATA TEA LTD……………………………………………………………………………151

3.94 TORRENT POWER LTD…………………………………………………………………152

3.95 UNION BANK OF INDIA LTD…………………………………………………………...153

3.96 UNITECH LTD………………………………………………………………………….…154

3.97 UNITED PHOSPHORUS LTD……………………………………………………………155

3.98 UNITED SPIRITS LTD……………………………………………………………………156

3.99 WELSPUN GUJARAT STAHL ROHREN LTD……………………………………...…157

3.100 WIPRO LTD……………………………………………………………………………..…158

3.101 ZEE ENTERTAINMENT ENTERPRISES LTD………………..………………………159

59

3.1 INTRODUCTION

This chapter gives an overview about sample companies and as a part of the

diagnostics, the researcher begins with a visual inspection of the plot of monthly

returns on individual stock as compared to BSE 100 as shown in figures. Adjusted

closing prices for each security for each month are considered for computing the

security return. As such 120 month end prices are included. The monthly return on

each secutiry is computed by using the following formula:

R it = Pit-Pit-1

Pit-1

Where, where, Rt is monthly percentage return at time t and Pit-1and Pt are monthly

price of an asset on two successive months‘t-1 and t respectively squared returns of

each stock in the sample.

The monthly market return for the analysis is taken as BSE 100 index closing value,

as such 120 index points are invluded. The monthly market return is found out by

R mt =𝐵𝑡−𝐵𝑡−1

𝐵𝑡−1

The monthly return of BSE 100 is compared with each stock and the value of monthly

return of BSE 100 remains the same for comparision with every company. The

researcher presents the basic statistic relationg to the return of BSE100 in following

table.

Table 3.1 Monthly Return of BSE100 (2001-2010)

YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.03 -0.17 -0.07 0.03 -0.05 -0.05 -0.01 -0.12 -0.01 0.09 0.07

2002 0.01 0.07 0.02 -0.02 -0.03 0.00 -0.02 -0.05 -0.01 -0.04 0.03 0.08

2003 0.01 -0.01 -0.04 -0.04 0.02 0.12 0.07 0.11 0.09 0.08 0.05 0.11

2004 0.12 -0.04 -0.02 0.05 -0.11 -0.08 0.03 0.04 0.06 0.05 0.05 0.08

2005 -0.01 0.04 0.01 -0.05 0.02 0.06 0.06 0.06 0.06 -0.01 0.04 0.07

2006 0.04 0.05 0.07 0.07 -0.02 -0.16 0.05 0.07 0.07 0.05 0.06 0.01

2007 0.03 0.00 -0.09 0.05 0.07 0.02 0.07 -0.04 0.09 0.16 0.07 0.10

2008 -0.06 -0.10 -0.11 0.03 0.04 -0.10 -0.12 0.08 -0.06 -0.25 -0.11 0.01

2009 -0.01 -0.03 -0.02 0.22 0.20 0.15 -0.01 0.05 0.06 0.03 -0.01 0.03

2010 0.02 -0.06 0.06 0.02 -0.04 0.03 0.03 0.02 0.06 0.05 -0.01 -0.02

Source: Researcher’s calculation

60

The table 3.1 shows Monthly return of BSE100 index. The graphical presentation of

these is taken for comparision with all BSE 100 stocks.

3.2 ABAN OFFSHORE LTD.

The ABAN Group was born as a small engineering firm in Chennai. Aban Offshore

Ltd. is India‘s largest offshore drilling services provider to oil companies, mainly for

ONGC. It is now ventured into international waters as one of its five rigs is doing

work for an Iranian oil company. The group has also ventured into construction,

offshore and onshore drilling, wind energy and power generation, Information

Technology enabled services, hotels and resorts, tea plantations and in marketing. The

Group took giant strides into newer arenas of operation like the execution of high-

pressure systems and cross-country pipelines for refineries and fertilizer and

petrochemical industries. Inevitably, Aban ventured into the high-powered domains of

drilling, power generation and IT Enabled Services.

Table 3.2 Monthly Returns of Aban Offshore Ltd. (2001-2010) YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.13 0.06 -0.13 0.07 -0.11 0.42 0.00 -0.24 0.06 0.04 -0.03

2002 -0.04 0.11 0.75 -0.04 0.17 0.35 -0.01 0.12 -0.07 0.07 0.14 0.11

2003 0.11 -0.08 -0.15 0.06 0.46 0.50 0.04 -0.09 0.29 0.02 0.30 0.02

2004 -0.19 0.06 0.23 0.01 -0.04 0.29 0.13 0.56 -0.04 0.00 0.09 -0.06

2005 0.05 0.38 0.17 -0.02 -0.79 0.09 0.11 0.08 0.15 -0.12 -0.02 -0.02

2006 0.21 0.35 0.34 0.27 -0.26 -0.04 0.00 0.25 0.02 -0.16 0.04 0.27

2007 0.16 0.11 0.13 0.29 0.00 0.16 0.00 -0.03 0.20 0.34 -0.02 0.08

2008 -0.26 0.13 -0.26 0.13 0.17 -0.28 -0.13 -0.17 -0.01 -0.61 -0.13 -0.03

2009 -0.28 -0.35 0.27 0.02 1.22 -0.01 0.16 0.57 -0.02 -0.20 -0.01 0.02

2010 -0.06 -0.02 -0.01 0.03 -0.41 0.18 0.03 -0.12 0.08 -0.05 -0.12 0.17


The table 3.2 shows monthly return during the study period, the graphical presentation

of these is given below. The monthly return BSE100 is used for comperision.

http://en.wikipedia.org/wiki/ONGC

61

Chart 3.1 Monthly Returns on BSE 100 and Aban Offshore Ltd. (2001-2010)

Source: From above calculation

From the above chart it is observed that the returns of Aban continually fluctuate

around a mean value that is close to zero. During the year 2005 Aban Offshore has

shown highest negative return while it has shown highest positive return in the year

2009.

3.3 ABB LTD.

The ABB Group of companies operates in over 100 countries and employs about

120,000 people. ABB is a leader in power and automation technologies that enable

utility and industry customers to improve performance while lowering environmental

impact. The division incorporates ABB's manufacturing network for transformers,

switchgear, circuit breakers, and cables and associated equipment. Substations and

substation automation systems are key areas. ABB is a leading supplier of industrial

robots - also providing robot software, peripheral equipment, modular manufacturing

cells and service for tasks such as welding, handling, assembly, painting and

finishing, picking, packing, palletizing and machine tending. ABB has installed more

than 160,000 robots worldwide.

Table 3.3 Monthly Return of ABB Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.19 -0.25 0.04 0.13 -0.10 0.01 -0.09 -0.14 -0.03 0.07 0.00

2002 0.09 0.15 0.03 0.00 -0.08 0.09 0.03 0.02 0.00 -0.15 0.00 0.04

2003 0.12 0.15 -0.10 0.07 0.11 0.07 0.03 0.25 0.00 0.10 0.01 0.27

2004 -0.01 0.05 0.14 -0.02 -0.19 0.06 0.05 0.08 -0.01 0.01 0.25 0.02

2005 0.00 0.32 -0.10 0.05 0.08 0.02 0.11 0.09 0.07 -0.02 0.16 -0.01

2006 0.31 0.00 0.15 0.06 -0.25 0.07 -0.03 0.16 0.05 0.22 -0.02 0.06

2007 -0.02 0.00 -0.02 0.15 0.12 -0.76 0.05 -0.02 0.15 0.22 -0.01 -0.03

2008 -0.26 0.03 0.02 -0.03 -0.10 -0.21 -0.05 0.14 -0.11 -0.32 -0.18 0.04

2009 0.06 -0.23 0.16 0.14 0.33 0.20 -0.10 0.08 0.04 -0.02 -0.04 0.04

2010 0.06 -0.02 0.04 -0.05 0.08 0.01 -0.06 -0.04 0.19 -0.11 -0.06 0.03


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Aban Offshore Ltd. BSE 100

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of these is given below.

Chart 3.2 Monthly Returns on BSE 100 and ABB Ltd (2001-2010)


From the above chart it is noticed that the movements are in positive as well as

negative territory. It has given highest negative return in the year 2007 while highest

positive return in the year 2009 compared to BSE 100.

3.4 ACC LTD.

ACC Limited is India‘s foremost manufacturer of cement and ready mix concrete

with a countrywide network of factories and marketing offices. Established in 1936,

ACC has been a pioneer and trend-setter in cement and concrete technology. ACC‘s

brand name is synonymous with cement and enjoys a high level of equity in the

Indian market. ACC has won several prizes and accolades for environment friendly

measures taken at its plants and mines. ACC Limited is India's foremost manufacturer

of cement and concrete. ACC's operations are spread throughout the country with 14

modern cement factories, more than 39 Ready mix concrete plants.

Table 3.4 Monthly Return of ACC Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.01 -0.27 0.15 -0.07 -0.02 0.02 -0.08 -0.03 0.07 0.28 -0.11

2002 0.05 0.02 -0.06 -0.02 0.00 0.05 -0.16 0.04 0.00 -0.04 0.23 0.01

2003 -0.13 0.08 -0.10 -0.05 0.11 0.15 0.16 0.09 -0.04 0.05 0.06 0.08

2004 0.04 0.02 -0.02 0.10 -0.15 0.02 -0.01 0.12 -0.01 -0.04 0.12 0.18

2005 0.06 0.03 -0.02 0.00 0.05 0.00 0.14 0.11 0.02 -0.09 0.14 0.05

2006 0.07 0.10 0.25 0.30 -0.25 0.03 0.08 0.08 0.09 -0.03 0.17 -0.04

2007 -0.06 -0.12 -0.18 0.14 0.02 0.09 0.14 0.01 0.12 -0.10 0.01 -0.06

2008 -0.24 0.01 0.04 -0.08 -0.13 -0.21 0.12 -0.04 0.09 -0.19 -0.18 0.18

2009 0.06 0.07 0.07 0.13 0.20 -0.02 0.15 -0.08 0.01 -0.09 0.07 0.09

2010 0.00 0.06 0.03 -0.05 -0.10 0.07 -0.05 0.05 0.14 -0.01 0.00 0.09




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ABB Ltd. BSE 100

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Chart 3.3 Monthly Returns on BSE 100 and ACC Ltd. (2001-2010)


From the above chart it is clear that the trend of ACC Ltd. is mixed during the period.

It is also more volatile than the market.

3.5 ADANI ENTERPRISES LTD.

Founded in 1988 the Adani Group has grown from being a trading house to a

diversified and dynamic business group with interests from infrastructural

development to FMCGs. A leader in international trading and infrastructure

development, the Adani Group is engaged in a continuous Endeavour to maximize

potentialities by synergizing the multiple businesses of the Group creating optimum

business model. The Group has made foray into high growth sector like Power,

Infrastructure, Global Trading, Logistics, and Energy and is recognized for creating

benchmarks for others to follow.

Table 3.5 Monthly Return of Adani Enterprises Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.02 -0.72 0.23 0.65 -0.37 -0.29 -0.22 -0.31 0.08 0.38 0.06

2002 -0.02 -0.03 0.01 0.34 -0.16 0.00 -0.12 -0.03 -0.09 -0.04 0.14 -0.07

2003 -0.07 -0.02 -0.06 -0.01 0.36 0.18 -0.07 0.06 0.02 -0.02 0.12 0.82

2004 -0.08 0.05 0.06 0.07 0.12 0.05 -0.86 -0.09 -0.04 -0.01 0.01 0.26

2005 -0.02 0.01 -0.22 -0.01 0.08 -0.02 0.03 0.12 -0.13 -0.07 0.09 -0.07

2006 0.02 -0.04 0.04 0.02 1.96 -0.28 -0.12 0.04 0.12 0.00 0.59 0.07

2007 0.01 -0.09 0.00 0.06 0.06 0.16 0.22 0.03 0.63 0.42 0.01 0.44

2008 -0.24 -0.22 -0.13 0.41 -0.06 -0.23 0.04 -0.08 -0.20 -0.20 -0.20 0.01

2009 -0.06 -0.13 0.09 0.57 0.61 0.21 0.01 -0.14 -0.07 0.08 0.13 -0.46

2010 0.02 0.10 -0.03 0.20 -0.04 0.00 0.08 0.12 0.02 0.06 -0.05 -0.03




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ACC Ltd. BSE 100

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Chart 3.4 Monthly Returns on BSE 100 and Adani Enterprises Ltd. (2001-2010)


From the chart 3.4 it is observed that the trend of Adani Enterprises Ltd. is very close

to mean value zero except the year 2006. In this year the return is more volatile than

market.

3.6 ADITYA BIRLA NUVO LIMITED.

The Aditya Birla Group is a multinational conglomerate based in Mumbai with

operations in 25 countries. The Aditya Birla Group is the world's largest player in the

Viscose Staple Fiber industry. It operates out of India, Laos, Thailand, Malaysia, and

China. Apart from viscose staple fiber, the group also owns acrylic fiber businesses in

Egypt and Thailand, viscose filament yarn businesses and spinning mills at several

locations all over India and South East Asia. The group has pulp and plantation

interests in Canada and has recently invested in plantations in Laos. The Aditya Birla

group is also a major player in the branded garments market in India.

Table 3.6 Monthly Return of Aditya Birla Nuvo Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.02 -0.05 0.02 -0.02 -0.01 -0.02 -0.14 0.04 0.01 0.06 -0.03

2002 -0.08 0.02 0.05 0.51 -0.22 0.17 -0.10 -0.01 0.00 0.18 -0.09 -0.01

2003 -0.04 -0.03 -0.14 0.06 0.23 0.32 0.14 0.23 -0.01 0.08 0.20 0.16

2004 -0.22 -0.09 -0.01 0.13 -0.06 0.02 0.18 0.21 -0.08 -0.07 0.19 0.32

2005 0.06 0.10 -0.11 0.06 0.05 -0.05 0.07 0.28 0.06 -0.05 0.07 0.05

2006 0.06 0.04 0.01 0.19 -0.15 -0.06 0.02 0.11 0.08 0.13 0.19 0.07

2007 0.01 -0.05 -0.11 0.08 0.23 -0.05 0.10 -0.06 0.10 0.06 -0.03 0.29

2008 -0.01 -0.14 -0.19 0.04 -0.01 -0.18 0.12 -0.01 -0.29 -0.41 -0.12 0.19

2009 -0.18 -0.11 0.07 0.19 0.76 -0.07 0.02 0.15 -0.05 -0.17 0.05 0.05

2010 -0.03 -0.01 0.08 -0.09 -0.12 0.05 0.02 0.05 0.06 -0.04 -0.09 0.12




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Adani Enterprises Ltd. BSE 100

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Chart 3.5 Monthly Returns on BSE 100 and Aditya Birla Nuvo Ltd. (2001-2010)

Source: From above calculation From the above chart it is noticed that the trend of the stock goes with the market. It is

more like a defensive stock.

3.7 AMBUJA CEMENTS LTD.

Ambuja Cements Limited was earlier known as Gujarat Ambuja Cements Limited.

The company was set up in 1986. In this short span Ambuja Cements has achieved

massive growth and presently, the total cement capacity of the company is 16 million

tones. Ambuja Cements is the most profitable cement company in India, and the

lowest cost producer of cement in the world. Ambuja cement is the first company to

introduce the concept of bulk cement movement by sea in India. The company has

entered into a strategic partnership with Holcim, the second largest cement

manufacturer in the world. Holcim had, in January, bought a 14.8 per cent promoters`

stake in the company for Rs.21.4 billion.

Table 3.7 Monthly Return of Ambuja Cements Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.01 -0.18 0.12 0.07 0.00 -0.02 -0.09 -0.09 0.03 0.18 0.05

2002 0.13 0.11 -0.16 -0.01 -0.01 0.03 -0.17 -0.03 -0.01 -0.05 0.06 -0.01

2003 -0.03 0.02 -0.01 0.04 0.06 0.16 0.10 0.02 0.00 0.10 0.11 0.08

2004 -0.05 0.07 -0.04 0.13 -0.15 0.00 -0.02 0.17 0.04 0.01 0.08 0.09

2005 0.12 0.00 -0.11 0.05 0.08 -0.87 0.09 0.02 0.17 -0.10 0.16 -0.01

2006 0.11 0.00 0.17 0.20 -0.25 0.07 0.05 0.07 0.04 0.00 0.23 -0.02

2007 -0.03 -0.15 -0.08 0.11 -0.04 0.10 0.06 0.01 0.08 0.01 0.04 -0.02

2008 -0.19 0.01 0.00 -0.06 -0.16 -0.20 0.07 -0.01 -0.02 -0.22 -0.14 0.33

2009 0.01 -0.10 0.12 0.13 0.13 -0.04 0.24 -0.09 0.00 -0.11 0.04 0.13

2010 -0.01 0.04 0.12 0.01 -0.10 0.05 0.03 0.07 0.12 -0.01 0.01 0.02




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Aditya Birla Nuvo Limited BSE 100

66

Chart 3.6 Monthly Returns on BSE 100 and Ambuja Cement Ltd. (2001-2010)


From the above chart it is clear that the trend of stock goes with the market except the

year 2005. In the year 2005 it has shown highest negative return during the study

period.

3.8 ASHOK LEYLAND LTD.

Ashok Leyland is a commercial vehicle manufacturing company based in Chennai.

Founded in 1948, the company is one of India's leading manufacturers of commercial

vehicles, such as trucks and buses, as well as emergency and military vehicles.

Operating six plants. It is the second largest commercial vehicle company in India in

the medium and heavy commercial vehicle (M&HCV) segment with a market share

of 28% (2007-08). With passenger transportation options ranging from 19 seaters to

80 seaters, Ashok Leyland is a market leader in the bus segment. The company claims

to carry over 60 million passengers a day, more people than the entire Indian rail

network.

Table 3.8 Monthly Return of Ashok Leyland Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.47 -0.31 0.20 0.20 -0.15 0.03 0.09 -0.09 0.06 0.39 -0.20

2002 -0.01 0.29 -0.10 0.22 0.00 0.22 -0.25 0.12 -0.11 0.05 -0.03 0.09

2003 -0.04 0.02 0.00 0.02 0.15 0.12 0.04 0.21 0.17 0.20 0.06 0.22

2004 -0.22 0.14 -0.03 0.05 -0.20 -0.89 -0.09 -0.10 0.00 0.00 0.09 0.20

2005 0.00 -0.02 -0.11 0.10 0.03 -0.01 0.24 -0.02 -0.01 -0.03 0.14 0.02

2006 -0.04 0.25 0.05 0.30 -0.25 -0.04 -0.07 0.13 0.14 -0.02 -0.03 0.07

2007 0.06 -0.18 -0.03 0.01 -0.04 0.01 -0.01 0.02 0.20 -0.12 0.12 0.16

2008 -0.33 0.08 -0.06 0.17 -0.13 -0.20 -0.02 0.20 -0.21 -0.30 -0.25 0.08

2009 -0.06 0.18 0.08 0.18 0.52 -0.08 0.22 0.07 0.08 0.07 0.15 -0.05

2010 0.01 -0.01 0.12 0.07 0.01 0.06 0.11 0.04 -0.02 0.05 -0.05 -0.11




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Ambuja Cements Ltd. BSE 100

67

Chart 3.7 Monthly Returns on BSE 100 and Ashok Leyland Ltd. (2001-2010)


From the above chart it is clear that the trend of Ashok Leyland Ltd. goes with the

market, it is not more volatile than the market. In the year 2004 it shows highest

negative return.

3.9 ASIAN PAINTS LTD.

Asian Paints is India's largest paint company and operates in 21 countries and has 29

paint manufacturing facilities in the world servicing consumers in over 65 countries.

The company has come a long way since its small beginnings in 1942. Over the

course of 25 years Asian Paints became a corporate force and India's leading paints

company. Driven by its strong consumer-focus and innovative spirit, the company has

been the market leader in paints since 1968. Today it is double the size of any other

paint company in India. Asian Paints manufactures a wide range of paints for

Decorative and Industrial use.

Table 3.9 Monthly Return of Asian Paints Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.02 -0.09 0.06 -0.02 -0.02 0.02 0.03 0.03 -0.01 0.02 -0.01

2002 -0.03 0.15 0.08 -0.02 -0.09 0.11 0.01 0.04 0.00 -0.03 -0.01 0.00

2003 0.01 -0.04 0.04 0.01 0.14 0.00 0.05 -0.23 -0.01 -0.10 0.13 0.09

2004 -0.04 -0.07 0.01 0.01 -0.04 0.06 0.02 -0.01 0.03 -0.09 0.02 0.07

2005 0.12 -0.01 0.10 -0.05 0.04 0.07 0.12 0.05 0.04 -0.04 0.09 0.10

2006 0.06 0.09 -0.04 0.00 -0.11 0.05 0.02 0.04 0.07 -0.01 0.07 0.03

2007 0.09 -0.08 0.03 0.04 0.05 -0.02 0.09 0.07 0.04 0.05 -0.04 0.11

2008 0.13 -0.11 0.08 0.06 0.00 -0.10 0.05 0.02 -0.03 -0.19 -0.07 0.01

2009 -0.12 0.00 0.00 0.13 0.22 0.09 0.20 -0.01 0.01 0.17 0.02 0.07

2010 0.03 -0.02 0.13 0.02 0.01 0.11 0.13 0.06 -0.03 0.00 -0.01 0.09




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Ashok Leyland Ltd. BSE 100

68

Chart 3.8 Monthly Returns on BSE 100 and Asian Paints Ltd. (2001-2010)


From the chart 3.8 it is clear that the trend of Asian Paints Ltd. shows inverse relation

with the BSE 100 index in most of the time. In the year 2003 it has given highest

negative return.

3.10 AXIS BANK LTD.

Axis Bank, previously called UTI Bank, was the first of the new private banks to have

begun operations in 1994, after the Government of India allowed new private banks to

be established. The Bank was promoted jointly by the Administrator of the Specified

Undertaking of the Unit Trust Of India (UTI-I),Life Insurance Corporation Of India,

General Insurance Corporation Ltd., National Insurance Company Ltd., The New

India Assurance Company, The Oriental Insurance Corporation, and United Insurance

Company Ltd.

Table 3.10 Monthly Return of AXIS Bank Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.14 -0.34 0.23 0.21 -0.13 -0.13 0.04 -0.11 0.05 0.05 -0.05

2002 0.10 0.27 0.08 -0.07 -0.03 0.09 -0.11 0.01 0.05 -0.02 0.06 0.17

2003 -0.05 0.02 -0.07 0.10 0.18 -0.07 0.65 -0.09 -0.03 0.05 0.12 0.61

2004 0.19 -0.12 0.04 0.06 -0.31 0.20 -0.02 -0.07 0.09 0.17 0.09 0.11

2005 0.11 0.17 0.00 -0.05 0.04 0.03 0.05 -0.04 0.06 -0.10 0.14 0.06

2006 0.18 -0.03 0.09 -0.03 -0.18 -0.07 0.12 0.15 0.11 0.14 0.09 -0.01

2007 0.14 -0.14 0.07 -0.05 0.24 0.04 0.04 0.01 0.21 0.20 0.01 0.04

2008 0.15 -0.08 -0.23 0.18 -0.14 -0.24 0.08 0.11 0.00 -0.22 -0.28 0.24

2009 -0.14 -0.20 0.19 0.34 0.41 0.06 0.10 -0.01 0.08 -0.08 0.10 -0.01

2010 0.04 0.10 0.04 0.08 -0.03 0.01 0.08 -0.02 0.16 -0.04 -0.07 -0.01


The table 3.10 shows monthly return during the study period, the graphical

presentation of these is given below.

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Asian Paints Ltd. BSE 100

69

Chart 3.9 Monthly Returns on BSE 100 and AXIS Bank Ltd. (2001-2010)


From the above chart it is noticed that the stock of AXIS Bank is more volatile than

the market. It shows highest return in the year 2003.

3.11 BAJAJ AUTO LTD.

Bajaj Auto is a major Indian automobile manufacturer. It is India's second largest two

wheeler manufacturer and the world's 4th largest two- and three-wheeler maker. It is

based in Pune, with plants in Akurdi (Pune), Waluj (near Aurangabad) and in

Uttaranchal. Bajaj Auto came into existence on November 29, 1945 as M/s Bachraj

Trading Corporation Private Limited. It started off by selling imported two- and three-

wheelers in India. In 1959, it obtained license from the Government of India to

manufacture two- and three-wheelers and it went public in 1960. In 1995, it rolled out

its ten millionth vehicle and produced and sold 1 million vehicles in a year.

Table 3.11 Monthly Return of Bajaj Auto Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2008 N.A N.A N.A N.A N.A -0.22 0.18 0.11 0.02 -0.09 -0.41 0.22

2009 0.21 0.13 0.16 0.03 0.61 -0.03 0.23 -0.01 0.23 -0.07 0.12 0.12

2010 0.01 0.02 0.11 0.04 0.06 0.12 0.08 0.02 -0.46 0.03 0.04 -0.02




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AXIS Bank Ltd. BSE 100

70

Chart 3.10 Monthly Returns on BSE 100 and Bajaj Auto Ltd. (2008-2010)


From the above figure it is observed that the return of Bajaj Auto Ltd. goes with the

market except year 2010. In this year there is a inverse relationship between the stock

return and market return.

3.12 BAJAJ FINSERV LTD.

Bajaj FinServ will strive to be one of the top financial services businesses in India

focused on delivering superior customer experience through competitive products and

class leading. The financial services and wind energy businesses of Bajaj Group were

transferred to Bajaj FinServ Limited (BFS) as part of the recently concluded

demerger, approved by the Hon. High Court of Judicature at Bombay by its order

dated December 18, 2007. The demerger is effective from March 31, 2007.The

company is currently engaged in life insurance; general insurance and consumer

finance businesses and has plans to expand its business by offering a wide array of

financial products and services in India. Apart from financial services, BFS is also

active in wind-energy generation.

Table 3.12 Monthly Return of Bajaj Finserv Limited YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2008 N.A N.A N.A N.A N.A -0.17 -0.18 0.21 -0.28 -0.69 -0.19 0.55

2009 0.16 -0.10 0.08 0.29 0.69 0.07 -0.13 -0.18 -0.01 0.12 0.01 0.10

2010 -0.07 0.08 -0.03 0.03 0.28 -0.01 -0.01 0.11 0.11 -0.12 0.01 -0.01




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Bajaj Auto Limited BSE 100

71

Chart 3.11 Monthly Returns on BSE 100 and Bajaj Finserv Ltd. (2008-2010)


It is the cleared that the trend of stock shows more volatile during the year 2008 to

2009. In remaining part it goes with the market trend.

3.13 BANK OF BARODA LTD.

Bank of Baroda is the third largest Public Sector bank in India. BOB has total assets

in excess of Rs. 2.27 lakh crores, or Rs. 2,274 billion, a network of over 3000

branches and offices, and about 1100+ ATMs. It offers a wide range of banking

products and financial services to corporate and retail customers through a variety of

delivery channels and through its specialized subsidiaries and affiliates in the areas of

investment banking, credit cards and asset management. Maharajah of Baroda Sir

Sayajirao Gaekwad III founded the bank on July 20, 1908 in the princely state of

Baroda, in Gujarat. The bank, along with 13 other major commercial banks of India,

was nationalized on 19 July 1969, by the Government of India.

Table 3.13 Monthly Return of Bank of Baroda YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.21 -0.04 -0.16 0.11 -0.01 -0.19 0.03 -0.22 0.04 0.09 -0.01

2002 -0.06 0.14 0.08 0.07 -0.05 0.31 -0.19 0.02 -0.15 0.01 0.24 0.38

2003 -0.05 0.04 0.13 -0.04 0.41 -0.04 0.20 0.07 0.05 0.27 -0.06 0.31

2004 -0.07 0.03 0.08 -0.07 -0.31 -0.04 0.08 -0.01 0.05 -0.09 0.26 0.24

2005 -0.15 0.06 0.00 -0.21 0.14 0.00 0.31 -0.05 0.02 -0.12 0.05 0.04

2006 0.04 -0.11 0.03 0.01 -0.02 -0.12 0.12 0.13 0.15 -0.03 -0.06 -0.08

2007 0.04 -0.12 -0.02 0.10 0.17 -0.02 0.11 -0.11 0.22 0.05 0.12 0.20

2008 -0.15 -0.06 -0.22 0.11 -0.14 -0.25 0.26 0.11 0.05 -0.19 0.07 0.09

2009 -0.10 -0.13 0.06 0.39 0.34 0.02 -0.02 -0.01 0.11 0.06 0.03 -0.02

2010 0.13 0.01 0.09 0.08 0.03 -0.01 0.07 0.07 0.08 0.16 -0.07 -0.04




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Bajaj Finserv Limited BSE 100

http://en.wikipedia.org/wiki/Lakh

http://en.wikipedia.org/wiki/Crores

http://en.wikipedia.org/wiki/Sayajirao_Gaekwad_III

http://en.wikipedia.org/wiki/Princely_state

http://en.wikipedia.org/wiki/Vadodara

http://en.wikipedia.org/wiki/Gujarat

http://en.wikipedia.org/wiki/Government_of_India

72

Chart 3.12 Monthly Returns on BSE 100 and Bank of Baroda Ltd. (2001-2010)


From the chart 3.12 it is noticed that the trend of the stock is more volatile than the

market. During the year 2004 it shows the highest negative return.

3.14 BANK OF INDIA LTD.

Bank of India (BOI), established on 7 September 1906 is a bank with headquarters in

Mumbai. Government-owned since nationalization in 1969, It is one of India's leading

banks, with about 3097 branches including 27 branches outside India. It was the first

bank in India promoted by Indian interests to serve all the communities of India. At

the time, banks in India were either owned by Europeans and served mainly the

interests of the European merchant houses, or by different communities and served

the banking needs of their own community.

Table 3.14 Monthly Return of Bank Of India YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.12 -0.33 0.01 0.27 0.00 0.08 0.08 -0.14 0.17 0.00 -0.10

2002 0.13 0.17 0.25 0.12 0.00 0.21 -0.20 0.00 -0.06 0.09 0.10 0.20

2003 0.01 -0.04 0.06 0.12 0.29 -0.05 -0.05 0.09 0.02 0.14 -0.09 0.17

2004 -0.02 -0.04 -0.04 0.20 -0.23 -0.14 0.02 -0.04 0.12 -0.01 0.48 0.24

2005 -0.10 0.05 0.17 -0.21 0.23 0.01 0.37 -0.16 0.03 -0.13 0.04 0.15

2006 0.02 0.03 -0.01 -0.06 -0.08 -0.11 0.09 0.29 0.14 0.07 0.16 0.03

2007 -0.08 -0.15 0.04 0.15 0.09 0.11 0.11 -0.05 0.13 0.29 -0.02 0.04

2008 -0.03 0.01 -0.30 0.35 -0.14 -0.27 0.25 -0.02 0.06 -0.15 0.04 0.15

2009 -0.13 -0.10 -0.02 0.07 0.44 0.04 -0.06 0.02 0.22 -0.19 0.15 0.00

2010 -0.05 -0.09 0.02 0.12 -0.14 0.06 0.18 0.08 0.17 -0.06 -0.04 -0.03




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Bank of Baroda BSE 100

http://en.wikipedia.org/wiki/September_7

http://en.wikipedia.org/wiki/1906

http://en.wikipedia.org/wiki/Mumbai

http://en.wikipedia.org/wiki/India

http://en.wikipedia.org/wiki/Commercial_bank

73

Chart 3.13 Monthly Returns on BSE 100 and Bank of Baroda Ltd. (2001-2010)


From the above chart it is clear that the trend of the stock is more volatile than the

market. It moves with the same direction as BSE 100.

3.15 BHARAT FORGE LTD.

Bharat Forge is the world's largest forging company. The company is based in Pune,

India and has nine manufacturing plants in India, Germany, Sweden, United States ,

Scotland, United Kingdom and mainland China. The company's international

operations are carried out by its subsidiary Carl Dan Peddinghaus GmbH. The

company was founded in 1961. In 2006, Bharat Forge had total sales of US$ 659

million and has a market value of US$ 1.8 billion. It was rated as one of the best

companies in Asia by the Forbes magazine because of its high growth rate. The

company increased its sales by more than 50% in 2005.

Table 3.15 Monthly Return of Bharat Forge Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.20 -0.31 -0.31 0.22 -0.19 -0.10 0.19 -0.11 0.32 0.35 -0.08

2002 0.28 -0.05 0.02 0.35 -0.13 0.28 -0.03 0.11 -0.03 0.03 0.05 0.14

2003 0.14 0.13 -0.08 0.07 0.22 0.08 0.17 0.09 0.10 0.23 0.06 0.27

2004 -0.12 0.06 -0.02 0.06 -0.12 -0.10 0.11 0.08 0.11 0.08 0.03 0.20

2005 0.26 -0.02 0.04 -0.06 0.05 0.07 -0.79 0.06 0.08 -0.08 0.11 0.10

2006 -0.02 0.08 0.07 -0.01 -0.23 -0.07 -0.04 0.08 0.10 0.00 0.02 0.00

2007 -0.08 -0.01 -0.04 0.03 0.02 -0.06 -0.07 -0.07 0.08 0.32 -0.17 0.13

2008 -0.19 0.01 -0.08 0.10 -0.13 -0.08 0.09 0.05 -0.31 -0.44 -0.15 -0.04

2009 0.01 0.11 0.04 0.27 0.44 -0.20 0.46 0.04 0.26 -0.10 0.06 0.03

2010 -0.02 -0.08 0.03 0.08 -0.02 0.08 0.13 0.07 0.03 0.05 -0.01 0.01




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Bank Of India BSE 100

74

Chart 3.14 Monthly Returns on BSE 100 and Bharat Forge Ltd. (2001-2010)


From the above chart it is clear that he trend of stock goes with the market except the


period.

3.16 BHARAT HEAVY ELECTRICALS LTD.

Bharat Heavy Electricals Limited (BHEL) is the largest engineering and

manufacturing enterprise in India in the energy-related and infrastructure sector which

includes Power, Railways, Telecom, Transmission and Distribution, Oil and Gas

sectors and many more. It is the 12th largest power equipment manufacturer in the

world. BHEL was established more than 50 years ago, ushering in the indigenous

Heavy Electrical Equipment industry in India. 73% of the total power generated in

India is produced by equipment manufactured by BHEL. It is one of India's nine

largest Public Sector Undertakings or PSUs, known as the Navratnas or 'the nine

jewels'.

Table 3.16 Monthly Return of Bharat Heavy Electricals Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.03 -0.12 0.11 0.20 -0.06 -0.13 0.00 -0.22 0.09 0.13 -0.04

2002 0.05 0.14 0.00 -0.01 -0.09 0.16 -0.02 0.02 -0.10 -0.06 0.10 0.05

2003 0.03 0.18 0.06 0.03 0.12 0.05 -0.02 0.33 0.15 0.19 -0.07 0.14

2004 0.01 0.13 0.04 -0.03 -0.26 0.15 0.09 0.01 0.04 0.09 -0.01 0.24

2005 -0.02 0.14 -0.11 0.03 0.11 -0.02 0.16 0.06 0.15 -0.07 0.26 -0.03

2006 0.30 0.13 0.11 0.05 -0.19 0.03 0.05 0.11 0.06 0.01 0.04 -0.08

2007 0.10 -0.14 0.04 0.10 -0.44 0.10 0.13 0.09 0.08 0.29 0.03 -0.04

2008 -0.20 0.11 -0.10 -0.08 -0.12 -0.17 0.22 0.02 -0.07 -0.19 0.06 0.00

2009 -0.03 0.06 0.08 0.10 0.32 0.01 0.01 0.04 0.00 -0.05 0.01 0.07

2010 0.00 -0.02 0.01 0.04 -0.05 0.04 -0.01 -0.01 0.03 -0.02 -0.10 0.05




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Bharat Forge Ltd. BSE 100


http://en.wikipedia.org/wiki/Power_Generation

http://en.wikipedia.org/wiki/Railways

http://en.wikipedia.org/wiki/Telecom

http://en.wikipedia.org/wiki/Distribution

http://en.wikipedia.org/wiki/Oil_and_Gas

http://en.wikipedia.org/wiki/Public_Sector_Undertaking

http://en.wikipedia.org/wiki/Navratnas

75

Chart 3.15 Monthly Returns on BSE 100 and BHEL. (2001-2010)


From the above chart it is clear that the trend of stock goes with the market except the


period.

3.17 BHARAT PETROLEUM CORPS LTD.

Bharat Petroleum Corporation Limited (BPCL) is one of India's largest PSU

companies, with Global Fortune 500 rank of 287 (2008). Its corporate office is located

at Ballard Estate, Mumbai. As the name suggests, its interests are in petroleum sector.

It is involved in the refining and retailing of petroleum products. Bharat Petroleum is

considered to be a pioneer in Indian petroleum industry with various path-breaking

initiatives. BPCL's growth post-nationalization (in 1976) has been phenomenal. One

of the single digit Indian representatives in the Fortune 500 & Forbes 2000 listings,

BPCL is often referred to as an ―MNC in PSU garb‖. It is considered a pioneer in

marketing initiatives, and employs ―Best in Class‖ practices.

Form the below chart 3.16 and table 3.17 it is clear that the trend of this stock goes

with the market. It shows the negative return in most of the study period. The return is

more volatile during the period of 2007 to 2008.

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Bharat Heavy Electricals Ltd. BSE 100

http://en.wikipedia.org/wiki/Public_Sector_Undertaking

http://en.wikipedia.org/wiki/Retail

76

Table 3.17 Monthly Return of Bharat Petroleum Corpn Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.13 0.08 0.03 -0.01 -0.04 -0.01 -0.07 -0.07 0.09 0.08 0.00

2002 0.14 0.31 0.16 -0.11 -0.13 0.04 0.09 -0.06 -0.37 0.10 0.01 0.14

2003 -0.11 0.16 -0.01 0.04 0.16 0.06 -0.07 0.25 0.11 -0.06 0.04 0.26

2004 0.03 0.00 0.04 -0.02 -0.37 0.20 -0.03 0.02 0.00 -0.01 0.13 0.17

2005 -0.07 0.01 -0.17 -0.02 0.13 -0.06 0.00 -0.02 0.12 -0.09 0.19 -0.01

2006 -0.05 0.05 -0.02 0.02 -0.09 -0.16 -0.07 0.17 0.01 0.09 -0.14 -0.02

2007 0.07 -0.14 -0.03 0.10 0.08 -0.05 -0.06 -0.03 0.14 -0.04 0.13 0.36

2008 -0.31 0.27 -0.11 0.00 -0.13 -0.35 0.41 -0.07 0.19 -0.21 0.24 0.06

2009 0.04 -0.02 -0.02 0.03 0.20 -0.07 0.10 0.07 0.13 -0.11 0.16 0.07

2010 -0.14 0.04 -0.08 0.00 0.12 0.14 -0.03 0.18 -0.01 -0.03 -0.07 -0.03




Chart 3.16 Monthly Returns on BSE 100 and BPCL. (2001-2010)


3.18 BHARTI AIRTEL LTD.

Bharti Airtel formerly known as Bharti Tele-Ventures LTD is the largest cellular

service provider in India, with more than 110 million subscribers as of 2009.With this,

Bharti is now the world's third-largest, single-country mobile operator and sixth-

largest integrated telecom operator. It also offers fixed line services and broadband

services. It offers its TELECOM services under the Airtel brand and is headed by

Sunil Bharti Mittal. The company also provides telephone services and Internet access

over DSL in 14 circles. Bharti Airtel is the 3rd largest in-country mobile operator by

subscriber base, behind China Mobile and China Unicom. In India, the company has a

24.6% share of the wireless services market.

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Bharat Petroleum Corpn Ltd. BSE 100

http://en.wikipedia.org/wiki/Sunil_Bharti_Mittal

77

Table 3.18 Monthly Return of Bharti Airtel Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2002 N.A -0.06 -0.09 -0.08 0.05 -0.08 0.04 -0.04 -0.16 -0.04 -0.08 0.22

2003 -0.03 0.05 0.19 0.13 0.02 0.30 0.37 0.15 0.13 -0.06 0.24 0.28

2004 0.06 0.08 0.10 -0.19 -0.01 0.11 -0.08 0.04 0.08 0.10 0.24 0.07

2005 -0.02 -0.08 0.00 0.08 0.08 0.17 0.11 0.10 -0.07 0.11 -0.03 0.03

2006 0.02 0.14 -0.01 -0.10 0.01 0.03 0.07 0.14 0.13 0.19 0.00 0.13

2007 0.02 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06

2008 0.06 0.00 0.09 -0.02 -0.18 0.11 0.05 -0.06 -0.17 0.03 0.07 -0.11

2009 0.00 -0.02 0.20 0.09 -0.02 -0.49 0.03 -0.01 -0.30 0.03 0.10 -0.07

2010 -0.09 0.12 -0.04 -0.12 0.00 0.17 0.07 0.12 -0.11 0.11 -0.01 0.00




Chart 3.17 Monthly Returns on BSE 100 and Bharti Airtel Ltd. (2002-2010)


From the above chart it is clear that the trend of Bharti Airtel Ltd. shows similarly as

BSE 100. In the year 2009, it shows highest negative return.

3.19 CAIRN INDIA LTD.

Cairn India was listed on 9 January 2007 on the Bombay and National Stock

Exchanges. The Initial Public Offering (IPO) of Cairn India was the largest IPO to

date in the Indian primary equity markets and Cairn India currently has a market

capitalization in excess of $6 billion, ranking as the fourth largest oil and Gas

Company in India. Cairn India is committed to continuing investment in India and is

very much focused on creating shareholder value by developing its world class

resource base in Rajasthan and seeking to continue its track record of exploration

success. In India, Cairn has been developing its interests for more than a decade.

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Bharti Airtel Ltd. BSE 100

78

Cairn India is now one of the biggest private exploration and production companies

currently operating in the region.

Table 3.19 Monthly Return of Cairn India Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A -0.20 0.11 0.02 0.07 0.02 0.02 0.01 0.21 0.15 0.02 0.21

2008 -0.25 0.18 -0.02 0.11 0.15 -0.04 -0.12 0.03 -0.15 -0.39 0.09 0.22

2009 -0.04 0.01 0.10 0.01 0.25 0.01 0.01 0.12 -0.01 0.01 0.05 0.01

2010 -0.06 0.00 0.15 0.03 -0.05 0.01 0.10 -0.01 0.01 -0.04 -0.02 0.05




Chart 3.18 Monthly Returns on BSE 100 and Cairn India Ltd. (2007-2010)


From the above chart it is clear that the return of Cairn India Ltd. goes with the BSE

100 index. In the year 2008 it shows highest negative return.

3.20 CENTURY TEXTILES INDUSTRIS LTD.

Century textiles and Industries ltd, was incorporated in year 1897. The company is not

only the trend setter in cotton textiles but has also made a remarkable presence in

yarn, denim, viscose filament rayon yarn, caustic soda etc. In the highly competitive

international markets, Century‘s cloth has carved a niche for itself, the company has

not only covered Indian market but also provide tough compaction worldwide.

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Cairn India Ltd. BSE 100

79

Table 3.20 Monthly Return of Century Textiles Ind ltd.


2001 N.A -0.10 -0.30 0.20 0.00 -0.19 0.01 -0.04 -0.14 0.04 0.40 -0.01

2002 0.01 -0.04 -0.08 0.11 0.04 0.64 -0.17 -0.08 -0.10 -0.08 0.24 0.01

2003 0.01 0.04 -0.18 0.20 0.41 0.02 0.20 0.26 -0.02 0.00 0.12 0.15

2004 -0.20 -0.07 -0.09 0.32 -0.14 0.00 0.07 0.33 -0.03 0.00 0.14 0.04

2005 0.00 0.31 -0.03 0.11 -0.01 0.13 0.07 0.05 0.10 -0.20 0.08 0.02

2006 0.03 0.10 0.31 0.48 -0.39 -0.11 0.08 0.12 0.18 0.04 0.22 0.14

2007 -0.07 -0.22 0.01 0.12 0.00 0.11 0.08 0.07 0.08 0.25 0.05 0.05

2008 -0.26 -0.08 -0.09 0.20 -0.21 -0.27 -0.05 -0.03 -0.29 -0.50 -0.20 0.25

2009 0.00 0.07 0.23 0.05 0.97 -0.13 0.19 -0.02 0.07 -0.11 0.05 0.13

2010 -0.03 -0.07 0.07 0.03 -0.13 0.01 -0.03 0.07 0.05 0.00 -0.13 -0.02




Chart 3.19 Monthly Returns on BSE 100 and Century Textiles ltd. (2001-2010)


From above chart it is noticed that the monthly return of Century Textiles Ltd. moves

similarly as BSE 100. It gives highest return in year 2009.

3.21 CIPLA LTD.

Cipla is mainly known for the Chemical, Industrial & Pharmaceutical Laboratories is

a prominent Indian pharmaceutical company, best-known outside its home country for

manufacturing low-cost anti-AIDS drugs for HIV-positive patients in developing

countries. Cipla makes drugs to treat cardiovascular disease, arthritis, diabetes, weight

control, depression and many other health conditions, and its products are distributed

in more than 180 countries worldwide. Among the hundreds of generic medications it

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Century Textiles Ind ltd. BSE 100

80

produces for international distribution are atorvastatin, amlodipine, fluoxetine,

venlafaxine hydrochloride and metformin.

Table 3.21 Monthly Return of Cipla Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.10 -0.02 0.15 -0.03 0.03 -0.06 0.15 -0.09 -0.05 0.04 0.03

2002 -0.03 -0.09 0.01 0.01 -0.04 -0.05 -0.01 0.01 0.00 -0.07 0.05 -0.02

2003 -0.08 -0.07 -0.07 -0.12 0.08 0.10 0.09 0.23 0.02 0.26 -0.07 0.10

2004 -0.09 0.00 -0.02 0.17 -0.83 -0.09 0.17 -0.04 0.24 -0.06 -0.01 0.14

2005 -0.10 -0.09 -0.02 0.03 0.10 0.08 0.07 0.02 0.11 -0.05 0.10 0.12

2006 0.00 0.25 0.20 -0.61 -0.12 -0.06 0.09 0.06 0.05 0.00 -0.03 -0.01

2007 -0.02 -0.05 0.01 -0.11 0.03 -0.04 -0.09 -0.12 0.09 -0.02 0.03 0.16

2008 -0.11 0.10 0.06 -0.03 0.00 0.00 0.04 0.10 -0.05 -0.22 0.13 -0.07

2009 0.03 0.00 0.15 0.10 -0.07 0.14 0.09 -0.02 0.03 0.03 0.11 0.05

2010 -0.05 -0.01 0.07 0.02 -0.07 0.06 -0.03 -0.07 0.06 0.10 -0.02 0.08




Chart 3.20 Monthly Returns on BSE 100 and Cipla Ltd. (2001-2010)


From the above chart it can be seen that returns continually fluctuate around a mean

value that is close to zero except 2004 and 2006. In 2004 there is a highest negative

return.

3.22 CROMPTON GREAVES LTD.

Crompton Greaves is part of the US$ 3 billion Avantha Group, a conglomerate with

an impressive global footprint. Since its inception, it has been synonymous with

electricity. In 1875, a Crompton 'dynamo' powered the world's very first electricity-lit

house in Colchester, Essex, U.K. CG's India operations were established in 1937, and

since then the company has retained its leadership position in the management and

application of electrical energy. Today, Crompton Greaves is India's largest private

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Cipla Ltd. BSE 100

81

sector enterprise. It has diversified extensively and is engaged in designing,

manufacturing and marketing technologically advanced electrical products and

services related to power generation, transmission and distribution, besides executing

turnkey projects.

Table 3.22 Monthly Return of Crompton Greaves Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.03 -0.17 0.01 0.06 -0.25 0.04 0.02 -0.08 0.02 0.15 -0.01

2002 -0.02 0.66 0.28 -0.07 0.03 0.18 -0.26 0.00 0.03 0.06 0.10 0.03

2003 0.07 0.12 -0.10 0.19 0.00 0.40 -0.12 0.43 -0.05 0.07 0.24 0.25

2004 -0.19 0.02 0.10 0.20 -0.22 -0.09 0.27 0.13 0.13 0.13 0.07 0.16

2005 -0.07 0.37 0.14 0.02 0.07 -0.06 0.24 0.06 0.15 -0.07 0.15 0.09

2006 0.18 -0.02 0.18 0.01 -0.05 -0.13 0.16 -0.79 0.18 -0.03 0.10 -0.21

2007 -0.06 0.01 0.01 0.10 0.12 0.03 0.15 0.05 0.09 0.22 0.04 -0.07

2008 -0.17 -0.05 -0.12 -0.09 -0.07 -0.04 0.07 0.15 -0.14 -0.34 -0.23 0.14

2009 -0.04 -0.04 -0.01 0.31 0.64 0.11 0.01 0.10 -0.03 0.22 0.03 0.08

2010 0.02 -0.04 -0.37 0.01 -0.09 0.07 0.07 0.07 0.06 0.02 0.05 -0.07




Chart 3.21 Monthly Returns on BSE 100 and Crompton Ltd. (2001-2010)


It can be seen that the movements are in the positive as well as negative territory and

larger fluctuation tend to cluster together separated by periods of relative calm.

3.23 DIVI'S LABORATORIES LTD.

Divi‘s laboratories was established in the year 1990, with Research & Development

as its prime fundamental, Divi‘s Laboratories focused on developing new processes

for the production of Active Pharma Ingredients (APIs) & Intermediates. The

company in a matter of short time expanded its breadth of operations to provide

complete turnkey solutions to the domestic Indian pharmaceutical industry. With five

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82

years of experience, expertise and a proven track-record of helping many companies

with its turn-key and consulting strengths, Divis Laboratories established its first

manufacturing facility in 1995.

Table 3.23 Monthly Return of Divi's Laboratories Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2003 N.A N.A N.A 0.32 0.29 0.47 0.02 0.25 0.28 -0.10 0.35 0.46

2004 -0.05 0.28 -0.25 0.04 -0.07 -0.19 -0.01 0.05 0.16 -0.20 0.06 0.17

2005 -0.18 -0.06 -0.05 -0.07 0.17 -0.04 0.23 0.18 0.01 -0.12 0.09 0.04

2006 0.10 0.02 0.09 0.01 -0.26 -0.07 0.18 0.17 0.23 0.22 0.12 0.02

2007 0.06 -0.10 0.06 0.19 0.36 0.17 0.15 -0.82 0.04 0.42 -0.06 0.16

2008 -0.24 -0.02 -0.08 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18 0.18

2009 0.18 0.18 0.18 -0.11 0.35 -0.03 -0.52 -0.02 0.07 -0.06 0.14 0.12

2010 -0.10 0.02 0.09 -0.01 0.11 0.04 -0.03 -0.01 -0.07 0.00 -0.11 0.04




Chart 3.22 Monthly Returns on BSE 100 and Divi's Lab Ltd. (2003-2010)


It can be seen that continually fluctuate around a mean value that is close to mean

value that is close to zero. In the year 2007 it shows highest negative value near -1%.

3.24 DLF LTD.

The DLF Group is India‘s largest real estate company in terms of revenues, earnings,

market capitalization and developable area. It has a 62 years track record of sustained

growth, customer satisfaction and innovation. The company has a unique business

model with earnings arising from development and rentals. Its exposure across

businesses, segments and geographies, mitigates and down cycles in the market. DLF

has also forayed into the infrastructure, SEZ and hotel businesses. The product

offering involves a wide range of products including condominiums, duplexes, row

houses and apartments of varying size.

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Table 3.24 Monthly Return of DLF Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A N.A N.A N.A N.A N.A -0.02 0.28 0.24 -0.01 0.14

2008 -0.24 -0.04 -0.17 0.09 -0.17 -0.33 0.29 -0.03 -0.29 -0.38 -0.10 0.42

2009 -0.37 -0.14 0.10 0.38 0.75 -0.23 0.27 0.07 0.03 -0.16 -0.05 0.03

2010 -0.08 -0.11 0.04 0.01 -0.11 0.04 0.05 0.00 0.25 -0.07 -0.12 -0.05




Chart 3.23 Monthly Returns on BSE 100 and DLF Ltd. (2007-2010)


By visual inspection it can be observed that the return of DLF continuously moves

with the BSE 100. In year 2009 it gives highest return near to 0.80%.

3.25 DR REDDY'S LABORATORIES LTD.

Dr. Reddy‘s Laboratories Ltd. trading as Dr. Reddy's, founded in, has become India‘s

second biggest pharmaceutical company. The company has more than 190

medications ready for patients to take, 60 active pharmaceutical ingredients for drug

manufacture, diagnostic kits, critical care and biotechnology products. By the early

1990s, the expanded scale and profitability from these unregulated markets enabled

the company to begin focusing on getting approval from drug regulators for their

formulations and bulk drug manufacturing plants in more-developed economies. This

allowed their movement into regulated markets such as the US and Europe.

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DLF Ltd. BSE 100


http://en.wikipedia.org/wiki/Pharmaceutical_company

http://en.wikipedia.org/wiki/Active_pharmaceutical_ingredient

http://en.wikipedia.org/wiki/Intensive_care_medicine

http://en.wikipedia.org/wiki/1990s



http://en.wikipedia.org/wiki/United_States

http://en.wikipedia.org/wiki/Europe

84

Table 3.25 Monthly Return of Dr Reddy's Laboratories Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.03 -0.06 -0.10 0.25 0.15 0.05 0.05 0.01 -0.41 -0.09 -0.03

2002 0.00 0.14 0.04 -0.09 -0.05 0.00 -0.10 0.05 -0.07 -0.17 0.10 0.18

2003 0.01 -0.03 0.05 -0.05 0.02 0.23 0.05 0.00 -0.08 0.13 0.06 0.12

2004 -0.02 -0.11 -0.21 -0.11 -0.08 -0.08 0.03 -0.07 0.05 0.02 0.06 0.09

2005 -0.15 -0.02 0.03 -0.14 0.14 0.04 0.11 -0.04 0.07 -0.05 0.13 0.07

2006 0.14 0.16 0.09 0.01 -0.05 -0.06 0.10 -0.48 0.01 0.02 0.00 0.08

2007 -0.08 -0.09 0.07 -0.02 -0.08 0.01 -0.03 0.01 0.01 -0.04 0.02 0.16

2008 -0.28 0.10 0.01 0.05 0.15 -0.06 -0.15 0.02 -0.12 -0.16 0.00 0.10

2009 -0.04 -0.13 0.25 0.11 0.18 0.21 0.05 -0.03 0.24 0.02 0.12 0.01

2010 -0.02 0.02 0.12 -0.01 0.11 0.03 -0.07 0.01 0.06 0.15 0.08 -0.07




Chart 3.24 Monthly Returns on BSE 100 and Dr Reddy's Lab Ltd. (2001-2010)


From the chart it can be studied that the return of stock follows mixed trend both

positive and negative. It shows highest negative return in 2006.

3.26 EDUCOMP SOLUTIONS LTD.

Educomp Solutions Limited, founded in 1994 is a globally diversified education

solutions provider and the largest education company in India. Educomp Group

reaches out to over26, 000 schools and 15 millionlearners and educators across the

world. In addition, the Company operates through its various subsidiaries including

authorGEN, Threebrix eServices, Learning.com, USA, AsknLearn Pte Ltd, Singapore

and via its associates such as Savvica in Canada. Educomp is now India‘s number one

education company.

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Dr Reddy's Laboratories Ltd. BSE 100

85

Table 3.26 Monthly Return of Educomp Solutions Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A 0.01 0.36 0.01 0.01 -0.01 -0.02 0.35 0.47 -0.14 -0.02 0.50

2007 0.04 -0.09 0.06 0.37 0.36 0.25 0.16 0.11 -0.02 0.16 0.10 0.33

2008 -0.28 0.25 -0.10 0.05 -0.01 -0.35 0.23 0.19 -0.10 -0.34 0.02 0.06

2009 -0.25 -0.08 0.27 0.18 0.14 0.34 0.09 0.00 0.14 -0.83 -0.05 -0.06

2010 -0.02 -0.04 0.12 -0.09 -0.21 -0.01 0.14 -0.10 0.12 -0.10 0.02 -0.06




Chart 3.25 Monthly Returns on BSE 100 and Educomp Ltd. (2006-2010)


From the above chart it can be seen that the movements are in the positive as well as

negative territory. In the year 2009 it shows highest negative return.

3.27 ESSAR OIL LTD.

Essar's oil refinery at Vadinar in Jamnagar, Gujarat is located in India's West Coast.

Vadinar is an all-weather deep-draft natural port. More than 60% of India's crude

imports land in and around this region. Essar Oil's Refinery has a capacity of

processing 10.5 million tonnes of crude per annum (10.5 MTPA) with an investment

of close to Rs. 100 Billion (USD 2.2 billion). After a lot of hurdles in the initial

stages, the refinery declared a 10.5 million tone production in May, 2008.The refinery

is fully integrated with its own captive power plant, port and terminal facilities. It

includes a Single Point Mooring (SPM), rail -car and truck loading facilities.

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Educomp Solutions Limited. BSE 100

86

Table 3.27 Monthly Return of Essar Oil Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.06 -0.29 -0.01 -0.02 -0.12 -0.13 0.13 -0.05 0.40 0.42 -0.22

2002 -0.18 0.09 0.10 -0.12 0.43 -0.15 -0.08 -0.10 -0.06 -0.06 0.24 -0.12

2003 -0.06 0.05 -0.17 0.00 N.A N.A N.A N.A N.A N.A N.A N.A

2004 N.A N.A N.A N.A 2.41 -0.12 0.26 0.18 0.20 -0.09 0.00 0.57

2005 0.01 0.13 -0.03 0.00 0.00 -0.01 0.21 0.07 -0.13 -0.19 0.11 0.21

2006 0.03 -0.13 0.08 0.68 -0.24 -0.07 -0.14 0.23 0.09 -0.03 -0.10 0.12

2007 0.12 -0.12 -0.04 0.11 -0.04 0.00 -0.04 -0.02 0.12 -0.03 3.27 0.35

2008 -0.31 0.15 -0.21 0.36 -0.19 -0.21 0.06 0.12 -0.24 -0.48 -0.11 0.17

2009 -0.15 -0.10 0.09 0.99 0.16 -0.09 -0.01 -0.04 0.09 -0.16 -0.02 0.06

2010 -0.02 -0.04 0.05 0.01 -0.11 0.14 -0.09 -0.04 0.05 0.14 -0.16 0.12




Chart 3.26 Monthly Returns on BSE 100 and Essar Oil Ltd. (2001-2010)


From the above chart it can be seen that the return of stock is more fluctuate than BSE

100 in the year 2003 and 2007. It gives highest positive return in these years.

3.28 FINANCIAL TECHNOLOGIES LTD.

The Financial Technologies group is among the global leaders in offering technology

IP (Intellectual Property) and domain expertise to create and trade on next-generation

financial markets, that are transparent, efficient and liquid, across all asset classes

including equities, commodities, currencies and bonds among others. The Financial

Technologies group operates one of the world‘s largest network of 10 exchanges

connecting fast-growing economies of Africa, Middle East, India and South East

Asia.

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Essar Oil Ltd. BSE 100

87

Table 3.28 Monthly Return of Financial Technologies Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.07 -0.55 -0.24 -0.01 0.01 -0.58 0.00 -0.11 0.41 0.70 -0.16

2002 1.54 0.25 0.27 -0.12 0.09 -0.14 -0.54 0.15 -0.08 -0.48 0.99 -0.23

2003 -0.15 -0.10 -0.42 0.16 N.A N.A N.A N.A N.A N.A N.A N.A

2004 N.A N.A N.A N.A 1.48 -0.44 0.03 -0.03 -0.14 0.40 0.83 0.62

2005 0.48 -0.03 -0.08 0.05 -0.38 0.03 0.20 0.02 0.25 -0.01 0.57 0.36

2006 0.30 0.37 -0.09 0.02 0.21 0.50 0.64 0.18 0.40 -0.25 0.25 0.06

2007 0.00 -0.01 0.33 0.09 -0.12 -0.27 -0.04 0.06 0.41 -0.07 0.30 -0.16

2008 0.00 0.08 -0.04 0.05 0.17 0.34 -0.16 -0.03 0.12 -0.06 -0.05 0.07

2009 -0.18 -0.05 -0.21 0.09 0.00 -0.03 -0.14 -0.01 -0.27 -0.51 0.15 -0.15

2010 -0.04 -0.12 0.46 0.14 1.04 -0.10 0.08 0.07 -0.08 -0.15 0.10 0.04




Chart 3.27 Monthly Returns on BSE 100 and Financial Techno Ltd. (2001-2010)


It can be observed that in initially the return of stock is more volatile than the market.

It shows highest return during 2001 to 2003.

3.29 GAIL LTD.

The company was previously known as Gas Authority of India Ltd. It is India's

principal gas transmission and marketing company. It was set up by the Government

of India in August 1984 to create gas sector infrastructure. GAIL commissioned the

2800-km Hazira-Vijaipur-Jagdishpur (HVJ) pipeline in 1991. During 1991-93, three

liquefied petroleum gas (LPG) plants were constructed and some regional pipelines

acquired, enabling GAIL to begin its gas transportation in various parts of India.

GAIL began its city gas distribution in New Delhi in 1997 by setting up nine

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Financial Technologies Ltd BSE 100

88

compressed natural gas (CNG) stations. In 1999, GAIL set up northern India's only

petrochemical plant at Pata.

Table 3.29 Monthly Return of Gail Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.09 -0.18 0.09 0.15 0.08 -0.09 -0.05 -0.10 0.19 0.02 0.03

2002 0.08 0.05 0.07 0.04 -0.05 0.00 -0.03 -0.06 -0.09 0.05 0.02 0.04

2003 0.00 0.14 -0.06 0.06 0.30 0.07 0.09 0.11 0.11 0.11 0.08 0.48

2004 -0.15 -0.08 0.06 0.02 -0.28 0.08 0.15 -0.06 0.03 0.02 0.11 0.06

2005 0.00 0.05 -0.12 -0.04 0.05 0.06 -0.01 0.03 0.13 -0.11 0.14 0.00

2006 0.10 -0.07 0.17 -0.09 -0.18 0.08 -0.05 0.08 0.01 -0.03 0.04 -0.02

2007 0.08 0.01 -0.07 0.12 0.02 0.02 0.09 -0.08 0.22 0.09 0.04 0.27

2008 -0.23 0.02 0.01 0.04 -0.09 -0.17 0.13 0.05 0.03 -0.48 -0.08 0.05

2009 -0.05 0.04 0.20 0.05 0.17 -0.04 0.15 0.02 0.07 -0.03 0.21 -0.01

2010 -0.05 0.01 0.03 0.05 0.06 0.03 -0.06 0.05 0.03 0.03 0.00 0.04




Chart 3.28 Monthly Returns on BSE 100 and Gail Ltd. (2001-2010)


The movements of the stock are in the positive as well as negative territory. It moves

with BSE 100 during the study period.

3.30 GLAXOSMITHKLINE PHARMACEUTICALS LTD.

Established in the year 1924 in India GlaxoSmithKline Pharmaceuticals Ltd. (GSK

Rx India) is one of the oldest pharmaceuticals company. Globally, the company is

having USD 45 billion, leading, research-based healthcare and pharmaceutical

company. In India, They are one of the market leaders with a turnover of Rs. 1880

crore and a share of 5.7 per cent. GSK has two manufacturing units in India, located

at Nashik and Thane as well as a clinical development centre in Bangalore.

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Gail Ltd. BSE 100

89

Table 3.30 Monthly Return of GlaxoSmithkline Pharmaceuticals Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.07 -0.08 -0.13 0.06 -0.19 -0.14 -0.04 -0.14 0.19 0.14 -0.06

2002 0.14 0.03 0.00 0.25 -0.14 0.01 0.04 -0.01 -0.02 -0.12 0.00 -0.05

2003 -0.02 0.04 -0.06 0.11 0.12 -0.02 0.16 0.06 0.02 0.06 0.03 0.17

2004 0.06 -0.02 0.01 0.10 -0.09 -0.02 0.01 -0.01 0.13 0.00 0.09 0.04

2005 -0.08 0.05 -0.02 -0.01 0.06 0.06 0.10 -0.01 0.01 0.02 0.18 0.05

2006 0.14 0.03 0.10 -0.03 -0.20 -0.08 -0.04 0.21 0.02 -0.07 0.02 -0.01

2007 0.00 0.00 -0.04 0.04 0.09 -0.01 -0.09 0.01 -0.05 -0.03 -0.12 0.09

2008 -0.21 0.36 -0.06 0.04 0.04 -0.02 -0.01 0.07 0.00 -0.09 0.09 -0.02

2009 0.02 0.03 -0.09 0.08 -0.01 0.03 0.14 0.05 0.09 0.01 0.06 -0.04

2010 -0.06 0.13 0.04 0.07 0.11 0.04 -0.08 -0.08 0.19 0.01 -0.04 0.10




Chart 3.29 Monthly Returns on BSE 100 and GlaxoSmith Ltd. (2001-2010)


From the above chart it can be seen that there is a mixed trend of return positive as

well as negative. It steadily moves with BSE 100 except the year 2008.

3.31 GLENMANRK PHARMACEUTICALS LTD.

Glenmark Pharmaceuticals Ltd. (GPL) is a research-driven, global, fully integrated

pharmaceutical company headquartered at Mumbai. Glenmark has built a visible and

growing branded generic formulation presence across all its markets in Latin

America, Europe, Asia, Africa and CIS countries. Glenmark has made acquisitions in

Brazil, South Africa and Czech Republic and is currently looking to acquire

companies in Europe. Glenmark is among the few Indian pharmaceutical players

targeting new drug discovery research. Today, Glenmark has a pipeline of 13

molecules; six of which are in clinical development and the other seven are at various

stages of preclinical development and discovery.

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GlaxoSmithkline Pharmaceuticals Ltd. BSE 100

90

From the below table and chart it can be seen that the return of the stock is more

volatile during the year 2003 to 2005. It shows highest negative return in the year

2003.

Table 3.31 Monthly Return of Glenmanrk Pharmaceuticals Ltd.


2001 N.A -0.15 -0.26 -0.04 0.18 -0.20 -0.02 -0.04 0.07 0.38 0.31 -0.10

2002 0.28 0.05 0.00 0.10 0.00 -0.03 -0.04 -0.02 -0.20 0.06 0.00 0.17

2003 -0.04 0.00 -0.08 0.09 0.10 0.17 0.04 0.18 0.07 -0.78 -0.04 0.72

2004 0.05 0.00 -0.04 0.04 -0.05 -0.04 0.17 0.15 0.75 -0.05 0.14 0.41

2005 0.04 0.06 -0.47 -0.07 -0.05 0.09 0.15 -0.10 0.15 -0.12 0.09 0.04

2006 -0.03 0.02 0.01 0.04 0.00 -0.07 0.01 0.13 -0.09 0.33 0.36 0.06

2007 0.03 -0.13 0.14 0.09 0.06 -0.06 0.04 0.00 -0.39 0.16 -0.07 0.30

2008 -0.18 -0.01 0.01 0.36 -0.02 -0.03 0.01 -0.02 -0.22 -0.43 0.15 -0.09

2009 -0.54 0.05 0.09 0.14 0.26 -0.04 0.15 -0.13 0.09 -0.06 0.03 0.19

2010 -0.12 0.04 0.06 0.01 0.01 0.00 -0.01 0.06 0.04 0.14 0.04 0.03




Chart 3.30 Monthly Returns on BSE 100 and Glenmanrk Ltd. (2001-2010)


3.32 GMR INFRASTRUCTURE LTD.

GMR Group is a major infrastructure company in India which is headquartered

at Bangalore. The company was founded in 1978. The core business sector of the

company includes airports, energy and highways. The company also has presence in

the agriculture sector. The company was involved in the construction of Hyderabad

International Airport and International Airport in Turkey.

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Glenmanrk Pharmaceuticals Ltd. BSE 100

91

Table 3.32 Monthly Return of GMR Infrastructure Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A N.A N.A N.A N.A N.A N.A N.A 0.10 0.31 0.20 -0.04

2007 0.07 -0.06 0.01 0.18 0.17 0.50 0.12 -0.04 -0.78 0.02 0.44 -0.03

2008 -0.30 0.00 -0.14 0.08 -0.17 -0.40 0.15 0.11 -0.15 -0.43 0.06 0.45

2009 -0.05 0.07 0.21 0.19 0.46 -0.14 0.01 0.00 -0.02 -0.56 0.08 0.01

2010 -0.10 -0.09 0.14 0.06 -0.11 0.00 -0.04 -0.02 0.02 -0.06 -0.14 0.00




Chart 3.31 Monthly Returns on BSE 100 and GMR Infras Ltd. (2006-2010)


It can be seen that the movements are in the positive as well as negative territory and

some times larger fluctuations tend compare to BSE 100.

3.33 GRASIM INDUSTRIES LTD.

Grasim Industries Limited is a Aditya Birla Group company that started in 1948 and

which started as a textile manufacturer. Since then Grasim has successfully diversified

into Viscose Staple Fiber (VSF), cement, sponge iron and chemicals Grasim is the

largest exporter of Viscose Rayon Fiber in the country, with exports to over 50

countries. Grasim industries Ltd. is a leading player in the Viscose Staple Fiber. This,

along with Aditya Birla Nuvo can be considered as companies of the AV Birla Group.

Grasim is headquartered in Nagda. The company has recently acquired Pulp & VSF

Plants in Canada and China respectively. They have also initiated a Pulp & Plantation

Project in Laos.

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GMR Infrastructure Ltd. BSE 100

http://en.wikipedia.org/wiki/Aditya_Birla_Group


http://en.wikipedia.org/wiki/Textile

http://en.wikipedia.org/wiki/Viscose

http://en.wikipedia.org/wiki/Cement

http://en.wikipedia.org/wiki/Sponge_iron

http://en.wikipedia.org/wiki/Chemicals

http://en.wikipedia.org/w/index.php?title=Aditya_Birla_Nuvo&action=edit&redlink=1

http://en.wikipedia.org/wiki/Nagda

http://en.wikipedia.org/wiki/Canada

http://en.wikipedia.org/wiki/China

http://en.wikipedia.org/wiki/Laos

92

Table 3.33 Monthly Return of Grasim Industries Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.03 -0.22 0.16 0.17 -0.11 0.05 -0.14 -0.03 0.09 0.05 -0.08

2002 0.03 0.03 0.00 0.00 0.02 0.08 -0.02 0.01 -0.02 -0.02 -0.05 0.10

2003 0.03 0.08 -0.05 0.09 0.07 0.30 0.08 0.14 0.08 0.29 0.05 0.12

2004 0.11 -0.04 0.00 0.16 -0.15 -0.04 -0.03 0.14 0.03 -0.06 0.04 0.17

2005 0.00 0.01 -0.10 -0.04 -0.03 -0.06 0.12 0.09 0.02 -0.15 0.22 0.02

2006 0.04 0.20 0.18 0.22 -0.30 0.09 0.07 0.09 0.12 0.09 0.01 0.01

2007 0.00 -0.20 -0.05 0.17 0.02 0.05 0.12 -0.01 0.20 0.05 0.02 -0.04

2008 -0.19 -0.02 -0.11 -0.07 -0.08 -0.17 -0.02 0.08 -0.13 -0.39 -0.13 0.37

2009 -0.02 0.15 0.15 0.13 0.18 0.10 0.19 -0.02 0.03 -0.21 0.09 0.04

2010 0.05 0.04 0.04 -0.03 -0.33 0.00 0.00 0.10 0.10 0.01 0.01 0.03




Chart 3.32 Monthly Returns on BSE 100 and Grasim Industries Ltd. (2001-2010)


From the above chart it can be seen that the return of the stock follows mixed pattern.

It is not more volatile than the market.

3.34 HCL TECHNOLOGIES LTD.

HCL Technologies is a global IT Services company headquartered in Noida, a suburb

of Delhi, India led by Mr Vineet Nayar. HCL Technologies, along with its

subsidiaries, had consolidated revenues of US$ 2.3 billion (Rs. 11,270 crores), as of

30 Sept. 2009 and employed 54,443 workers.HCL offers services including software-

led IT solutions, remote infrastructure management, Engineering and R&D Services

and BPO. HCL serves industries such as Financial Services, Hi-tech &

Manufacturing, Aerospace & Defense, Telecom, Retail & CPG, Life Sciences,

Healthcare, Media & Entertainment, Travel, Transportation & Logistics, Automotive,

Government, Energy & Utilities.

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Grasim Industries Ltd. BSE 100

93

Table 3.34 Monthly Return of HCL Technologies Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.04 -0.41 0.02 0.04 -0.25 -0.16 -0.10 -0.42 0.27 0.41 0.19

2002 -0.11 0.07 -0.03 -0.04 -0.09 0.01 -0.16 0.08 0.03 -0.22 0.17 -0.02

2003 -0.13 0.08 -0.14 -0.11 -0.09 0.25 0.05 0.13 -0.06 0.26 0.24 0.14

2004 -0.01 -0.04 -0.15 0.11 0.09 0.00 0.06 0.01 0.12 0.02 0.02 -0.08

2005 -0.04 0.02 0.10 -0.10 0.09 0.06 0.04 0.12 0.01 -0.09 0.22 0.06

2006 0.16 -0.03 0.08 -0.13 -0.13 0.00 0.04 0.11 -0.05 0.13 0.01 0.03

2007 0.00 -0.08 -0.51 0.15 0.03 0.00 -0.09 -0.04 -0.01 0.04 0.03 0.03

2008 -0.25 0.11 -0.09 0.13 0.09 -0.20 -0.20 0.16 -0.17 -0.11 -0.20 -0.16

2009 0.01 -0.14 0.02 0.28 0.29 0.11 0.29 0.24 0.13 -0.10 0.10 0.10

2010 -0.07 0.06 -0.03 0.10 -0.03 -0.05 0.08 -0.02 0.09 -0.04 0.00 0.13




Chart 3.33 Monthly Returns on BSE 100 and HCL Tech Ltd. (2001-2010)


It can be seen that the return continually fluctuate around a mean value that is close to

zero.

3.35 HOUSING DEVELOPMENT FINANCE CORPORATION

Housing Development Finance Corporation (HDFC) was established in 1977 to

provide long term loans at easy rates and for meeting growing housing needs of

Indians. HDFC as per 2008 Forbes Global 2000 list occupies 949th place. HDFC‘s

main objective is to increase stock of residential houses in India through provision of

housing loans in a professional and systematic method. Another concurrent objective

is to channelize resources into housing finance segment and integrate same with

aggregate domestic money market. HDFC – Housing achieved sales of nearly US

$1.49 billion and profit of about US $ 0.4 billion as on March 2008. Corresponding

asset worth was around US $16.97 billion.

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HCL Technologies Ltd. BSE 100

94

From the below table 3.35 and char 3.34 it is observed that movements of return are in

close to zero except the years 2002 and 2010.

Table 3.35 Monthly Return of HDFC Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.10 -0.08 0.06 0.15 0.04 -0.03 0.05 -0.11 0.12 -0.01 -0.04

2002 -0.04 0.08 0.00 -0.05 -0.08 0.08 -0.03 -0.07 0.03 0.04 0.09 -0.48

2003 0.05 0.00 -0.12 0.03 0.08 0.11 0.01 0.17 0.03 0.04 0.06 0.17

2004 0.01 -0.06 0.06 -0.08 -0.03 -0.11 0.11 -0.03 0.10 0.05 0.25 -0.04

2005 0.02 0.00 -0.07 0.01 0.04 0.16 0.05 -0.02 0.15 -0.07 0.16 0.07

2006 0.11 0.01 -0.01 -0.02 -0.14 0.00 0.04 0.11 0.17 -0.04 0.12 -0.01

2007 0.03 -0.10 0.01 0.09 0.13 0.09 -0.01 -0.02 0.28 0.10 0.00 0.03

2008 -0.01 -0.01 -0.15 0.18 -0.08 -0.24 0.16 0.03 -0.09 -0.18 -0.17 0.02

2009 0.03 -0.17 0.11 0.23 0.26 0.07 0.08 -0.02 0.12 -0.04 0.04 -0.03

2010 -0.11 0.05 0.09 0.04 -0.01 0.05 0.01 -0.79 0.17 -0.06 0.00 0.06




Chart 3.34 Monthly Returns on BSE 100 and HDFC (2001-2010)


3.36 HDFC BANK LTD.

HDFC Bank Ltd. is a commercial bank of India, incorporated in August 1994, after

the Reserve Bank of India allowed establishing private sector banks. The Bank was

promoted by the Housing Development Finance Corporation, a premier housing

finance company (set up in 1977) of India. HDFC Bank has 1,412 branches and over

3,295 ATMs, in 528 cities in India, and all branches of the bank are linked on an

online real-time basis. HDFC Bank acquired Centurion Bank of Punjab taking its total

branches to more than 1,000. Though, the official license was given to Centurion

Bank of Punjab branches, to continue working as HDFC Bank branches, on May 23,

2008.

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HDFC BSE 100

http://en.wikipedia.org/wiki/Commercial_bank


http://en.wikipedia.org/wiki/Reserve_Bank_of_India

http://en.wikipedia.org/wiki/Housing_Development_Finance_Corporation

http://en.wikipedia.org/wiki/Centurion_Bank_of_Punjab

95

Table 3.36 Monthly Return of HDFC Bank Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.01 -0.11 0.00 0.00 -0.08 0.11 0.01 -0.08 0.00 0.02 0.02

2002 0.00 0.05 0.00 -0.07 0.05 -0.12 0.05 -0.01 0.04 -0.13 0.03 0.12

2003 0.08 0.05 -0.06 0.05 -0.01 0.06 0.03 0.03 0.00 0.15 -0.04 0.21

2004 -0.06 0.09 0.01 -0.01 -0.06 0.05 0.01 -0.02 0.10 0.03 0.20 0.05

2005 0.09 0.04 -0.07 -0.01 0.01 0.17 0.08 -0.07 0.07 -0.12 0.13 0.03

2006 0.08 -0.03 0.05 0.07 -0.10 0.07 0.00 0.07 0.09 0.08 0.11 -0.04

2007 0.01 -0.13 0.02 0.08 0.11 0.00 0.05 -0.02 0.23 0.15 0.04 0.01

2008 -0.09 -0.07 -0.09 0.15 -0.10 -0.26 0.09 0.17 -0.04 -0.17 -0.10 0.08

2009 -0.07 -0.04 0.09 0.14 0.31 0.03 0.01 -0.02 0.12 -0.01 0.09 -0.04

2010 -0.04 0.05 0.13 0.03 -0.05 0.02 0.11 0.00 0.16 -0.08 0.00 0.03




Chart 3.35 Monthly Returns on BSE 100 and HDFC Bank Ltd. (2001-2010)


From the above chart it can be seen that the movements of the return are in the

positive as well as negative territory and no larger fluctuation tend during the study

period.

3.37 HERO HONDA MOTORS LTD.

Hero Honda Motors Limited, based in Delhi, India is a joint venture between the Hero

Group of India and Honda of Japan It has been referred to as the world's biggest

manufacturer of 2-wheeled motorized vehicles since 2001, when it produced 1.3

million motorbikes in a single year. The company's most popular model is the Hero

Honda's Splendor, which is the world's largest-selling motorcycle, selling more than

one million units per year. Hero Honda has three manufacturing facilities based at

Dharuhera and Gurgaon in Haryana and at Haridwar in Uttarakhand. These plants

together are capable of churning out 3.9 million bikes per year. Hero Honda's has a

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HDFC Bank Ltd. BSE 100

http://en.wikipedia.org/wiki/Delhi,_India

http://en.wikipedia.org/wiki/Hero_Cycles_Ltd



http://en.wikipedia.org/wiki/Honda

http://en.wikipedia.org/wiki/Motorcycle

http://en.wikipedia.org/wiki/Hero_Honda_Splendor



http://en.wikipedia.org/wiki/Dharuhera

http://en.wikipedia.org/wiki/Gurgaon

http://en.wikipedia.org/wiki/Haryana

http://en.wikipedia.org/wiki/Haridwar

http://en.wikipedia.org/wiki/Uttarakhand

96

large sales and service network with over 3,000 dealerships and service points across

India.

Table 3.37 Monthly Return of Hero Honda Motors Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.06 -0.83 0.00 -0.01 0.04 0.13 0.12 0.02 0.19 0.11 0.02

2002 0.21 0.14 -0.03 0.06 -0.09 -0.05 -0.13 0.01 -0.03 -0.09 0.21 -0.06

2003 -0.06 -0.12 -0.16 0.08 0.05 0.18 0.05 0.09 0.06 0.14 0.06 0.20

2004 0.01 0.09 -0.01 -0.02 -0.08 0.14 -0.15 0.03 0.01 -0.05 0.16 0.16

2005 -0.06 0.01 0.01 -0.08 0.10 0.05 0.06 0.05 0.15 -0.05 0.18 0.03

2006 0.00 0.04 0.00 -0.05 -0.09 0.03 -0.11 0.02 0.08 -0.02 -0.02 0.03

2007 -0.06 -0.06 0.01 0.00 0.07 -0.06 -0.02 -0.04 0.15 -0.02 -0.01 -0.03

2008 -0.03 0.13 -0.10 0.23 -0.12 -0.09 0.18 0.03 0.05 -0.14 0.07 0.01

2009 0.09 0.06 0.15 0.11 0.13 0.04 0.15 -0.06 0.10 -0.06 0.10 0.00

2010 -0.09 0.14 0.10 -0.02 0.02 0.06 -0.11 -0.01 0.03 0.01 0.06 0.01




Chart 3.36 Monthly Returns on BSE 100 and Hero Honda Ltd. (2001-2010)


From the above chart it can be seen that initially the return show highest negative

trend, remaining years it fluctuate around a mean value that is close to zero.

3.38 HINDALCO INDUSTRIES LTD.

Hindalco Industries is India's largest Aluminium manufacturing Company and is a

subsidiary of the Aditya Birla Group. It is run by one of the world's youngest

billionaires, Mr. K.M. Birla. The company has annual sales of $ 5 billion and employs

13,675 people and is listed on Forbes 2000. A metals powerhouse with a turnover of

US$ 14 billion, Hindalco is the world's largest aluminium rolling company and one of

the biggest producers of primary aluminium in Asia.

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Hero Honda Motors Ltd. BSE 100

97

Table 3.38 Monthly Return of Hindalco Industries Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.00 0.00 0.05 0.07 -0.04 -0.09 -0.12 -0.24 0.10 0.25 -0.08

2002 0.12 0.08 0.00 -0.05 -0.04 0.02 -0.12 -0.05 -0.12 -0.05 0.09 0.09

2003 0.02 -0.02 -0.09 0.15 0.11 0.09 0.10 0.11 0.01 0.20 0.13 0.14

2004 -0.17 0.07 -0.03 -0.08 -0.19 0.10 0.10 0.07 0.14 -0.12 0.10 0.09

2005 -0.09 0.07 -0.07 -0.08 -0.05 0.06 0.06 -0.89 0.03 -0.22 0.10 0.14

2006 0.15 -0.07 0.19 0.23 -0.21 -0.02 -0.08 0.07 -0.01 0.11 -0.08 0.00

2007 0.01 -0.21 -0.07 0.12 -0.04 0.14 0.06 -0.07 0.09 0.14 -0.06 0.16

2008 -0.23 0.22 -0.19 0.18 -0.01 -0.26 -0.01 -0.13 -0.20 -0.38 -0.12 -0.03

2009 -0.05 -0.21 0.34 0.04 0.57 0.02 0.16 0.06 0.22 -0.05 0.13 0.16

2010 -0.08 0.10 0.13 -0.02 -0.16 -0.04 0.11 0.04 0.18 0.07 -0.02 0.19




Chart 3.37 Monthly Returns on BSE 100 and Hindalco Ltd. (2001-2010)


From the above chart it can be seen that the returns continually fluctuate around a

mean value that is close to zero. It shows the highest negative return in the year 2005.

3.39 HINDUSTAN PETROLEUM CORP LTD.

HPCL (Hindustan Petroleum Corporation Limited), a Navratna PSU of the

Government of India, is a Fortune 500 company of India listed at number 311 in the

global 500 rankings. HPCL operates 2 major refineries producing a wide variety of

petroleum fuels & specialties, one in Mumbai (West Coast) of 5.5 Million Metric

Tonnes Per Annum (MMTPA) capacity and the other in Vishakapatnam, (East Coast)

with a capacity of 7.5 MMTPA. Another Refinery of 9 MMTPA is under construction

in Bathinda, Punjab by HMEL, a Joint Venture with Mittal Energy Investments

Pte.Ltd.

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Hindalco Industries Ltd. BSE 100

98

Table 3.39 Monthly Return of Hindustan Petroleum Corp Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.03 -0.09 0.04 -0.02 -0.03 -0.10 -0.10 -0.03 0.01 0.08 0.03

2002 0.25 0.64 0.02 -0.02 -0.09 0.02 0.04 0.00 -0.39 0.26 0.03 0.31

2003 0.01 0.08 -0.06 -0.05 0.09 0.15 -0.07 0.33 -0.16 -0.09 0.11 0.19

2004 0.02 0.02 0.12 -0.09 -0.35 0.12 -0.06 -0.01 0.00 -0.03 0.10 0.18

2005 -0.09 -0.03 -0.13 -0.01 0.11 -0.09 -0.05 0.00 0.08 -0.06 0.14 -0.03

2006 -0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

2007 0.05 -0.13 -0.09 0.09 0.08 -0.08 -0.04 -0.09 0.14 -0.10 0.14 0.35

2008 -0.31 0.17 -0.15 0.01 -0.05 -0.28 0.25 -0.09 0.21 -0.21 0.24 0.15

2009 0.05 -0.02 -0.04 0.02 0.32 -0.18 0.17 0.01 0.13 -0.14 0.02 0.11

2010 -0.15 0.04 -0.08 -0.01 0.14 0.30 -0.08 0.21 -0.03 -0.04 -0.15 -0.05




Chart 3.38 Monthly Returns on BSE 100 and HPCL. (2001-2010)


From the above charts the movements are in the positive as well as negative territory

and sometimes show the larger fluctuation compare to BSE 100.

3.40 HINDUSTAN UNILEVER LTD.

Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer Goods

Company, touching the lives of two out of three Indians with over 20 distinct

categories in Home & Personal Care Products and Foods & Beverages..HUL is a

subsidiary of Unilever, one of the world‘s leading suppliers of fast moving consumer

goods with strong local roots in more than 100 countries across the globe with annual

sales of €40.5 billion in 2008. Unilever has about 52% shareholding in HUL. The

company meets every day needs for nutrition, hygiene, and personal care, with brands

that help people feel good, look good and get more out of life. It is a mission HUL

shares with its parent company, Unilever, which holds about 52 % of the equity.

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Hindustan Petroleum Corp Ltd. BSE 100

99

Table 3.40 Monthly Return of Hindustan Unilever Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.11 -0.05 -0.04 -0.06 0.04 0.08 -0.01 -0.05 0.04 -0.02 0.06

2002 -0.01 0.13 -0.10 -0.10 -0.09 0.05 -0.12 0.09 -0.08 -0.07 0.07 0.06

2003 -0.06 -0.01 -0.13 -0.02 0.09 0.13 -0.05 0.08 -0.01 -0.05 0.02 0.15

2004 -0.08 -0.08 -0.11 -0.08 -0.03 -0.07 -0.09 -0.04 0.12 -0.01 0.16 -0.01

2005 0.11 -0.10 -0.09 0.05 0.04 0.14 0.02 -0.01 0.09 -0.11 0.13 0.08

2006 -0.01 0.24 0.13 0.06 -0.19 -0.02 0.01 0.01 0.09 -0.09 0.01 -0.08

2007 -0.04 -0.15 0.17 -0.03 0.02 -0.07 0.09 0.01 0.05 -0.05 0.00 0.03

2008 -0.03 0.10 0.01 0.09 -0.05 -0.13 0.16 0.02 0.03 -0.12 0.06 0.06

2009 0.04 -0.03 -0.06 -0.02 -0.01 0.16 0.09 -0.11 0.01 0.08 0.01 -0.07

2010 -0.08 -0.03 0.01 0.00 -0.01 0.13 -0.06 0.05 0.16 -0.05 0.02 0.04




Chart 3.39 Monthly Returns on BSE 100 and HUL. (2001-2010)


From the above chart it can be seen that the movements are in the positive as well as

negative territory during the study period.

3.41 HOUSING DEV & INFRASTRUCTURE LTD.

HDIL-Housing Development and Infrastructure Ltd. India ventured in the real estate

sector in 1996 and since then it has been winning applauds for its magnificent

constructions and properties in Mumbai city. With an aim to completely transform the

outlook of the city HDIL Mumbai is engaged not only in Construction of residential

societies, retail outlets and commercial hubs but is also actively involved in the

projects of rehabilitation of slum dwellers. Housing and Development Infrastructure

Limited is a division of Wadhawan Group which was earlier known as Dheeraj

Group.

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100

Table 3.41 Monthly Return of Housing Dev & Infrastructure Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A N.A N.A N.A N.A -0.06 0.17 0.07 0.22 0.31 -0.17

2008 -0.03 -0.23 0.17 -0.06 -0.47 0.16 -0.36 -0.41 -0.15 -0.47 0.69 -0.26

2009 -0.24 0.12 0.79 0.93 -0.18 0.19 0.15 0.02 -0.02 0.03 0.11 -0.09

2010 -0.09 -0.05 -0.06 -0.16 0.11 0.07 -0.05 0.03 -0.05 -0.23 0.03 -1.00




Chart 3.40 Monthly Returns on BSE 100 and HDIL. (2007-2010)


From the above chart it can be seen that returns continuity of fluctuation are closer to

a mean value that is close to zero.

3.42 ICICI BANK LTD.

ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is

India‘s largest private sector bank by market capitalization and second largest overall

in terms of assets. The Bank also has a network of 1,520 branches and about 4,721

ATMs in India and presence in 18 countries, as well as some 24 million customers (at

the end of July 2007). ICICI Bank has got its equity shares listed on the various stock

exchanges like Kolkata, Vadodara, BSE and NSE, and its ADRs on the New York

Stock Exchange (NYSE). The Bank is expanding in overseas markets and has the

largest international balance sheet among Indian banks. ICICI Bank now has wholly-

owned subsidiaries, branches and representatives offices in 18 countries.

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Housing Dev & Infrastructure Ltd BSE 100

http://en.wikipedia.org/wiki/Private_sector

http://en.wikipedia.org/wiki/Market_capitalisation

http://en.wikipedia.org/wiki/Kolkata

http://en.wikipedia.org/wiki/Vadodara

http://en.wikipedia.org/wiki/American_Depositary_Receipt

http://en.wikipedia.org/wiki/New_York_Stock_Exchange



101

Table 3.42 Monthly Return of ICICI Bank Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.17 -0.07 -0.04 -0.08 -0.12 -0.02 -0.15 -0.33 0.42 -0.01 -0.13

2002 0.03 0.39 -0.01 -0.09 0.24 -0.01 0.02 0.02 -0.02 -0.04 -0.01 0.05

2003 0.07 0.00 -0.10 -0.09 0.13 0.09 0.06 0.13 0.14 0.21 0.01 0.18

2004 0.00 -0.08 0.09 0.07 -0.27 0.06 0.09 0.01 0.06 0.05 0.14 0.09

2005 -0.03 0.06 0.03 -0.08 0.09 0.08 0.27 -0.10 0.25 -0.17 0.08 0.09

2006 0.04 0.01 -0.04 0.00 -0.09 -0.09 0.14 0.08 0.17 0.11 0.12 0.02

2007 0.06 -0.12 0.03 0.02 0.06 0.04 -0.03 -0.05 0.20 0.18 -0.06 0.04

2008 -0.07 -0.05 -0.29 0.14 -0.10 -0.20 0.01 0.06 -0.20 -0.25 -0.12 0.28

2009 -0.07 -0.21 0.01 0.44 0.55 -0.03 0.05 -0.01 0.21 -0.13 0.09 0.01

2010 -0.05 0.05 0.09 0.00 -0.09 -0.01 0.05 0.08 0.14 0.05 -0.02 0.00




Chart 3.41 Monthly Returns on BSE 100 and ICICI Bank Ltd (2001-2010)


The chart above represents the monthly return of ICICI Bank during the period of

research. The company has given highest positive return 0.55% in year 2009 and

highest negative return -0.33% in the year 2001.

3.43 IDEA CELLULAR LTD.

IDEA Cellular ltd was incorporated in 1995 and is one of the leading GSM mobile

services operators; it has licenses to operate in all 22 service areas across the country,

though commercial operations are currently in 16 services areas. With a customer

base of over 47.1 million subscribers, the operations cover the 16 state of India. IDEA

is having vision to cover 90% of the country‘s telephony potential. The company

enjoys a market leadership position in many of its operational areas. As a pioneer in

technology deployment, it has been in the forefront through the adoption of bio fuels

to power its base stations, and by employing satellite connectivity to reach

inaccessible rural areas in Madhya Pradesh.

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ICICI Bank Ltd. BSE 100

102

The below monthly return chart and table of Idea Cellular explain that the company

has given highest positive return of 0.44% in 2009, while shows highest negative

return -0.43% in the year 2008.

Table 3.43 Monthly Return of Idea Cellular Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A N.A 0.21 0.10 -0.01 0.04 -0.05 0.02 0.08 -0.09 0.13

2008 -0.11 -0.11 -0.07 0.03 0.03 -0.15 -0.05 -0.07 -0.09 -0.43 0.10 0.12

2009 -0.11 0.00 0.07 0.16 0.44 -0.14 0.11 0.03 -0.07 -0.31 -0.02 0.14

2010 0.00 0.04 0.08 -0.06 -0.17 0.17 0.19 0.02 0.03 -0.09 0.08 -0.04




Chart 3.42 Monthly Returns on BSE 100 and Idea Cellular Ltd. (2007-2010)


3.44 INDIA CEMENTS LTD.

The India Cements Ltd was established in 1946 and the first plant was setup at

Sankarnagar in Tamilnadu in 1949. Since then it has grown in stature to seven plants

spread over Tamilnadu and Andhra Pradesh. The capacities as on March 2002 have

increased multifold to 9 million tons per annum. The Company is the largest producer

of cement in South India. The Company is the market leader with a market share of

28% in the South. The Company has access to huge limestone resources and plans to

expand capacity by de-bottlenecking and optimisation of existing plants as well as by

acquisitions.

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Idea Cellular Ltd BSE 100

103

Table 3.44 Monthly Return of India Cements Ltd.


2001 N.A -0.15 -0.33 0.13 0.02 -0.26 0.13 -0.04 -0.11 0.28 0.17 -0.15

2002 -0.04 -0.13 -0.06 -0.03 -0.08 0.14 -0.29 -0.11 -0.09 -0.04 0.17 -0.03

2003 -0.17 0.02 -0.22 0.03 0.61 0.18 0.04 0.25 -0.07 -0.06 0.45 0.07

2004 -0.08 -0.07 -0.04 0.19 -0.25 -0.08 0.04 0.34 0.02 -0.09 0.02 0.50

2005 0.05 0.07 0.00 0.03 0.10 -0.04 0.18 0.33 -0.04 -0.20 0.12 0.02

2006 0.30 0.08 0.17 0.44 -0.32 -0.02 0.17 0.09 0.11 -0.03 0.10 0.00

2007 -0.07 -0.18 -0.10 0.10 0.01 0.15 0.06 0.12 0.19 -0.03 0.05 0.05

2008 -0.33 0.01 -0.11 -0.08 -0.07 -0.14 0.06 -0.05 -0.11 -0.30 0.00 0.12

2009 0.05 -0.05 0.09 0.09 0.34 -0.15 0.07 -0.04 0.00 -0.18 0.01 0.11

2010 -0.10 0.05 0.12 -0.05 -0.14 0.00 -0.01 0.00 0.09 -0.05 -0.04 0.02




Chart 3.43 Monthly Returns on BSE 100 and India Cements Ltd. (2001-2010)


The above monthly return chart of Indian Cements shows that the return of the

company is more volatile during the year 2002 to 2005. In the same year the company

has given negative return near to -0.25% and highest positive return near to 0.60%.

3.45 INDIABULLS FINANCIAL SERVICES LTD.

Indiabulls Financial Services is an integrated financial services powerhouse providing

Consumer Finance, Housing Finance, Commercial Loans, Life Insurance, Asset

Management and Advisory services. Indiabulls Financial Services Ltd is amongst 68

companies constituting MSCI - Morgan Stanley India Index. Indiabulls Financial is

also part of CLSA‘s model portfolio of 30 Best Companies in Asia. Indiabulls

Financial Services signed a joint venture agreement with Sogecap, the insurance arm

of Societé Generale (SocGen) for its upcoming life insurance venture. Indiabulls

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Financial Services in partnership with MMTC Limited, the largest commodity trading

company in India, is setting up India‘s 4th Multi-Commodities Exchange.

Table 3.45 Monthly Return of Indiabulls Financial Services Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2004 N.A N.A N.A N.A N.A N.A N.A N.A N.A 0.42 0.27 0.90

2005 -0.03 0.53 -0.12 0.02 0.14 0.32 0.57 -0.14 -0.10 -0.11 -0.07 0.15

2006 0.01 -0.02 0.36 0.10 0.04 -0.10 -0.08 0.27 0.32 0.03 0.35 0.15

2007 -0.45 0.08 0.06 0.15 0.10 0.11 0.02 -0.10 0.11 0.13 0.09 0.33

2008 -0.28 -0.13 -0.33 0.29 -0.31 -0.30 0.14 -0.15 -0.38 -0.29 -0.11 0.36

2009 -0.17 -0.14 -0.06 0.25 0.92 -0.08 -0.01 0.05 -0.10 -0.11 -0.24 -0.01

2010 -0.14 -0.10 0.06 0.47 -0.06 -0.01 0.10 -0.12 0.02 0.55 -0.21 -0.01




Chart 3.44 Monthly Returns on BSE 100 and Indiabulls Fin Ltd. (2004-2010)


The above chart represents the monthly return of Indiabulls Financial services, it can

be observed that the company shows negative return in the year 2007 and 2008. The

highest monthly return of the company is in the year 2009.

3.46 INDIABULLS REAL ESTATE LTD.

Indiabulls Real Estate Limited is India‘s third largest property company with

development projects spread across residential projects, commercial offices, hotels,

malls, and Special Economic Zones (SEZs) infrastructure development. Indiabulls

Real Estate partnered with Farallon Capital Management LLC of USA to bring the

first FDI into real estate. Indiabulls Real Estate is transforming 14 million sqft in 16

cities into premium quality, high-end commercial, residential and retail spaces.

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Table 3.46 Monthly Return of Indiabulls Real Estate Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A N.A 0.15 0.13 0.08 0.33 -0.10 0.38 -0.05 -0.07 0.24

2008 -0.16 0.01 -0.23 0.12 -0.12 -0.44 0.06 0.01 -0.41 -0.30 -0.21 0.39

2009 -0.11 -0.21 0.09 0.29 0.91 -0.20 0.25 0.12 -0.01 -0.08 -0.18 0.10

2010 -0.23 -0.09 -0.05 0.12 -0.07 0.00 0.04 0.03 0.02 0.12 -0.20 -0.09




Chart 3.45 Monthly Returns on BSE 100 and Indiabulls Real Ltd. (2007-2010)


The above chart of Indiabulls Real Estate shows that the monthly return of the

company is more as compared to the BSE100 in year 2009. The company gives

highest return in the year 2009 0.91%..

3.47 INDIAN HOTELS CO LTD.

The Indian Hotels Company (IHCL) and its subsidiaries are collectively known as Taj

Hotels Resorts and Palaces, which is recognised as one of Asia's largest and finest

hotel companies. Incorporated by the founder of the Tata group, Jamsetji Tata, the

company opened its first property, the Taj Mahal Palace hotel, Bombay in 1903. The

Taj, a symbol of Indian hospitality, completed its centenary year in 2003.Taj Hotels

Resorts and Palaces comprises 64 hotels in 45 locations across India with an

additional 15 international hotels. The most significant additions to the Taj portfolio

have been The Pierre, the iconic landmark hotel on New York's Fifth Avenue, the Taj

Boston and the Blue, Sydney.

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Table 3.47 Monthly Return of Indian Hotels Co Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.16 -0.13 -0.06 0.00 -0.17 -0.05 -0.08 -0.28 0.05 0.25 -0.07

2002 -0.13 0.17 0.11 0.05 -0.04 -0.07 -0.05 -0.04 -0.02 -0.01 0.12 0.16

2003 -0.06 0.16 -0.12 -0.06 0.11 0.31 0.04 0.00 0.01 0.34 0.08 0.18

2004 -0.02 -0.04 -0.01 -0.06 -0.10 -0.01 0.02 0.05 0.18 0.06 0.05 0.09

2005 0.03 0.09 0.04 0.04 0.03 -0.07 0.05 0.16 0.01 -0.03 0.23 0.08

2006 0.32 -0.05 0.09 0.00 -0.12 -0.05 0.02 0.11 0.07 -0.90 0.06 0.02

2007 -0.01 -0.06 0.02 -0.02 0.02 0.04 -0.08 -0.09 0.09 0.05 -0.07 0.19

2008 -0.15 -0.08 -0.11 0.03 -0.05 -0.30 0.12 -0.11 -0.12 -0.32 -0.13 0.12

2009 -0.11 -0.10 0.09 0.25 0.33 0.01 0.03 -0.04 0.18 -0.05 0.16 0.19

2010 -0.09 -0.04 0.15 0.05 -0.03 0.01 -0.06 0.04 -0.04 0.01 -0.08 0.05




Chart 3.46 Monthly Returns on BSE 100 and Indian Hotels Co Ltd. (2001-2010)


The above chart represents the monthly return of Indian Hotels. From this chart it can

be observed that the return of the company is shown similar trend during the research

period, except in the year 2006. In 2006 the monthly return of the company is

negative -0.90%.

3.48 INDIAN OIL CORPORATION LTD.

Indian Oil Corporation, or IndianOil, is an Indian public-sector petroleum company. It

is India‘s largest commercial enterprise, ranking 105th on the Fortune Global 500 list

in 2009. IndianOil and its subsidiaries account for a 47% share in the petroleum

products market, 40% share in refining capacity and 67% downstream sector pipelines

capacity in India. The Indian Oil Group of Companies owns and operates 10 of India's

19 refineries with a combined refining capacity of 60.2 million metric tons per year.

In addition, IndianOil's Research and Development Center (R&D) at Faridabad

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Indian Hotels Co Ltd. BSE 100

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supports, develops and provides the necessary technology solutions to the operating

divisions of the corporation and its customers within the country and abroad.

Table 3.48 Monthly Return of Indian Oil Corporation Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.06 -0.03 0.00 0.03 -0.08 -0.09 -0.03 0.00 -0.06 0.06 -0.04

2002 0.04 0.23 0.20 0.05 -0.05 0.00 0.00 0.22 -0.15 0.04 0.02 0.08

2003 0.01 0.00 -0.03 0.02 0.51 0.15 0.07 -0.12 -0.02 -0.08 0.09 0.21

2004 -0.03 0.02 0.10 0.04 -0.35 0.10 0.09 0.01 0.08 -0.02 0.02 0.16

2005 -0.11 0.08 -0.11 0.00 0.06 -0.08 -0.05 0.04 0.08 -0.02 0.20 0.05

2006 -0.08 0.09 0.05 -0.04 -0.18 -0.13 -0.03 0.27 0.06 -0.02 -0.13 0.01

2007 0.10 -0.16 -0.03 0.10 0.06 -0.05 -0.09 -0.04 0.22 0.02 0.12 0.47

2008 -0.39 0.17 -0.21 0.03 -0.08 -0.22 0.21 0.00 0.01 -0.16 0.21 0.04

2009 0.05 -0.02 -0.11 0.15 0.37 -0.13 0.03 0.06 0.18 -0.54 -0.08 0.06

2010 -0.02 0.05 -0.07 -0.01 0.20 0.14 -0.10 0.13 0.02 0.00 -0.17 -0.01




Chart 3.47 Monthly Returns on BSE 100 and IOCL. (2001-2010)


From the above chart represents the monthly return of Indian Oil. The company has

outperformed during the year 2007 with highest return 0.47%, and underperforms in

the year 2009 with negative return -0.54%.

3.49 INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD.

The Industrial Development Bank of India Limited commonly known by its acronym

IDBI is one of India's leading public sector banks and 4th largest Bank in overall

ratings. RBI categorised IDBI as an "other public sector bank". It was established in

1964 by an Act of Parliament to provide credit and other facilities for the

development of the fledgling Indian industry. It is currently the tenth largest

development bank in the world in terms of reach with 975 ATMs, 568 branches and

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http://en.wikipedia.org/wiki/Act_of_Parliament

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352 centers. Some of the institutions built by IDBI are the NSE, the NSDL, the Stock

Holding Corporation of India (SHCIL), and IDBI BANK, which today is owned by

the Indian Government, though for a brief period it was a private scheduled bank.

Table 3.49 Monthly Return of Industrial Dev Bank of India YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.39 -0.13 -0.04 0.03 -0.08 -0.19 -0.17 0.03 -0.01 0.04 -0.13

2002 -0.08 0.30 -0.11 0.00 0.08 0.30 -0.24 0.08 -0.11 -0.02 0.15 0.11

2003 -0.03 -0.07 -0.13 0.06 0.94 0.00 0.29 -0.14 0.09 0.30 -0.01 0.18

2004 0.08 -0.01 -0.13 0.02 -0.39 0.15 0.60 0.14 0.18 -0.07 0.06 0.22

2005 0.00 -0.14 -0.03 -0.12 0.17 0.09 0.09 -0.02 0.13 -0.30 0.09 0.03

2006 -0.07 -0.07 -0.07 0.08 -0.17 -0.18 -0.01 0.14 0.27 -0.01 -0.10 0.03

2007 0.33 -0.21 -0.04 0.09 0.12 0.25 -0.05 0.11 0.26 0.03 0.02 0.02

2008 -0.31 0.04 -0.25 0.18 -0.17 -0.26 0.16 0.12 -0.11 -0.22 -0.01 0.17

2009 -0.16 -0.15 -0.06 0.40 0.47 0.18 -0.04 -0.02 0.22 -0.11 0.07 0.05

2010 -0.05 -0.02 -0.03 0.10 -0.10 0.05 0.00 0.02 0.25 0.19 -0.10 0.01




Chart 3.48 Monthly Returns on BSE 100 and IDBI Ltd. (2001-2010)


It is cleared from the above chart of IDBI that the monthly return of the company is

more volatile during the period of 2002 to 2003. During this period the company

gives highest return above 0.80% and negative return near to -0.40%.

3.50 INFOSYS TECHNOLOGIES LTD.

Infosys Technologies Limited is a multinational information technology Services

Company headquartered in Bangalore, India. Infosys is the second-largest IT

Company in India. It has offices in 22 countries and development centers in India,

China, Australia, UK, Canada and Japan. Infosys was founded on July 2, 1981 in

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http://en.wikipedia.org/w/index.php?title=Stock_Holding_Corporation_of_India&action=edit&redlink=1





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http://en.wikipedia.org/wiki/Australia

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Pune by N R Narayana Murthy and seven others and The company was incorporated

as "Infosys Consultants Pvt Ltd.", with Raghavan's house in Model Colony, north-

central Pune as the registered office. In 1982, Infosys opened an office in Bangalore

which soon became its headquarters. In April 2009, Forbes rated Infosys among the 5

best performing companies in the software and services sector in the world.

Table 3.50 Monthly Return of Infosys Technologies Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.08 -0.35 -0.09 0.01 0.00 0.00 -0.06 -0.33 0.23 0.34 0.05

2002 -0.05 -0.09 0.06 -0.01 -0.08 -0.03 -0.07 0.19 -0.06 0.11 0.20 0.05

2003 -0.10 0.00 -0.06 -0.31 -0.04 0.22 0.10 0.09 0.16 0.05 0.04 0.13

2004 -0.07 -0.02 -0.03 0.04 0.01 0.06 -0.72 0.01 0.08 0.12 0.13 -0.03

2005 -0.01 0.08 0.01 -0.16 0.19 0.05 -0.04 0.05 0.06 0.00 0.06 0.12

2006 -0.04 -0.02 0.05 0.07 -0.08 0.06 -0.46 0.09 0.02 0.13 0.04 0.03

2007 0.00 -0.07 -0.03 0.02 -0.06 0.00 0.02 -0.06 0.02 -0.03 -0.13 0.10

2008 -0.15 0.03 -0.08 0.23 0.12 -0.11 -0.09 0.10 -0.20 -0.01 -0.10 -0.10

2009 0.17 -0.06 0.08 0.14 0.06 0.11 0.16 0.03 0.08 -0.04 0.08 0.09

2010 -0.05 0.05 0.01 0.05 -0.03 0.05 0.00 -0.03 0.12 -0.02 0.03 0.13




Chart 3.49 Monthly Returns on BSE 100 and Infosys Ltd. (2001-2010)


From the above chart it is cleared that the Infosys has underperformed during the

study period. The company has given highest return above 0.20% and negative return

near to -0.70%.

3.51 INFRASTRUCTURE DEVELOPMENT FINANCE CO. LTD.

IDFC Project Equity is a leading 'Infrastructure Equity' Investment Manager based in

India. IDFC Project Equity manages the India Infrastructure Fund (IIF), a SEBI-

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registered domestic venture capital fund focused on infrastructure with a corpus of

INR 35 billion (USD 875 million). IIF focuses on investing equity for the long-term

in a diversified portfolio of infrastructure assets in India. IDFC Project Equity

Company Limited is a 100% subsidiary of Infrastructure Development Finance

Company Limited (IDFC), India's leading financial institution focused on

infrastructure.

Table 3.51 Monthly Return of Infrastructure Development Finance Co. Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2005 N.A N.A N.A N.A N.A N.A N.A N.A 0.07 -0.08 0.15 -0.02

2006 -0.05 0.03 -0.07 0.10 -0.25 -0.01 0.01 0.09 0.13 0.16 -0.01 -0.01

2007 0.33 -0.12 -0.08 0.15 0.21 0.14 0.03 -0.07 0.13 0.37 0.06 0.12

2008 -0.12 -0.03 -0.22 0.17 -0.17 -0.30 -0.11 0.00 -0.22 -0.20 -0.10 0.28

2009 -0.13 -0.09 0.03 0.41 0.63 0.09 -0.01 -0.01 0.09 0.01 0.13 -0.07

2010 -0.01 0.05 0.01 0.06 -0.08 0.14 0.04 -0.04 0.13 -0.01 -0.07 -0.02




Chart 3.50 Monthly Returns on BSE 100 and IDFC Ltd. (2005-2010)


The above chart represents the monthly return of IDFC. It can be observe that during

the study period the company has given highest return near 0.63% in year 2009 and

highest negative return 0.22% in year 2008.

3.52 ITC LTD.

ITC Limited which previously stood for Imperial Tobacco Company of India Limited

is an Indian conglomerate with a turnover of US $ 4.75 billion. It ranks third in pre-

tax profit among India's private sector corporations. The company has its registered

office in Kolkata. The Training Centre of the company is in Munger, Bihar. ITC is

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also known as "Chatkal" (especially in Munger).ITC continues in its traditional

businesses of Cigarettes, Hotels, Paperboards, Packaging and Agri-Exports, it is

gaining market share in its nascent businesses of Packaged Foods & Confectionery,

Branded Apparel and Greeting Cards.

Table 3.52 Monthly Return of ITC Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.15 0.05 0.03 -0.05 -0.05 0.05 -0.09 -0.20 0.19 -0.03 0.01

2002 0.03 0.08 -0.07 -0.10 -0.03 0.05 -0.01 0.11 -0.07 -0.05 0.03 0.04

2003 -0.03 0.02 -0.03 0.08 0.02 0.10 -0.07 0.16 -0.04 0.08 -0.02 0.15

2004 0.04 0.08 -0.05 0.03 -0.18 0.01 0.17 0.01 0.09 -0.04 0.18 0.02

2005 0.04 -0.05 0.04 0.07 0.11 0.03 0.02 0.03 -0.92 -0.12 0.12 0.06

2006 0.09 0.11 0.13 0.04 -0.19 0.10 -0.08 0.14 -0.02 0.01 -0.03 -0.05

2007 -0.01 -0.01 -0.12 0.06 0.02 -0.05 0.10 0.00 0.11 -0.06 0.05 0.12

2008 -0.07 0.04 0.02 0.07 -0.01 -0.14 0.00 0.00 0.00 -0.18 0.13 -0.01

2009 0.05 0.02 0.01 0.02 -0.03 0.04 0.31 -0.08 0.00 0.10 0.01 -0.03

2010 0.00 -0.07 0.13 0.01 0.07 0.08 0.01 -0.47 0.09 -0.04 0.00 0.02




Chart 3.51 Monthly Returns on BSE 100 and ITC Ltd. (2001-2010)

Source: From above calculation From the above chart it is seen that the ITC has underperformed during the study

period, except in the year 2009. The company has given highest return above 0.20%

and negative return near to -0.80%.

3.53 IVRCL INFRASTRUCTURES & PROJECTS LTD.

Quality practices at IVRCL effectively blend people's skills with process tools at

every stage of the project life cycle to provide state-of-the-art solutions.

Objectives of IVRCL is to build a better world by Meeting ever growing challenging

requirements in today‘s competitive world through strong quality systems and to

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Creating a dedicated and confident work force through continual development process

which will help to add value to the investors. Strongly entrenched with proven domain

knowledge, experience and credentials, IVRCL operates in many infrastructure

sectors like water and environment, transportation, buildings and power. This

company is in to commercial operations since 1990.

Table 3.53 Monthly Return of IVRCL Infrastructures & Projects Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.04 -0.26 0.44 -0.10 -0.20 -0.03 0.08 -0.13 0.10 -0.01 -0.10

2002 -0.07 0.07 -0.20 0.11 -0.03 1.03 -0.24 0.34 -0.17 -0.09 0.14 -0.06

2003 -0.20 -0.03 -0.22 0.17 0.29 0.05 0.61 -0.16 -0.04 0.12 0.42 0.42

2004 -0.01 0.05 0.24 0.04 -0.21 0.03 0.08 0.00 0.12 0.11 0.16 0.27

2005 0.00 0.17 0.17 -0.12 0.19 -0.02 0.28 0.36 -0.03 -0.21 0.16 -0.03

2006 0.33 0.06 -0.73 0.07 -0.20 -0.04 -0.17 0.22 0.10 0.13 0.54 -0.12

2007 0.05 -0.28 0.00 0.10 0.09 0.02 0.08 -0.02 0.12 0.20 -0.07 0.19

2008 -0.19 0.04 -0.15 0.07 -0.03 -0.27 -0.01 0.02 -0.23 -0.64 0.59 0.06

2009 -0.24 -0.01 0.12 0.31 1.07 0.04 -0.02 0.08 0.08 -0.11 0.07 -0.06

2010 -0.12 0.05 -0.49 0.10 -0.07 0.11 -0.08 -0.09 0.02 -0.07 -0.20 0.08




Chart 3.52 Monthly Returns on BSE 100 and IVRCL Infra Ltd. (2001-2010)


The chart represents the monthly return of IVRCL Infra. It can be observed that the

company has given negative return below -0.60% during the year 2006 and highest

positive return near 1.00% in the year 2009.

3.54 JAIPRAKASH ASSOCIATES LTD.

Jaiprakash Associates, previously known as Jaiprakash Industries having interests in

civil engineering, cement, power, real estate and hospitality, signed an agreement with

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Assam Mineral Development Corporation Limited for establishing a cement plant in

Assam with a capacity of 2 million tonnes per year. JP Associates, the leading

infrastructure company with a turnover of Rs 6,500 crore, built the Sardar Sarovar

dam, Tehri dam and underground power house Naptha Jhakri. At present, it has an

installed capacity of 14.70 million tonnes per annum of cement and is poised to turn

into a 25 million tonne company by the year 2010.

Table 3.54 Monthly Return of Jaiprakash Associates Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2004 N.A N.A N.A N.A N.A N.A 0.03 0.33 0.08 0.02 -0.02 0.26

2005 -0.06 0.18 -0.07 -0.09 0.07 -0.05 0.34 0.26 -0.03 -0.06 0.20 0.16

2006 0.05 0.09 0.06 0.23 -0.24 -0.09 -0.07 0.17 0.10 0.22 0.14 0.10

2007 -0.04 -0.22 -0.02 0.12 0.15 0.06 0.13 0.09 0.20 0.34 0.24 -0.76

2008 -0.15 -0.28 -0.14 0.20 -0.21 -0.33 0.09 0.05 -0.32 -0.35 -0.22 0.48

2009 -0.08 -0.14 0.28 0.65 0.49 -0.01 0.17 -0.06 0.04 -0.11 0.07 -0.35

2010 -0.06 -0.04 0.13 -0.02 -0.15 0.03 -0.08 -0.08 0.11 0.00 -0.08 -0.04




Chart 3.53 Monthly Returns on BSE 100 and Jaiprakash Asso Ltd. (2004-2010)


The above monthly return chart of jayprakash associates shows the major fluctuation

during the period year 2007 to 2009, during this period the company has given highest

return near to 0.80% and negative return near to -0.70%.

3.55 JINDAL STEEL & POWER LTD.

Jindal Steel and Power Limited is the most valuable private steel producer in India,

with a market cap of $11.8 billion. However, in terms tonnage, it is the third largest

steel producer in India. The company manufactures and sells sponge iron, mild steel

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Jaiprakash Associates Ltd. BSE 100

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slabs, ferro chrome, iron ore, mild steel, structural, hot rolled plates & coils and coal

based sponge iron plant. The company is also involved in power generation.

Table 3.55 Monthly Return of Jindal Steel & Power Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.29 -0.50 0.28 -0.01 -0.30 -0.08 0.03 -0.05 0.00 0.06 -0.01

2002 -0.01 0.01 -0.05 0.27 -0.11 0.65 -0.17 -0.04 0.23 0.04 0.08 0.14

2003 0.07 0.01 -0.15 0.12 0.27 0.05 0.03 0.47 0.11 0.04 -0.07 -0.20

2004 -0.17 0.03 -0.04 0.04 -0.19 0.04 0.21 0.09 0.06 0.14 0.17 0.09

2005 0.04 0.07 0.05 -0.06 -0.07 -0.06 0.17 0.15 0.24 -0.16 0.16 0.12

2006 -0.02 0.00 0.23 -0.01 -0.04 -0.23 0.06 0.00 0.15 0.05 0.20 0.05

2007 0.03 0.00 0.02 0.22 0.11 0.08 0.22 -0.06 0.32 1.29 0.14 0.14

2008 -0.85 -0.01 -0.10 0.16 -0.02 -0.25 0.18 -0.08 -0.34 -0.37 -0.10 0.28

2009 0.14 0.01 0.15 0.36 0.28 0.19 0.18 0.06 -0.81 0.09 0.07 0.03

2010 -0.11 0.01 0.11 0.06 -0.12 -0.04 0.00 0.10 0.03 -0.01 -0.09 0.12




Chart 3.54 Monthly Returns on BSE 100 and Jindal Steel Ltd. (2001-2010)


From the above chart of Jindal Steel it is observed that the monthly return of the

company is more volatile as compared to BSE100. The company show highest return

during the period of 2007, during this period the company has given more than 1.30%

monthly return. In year the 2008 the company has give highest negative return near to

-0.90%.

3.56 JSW STEEL LTD.

JSW Steel Ltd. is one among the largest Indian Steel Companies in India today.

India‘s third largest steelmaker, JSW Steel Ltd. consists of the most modern, eco-

friendly steel plants with the latest technologies for both upstream & downstream

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processes With one of the widest mills in North America, the JSW plate division mill

rolls hot-rolled plate widths up to 160 inches (4.1m) and thicknesses up to four inches

(102mm). Service of the company include shipyards, oilfield fabricators, heavy

equipment producers, machinery makers, and many other end users and distributors

who need high quality carbon plate.

Table 3.56 Monthly Return of JSW Steel Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.04 -0.23 -0.09 -0.10 -0.10 -0.16 0.00 -0.24 0.02 0.00 -0.04

2002 -0.02 0.07 -0.11 0.15 0.50 0.68 -0.31 -0.08 -0.16 0.23 0.24 0.16

2003 -0.03 -0.05 -0.23 0.08 0.63 0.36 0.20 0.50 -0.14 -0.07 -0.14 0.14

2004 -0.12 -0.14 -0.17 0.11 -0.14 0.13 0.27 -0.04 0.08 0.01 0.13 0.28

2005 -0.04 0.10 19.14 -0.12 0.00 -0.20 0.08 0.02 0.05 -0.28 -0.01 0.11

2006 -0.15 0.05 0.47 0.15 -0.16 -0.05 -0.13 0.15 0.04 0.19 -0.03 0.18

2007 0.19 0.02 0.05 0.18 0.04 0.01 0.20 -0.13 0.33 0.13 0.05 0.31

2008 -0.27 0.10 -0.23 0.07 0.34 -0.23 -0.18 0.04 -0.37 -0.37 -0.38 0.22

2009 -0.08 -0.11 0.23 0.45 0.64 0.12 0.13 -0.01 0.20 -0.09 0.31 0.02

2010 -0.02 0.08 0.15 -0.01 -0.10 -0.04 0.05 0.01 0.18 0.00 -0.16 0.04




Chart 3.55 Monthly Returns on BSE 100 and JSW Steel Ltd. (2001-2010)


The above chart represents the monthly return of JSW Steel. The monthly return is

highest during the Year 2005 it is about 20.00%. The highest negative return is

observed during the year 2008.

3.57 KOTAK MAHINDRA BANK LTD.

The Kotak Mahindra group is a financial organization established in 1985 in India. It

was previously known as the Kotak Mahindra Finance Limited, a non-banking

financial organization. In February 2003, Kotak Mahindra Finance Ltd, the group's

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flagship company was given the license to carry on banking business by the Reserve

Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian

banking history to convert to a bank. The Kotak Mahindra Group was born in 1985 as

Kotak Capital Management Finance Limited. In 1986, the company changed its name

to Kotak Mahindra Finance Limited.

Table 3.57 Monthly Return of Kotak Mahindra Bank Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.03 -0.26 -0.12 0.04 -0.09 -0.13 0.03 -0.07 -0.04 0.25 0.05

2002 0.52 0.41 0.32 0.27 -0.24 0.19 -0.01 0.00 -0.04 -0.05 0.06 0.11

2003 -0.07 0.06 -0.08 -0.09 0.05 0.06 0.35 -0.03 0.30 0.25 0.01 0.12

2004 0.04 -0.02 0.04 -0.02 -0.19 0.09 0.02 -0.51 0.05 -0.01 0.45 0.09

2005 0.01 0.14 0.04 -0.11 0.23 0.05 0.09 -0.53 0.00 -0.14 0.23 0.06

2006 0.04 -0.02 0.22 0.12 -0.05 -0.18 0.18 0.10 0.06 0.04 0.10 0.05

2007 0.17 -0.09 0.13 0.13 0.05 0.17 0.10 -0.05 0.30 0.09 0.23 0.05

2008 -0.20 -0.22 -0.22 0.26 -0.12 -0.34 0.16 0.14 -0.08 -0.39 -0.01 0.07

2009 -0.21 -0.09 0.09 0.36 0.76 -0.07 0.03 0.09 0.08 -0.08 0.10 0.02

2010 -0.03 -0.05 0.01 -0.02 0.03 0.02 0.00 0.08 -0.43 -0.02 0.02 -0.05




Chart 3.56 Monthly Returns on BSE 100 and Kotak Bank Ltd. (2001-2010)


The above chart of Kotak Mahindra bank shows that the company‘s monthly return is

more volatile than the return of BSE 100. The monthly return during the year 2009 is

highest; it is more than 0.70% from March 2009 to July 2009.

3.58 LARSEN & TOUBRO LTD.

L&T has an international presence, with a global spread of offices, factories and

offices located around the country, further supplemented by a comprehensive

marketing and distribution network. The company was founded in 1938. L&T‘s

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engineering & construction track record consists of implementation of turnkey

projects in major core and infrastructure sectors of the Indian industry. This business

provides turnkey solutions for setting up utility power plants, co-generation and

captive power plants on EPC basis. L&T is acknowledged as one of the top five

fabrication companies in the world. ECC - the Engineering Construction & Contracts

Division of L&T - is India‘s largest construction organisation. L&T is an international

manufacturer of a wide range of electrical and electronic products and systems.

Table 3.58 Monthly Return of Larsen & Toubro Limited YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.05 -0.15 -0.01 0.13 -0.12 -0.03 -0.01 -0.25 0.05 0.24 -0.07

2002 0.01 -0.01 -0.06 -0.04 -0.01 0.03 -0.12 0.16 -0.09 0.13 0.09 0.04

2003 -0.13 0.08 -0.08 0.09 0.11 0.10 0.19 -0.01 0.12 0.26 -0.01 0.31

2004 -0.05 0.13 0.02 -0.01 -0.22 0.57 0.11 0.08 0.03 -0.03 0.09 0.09

2005 0.02 0.08 -0.08 -0.03 0.09 0.08 0.12 0.05 0.13 -0.07 0.21 0.09

2006 0.17 0.11 0.01 0.11 -0.14 -0.03 -0.01 0.09 -0.47 0.03 0.04 0.05

2007 0.10 -0.06 0.09 0.05 0.18 0.10 0.19 -0.01 0.09 0.51 -0.03 0.01

2008 -0.12 -0.04 -0.14 -0.01 -0.01 -0.27 0.19 0.00 -0.06 -0.67 -0.10 0.07

2009 -0.11 -0.11 0.10 0.31 0.60 0.12 -0.04 0.04 0.07 -0.07 0.03 0.04

2010 -0.15 0.10 0.04 -0.01 0.01 0.11 0.00 0.01 0.13 -0.01 -0.04 0.01




Chart 3.57 Monthly Returns on BSE 100 and Larsen & Toubro Ltd. (2001-2010)


The above chart represents monthly return of Larsen & Toubro; it can be observed

that the company is more volatile as compared to BSE100 during the study period.

During the 2008 the company shows negative return -0.67%.

3.59 MMTC LTD.

INDIA'S Largest trading giant established in 1963, MMTC, one of the two highest

foreign exchange earner for India, is a leading international trading company with a

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Larsen & Toubro Limited BSE 100

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turnover of over US$ 7 billion. It is the largest international trading company of India

and the first Public Sector Enterprise to be accorded the status of "FIVE STAR

EXPORT HOUSE" by Govt Of India for long standing contribution to exports.

MMTC is the largest non-oil importer in India. MMTC's diverse trade activities

encompass Third Country Trade, Joint Ventures, and Link Deals - all modern day

tools of international trading.

Table 3.59 Monthly Return of M M T C Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A N.A N.A N.A N.A N.A N.A 0.32 0.00 0.01 -0.14 -0.01

2007 0.09 -0.05 -0.02 -0.03 0.04 0.04 0.35 0.42 1.91 1.93 -0.21 0.06

2008 -0.25 -0.02 -0.08 0.34 -0.15 -0.21 0.24 0.00 -0.19 -0.32 -0.25 0.91

2009 -0.24 -0.03 0.01 0.16 0.69 0.11 -0.03 -0.03 0.18 -0.11 0.13 0.00

2010 -0.02 -0.01 -0.06 0.00 -0.04 0.04 -0.94 -0.25 0.02 -0.04 -0.19 0.13




Chart 3.58 Monthly Returns on BSE 100 and M M T C Ltd. (2006-2010)


The above chart of MMTC shows the monthly return of the company is more volatile

as compared to BSE100 during the period of 2008 to 2009. The company shows

lowest return during the year 2008 and highest return in the year 2009.

3.60 MAHANAGAR TELEPHONE NIGAM LTD.

Mahanagar Telephone Nigam Limited is an Indian Government-owned telephone

service provider in the cities of Mumbai, Thane, New Delhi, and Navi Mumbai in

India. The company was a monopoly until 1992, when the telecom sector was opened

to other service providers. MTNL provides fixed line telephones, cellular connection

of both GSM Dolphin(Postpaid) and Trump (prepaid) and WLL (CDMA) Garuda-

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FW And Garuda-Mobile and internet services through dialup and DSL Broadband

internet TriBand.

Table 3.60 Monthly Return of Mahanagar Telephone YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.24 -0.10 0.14 -0.04 -0.12 -0.05 0.04 0.04 0.01 0.09 -0.11

2002 -0.09 0.29 0.00 -0.02 -0.14 0.14 -0.09 0.01 -0.16 -0.14 0.09 -0.08

2003 0.23 -0.14 -0.05 -0.05 0.02 0.22 0.01 0.07 -0.03 -0.10 0.11 0.14

2004 -0.03 0.02 -0.06 0.16 -0.24 0.18 -0.02 -0.05 0.15 -0.02 0.17 -0.04

2005 -0.08 -0.05 -0.15 0.01 0.04 -0.04 0.15 -0.05 0.00 -0.14 0.09 0.21

2006 -0.02 0.01 0.29 0.18 -0.27 -0.02 -0.09 0.12 0.00 -0.10 -0.05 0.07

2007 0.16 -0.20 0.10 0.01 0.03 0.05 -0.06 -0.06 0.13 0.12 -0.05 0.12

2008 -0.38 -0.01 -0.18 0.14 -0.15 -0.03 0.15 -0.05 -0.15 -0.22 0.13 0.07

2009 -0.09 -0.11 0.08 0.04 0.45 -0.07 0.05 -0.07 -0.04 -0.25 0.07 0.00

2010 0.03 -0.05 0.02 -0.03 -0.22 0.19 0.02 -0.09 0.02 0.08 -0.22 0.04




Chart 3.59 Monthly Returns on BSE 100 and MTNL. (2001-2010)


The above chart represents monthly return of MTNL during the study period it shows

highest return more than 0.40% and lowest return near to -0.30%.

3.61 MAHINDRA & MAHINDRA LTD.

Mahindra & Mahindra Limited is part of the Mahindra Group, an automotive, farm

equipment, financial services, trade and logistics, automotive components, after-

market, IT and infrastructure conglomerate. The company was set up in 1945 as

Mahindra & Mohammed. Initially set up to manufacture general-purpose utility

vehicles, Mahindra & Mahindra (M&M) was first known for assembly under licence

of the iconic Willys Jeep in India. The company later branched out into manufacture

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of light commercial vehicles (LCVs) and agricultural tractors, rapidly growing from

being a manufacturer of army vehicles and tractors to an automobile major with a

growing global market. At present, M&M is the leader in the utility vehicle (UV)

segment in India with its flagship UV, the Scorpio. M&M is India's largest SUV

maker.

Table 3.61 Monthly Return of Mahindra & Mahindra Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.01 -0.26 0.13 -0.10 -0.35 -0.15 -0.02 -0.20 0.37 0.23 -0.02

2002 0.30 -0.02 0.00 -0.07 -0.16 0.27 -0.18 -0.06 -0.05 0.02 0.27 0.06

2003 -0.14 0.14 -0.10 0.12 0.16 0.14 0.35 0.01 0.19 0.44 0.03 0.10

2004 0.06 0.13 0.00 0.01 -0.10 0.05 0.02 -0.05 0.00 0.04 0.10 0.11

2005 -0.01 0.00 -0.07 -0.11 0.16 0.09 0.21 0.06 -0.48 -0.06 0.28 0.13

2006 0.09 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05

2007 0.05 -0.10 -0.03 0.00 -0.03 -0.05 0.01 -0.03 0.06 0.00 -0.03 0.18

2008 -0.22 0.04 0.00 -0.04 -0.12 -0.18 0.07 0.11 -0.12 -0.27 -0.24 -0.02

2009 0.09 0.03 0.24 0.27 0.39 0.03 0.24 0.00 0.02 0.05 0.12 0.05

2010 -0.06 -0.01 -0.46 -0.04 0.09 0.09 0.06 -0.05 0.11 0.06 0.05 0.01




Chart 3.60 Monthly Returns on BSE 100 and M & M Ltd. (2001-2010)


The above chart represents the monthly return of Mahindra and Mahindra it can be

seen from the above that the monthly return during the year 2002 is more volatile, The

Company has given highest positive return 0.44% in year 2003 and highest negative

return -0.48% in the year 2005.

3.62 MARUTI SUZUKI INDIA LTD.

Maruti Suzuki India is a leading four-wheeler automobile manufacturer in South Asia.

Suzuki Motor Corporation of Japan holds a majority stake in the company. It was the

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first company in India to mass-produce and sell more than a million cars. It is largely

credited for having brought in an automobile revolution to India. It is the market

leader in India and on 17 September 2007, Maruti Udyog was renamed Maruti Suzuki

India Limited. Until recently, 18.28% of the company was owned by the Indian

government, and 54.2% by Suzuki of Japan. The Indian government held an initial

public offering of 25% of the company in June 2003. As of 10 May 2007, Govt. of

India sold its complete share to Indian financial institutions.

Table 3.62 Monthly Return of Maruti Suzuki India Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2003 N.A N.A N.A N.A N.A N.A N.A 0.30 -0.01 0.39 0.07 0.09

2004 0.15 0.16 -0.01 0.09 -0.29 0.04 0.05 -0.10 -0.07 0.06 0.12 0.10

2005 -0.02 0.05 -0.11 -0.03 0.15 0.00 0.04 -0.02 0.19 -0.02 0.11 0.04

2006 0.19 0.09 0.06 0.06 -0.20 0.09 -0.01 0.10 0.14 -0.01 -0.05 0.00

2007 0.01 -0.10 -0.02 -0.02 0.02 -0.09 0.13 0.03 0.15 0.07 -0.06 -0.02

2008 -0.14 0.02 -0.04 -0.11 0.03 -0.19 -0.07 0.13 0.13 0.13 0.13 0.13

2009 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.02 0.18 -0.17 0.11 0.00

2010 -0.11 0.05 -0.03 -0.10 -0.03 0.15 -0.16 0.05 0.15 0.08 -0.08 0.00




Chart 3.61 Monthly Returns on BSE 100 and Maruti Suzuki Ltd. (2001-2010)


The chart represents the monthly return of Maruti Suzuki during the period of

research. The company has given highest positive return near to 0.40% in year 2003

and highest negative return near to -0.30% in the year 2004.

3.63 MUNDRA PORT & SEZ LTD.

Mundra Port and Special Economic Zone Limited, India‘s largest private port and

special economic zone, was incorporated as Gujarat Adani Port Limited in 1998. The

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Maruti Suzuki India Ltd. BSE 100




http://en.wikipedia.org/wiki/Suzuki

http://en.wikipedia.org/wiki/Japan

http://en.wikipedia.org/wiki/Initial_public_offering



122

company commenced commercial operations in October 2001. Mundra Special

Economic Zone Limited was incorporated in November 2003, to set up an SEZ at

Mundra. The company was renamed as Mundra Port and Special Economic Zone

Limited, to reflect the nature of business. Mundra Port provides cargo handling and

other value-added port services. Mundra SEZ is India‘s first port-based multi-product

SEZ.

The below table 3.63 and chart 3.62 represent the monthly return of Mundra Port

during the period of research. The company has given highest positive return near to

0.60% in year 2009 and highest negative return near to -0.80% in the year 2010.

Table 3.63 Monthly Return of Mundra Port & SEZ YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A 0.37

2008 -0.34 -0.12 -0.21 0.31 0.04 -0.37 0.17 0.00 -0.26 -0.17 -0.27 0.26

2009 0.19 -0.12 -0.05 0.19 0.59 -0.01 -0.01 -0.07 -0.07 -0.04 0.09 0.02

2010 0.08 0.13 0.17 -0.06 -0.06 0.06 -0.02 0.06 -0.78 -0.09 -0.01 -0.05




Chart 3.62 Monthly Returns on BSE 100 and Mundra Port Ltd. (2007-2010)


3.64 NATIONAL ALUMINUM CO. LTD.

National Aluminum Company Limited, better known as NALCO was incorporated in

1981 as a public sector enterprise under the Indian government. Since then, NALCO

has grown to become the largest integrated aluminum unit in Asia and is also one of

the largest aluminum complexes of the world. Activities of NALCO include a

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plethora of aluminum and related procedures such as refining, smelting, bauxite

mining, casting, railway operations, port operations, and power generation

Table 3.64 Monthly Return of National Aluminium Co. Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.33 -0.08 0.04 0.06 -0.02 -0.09 0.02 -0.17 -0.01 0.10 -0.01

2002 0.11 0.35 0.12 0.09 0.13 -0.05 0.13 0.04 -0.22 -0.03 -0.05 0.13

2003 -0.05 0.00 -0.19 0.18 0.19 0.13 -0.02 0.21 -0.11 0.16 0.12 0.27

2004 -0.24 0.20 0.04 -0.08 -0.25 0.05 0.09 0.01 0.17 -0.03 0.07 0.12

2005 -0.12 0.00 -0.02 -0.16 0.00 -0.04 0.12 0.08 0.03 -0.09 0.26 0.11

2006 0.25 0.01 0.06 0.09 -0.30 0.02 -0.11 0.00 0.05 0.09 -0.06 -0.01

2007 0.08 -0.09 0.11 0.05 0.03 0.03 0.02 -0.01 0.16 0.07 0.14 0.34

2008 -0.13 0.08 -0.03 -0.01 0.19 -0.35 0.21 -0.09 -0.05 -0.57 0.08 0.10

2009 0.05 0.04 0.04 -0.01 0.67 -0.14 0.01 0.12 0.01 0.04 0.04 0.11

2010 -0.09 0.01 0.06 0.01 0.02 0.03 -0.01 -0.06 0.00 0.01 -0.12 0.11




Chart 3.63 Monthly Returns on BSE 100 and Nalco Ltd. (2001-2010)


Form the above chart of National Aluminium it is observed that the monthly return is

more volatile during the year 2008 and 2009. The company gives negative return near

to -0.60% and highest return more than 0.65% during this period.

3.65 NESTLE INDIA LTD.

Nestle India is a subsidiary of Nestle S.A. of Switzerland. Nestle India manufactures a

variety of food products such as infant food, milk products, beverages, prepared

dishes & cooking aids, and chocolates & confectionary. Nestle was founded in 1867

in Geneva, Switzerland by Henri Nestle. Nestle's first product was "Farine Lactee

Nestle", an infant cereal. In 1905, Nestle acquired the Anglo-Swiss Condensed Milk

Company. Nestle's relationship with India started 1912, when it began trading as The

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National Aluminium Co. Ltd. BSE 100

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Nestle Anglo-Swiss Condensed Milk Company (Export) Limited, importing and

selling finished products in the Indian market. Nestle India is putting up the 7th

factory at Pant Nagar in Uttarakhand. Today, Nestle is the world's largest and most

diversified food company.

Table 3.65 Monthly Return of Nestle India Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.04 -0.07 0.08 -0.03 0.05 -0.03 -0.06 0.06 -0.07 -0.01 0.04

2002 -0.02 -0.01 0.03 0.00 0.00 0.01 -0.01 0.09 0.03 -0.03 -0.01 -0.05

2003 0.03 -0.01 0.00 -0.01 0.01 0.10 -0.03 0.02 0.01 -0.04 0.06 0.15

2004 -0.07 -0.06 0.04 0.02 -0.12 -0.02 -0.06 0.05 -0.03 0.02 0.05 0.03

2005 -0.01 0.03 0.07 0.04 0.05 0.02 0.08 0.10 0.00 -0.01 0.14 -0.03

2006 0.05 0.08 0.09 0.10 -0.15 -0.07 0.00 0.06 0.00 -0.01 0.04 0.04

2007 -0.04 -0.12 -0.02 0.08 0.13 0.02 0.03 0.08 0.03 0.18 -0.15 0.14

2008 -0.06 -0.02 0.09 0.17 0.00 -0.08 0.00 0.09 -0.05 -0.14 -0.03 0.04

2009 0.01 0.02 0.04 0.10 0.01 0.16 0.10 0.00 0.03 0.13 -0.01 0.00

2010 0.00 0.02 0.02 0.03 0.04 0.00 0.04 0.01 0.10 0.04 0.04 0.04




Chart 3.64 Monthly Returns on BSE 100 and Nestle India Ltd. (2001-2010)


The above chart of Nestle shows monthly return during the research period. It can be

observed that the return of the company is alien with the return of BSE100.

3.66 NMDC LTD.

NMDC was incorporated in 1958 as a Government of India fully owned public

enterprise. Since inception involved in the exploration of wide range of minerals

including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite,

magnesite, diamond, tin, tungsten, graphite, beach sands etc. India's single largest iron

ore producer and exporter, presently producing about 30 million tons of iron ore from

3 fully mechanized mines. NMDC has the only mechanized diamond mine in the

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Nestle India Ltd. BSE 100

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country with a capacity of 1.00 lakh carats / annum. In recognition to the Company's

growing status and consistent excellent performance, the Company has been

categorized by the Department of Public Enterprises as "NAVRATNA" Public Sector

Enterprise in 2008.

Table 3.66 Monthly Return of NMDC Limited


2001 N.A 1.89 -0.41 0.08 0.50 -0.24 0.36 -0.06 -0.06 -0.01 -0.02 0.02

2002 -0.30 1.09 N.A N.A N.A 1.13 -0.08 0.10 -0.03 0.04 -0.08 0.30

2003 -0.07 -0.01 0.00 0.17 0.43 -0.05 0.06 0.30 -0.02 0.00 0.57 0.79

2004 0.41 -0.19 -0.20 0.16 -0.08 -0.39 0.90 -0.23 0.43 0.20 0.08 0.23

2005 0.26 0.20 -0.04 -0.26 -0.03 -0.01 0.13 0.08 0.03 -0.10 0.21 0.10

2006 0.06 0.23 0.13 0.45 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06

2007 -0.23 0.06 0.06 0.06 0.02 0.13 0.55 0.40 0.06 1.93 -0.37 0.42

2008 0.01 -0.01 -0.02 -0.86 -0.71 -0.34 0.20 -0.08 -0.29 -0.33 -0.13 0.31

2009 0.18 -0.09 0.03 0.26 1.27 -0.21 0.01 0.04 -0.04 -0.16 0.37 0.03

2010 0.00 -0.13 -0.32 0.01 -0.06 -0.05 -0.02 -0.08 0.09 0.06 -0.12 0.14




Chart 3.65 Monthly Returns on BSE 100 and NMDC Ltd. (2001-2010)


The above monthly return chart of NMDC shows the company has give more return

as compared to BSE100 during the period of research. The highest return of the

company is near to 2.00% during the research period.

3.67 NTPC LTD.

NTPC Limited (Formerly National Thermal Power Corporation) is the largest power

generation company in India. Forbes Global 2000 for 2009 ranked it 317th in the

world. It is an Indian public sector company listed on the BSE although at present the

Government of India holds 84.5%(after divestment the stake by Indian government on

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19october2009) of its equity. With a current generating capacity of 30,644 MW,

NTPC has embarked on plans to become a 75,000 MW company by 2017. It was

founded on November 7, 1975. NTPC's core business is engineering, construction and

operation of power generating plants and providing consultancy to power utilities in

India and abroad.

Table 3.67 Monthly Return of NTPC Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2004 N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A 0.10

2005 -0.01 0.08 -0.08 -0.04 0.02 0.00 0.13 0.09 0.04 -0.08 0.07 0.08

2006 0.02 0.14 0.02 0.02 -0.17 -0.01 0.04 0.08 0.05 0.00 0.14 -0.07

2007 0.04 -0.01 0.07 0.06 -0.01 -0.04 0.09 0.05 0.12 0.24 -0.01 0.06

2008 -0.21 0.02 -0.02 0.00 -0.12 -0.12 0.12 0.03 -0.02 -0.18 0.14 0.13

2009 0.05 -0.03 -0.02 0.06 0.13 -0.09 0.11 -0.01 0.00 -0.01 -0.01 0.12

2010 -0.09 -0.05 0.02 0.00 -0.02 -0.01 0.00 -0.01 0.11 -0.10 -0.05 0.09




Chart 3.66 Monthly Returns on BSE 100 and NTPC Ltd. (2001-2010)


The above chart of NTPC shows the monthly return of the company is volatile during

the period of research. In the year 2007 the company has shown highest positive as

well as highest negative return.

3.68 ONGC LTD.

Oil and Natural Gas Corporation Limited was incorporated on June 23, 1993 is an

Indian public sector petroleum company. It is a Fortune Global 500 company ranked

152nd, and contributes 77% of India's crude oil production and 81% of India's natural

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NTPC Ltd. BSE 100

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gas production. It is the highest profit making corporation in India. It was set up as a

commission on August 14, 1955. Indian government holds 74.14% equity stake in this

company. ONGC is one of Asia's largest and most active companies involved in

exploration and production of oil. It is involved in exploring for and exploiting

hydrocarbons in 26 sedimentary basins of India. It produces about 30% of India's

crude oil requirement.

The below table 3.68 and chart 3.67 of ONGC explain that the company gives highest

positive return of 0.50% in 2002, while shows highest negative return near to -0.30%

in the year 2008.

Table 3.68 Monthly Return of ONGC Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.02 -0.08 0.04 0.06 0.05 0.08 -0.11 -0.09 0.04 0.04 -0.07

2002 0.09 0.53 0.22 0.26 -0.07 0.02 0.05 0.03 -0.03 0.11 -0.07 -0.01

2003 0.06 0.01 -0.05 0.00 0.35 0.01 -0.06 0.35 0.00 -0.02 0.03 0.29

2004 -0.08 -0.03 0.17 0.00 -0.26 0.01 0.14 0.00 0.05 0.05 0.03 0.01

2005 0.00 0.04 0.04 -0.08 0.14 0.11 -0.08 0.05 0.08 -0.12 0.11 0.14

2006 0.05 -0.08 0.15 0.00 -0.15 0.00 0.06 0.03 -0.04 -0.30 0.06 0.01

2007 0.04 -0.12 0.11 0.04 0.00 -0.01 0.01 -0.06 0.12 0.30 -0.06 0.06

2008 -0.20 0.02 -0.03 0.05 -0.16 -0.06 0.22 0.03 0.01 -0.35 0.04 -0.04

2009 -0.01 0.05 0.13 0.11 0.36 -0.09 0.09 0.02 -0.01 -0.03 0.06 -0.02

2010 -0.07 0.02 -0.02 -0.04 0.11 0.13 -0.06 0.08 0.05 -0.07 -0.04 0.04




Chart 3.67 Monthly Returns on BSE 100 and ONGC Ltd. (2001-2010)


3.69 POWER FINANCE CORPORATION LTD.

Power Finance Corporation Ltd. is an Indian financial institution. Established in 1986,

it is the financial back bone of Indian Power Sector. Initially wholly owned by the

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Govt. of India, the company issued an IPO in January, 2007. PFC is listed on the BSE

and the NSE. The company has been conferred with many prestigious awards, the

latest of which is "KPMG-Infrastructure Today Award 2008" for its contribution in

development of power sector. It is also enjoys the status of Navratna Company in

India.

Table 3.69 Monthly Return of Power Finance Corporation Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A -0.06 0.19 0.28 -0.07 0.26 -0.05 0.15 0.23 -0.02 0.08

2008 -0.27 -0.03 -0.13 0.00 -0.13 -0.27 0.30 0.01 -0.07 -0.19 0.10 0.21

2009 0.03 0.05 0.00 0.07 0.26 0.00 0.20 0.04 -0.05 -0.04 0.13 0.04

2010 -0.07 0.03 0.03 0.04 0.10 0.01 0.06 0.10 -0.02 0.05 -0.06 -0.08




Chart 3.68 Monthly Returns on BSE 100 and PFC Ltd. (2007-2010)


The above monthly return chart of Power Finance Corporation shows that the return

of the company is more volatile during the year 2008. In the same year the company

has given highest negative return -0.27% and highest positive return 0.28%.

3.70 POWER GRID CORPORATION OF INDIA LTD.

Power grid, a Navratna Public Sector Enterprise, is one of the largest transmission

utilities in the world. Power grid wheels about 45% of the total power generated in the

country on its transmission network. Power grid has a pan India presence with

around 71,500 Circuit Kms of Transmission network and with a total transformation

capacity of 79,500 MVA. Power grid has also diversified into Telecom business and

established a telecom network of more than 20,000 Kms across the country. Power

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grid has consistently maintained the transmission system availability over 99% which

is at par with the International Utilities.

Table 3.70 Monthly Return of Power Grid Corporation of India Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2007 N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A -0.01 -0.03

2008 -0.28 0.06 -0.11 0.08 -0.06 -0.21 0.22 -0.02 -0.08 -0.19 0.07 0.12

2009 0.06 0.09 -0.01 -0.03 0.24 -0.05 0.08 -0.09 0.02 -0.05 -0.04 0.10

2010 0.02 -0.05 0.00 0.02 -0.06 0.00 -0.03 0.08 -0.02 -0.06 -0.05 0.03




Chart 3.69 Monthly Returns on BSE 100 and Power Grid Ltd. (2007-2010)


The above chart represents the monthly return of Power Grid, it can be observed that

the company shows negative return in the year 2007 and 2008. The highest monthly

return of the company is in the year 2009.

3.71 PUNJ LOYD LTD.

With operations spread across the Middle East, Africa, the Caspian, Asia Pacific and

South Asia, Punj Lloyd provides EPC services in Oil & Gas, Process, Civil

Infrastructure, and Thermal Power. Further, Punj Lloyd is today a diversified

conglomerate, owing to its successful foray into aviation, defense, upstream, real

estate and marine, through its subsidiaries and joint ventures. It is the first Indian

company to partner with an American nuclear company –Thorium Power. Its stake in

Pipavav Shipyard Limited continues to throw new opportunities every day, be it

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fabrication of platforms, or the requirements of Navy on the defence front or the

nuclear industry.

Table 3.71 Monthly Return of Punj Loyd Ltd YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A -0.05 0.01 -0.03 -0.16 -0.17 -0.14 0.17 0.08 -0.05 0.37 0.00

2007 -0.02 -0.22 -0.79 0.18 0.13 0.19 0.10 -0.02 0.11 0.52 0.09 0.09

2008 -0.20 -0.15 -0.18 0.17 -0.12 -0.34 0.26 0.12 -0.05 -0.39 -0.22 0.07

2009 -0.36 -0.16 0.15 0.27 0.76 0.03 0.18 0.09 -0.01 -0.24 -0.02 0.03

2010 -0.09 -0.07 0.01 -0.07 -0.27 0.13 -0.07 -0.17 0.20 -0.07 -0.16 0.14




Chart 3.70 Monthly Returns on BSE 100 and Punj Loyd Ltd. (2006-2010)


The above chart explain monthly return of Punj Loyd, it can be observed that the

company has given highest negative return during 2007, and shown highest return

near to 0.80% in 2009.

3.72 PUNJAB NATIONAL BANK LTD.

PNB was registered on May 19, 1894 under the Indian Companies Act with its office

in Anarkali Bazaar Lahore. The Bank is the second largest government owned

commercial bank in India with about 4,904 branches across 764 cities. It serves over

37 million customers. The bank has been ranked 248th biggest bank in the world by

Bankers Almanac, London. PNB has a banking subsidiary in the UK, as well as

branches in Hong Kong and Kabul, and representative offices in Almaty, Dubai, Oslo,

and Shanghai.

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Table 3.72 Monthly Return of Punjab National Bank YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2002 N.A N.A N.A N.A N.A -0.03 0.25 -0.12 0.06 -0.02 -0.07 0.09

2003 0.62 -0.02 0.17 0.22 0.16 0.52 -0.14 0.09 0.01 0.09 0.09 -0.09

2004 0.31 0.07 -0.06 0.37 0.12 -0.30 0.08 -0.05 -0.01 -0.02 -0.06 0.42

2005 0.16 0.01 0.12 -0.14 -0.12 0.10 0.00 0.12 -0.06 0.12 -0.10 0.08

2006 0.07 0.00 -0.05 0.07 -0.08 -0.06 -0.20 0.17 0.24 0.12 -0.01 0.05

2007 -0.07 0.00 -0.17 0.11 0.07 0.07 0.01 -0.05 -0.06 0.12 -0.03 0.14

2008 0.10 -0.02 -0.07 -0.16 0.08 -0.12 -0.22 0.20 0.07 -0.01 -0.12 0.07

2009 0.17 -0.24 -0.16 0.22 0.16 0.40 0.01 0.02 -0.01 0.17 0.07 0.06

2010 0.00 -0.01 0.00 0.12 0.02 -0.04 0.05 0.02 0.11 0.09 0.00 -0.06




Chart 3.71 Monthly Returns on BSE 100 and PNB Ltd. (2002-2010)


The above chart of Punjab national bank shows that the monthly return of the

company is more as compared to the BSE100. The company gives highest return near

November 2002, and has given negative return near to -0.30% in May 2004.

3.73 RANBAXY LABORATORIES LTD.

Ranbaxy Laboratories Limited is India's largest pharmaceutical company.

Incorporated in 1961, Ranbaxy exports its products to 125 countries with ground

operations in 46 and manufacturing facilities in seven countries. The company went

public in 1973, and Japanese company Daiichi Sankyo gained majority control in

2008.

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Table 3.73 Monthly Return of Ranbaxy Laboratories Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.04 -0.16 -0.13 -0.02 -0.02 0.10 0.13 0.08 0.09 0.06 -0.08

2002 0.05 0.14 0.07 -0.03 -0.09 0.14 -0.04 0.06 0.02 -0.43 0.03 0.10

2003 0.10 -0.06 0.02 0.08 0.01 0.15 0.03 0.23 -0.04 0.02 0.04 0.07

2004 -0.10 -0.05 0.00 0.13 -0.07 -0.08 0.03 0.02 0.14 0.01 0.02 0.11

2005 -0.13 -0.06 -0.02 -0.09 0.21 -0.04 -0.56 0.12 -0.06 -0.29 0.10 -0.06

2006 0.10 0.08 0.01 0.09 -0.13 -0.13 0.05 0.09 0.08 -0.09 -0.07 0.05

2007 0.04 -0.17 0.04 0.05 0.04 -0.08 0.10 0.00 0.11 -0.02 -0.09 0.10

2008 -0.18 0.27 -0.02 0.09 0.10 -0.01 -0.05 0.04 -0.52 -0.32 0.23 0.21

2009 -0.15 -0.25 0.02 0.00 0.68 -0.12 0.14 0.17 0.23 -0.03 0.17 0.14

2010 -0.12 0.03 0.02 -0.07 -0.03 0.07 -0.02 0.09 0.14 0.04 -0.01 0.05




Chart 3.72 Monthly Returns on BSE 100 and Ranbaxy Ltd. (2001-2010)


The above chart of Ranbaxy laboratories shows the monthly return of the company

during the research period. It shows negative return in years 2002, 2005 and 2008.

3.74 RELIANCE CAPITAL LTD.

Reliance Capital Limited is a Non-Banking Financial Company (NBFC) registered

with the Reserve Bank of India , as a public limited company in 1986 and is now

listed on the BSE and the NSE. RCL has a net worth of over Rs '3,300 crore and over

165,000' shareholders. On conversion of outstanding equity instruments, the net worth

of the company will increase to about Rs 4,100 crore. Reliance Capital is a constituent

of S&P CNX Nifty and MSCI India and also features in the Forbes list of World‘s

largest 2000 public companies.

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Table 3.74 Monthly Return of Reliance Capital Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.03 -0.18 0.04 0.04 -0.10 -0.07 0.03 -0.05 -0.01 0.10 -0.06

2002 0.05 0.01 0.02 0.04 0.00 -0.02 -0.04 -0.03 -0.02 0.02 0.13 -0.01

2003 -0.04 0.05 -0.04 0.10 -0.07 0.35 -0.05 0.20 -0.11 -0.02 0.37 0.17

2004 -0.21 -0.06 -0.02 0.07 -0.15 0.03 0.03 0.33 0.00 -0.04 0.05 -0.01

2005 0.00 0.43 -0.13 0.46 0.03 0.26 -0.01 0.09 0.53 -0.22 0.26 0.04

2006 0.69 -0.12 -0.10 0.49 0.13 -0.27 -0.17 0.14 0.13 -0.01 0.12 -0.09

2007 0.03 -0.18 -0.12 0.19 0.03 -0.03 0.13 -0.10 1.91 1.09 -0.35 0.16

2008 -0.25 -0.17 -0.33 0.69 -0.24 -0.31 0.15 -0.02 -0.34 -0.44 -0.07 0.19

2009 -0.15 -0.10 0.03 1.50 0.54 -0.12 0.04 0.08 -0.01 -0.21 0.07 0.04

2010 -0.07 -0.08 -0.01 0.02 -0.07 0.27 -0.12 -0.02 0.02 0.00 -0.17 0.01




Chart 3.73 Monthly Returns on BSE 100 and Reliance Capital Ltd. (2001-2010)


The above monthly return chart of reliance capital explains that the company has

outperformed during the period of research. The company has given highest return in

year 2007 nearly 2.00%.

3.75 RELIANCE COMMUNICATIONS LTD.

Reliance Communications, formerly known as Reliance Infocomm, along with

Reliance Telecom and Flag Telecom, is part of Reliance Communications Ventures. It

is the second largest mobile operator in India, based on number of subscribers. It is

the flagship company of the Reliance-Anil Dhirubhai Ambani Group, comprising of

power (Reliance Energy), financial services (Reliance Capital) and telecom initiatives

of the Reliance ADAG. It uses CDMA2000 1x technology for its existing CDMA

mobile services, and GSM-900/GSM-1800 technology for its existing/newly launched

GSM services.

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http://en.wikipedia.org/wiki/Flag_Telecom

http://en.wikipedia.org/wiki/Reliance_Energy

http://en.wikipedia.org/wiki/CDMA2000_1x

http://en.wikipedia.org/wiki/GSM-900

http://en.wikipedia.org/wiki/GSM-1800

134

Table 3.75 Monthly Return of Reliance Communications Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A N.A N.A 0.04 -0.16 -0.07 0.06 0.14 0.16 0.09 0.13 0.10

2007 -0.02 -0.12 0.03 0.14 0.06 0.02 0.08 -0.03 0.08 0.32 -0.13 0.11

2008 -0.19 -0.05 -0.12 0.14 0.00 -0.23 0.13 -0.21 -0.16 -0.34 -0.11 0.16

2009 -0.25 -0.09 0.12 0.23 0.42 -0.05 -0.05 -0.05 0.18 -0.43 -0.02 0.01

2010 -0.02 -0.07 0.08 -0.04 -0.11 0.37 -0.10 -0.13 0.08 0.07 -0.26 0.10




Chart 3.74 Monthly Returns on BSE 100 and Reliance Com Ltd. (2006-2010)


The above chart represents the monthly return of Reliance communications. From this

chart it can be observed that the return of the company is shown similar trend during

the research period, except in the year 2009. In 2009 the monthly return of the

company is negative.

3.76 RELIANCE INDUSTRIES LTD.

Reliance Industries Limited is India's largest private sector conglomerate (by market

value) and second largest in the world. The company is ranked 206th

position Fortune

Global 500 companies. It was founded by the Indian industrialist Dhirubhai Ambani

in 1966. The company has been a pioneer in introducing financial instruments like

fully convertible debentures to the Indian stock markets. Though the company's oil-

related operations form the core of its business, it has diversified its operations in

recent years. After severe differences between the founder's two sons, Mukesh

Ambani and Anil Ambani, the group was divided between them in 2006. In

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http://en.wikipedia.org/wiki/Private_sector

http://en.wikipedia.org/wiki/Conglomerate_(company)

http://en.wikipedia.org/wiki/Fortune_Global_500



http://en.wikipedia.org/wiki/Dhirubhai_Ambani

http://en.wikipedia.org/wiki/Mukesh_Ambani



http://en.wikipedia.org/wiki/Anil_Ambani

135

September 2008, Reliance Industries was the only Indian firm featured in the Forbes's

list of "world's 100 most respected companies".

Table 3.76 Monthly Return of Reliance Industries Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.08 -0.06 -0.24 0.33 -0.06 -0.13 -0.03 -0.14 -0.04 0.13 0.05

2002 -0.02 0.03 -0.02 -0.07 -0.05 0.02 -0.09 0.04 0.01 0.03 0.08 0.03

2003 -0.08 0.07 -0.06 -0.01 0.09 0.09 0.10 0.12 0.11 0.10 0.00 0.17

2004 -0.02 -0.01 -0.03 -0.02 -0.18 0.00 0.14 -0.03 0.09 0.02 -0.02 0.03

2005 0.00 0.04 -0.02 -0.03 0.01 0.20 0.10 0.02 0.10 -0.04 0.09 0.07

2006 -0.20 -0.01 0.12 0.28 -0.07 0.11 -0.08 0.14 0.05 0.05 0.02 0.02

2007 0.07 -0.01 0.01 0.14 0.13 -0.03 0.11 0.04 0.17 0.21 0.02 0.01

2008 -0.14 -0.01 -0.08 0.15 -0.08 -0.13 0.05 -0.03 -0.09 -0.30 -0.17 0.09

2009 0.08 -0.05 0.20 0.18 0.26 -0.11 -0.03 0.02 0.10 -0.12 -0.45 0.03

2010 -0.04 -0.07 0.10 -0.04 0.01 0.04 -0.07 -0.09 0.07 0.11 -0.10 0.07




Chart 3.75 Monthly Returns on BSE 100 and Reliance Ind Ltd. (2001-2010)


The above chart represents the monthly return of Reliance Industries. The company

has outperformed during the year 2001 with highest return near to 0.30%, and

underperforms in the year 2009 with negative return near to -0.40%.

3.77 RELIANCE INFRASTRUCTURE LTD.

Reliance Infrastructure was formerly known as Reliance Energy and prior to that as

Bombay Suburban Electric Supply, one of India's largest conglomerates. The

company is the sole distributor of electricity to consumers in the suburbs of Mumbai.

It also runs power generation, transmission and distribution businesses in other parts

of Maharashtra, Goa and Andhra Pradesh. Reliance Energy plans to increase its power

generation capacity by adding 16,000 MW with investments of $13 billion. Reliance

Energy came into existence when it took over BSES in 2002. Reliance Energy is

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http://en.wikipedia.org/wiki/Maharashtra

http://en.wikipedia.org/wiki/Goa

http://en.wikipedia.org/wiki/Andhra_Pradesh

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currently constructing a 5500 MW gas generation power plant in the district of Dadri

in the northern state of Uttar Pradesh.

Table 3.77 Monthly Return of Reliance Infrastructure Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.04 -0.15 0.03 0.10 -0.08 0.02 -0.10 0.04 0.01 0.08 -0.03

2002 0.03 0.05 0.04 0.04 -0.02 -0.02 -0.06 0.10 -0.04 -0.12 0.09 0.05

2003 0.00 0.03 -0.06 0.03 -0.02 0.28 0.00 0.19 0.13 0.27 -0.05 0.12

2004 0.05 0.38 0.03 -0.05 -0.33 0.17 0.03 0.12 -0.03 -0.01 -0.11 -0.06

2005 0.05 0.03 -0.06 -0.09 0.08 0.22 -0.04 -0.06 0.02 -0.12 0.14 0.03

2006 0.05 -0.03 -0.01 0.00 -0.20 -0.08 0.00 -0.03 0.10 0.00 0.09 -0.02

2007 -0.01 -0.07 0.03 0.03 0.06 0.14 0.29 -0.02 0.55 0.55 -0.07 0.23

2008 -0.07 -0.21 -0.20 0.14 -0.14 -0.36 0.23 0.03 -0.20 -0.42 0.10 0.15

2009 0.00 -0.16 0.05 0.35 0.84 -0.06 0.01 -0.05 0.07 -0.13 -0.01 0.09

2010 -0.10 -0.03 -0.01 0.14 -0.06 0.13 -0.08 -0.10 0.07 -0.03 -0.18 0.00




Chart 3.76 Monthly Returns on BSE 100 and Reliance Infra Ltd. (2001-2010)


It is observed that the monthly return of the company is more volatile during the

period of 2007 to 2009. During this period it gives highest return above 0.80% and

negative return near to -0.40%.

3.78 RELIANCE NATURAL RESOURCES LTD.

Reliance Natural Resources Limited is a petrochemical company involved in

sourcing, supply and transportation of gas, coal and liquid fuels. The company was

incorporated on 24 March 2000 and went public on 25 July 2005. Reliance Natural

Resources Limited is engaged in the business of sourcing, supply and transportation

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http://en.wikipedia.org/wiki/Dadri

http://en.wikipedia.org/wiki/Uttar_Pradesh

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of gas, coal and liquid fuels. RNRL is actively pursuing business opportunities in the

supply management of coal and natural gas.

Table 3.78 Monthly Return of Reliance Natural Resources Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A N.A N.A -0.07 -0.17 -0.23 0.03 -0.03 0.12 0.14 -0.08 -0.05

2007 0.19 -0.11 -0.06 0.17 0.40 0.08 0.13 0.03 0.98 0.33 0.40 0.08

2008 -0.26 -0.02 -0.25 0.23 -0.17 -0.36 0.51 -0.03 -0.23 -0.41 -0.06 0.40

2009 -0.10 -0.20 0.09 0.26 0.46 0.02 -0.01 0.03 0.02 -0.28 0.07 0.02

2010 -0.08 -0.05 0.02 0.13 -0.25 0.26 -0.37 -0.10 0.04 -0.01 0.10 0.00




Chart 3.77 Monthly Returns on BSE 100 and RNRL Ltd. (2006-2010)


The above chart represents the monthly return of Reliance natural resources. It can be

observe that during the study period the company has given highest positivr return

0.98% and highest negative return below -0.30%.

3.79 RELIANCE POWER LTD.

As at 15-Jan-08 Reliance Energy is in the process of structuring an IPO for its

subsidiary Reliance Power. Reliance Energy will issue new shares in Reliance Power

equal to 80% while holding the remaining 20%. The IPO is expected to raise US$3.5

billion, which would make Reliance Power the largest IPO in India's history. The

capital raising is to fund the new generation projects currently planned.

Table 3.79 Monthly Return of Reliance Power Limited YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2008 N.A N.A -0.26 0.24 -0.40 -0.42 0.21 -0.05 -0.02 -0.34 0.08 0.09

2009 -0.11 -0.06 0.03 0.20 0.47 -0.08 0.01 -0.04 0.04 -0.17 0.03 0.09

2010 -0.06 -0.05 0.08 0.09 -0.04 0.10 -0.04 -0.07 0.05 -0.02 0.02 -0.01


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Chart 3.78 Monthly Returns on BSE 100 and Reliance Power Ltd. (2008-2010)


Form the above chart it is observed that the monthly return of Reliance power is more

volatile in the year 2008 and 2009. It shows highest return near to 0.50% and negative

return near to -0.40%.

3.80 SESA GOA LTD.

Sesa Goa Limited, the flagship company of Sesa Group is India's largest exporter of

iron ore in the private sector. For the past five decades, the Group has been involved

in iron ore mining, beneficiation and exports. Over the last decade, it has diversified

into the manufacture of pig iron and metallurgucal coke. Sesa Community

Development Foundation is an initiative of the Group to contribute to society around

its operations. With the development of local youth in the surrounding areas, this

Foundation was established with two units under its wing.

Table 3.80 Monthly Return of Sesa Goa Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.17 -0.37 0.20 -0.01 -0.19 0.05 0.06 -0.11 -0.07 0.21 -0.10

2002 -0.05 0.00 0.02 0.19 0.18 0.74 -0.35 0.08 -0.05 -0.18 0.04 0.02

2003 -0.05 0.09 -0.14 0.33 0.63 0.25 0.03 0.23 0.44 0.02 0.42 0.34

2004 0.02 -0.03 -0.18 -0.13 -0.15 0.09 0.40 0.04 0.13 0.18 0.07 0.28

2005 0.28 -0.38 -0.10 -0.06 -0.05 -0.11 0.23 0.02 0.44 -0.10 0.09 -0.02

2006 0.04 0.07 0.14 0.04 -0.09 -0.08 -0.13 -0.02 0.02 0.22 0.07 0.12

2007 0.34 -0.06 -0.05 0.05 -0.06 0.06 0.01 0.08 0.30 0.48 -0.07 0.11

2008 -0.21 0.14 -0.10 0.35 0.02 -0.21 0.00 -0.95 -0.25 -0.33 -0.07 0.15

2009 -0.01 -0.05 0.25 0.11 0.48 0.10 0.32 -0.12 0.25 0.13 0.22 0.12

2010 -0.16 0.16 0.18 -0.09 -0.11 -0.08 0.02 -0.12 0.04 -0.02 -0.04 0.07




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Chart 3.79 Monthly Returns on BSE 100 and Sesa Goa Ltd. (2001-2010)


From the above chart it is observed that the company has outperformed during the

study period, except in the year 2008. The company has given highest return above

0.70% and negative return near to -1.00%.

3.81 SIEMENS LTD.

The Siemens Group in India has emerged as a leading inventor, innovator and

implementer of leading-edge technology enabled solutions operating in the core

business segments of Industry, Energy and Healthcare. Siemens brings to India state-

of-the-art technology that adds value to customers through a combination of multiple

high-end technologies for complete solutions. It caters to Industry needs across

market segments by undertaking complete projects such as Hospitals, Airports and

Industrial units. Currently, the group has 18 manufacturing plants, a wide network up

of Sales and Service offices across the country as well as over 500 channel partners.

Table 3.81 Monthly Return of Siemens Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.01 -0.16 -0.26 0.15 -0.03 -0.08 0.00 0.07 -0.04 0.03 -0.05

2002 0.09 0.20 0.03 0.16 -0.06 0.13 -0.06 0.00 -0.04 -0.08 0.07 0.11

2003 0.01 0.01 -0.11 0.04 0.22 0.02 0.03 0.11 0.09 0.24 0.26 0.51

2004 -0.17 0.13 -0.02 0.07 -0.25 0.12 0.03 0.12 0.10 0.03 0.11 0.04

2005 0.03 0.21 0.03 0.08 0.10 -0.03 0.08 0.09 0.14 -0.10 0.37 0.12

2006 0.24 0.01 0.26 0.02 -0.16 -0.82 0.00 0.19 0.02 0.13 -0.07 0.01

2007 0.01 -0.04 -0.01 0.08 0.09 0.09 -0.08 0.00 0.06 0.44 -0.07 0.04

2008 -0.12 -0.51 -0.24 -0.07 -0.02 -0.31 0.41 0.00 -0.27 -0.34 -0.14 0.28

2009 -0.28 0.05 0.24 0.14 0.59 -0.04 0.02 0.07 0.08 -0.08 0.02 0.11

2010 0.11 0.06 0.08 -0.04 -0.02 0.06 -0.05 -0.01 0.19 -0.01 -0.05 0.06




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Chart 3.80 Monthly Returns on BSE 100 and Siemens Ltd. (2001-2010)


The chart represents the monthly return of Seminse. It can be observed that the

company has given negative return below -0.80% during the August 2006 and highest

positive return near 0.60% in the year 2009.

3.82 STATE BANK OF INDIA LTD.

State Bank of India (SBI) is the largest bank in India. The bank traces its ancestry

back through the Imperial Bank of India to the founding in 1806 of the Bank of

Calcutta. In 2008, the Government took over the stake held by the Reserve Bank of

India. The State Bank Group, with over 16000 branches, has the largest branch

network in India. With an asset base of $250 billion and $195 billion in deposits, it is

a regional banking behemoth. It has a market share among Indian commercial banks

of about 20% in deposits and advances, and SBI accounts for almost one-fifth of the

nation‘s loans. The State bank of India is 29th most reputable company in the world

according to Forbes.

Table 3.82 Monthly Return of State Bank of India YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.07 -0.19 0.05 0.05 -0.01 -0.08 -0.02 -0.17 0.13 0.12 -0.12

2002 0.15 0.09 -0.04 0.04 -0.04 0.09 -0.04 0.04 -0.05 0.00 0.14 0.08

2003 0.00 0.01 -0.06 0.03 0.26 0.09 0.10 0.04 0.03 0.07 -0.03 0.14

2004 0.11 -0.02 0.03 0.06 -0.28 -0.07 0.03 0.00 0.06 -0.04 0.18 0.23

2005 -0.01 0.11 -0.08 -0.11 0.15 0.02 0.17 -0.01 0.18 -0.11 0.07 0.01

2006 -0.02 -0.01 0.10 -0.06 -0.09 -0.12 0.11 0.15 0.11 0.07 0.20 -0.05

2007 -0.09 -0.09 -0.04 0.11 0.22 0.13 0.07 -0.02 0.22 0.06 0.11 0.03

2008 -0.09 -0.02 -0.24 0.11 -0.19 -0.23 0.27 -0.01 0.04 -0.24 -0.02 0.19

2009 -0.11 -0.11 0.04 0.20 0.46 -0.07 0.04 -0.04 0.26 0.00 0.02 0.01

2010 -0.09 -0.04 0.05 0.11 -0.01 0.01 0.09 0.10 0.17 -0.03 -0.05 -0.06


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Siemens Ltd. BSE 100

http://en.wikipedia.org/wiki/Bank

http://en.wikipedia.org/wiki/Imperial_Bank_of_India


http://en.wikipedia.org/wiki/Bank_of_Calcutta




141



Chart 3.81 Monthly Returns on BSE 100 and SBI Ltd. (2001-2010)


The above chart represents monthly return of State bank it can be observe that the

return shows major fluctuation during the period of January 2008 to October 2009.

During this period the company gives highest return neat to 0.45% and negative return

near to -0.25%.

3.83 STEEL AUTHORITY OF INDIA LTD.

Established in 1973, Steel Authority of India Limited is a flagship steel making

company in India & one of the top 10 public sector companies in terms of turnover.

SAIL is the largest producer of iron ore in India. SAIL has created its own Central

Marketing Organisation and the International Trade Division to take care of its

international and marketing operations. The Government of India owns 86% of

SAIL's equity. SAIL has also entered into many joint ventures in various areas like e-

commerce, power plants, etc.

Table 3.83 Monthly Return of Steel Authority of India Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.12 -0.28 0.03 0.03 -0.08 -0.07 -0.02 -0.15 0.11 0.10 -0.04

2002 0.02 0.02 -0.03 0.00 0.71 0.46 -0.33 0.02 -0.24 0.09 0.22 0.20

2003 0.00 0.02 -0.16 0.04 0.34 0.41 0.33 0.77 -0.07 0.18 -0.06 0.22

2004 -0.12 -0.06 -0.23 0.09 -0.16 -0.07 0.46 0.01 0.16 0.06 0.11 0.14

2005 0.02 0.02 -0.04 -0.16 0.03 -0.12 0.09 0.18 0.05 -0.21 -0.01 0.07

2006 0.04 0.13 0.31 0.01 -0.05 0.02 -0.13 0.03 0.08 0.11 0.02 0.02

2007 0.21 0.01 0.05 0.14 0.07 -0.06 0.14 0.12 0.23 0.26 -0.01 0.10

2008 -0.25 0.19 -0.28 0.00 -0.14 -0.13 0.01 0.11 -0.18 -0.33 -0.22 0.16

2009 0.07 -0.08 0.27 0.13 0.58 -0.13 0.16 -0.07 0.05 -0.04 0.20 0.22

2010 -0.11 0.02 0.15 -0.13 -0.06 -0.06 0.06 -0.08 0.10 -0.05 -0.09 0.03


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State Bank of India BSE 100

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Chart 3.82 Monthly Returns on BSE 100 and SAIL. (2001-2010)


The above chart of SAIL shows the major fluctuation during the period year 2002 to

2004, during this period the company has given highest return near to 0.80% and

negative return near to -0.30%.

3.84 STERLITE INDUSTRIES LTD.

Sterlite Industries India Limited (SIIL) is the principal subsidiary of Vedanta

Resources plc, a diversified and integrated FTSE 100 metals and mining company,

with principal operations located in India and Australia. Sterlite is India's largest non-

ferrous metals and mining company and is one of the fastest growing private sector

companies. Sterlite is first Indian Metals & Mining Company to list on the New York

Stock Exchange. Sterlite develops and manages a diverse portfolio of mining and

metals businesses to provide attractive returns to its shareholders whilst carrying out

its activities in a socially and environmentally responsible manner and creating value

for the communities where it operates.

Table 3.84 Monthly Return of Sterlite Industries Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 -0.02 -0.11 -0.32 0.06 0.14 -0.17 0.04 -0.03 -0.09 0.15 0.05 0.11

2002 1.09 0.04 0.00 0.09 0.01 N.A N.A N.A N.A N.A 0.00 0.04

2003 0.10 0.00 -0.02 0.00 0.04 0.04 -0.06 0.57 0.19 0.46 0.76 -0.11

2004 -0.06 -0.52 -0.18 -0.07 -0.11 0.03 0.03 0.14 0.14 -0.09 0.05 0.10

2005 0.05 0.09 0.01 -0.18 0.03 -0.06 0.04 0.14 0.18 -0.13 0.11 0.22

2006 0.32 -0.03 0.32 0.63 -0.85 0.08 -0.08 0.11 0.05 0.19 0.03 0.01

2007 -0.05 -0.09 0.00 0.11 0.04 -0.25 0.13 -0.05 0.19 0.39 0.00 0.00

2008 -0.27 0.12 -0.15 0.21 0.08 -0.02 -0.10 -0.01 -0.32 -0.34 -0.16 0.10

2009 0.06 -0.11 0.45 0.15 0.52 -0.74 0.06 0.05 0.15 0.00 0.11 0.00

2010 -0.13 0.04 0.09 -0.02 -0.20 -0.09 0.03 -0.14 0.10 0.01 -0.04 0.15


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Steel Authority of India Ltd. BSE 100

143



Chart 3.83 Monthly Returns on BSE 100 and Sterlite Industries Ltd. (2001-2010)


From the above chart of Sterlite Industries it is observed that the monthly return of the

company is more volatile as compared to BSE100. The company shows highest return

during the period of 2003, during this period the company has given more than 1.00%

monthly return.

3.85 SUN PHARMACEUTICAL INDS LTD.

Sun Pharmaceutical Industries Ltd an international pharmaceutical company based in

Mumbai, India. It makes many generic and brand name drugs that are distributed in

the United States, Europe, Asia and worldwide. Sun manufactures both

pharmaceuticals and active pharmaceutical ingredients, in essence, ingredients to be

used in finished pharmaceutical products. Its products are in several therapeutic areas,

including psychiatry, neurology, cardiology, diabetology, gastroenterology,

respiratory, and orthopedics. It is one of the leading Indian-based pharma companies

in India.

Table 3.85 Monthly Return of Sun Pharmaceutical Inds Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.02 -0.09 0.02 0.09 -0.13 0.15 -0.10 -0.01 0.05 0.02 0.01

2002 0.08 0.02 0.06 -0.06 -0.11 0.00 -0.02 0.08 -0.05 -0.01 0.02 0.06

2003 -0.52 -0.03 -0.03 0.03 0.07 0.18 0.15 0.26 -0.03 0.09 0.12 -0.01

2004 0.03 0.05 0.00 0.16 -0.49 -0.05 -0.03 0.09 0.11 0.03 0.12 0.12

2005 -0.11 -0.04 -0.01 0.06 0.05 0.10 0.07 0.02 0.06 -0.10 0.10 0.03

2006 0.02 0.12 0.12 0.00 -0.07 -0.02 0.03 0.11 0.03 -0.03 0.12 -0.04

2007 0.05 -0.10 0.14 -0.03 0.08 -0.08 -0.09 0.00 0.04 0.09 0.05 0.11

2008 -0.07 0.08 0.00 0.18 -0.03 -0.01 0.01 0.05 -0.01 -0.24 -0.04 -0.01

2009 0.01 -0.05 0.10 0.15 -0.05 -0.10 0.07 0.02 0.18 -0.01 0.05 0.03

2010 -0.02 0.05 0.16 -0.12 0.06 0.07 -0.01 -0.01 0.15 0.04 -0.79 0.08


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Sterlite Industries Ltd. BSE 100

http://en.wikipedia.org/wiki/Pharmaceutical_company

144



Chart 3.84 Monthly Returns on BSE 100 and Sun Pharma Inds Ltd. (2001-2010)


The above chart represents the monthly return of Sun Pharmaceutical. It can be

observed that the monthly return of the company is similar to the monthly return of

BSE100 except the year 2002, 2003 and 2010. The highest negative return of the

company is near to -0.80% in 2010.

3.86 SUZLON ENERGY LTD.

Suzlon Energy is a wind power company in India. In terms of market share, the

company is the largest wind turbine manufacturer in Asia and the 3rd largest

worldwide. In terms of net worth, it is the world's most valuable wind power

company. In India, the company has been the market leader for eight years

consecutively, installing 53% of the capacity added in 2005. Suzlon operates what

was once Asia's largest wind park of 201MW near the Koyna reservoir in Satara

district of Maharashtra - The Vankusawade Wind Park.

The below table 3.86 and chart 3.85 of Suzlon show the negative return during the last

quarter of 2007 and in the year 2008. The highest negative return is -0.84%.

Table 3.86 Monthly Return of Suzlon Energy Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2005 N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A 0.19 0.05

2006 0.30 -0.06 0.19 -0.02 -0.24 0.07 0.03 0.11 0.03 0.06 0.10 -0.10

2007 -0.12 -0.09 -0.03 0.19 0.08 0.16 -0.15 0.00 0.14 0.36 -0.04 0.02

2008 -0.84 -0.09 -0.06 0.09 -0.03 -0.22 0.03 -0.02 -0.30 -0.71 -0.06 0.50

2009 -0.24 -0.14 0.05 0.50 0.53 0.06 -0.04 -0.06 -0.02 -0.27 0.17 0.15

2010 -0.14 -0.07 0.00 -0.04 -0.18 0.03 -0.02 -0.18 0.13 0.06 -0.14 0.15


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Sun Pharmaceutical Inds Ltd. BSE 100

http://en.wikipedia.org/wiki/Wind_power


http://en.wikipedia.org/wiki/Wind_turbine

http://en.wikipedia.org/wiki/Asia

http://en.wikipedia.org/wiki/Net_worth


http://en.wikipedia.org/wiki/Koyna

http://en.wikipedia.org/wiki/Satara

http://en.wikipedia.org/wiki/Maharashtra

http://en.wikipedia.org/wiki/Vankusawade_Wind_Park

145



Chart 3.85 Monthly Returns on BSE 100 and Suzlon Energy Ltd. (2001-2010)


3.87 TATA CHEMICALS LTD.

Tata Chemicals Limited is a global company with interests in chemicals, crop

nutrition and consumer products. It is the world's second largest producer of soda ash.

With manufacturing facilities in India, UK, the Netherlands, Kenya and USA, TCL is

the world‘s most geographically diversified soda ash company, with an efficient

supply chain that can service customers better and faster across the globe.It was

established in 1939 at Mithapur. The company is a pioneer and market leader in the

Indian branded iodised salt segment and India's leading producer of nitrogenous and

phosphatic fertilisers. TCL‘s global soda ash capacity is around 5.5 million tonnes per

annum, out of which 60 per cent capacity is from natural soda ash deposits at

Wyoming, USA and Lake Magadi, Kenya.

Table 3.87 Monthly Return of Tata Chemicals Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.07 -0.25 0.05 0.15 -0.22 0.11 0.00 -0.06 0.04 0.05 -0.02

2002 0.03 0.02 0.05 0.04 -0.03 0.33 0.02 -0.08 -0.03 -0.11 0.15 0.07

2003 0.00 0.10 -0.05 0.10 0.03 0.07 0.07 0.17 0.00 0.35 0.01 0.21

2004 -0.20 -0.06 0.10 0.09 -0.11 -0.04 0.01 0.04 0.06 -0.03 0.14 0.13

2005 -0.05 -0.01 -0.03 0.00 0.17 -0.07 0.09 0.04 0.02 0.00 0.11 0.11

2006 0.03 -0.02 0.11 -0.02 -0.12 -0.07 -0.06 0.12 0.07 -0.04 -0.05 -0.02

2007 0.05 -0.05 -0.04 0.06 0.17 -0.03 0.05 -0.04 0.18 0.08 -0.03 0.32

2008 -0.26 0.08 -0.15 0.27 0.13 -0.29 0.11 0.03 -0.31 -0.30 -0.07 0.12

2009 -0.07 -0.19 0.14 0.21 0.27 0.01 0.17 -0.02 0.13 -0.06 0.07 0.15

2010 -0.08 -0.03 0.13 0.08 -0.09 0.04 0.01 0.17 0.01 -0.02 -0.09 0.11


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Suzlon Energy Ltd. BSE 100

146



Chart 3.86 Monthly Returns on BSE 100 and Tata Chemicals Ltd. (2001-2010)


The above chart represents the monthly return of Tata chemicals. The monthly return

is highest during the period of March 2002 and July 2003. The highest negative return

is observed during the year 2008.

3.88 TATA COMMUNICATIONS LTD

Tata Communications Limited, formerly known as Videsh Sanchar Nigam Limited or

VSNL, is India's largest telecommunication company in international long distance,

enterprise data and internet services. Part of the Tata Group, Tata Communications is

based in Mumbai and has operations in over 80 cities spread across 40 countries.

Through its subsidiary Tyco Global Network, it is also one of the world's largest

submarine cable bandwidth providers and has the world's largest network of

submarine cables.

Table 3.88 Monthly Return of Tata Communications Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.09 -0.09 0.09 0.10 -0.08 -0.14 0.03 -0.25 0.08 0.01 -0.11

2002 -0.23 0.07 0.10 0.03 -0.03 -0.21 -0.21 0.07 -0.09 -0.20 0.14 -0.05

2003 -0.11 0.02 -0.18 0.03 0.19 0.39 -0.08 0.04 0.01 0.00 0.11 0.09

2004 0.13 0.13 0.09 -0.20 -0.13 0.13 0.12 -0.07 0.04 -0.04 0.37 0.01

2005 -0.01 -0.05 -0.15 0.12 -0.01 0.19 0.70 -0.10 -0.05 -0.18 0.23 0.07

2006 0.00 -0.05 0.29 -0.07 -0.13 0.05 -0.11 0.18 -0.05 0.09 -0.02 -0.01

2007 0.09 -0.20 0.09 0.09 0.05 0.01 -0.03 -0.12 0.09 0.27 0.13 0.22

2008 -0.33 0.00 0.01 -0.03 0.02 -0.27 0.21 -0.08 0.13 0.04 -0.19 0.27

2009 -0.09 -0.11 0.28 0.06 -0.14 0.01 0.06 0.00 -0.04 -0.19 -0.03 -0.12

2010 -0.05 -0.12 -0.01 -0.03 -0.09 0.07 0.03 0.23 -0.07 -0.01 -0.11 -0.06


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http://en.wikipedia.org/wiki/Telecommunication

http://en.wikipedia.org/wiki/Tata_Group


http://en.wikipedia.org/wiki/TGN

147



Chart 3.87 Monthly Returns on BSE 100 and Tata Comm Ltd. (2001-2010)


The above chart of Tata Communication shows that the company‘s monthly return is

more volatile than the return of BSE 100. The monthly return during the year 2005 is

highest; it is more than 0.70% during the March 2005 to July 2005.

3.89 TATA CONSULTANCY SERVICES LTD.

Tata Consultancy Services Limited is a software services and consulting company

headquartered in Mumbai, India. TCS is the largest provider of information

technology and business process outsourcing services in India. The company is listed

on the NSE and BSE. TCS is a part of one of India's largest and oldest conglomerates,

the Tata Group, which has interests in areas such as energy, telecommunications,

financial services, manufacturing, chemicals, engineering, materials, government and

healthcare.

Table 3.89 Monthly Return of Tata Consultancy Services Limited YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2004 N.A N.A N.A N.A N.A N.A N.A N.A 0.04 0.12 0.10 0.05

2005 -0.03 0.06 0.04 -0.21 0.18 0.01 -0.06 0.11 0.05 -0.05 0.08 0.12

2006 -0.02 0.01 0.13 0.04 -0.10 -0.03 -0.46 0.06 0.03 0.06 0.10 0.02

2007 0.05 -0.07 0.04 0.03 -0.05 -0.05 0.01 -0.08 -0.01 -0.02 -0.02 0.07

2008 -0.19 0.00 -0.07 0.13 0.12 -0.17 -0.03 -0.02 -0.18 -0.19 0.04 -0.14

2009 0.07 -0.06 0.12 0.15 0.12 -0.44 0.35 0.00 0.18 0.01 0.10 0.09

2010 -0.02 0.03 0.03 -0.02 -0.03 0.01 0.12 0.00 0.09 0.14 0.02 0.08




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Tata Communications Ltd. BSE 100



http://en.wikipedia.org/wiki/Information_technology



http://en.wikipedia.org/wiki/Business_process_outsourcing

http://en.wikipedia.org/wiki/National_Stock_Exchange_of_India

http://en.wikipedia.org/wiki/Conglomerate_(company)


148

Chart 3.88 Monthly Returns on BSE 100 and TCS Ltd. (2004-2010)


The above monthly return chart of Tata consultancy shows that the company has

given negative return in the year 2006 and 2009. The highest negative return is near to

0.40%.

3.90 TATA MOTORS LTD.

Tata Motors Limited is a multinational corporation headquartered in Mumbai, it was

formerly known as TELCO (TATA Engineering and Locomotive Company). Tata

Motors has consolidated revenue of USD 16 billion after the acquisition of British

automotive brands Jaguar and Land Rover in 2008. It is India's largest company in the

automobile and commercial vehicle sector with upwards of 70% cumulative Market

share in the Domestic Commercial vehicle segment, and a midsized player on the

world market with 0.81% market share in 2007 according to OICA ranked it as the

19th largest automaker, based on figures for 2007. The company is the world‘s fourth

largest truck manufacturer, and the world‘s second largest bus manufacturer. Tata

Motors is also the designer and manufacturer of the iconic Tata Nano, which at INR

100,000 or approximately USD 2300, is the cheapest car in the world.

Table 3.90 Monthly Return of Tata Motors Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.09 -0.36 0.17 0.08 -0.24 0.14 0.07 -0.09 0.23 0.23 -0.04

2002 0.25 0.14 -0.11 0.02 -0.06 0.28 -0.18 0.10 -0.05 0.09 0.17 -0.05

2003 -0.05 0.06 -0.04 -0.03 0.14 0.15 0.14 0.24 0.10 0.22 0.09 0.11

2004 0.15 -0.02 -0.05 -0.03 -0.22 0.04 0.11 -0.08 0.03 0.03 0.16 0.05

2005 0.00 -0.06 -0.13 0.00 0.05 -0.02 0.13 -0.04 0.15 -0.11 0.17 0.18

2006 0.09 0.15 0.15 0.02 -0.17 0.01 -0.07 0.14 0.02 -0.04 -0.02 0.11

2007 -0.02 -0.11 -0.07 0.03 0.01 -0.12 0.04 0.00 0.11 -0.03 -0.03 0.01

2008 -0.05 -0.01 -0.11 0.06 -0.13 -0.26 -0.05 0.09 -0.22 -0.50 -0.21 0.17

2009 -0.06 0.00 0.21 0.34 0.39 -0.14 0.45 0.16 0.21 -0.04 0.17 0.20

2010 -0.12 0.02 0.06 0.16 -0.14 0.03 0.09 0.19 0.09 0.06 0.07 0.06


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Tata Consultancy Services Limited BSE 100

http://en.wikipedia.org/wiki/Multinational_corporation


http://en.wikipedia.org/wiki/Jaguar_Cars

http://en.wikipedia.org/wiki/Land_Rover

http://en.wikipedia.org/wiki/Automobile

http://en.wikipedia.org/wiki/Commercial_vehicle

http://en.wikipedia.org/wiki/Automotive_industry

http://en.wikipedia.org/wiki/Tata_Nano

http://en.wikipedia.org/wiki/Indian_rupee

149



Chart 3.89 Monthly Returns on BSE 100 and Tata Motors Ltd. (2001-2010)


The above chart represents monthly return of Tata Motors; it can be observed that the

company has out performed during the study period except the year 2008. During the

2008 the company shows negative return near to -0.40%.

3.91 TATA POWER CO. LTD.

Started as the Tata Hydroelectric Power Supply Company incorporated in 1911, it is

an amalgamation of two entities: Tata Hydroelectric Power Supply Company and

Andhra Valley Power Supply Company. Today Tata Power Company Limited is

India‘s largest private sector electricity generating company with an installed

generation capacity of over 2670 MW. The Company is a pioneer in the Indian power

sector. Tata Power has a presence in thermal, hydro, solar and wind areas of power

generation, transmission and retail. The founders of Tata Power pioneered the

generation of electricity in India with the commissioning of India‘s first large hydro

electric project in 1915.

The below table and chart of Tata Power show that the company has given lowest

monthly return near to -0.3% in 2001 and 2004. The company gives highest monthly

return more than 0.40% in the year 2007.

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Tata Motors Ltd. BSE 100

150

Table 3.91 Monthly Return of Tata Power Co. Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.28 -0.32 0.22 0.21 -0.11 -0.02 -0.08 -0.14 0.05 0.17 -0.03

2002 -0.03 0.03 -0.05 -0.01 0.02 0.14 -0.20 -0.02 -0.06 0.00 0.11 0.05

2003 -0.01 0.10 -0.07 0.06 0.09 0.21 -0.09 0.34 -0.05 0.28 0.14 0.17

2004 0.19 -0.07 0.08 0.01 -0.31 -0.12 0.14 -0.02 0.21 -0.04 0.14 0.14

2005 -0.01 0.06 -0.12 -0.03 0.11 -0.03 0.04 0.15 0.07 -0.18 0.13 -0.02

2006 0.08 0.08 0.13 -0.05 -0.10 -0.03 0.02 0.08 0.07 -0.05 0.07 -0.04

2007 0.08 -0.10 -0.06 0.16 -0.02 0.16 0.09 -0.07 0.25 0.42 -0.03 0.25

2008 -0.13 0.09 -0.16 0.19 -0.03 -0.22 0.10 -0.09 -0.14 -0.24 -0.03 0.12

2009 0.02 -0.05 0.05 0.17 0.20 0.07 0.13 0.01 0.01 0.02 0.00 0.02

2010 -0.05 -0.07 0.13 -0.01 -0.05 0.02 0.01 -0.07 0.11 0.03 -0.07 0.06




Chart 3.90 Monthly Returns on BSE 100 and Tata Power Co. Ltd. (2001-2010)


3.92 TATA STEEL LTD.

Tata Steel formerly known as TISCO and Tata Iron and Steel Company Limited, is

the world's sixth largest steel company, with an annual crude steel capacity of 31

million tonnes. It is the largest private sector steel company in India in terms of

domestic production. Ranked 258th on Fortune Global 500, it is based in Jamshedpur,

Jharkhand, India. It is part of Tata Group of companies. Its main plant is located in

Jamshedpur, Jharkhand, with its recent acquisitions; the company has become a

multinational with operations in various countries. The Jamshedpur plant contains the

DCS supplied by Honeywell. The company was also recognized as the world's best

steel producer by World Steel Dynamics in 2005.

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Tata Power Co. Ltd. BSE 100


http://en.wikipedia.org/wiki/Jamshedpur

http://en.wikipedia.org/wiki/Jharkhand



http://en.wikipedia.org/wiki/Multinational_corporation

http://en.wikipedia.org/wiki/Honeywell

151

Table 3.92 Monthly Return of Tata Steel Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.13 -0.21 0.10 0.05 -0.18 -0.19 -0.15 -0.13 0.08 0.19 -0.03

2002 0.15 0.05 -0.07 0.14 -0.01 0.28 -0.11 -0.01 -0.06 0.08 0.11 0.09

2003 0.00 -0.01 -0.11 -0.01 0.19 0.07 0.23 0.21 0.08 0.32 0.01 0.23

2004 -0.09 0.06 -0.11 -0.07 -0.17 0.02 0.30 -0.36 0.15 0.00 0.12 0.19

2005 0.00 0.09 -0.05 -0.15 0.06 -0.06 0.08 0.06 0.08 -0.20 0.03 0.09

2006 0.06 0.07 0.25 0.20 -0.20 0.03 -0.07 0.00 0.08 -0.08 -0.05 0.03

2007 -0.04 -0.05 0.02 0.22 0.15 -0.06 0.10 0.05 0.23 0.06 -0.09 0.13

2008 -0.22 0.09 -0.14 0.18 0.10 -0.19 -0.10 -0.08 -0.29 -0.51 -0.28 0.44

2009 -0.15 -0.07 0.20 0.16 0.71 -0.04 0.18 -0.08 0.20 -0.08 0.22 0.07

2010 -0.08 0.01 0.10 -0.02 -0.19 -0.03 0.11 -0.03 0.25 -0.09 -0.01 0.16




Chart 3.91 Monthly Returns on BSE 100 and Tata Steel Ltd. (2001-2010)


The above chart of Tata steel shows the monthly return of the company is more

volatile as compared to BSE100 during the period of 2008 to 2009. The company

shows lowest return during the year 2008 and highest return in the year 2009.

3.93 TATA TEA LTD.

Tata Tea Limited, also known as Tata-Tetley, is the world's second largest

manufacturer and distributor of tea. Owned by India's Tata Group, the Tata Tea

Limited markets tea under the major brands Tata Tea, Tetley, Good Earth Teas and

JEMČA. While Tata Tea is the largest tea brand in India, Tetley is the largest tea

company in the United Kingdom and Canada and the second largest in the United

States by volume and JEMČA is Czech Republic's leading tea company. Along with

its subsidiary companies, Tata Tea manufactures 70 million kilograms of tea in India,

has 54 tea estates, ten tea blending and packaging.

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Tata Steel Ltd. BSE 100

http://en.wikipedia.org/wiki/Tea



http://en.wikipedia.org/wiki/Tetley

http://en.wikipedia.org/wiki/Good_Earth_Teas

http://en.wikipedia.org/w/index.php?title=JEM%C4%8CA&action=edit&redlink=1

http://en.wikipedia.org/wiki/Tetley

http://en.wikipedia.org/wiki/United_Kingdom





http://en.wikipedia.org/wiki/Czech_Republic

152

Table 3.93 Monthly Return of Tata Tea Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A N.A N.A N.A N.A N.A -0.18 0.10 -0.10 -0.04 0.14 -0.04

2002 0.02 0.08 0.30 0.17 -0.13 0.13 -0.30 0.02 0.06 -0.11 0.09 0.01

2003 0.01 0.04 -0.05 0.05 0.14 0.13 0.06 0.08 0.13 -0.05 0.09 0.22

2004 -0.06 -0.05 -0.08 0.10 -0.09 0.06 0.03 0.08 0.29 0.12 0.13 0.10

2005 0.22 -0.01 -0.06 -0.09 0.09 0.01 0.03 0.14 -0.01 -0.14 0.05 0.07

2006 -0.02 0.13 -0.01 -0.03 -0.12 0.12 -0.10 0.04 0.02 -0.01 -0.09 0.01

2007 0.00 -0.11 -0.10 0.06 0.25 -0.11 -0.08 -0.05 0.08 -0.07 0.01 0.23

2008 -0.19 0.08 -0.23 0.07 -0.01 -0.08 0.02 0.00 -0.11 -0.10 -0.07 -0.01

2009 -0.02 -0.02 0.01 0.07 0.21 0.04 0.12 0.60 0.05 -0.20 0.12 0.17

2010 -0.11 -0.01 0.03 0.08 -0.04 0.16 0.04 0.08 0.24 0.01 -0.13 -0.04




Chart 3.92 Monthly Returns on BSE 100 and Tata Tea Ltd. (2001-2010)


The above chart represents monthly return of Tata Tea during the study period it

shows highest return more than 0.60% and lowest return near to -0.30%.

3.94 TORRENT POWER LTD.

Torrent Power is one of the leading brands in the Indian power sector, promoted by

the Rs. 45 billion Torrent Group – a group committed to its mission of transforming

life by serving two of the most critical needs - Healthcare and Power. Torrent

Pharmaceuticals Ltd., the flagship company of the Torrent Group, is a major player in

the Indian pharmaceuticals industry with a vision of becoming a global entity in the

arena.The high points of Torrent‘s foray into power however were the acquisitions of

two of the India‘s oldest utilities – The Surat Electricity Company Ltd and The

Ahmedabad Electricity Company Ltd. Torrent turned them into first rate power

utilities comparable with the best, in terms of operational efficiencies and reliability

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Tata Tea Ltd. BSE 100

153

of power supply. Torrent has a generation capacity of 1647.5 MW and distributes

over 10 billion units of power to annually.

Table 3.94 Monthly Return of Torrent Power Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2006 N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A -0.14

2007 0.04 -0.10 -0.13 0.15 0.02 0.03 -0.01 0.20 0.10 0.78 0.03 0.12

2008 -0.11 -0.12 -0.24 0.16 -0.12 -0.16 0.05 0.09 -0.16 -0.32 0.09 0.08

2009 -0.04 0.01 0.01 0.34 0.44 0.17 0.32 0.04 0.39 -0.11 0.13 0.01

2010 -0.10 0.01 -0.02 0.05 0.06 0.03 0.04 -0.02 -0.04 -0.10 -0.03 -0.02




Chart 3.93 Monthly Returns on BSE 100 and Torrent Power Ltd. (2006-2010)


The above chart of torrent power shows the highest return in the period of 2007,

during this period the company has outperformed.

3.95 UNION BANK OF INDIA LTD.

Union Bank of India is one of India's largest state-owned banks (the government owns

55.43% of its share capital), is listed on the Forbes 2000. It has assets of USD 13.45

billion and all the bank's branches have been networked with its 1135 ATMs. Its

online Telebanking facility is available to all its Core Banking Customers - individual

as well as corporate. It has representative offices in Abu Dhabi, United Arab

Emirates, and Shanghai, Peoples Republic of China, and a branch in Hong

Kong.Because of its acronym UBI, the public sometimes confuses it with United

Bank of India.

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Torrent Power Ltd. BSE 100


http://en.wikipedia.org/wiki/Forbes_2000

http://en.wikipedia.org/wiki/Abu_Dhabi

http://en.wikipedia.org/wiki/United_Arab_Emirates

http://en.wikipedia.org/wiki/United_Arab_Emirates

http://en.wikipedia.org/wiki/Shanghai

http://en.wikipedia.org/wiki/Peoples_Republic_of_China

http://en.wikipedia.org/wiki/Hong_Kong



http://en.wikipedia.org/wiki/United_Bank_of_India



154

Table 3.95 Monthly Return of Union Bank of India YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2002 N.A N.A N.A N.A N.A N.A N.A N.A N.A -0.01 0.10 0.15

2003 0.25 -0.01 0.06 0.11 0.35 -0.08 0.21 0.12 0.00 0.00 -0.05 0.16

2004 -0.03 -0.04 0.10 0.44 -0.32 0.11 0.06 0.08 0.11 -0.02 0.32 0.15

2005 0.02 0.08 -0.06 -0.14 0.08 0.03 0.24 0.00 0.00 -0.16 -0.01 0.09

2006 0.01 -0.01 0.00 -0.04 -0.08 -0.16 0.13 0.15 0.17 -0.05 -0.01 -0.05

2007 -0.09 -0.12 0.06 0.03 0.13 0.10 0.18 -0.12 0.20 0.07 0.02 0.16

2008 -0.07 -0.03 -0.24 0.14 -0.14 -0.20 0.21 0.09 0.00 -0.13 0.19 0.10

2009 -0.09 -0.12 0.14 0.11 0.24 0.18 -0.03 -0.08 0.12 0.09 0.06 -0.05

2010 -0.04 0.01 0.14 0.06 -0.06 0.06 0.02 0.04 0.18 -0.03 -0.07 -0.01




Chart 3.94 Monthly Returns on BSE 100 and UBI Ltd. (2002-2010)


The above chart represents the monthly return of Union Bank. It can be seen from the

above chart that the trend of monthly returns shows similar as BSE 100 except the

year 2004.

3.96 UNITECH LTD.

Unitech India Limited is one of the leading Indian real-estate development and town-

planning companies. It is estimated to be around Rs. 1600 Crores, one of the biggest

real estate major in the country. Unitech was started in 1972 as a consultancy firm for

foundation engineering. In last 30 years of its existence, Unitech has created a special

place for itself amongst the builders of the country. Unitech Builders are now known

for its wonderful townships, entertainment hubs, recreation centers, hotels, resorts,

sub-cities development, shopping malls and residential units.

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Union Bank of India BSE 100

155

From the below table 3.96 and chart 3.95 of Unitech it can be observed that the

monthly return of this company is more volatile during the year 2005 and 2006. The

highest positive return is more than 1% and highest negative return is about -1%

during this period.

Table 3.96 Monthly Return of Unitech Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A 0.15 -0.16 -0.08 0.35 0.00 -0.01 -0.17 0.17 0.05 -0.07 0.23

2002 0.04 0.01 -0.03 0.03 0.03 -0.04 0.05 -0.12 -0.07 0.03 0.00 0.00

2003 -0.04 0.03 -0.07 0.05 0.16 0.18 -0.02 -0.01 -0.05 0.40 0.61 -0.05

2004 -0.21 -0.07 0.25 -0.03 0.01 0.03 0.31 0.14 0.13 0.49 0.20 -0.04

2005 0.11 -0.02 0.05 0.39 0.07 0.13 0.08 0.02 -0.02 0.16 0.34 0.61

2006 0.05 0.65 1.17 1.22 -0.98 -0.07 -0.08 0.72 0.17 0.24 -0.05 0.01

2007 -0.21 0.06 0.09 0.36 -0.12 0.11 -0.57 0.28 0.25 0.00 0.28 -0.22

2008 -0.05 -0.23 0.12 -0.25 -0.27 -0.04 -0.03 -0.27 -0.59 -0.52 0.76 -0.21

2009 -0.12 0.24 0.26 0.81 0.00 0.13 0.19 0.01 -0.23 -0.03 0.04 -0.10

2010 -0.03 0.02 0.16 -0.15 0.03 0.09 -0.05 0.14 -0.02 -0.27 0.04 0.00




Chart 3.95 Monthly Returns on BSE 100 and Unitech Ltd. (2001-2010)


3.97 UNITED PHOSPHORUS LTD.

United Phosphorus Ltd is a seeds, chemicals and global generic crop protection

company based in Mumbai. The two groups of companies - UPL and Advanta are

enlisted in the Indian stock exchange. Both have a combined market capitalization of

around $2.5 billion. Over the last 5 years, the company's revenue has grown at CAGR

of 26%. This has happened due to the backward and forward integration and

consolidation in the agrochemical industry. United Phosphorus was established in

1969. It currently deals in value added Agri inputs from post harvest activity to seeds

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Unitech Ltd. BSE 100

156

and crop protection. It is the largest agrochemicals manufacturer in India. The

company has operations in every continent and has a customer base in 86 countries.

Table 3.97 Monthly Return of United Phosphorus Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.14 -0.28 -0.05 0.16 -0.16 -0.19 -0.20 0.19 -0.26 1.00 -0.32

2002 -0.10 0.09 -0.21 0.41 1.04 1.06 -0.23 0.18 0.06 -0.10 -0.03 -0.02

2003 -0.01 -0.11 -0.14 0.04 0.14 0.83 0.13 0.07 0.24 -0.02 0.31 -0.06

2004 12.64 -0.01 -0.04 0.10 -0.14 0.22 0.20 0.00 0.01 0.02 0.11 0.07

2005 -0.07 -0.07 0.09 0.00 0.09 0.01 0.12 0.05 -0.78 -0.02 0.07 0.10

2006 0.13 0.00 -0.04 0.07 -0.08 -0.08 -0.06 0.05 0.04 0.20 0.13 -0.10

2007 0.09 -0.04 0.02 0.02 -0.15 0.10 -0.01 0.08 0.19 -0.10 -0.03 0.02

2008 0.00 -0.04 -0.22 0.23 0.05 -0.18 0.21 -0.01 -0.08 -0.66 -0.23 0.32

2009 -0.13 -0.06 0.11 0.17 0.42 -0.12 0.20 -0.01 -0.02 -0.13 0.03 0.16

2010 -0.11 -0.03 -0.01 0.14 0.07 0.01 0.00 0.00 -0.03 0.11 -0.05 -0.08




Chart 3.96 Monthly Returns on BSE 100 and United Phosphorus Ltd.


The above chart of United Phosphorus shows that the company gives highest monthly

return at the end of the year 2003. The monthly return in this period is more than

12%.

3.98 UNITED SPIRITS LTD.

United Spirits Limited is the largest spirits company in India and among the top 3

spirits companies in the world. An enviable portfolio of alcoholic beverages makes

USL one of the most popular brands in the world. The company has 17 millionaire

brands in its portfolio and enjoys a strong 59% market share for its first line brands in

India. United Spirits' brands have won the most prestigious awards for flavors

including Mondial, International Wine and Spirit Competition and International Taste

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United Phosphorus Ltd. BSE 100

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and Quality Institute. The Company has been recognized in the industry as an

innovator with several firsts to its credit like the first pre-mixed gin, the first

Tetrapack in the spirits industry in India, the first single malt manufactured in Asia

and the first diet versions of whisky and vodka in India. USL has a well-established

global network with exports to over 59 countries.

Table 3.98 Monthly Return of United Spirits Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A N.A N.A N.A N.A N.A N.A N.A N.A 0.26 0.47 -0.06

2002 -0.02 -0.13 0.07 -0.02 -0.18 0.21 -0.08 -0.01 -0.10 -0.07 0.12 -0.01

2003 -0.11 -0.03 -0.11 0.13 0.18 0.07 -0.11 0.07 0.00 0.02 0.43 0.03

2004 -0.23 0.03 0.00 0.05 -0.20 0.01 0.18 0.21 0.07 -0.06 0.86 0.02

2005 0.07 0.24 0.40 0.18 0.05 0.03 0.08 0.22 0.24 -0.07 -0.01 0.10

2006 0.05 0.14 0.40 -0.04 -0.34 -0.18 0.24 0.08 0.08 0.22 0.08 0.07

2007 0.05 -0.18 0.11 0.04 0.44 0.04 0.07 0.02 0.25 0.14 0.02 -0.03

2008 -0.15 0.00 -0.11 0.07 0.04 -0.26 0.03 0.06 -0.08 -0.29 -0.05 0.05

2009 -0.33 0.05 0.05 0.09 0.18 0.04 0.17 -0.06 -0.04 0.17 0.18 0.00

2010 -0.02 0.11 -0.03 -0.05 -0.03 0.07 0.06 0.03 0.10 -0.05 -0.07 0.05




Chart 3.97 Monthly Returns on BSE 100 and United Spirits Ltd. (2001-2010)


From the above chart of united spirits it can be seen that the company gives highest

monthly return during the period from 2004 to 2005, while it show negative return in

first quarter of 2006.

3.99 WELSPUN GUJARAT STAHL ROHREN LTD.

Welspun Gujarat Stahl Rohren Ltd. the flagship company of Welspun Group is the

2nd Largest Pipe Producer in the World and 'The Emerging Company of the Year'.

With a strong culture of ‗Engineering Excellence' WGSRL is all set to be the World's

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United Spirits Ltd. BSE 100

158

Largest Pipe Company with an increase in capacity from 1.5 million ton per annum to

1.8 million ton by March 2010. The company has supplied high end pipes for most

critical projects in the deepest of ocean to the toughest of terrain.

Table 3.99 Monthly Return of Welspun Gujarat Stahl Rohren Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.15 -0.48 0.63 -0.04 -0.15 -0.27 0.19 -0.14 0.31 0.47 -0.24

2002 0.10 0.01 -0.11 -0.05 -0.14 0.44 -0.17 -0.06 -0.07 -0.05 0.25 0.03

2003 -0.10 -0.10 -0.04 0.06 0.41 0.98 0.15 -0.01 0.43 0.20 0.06 0.15

2004 -0.22 -0.16 -0.09 0.23 -0.25 0.05 0.12 0.08 0.11 0.02 0.00 0.12

2005 -0.07 0.01 -0.15 0.03 0.67 0.11 0.15 -0.01 0.14 0.09 -0.05 -0.05

2006 0.12 -0.05 -0.05 -0.11 -0.11 -0.02 -0.03 0.12 -0.03 -0.03 0.24 0.08

2007 0.26 -0.09 -0.03 0.31 0.31 0.24 0.13 -0.01 0.20 0.11 0.28 0.09

2008 0.04 -0.08 -0.13 0.05 -0.03 -0.22 0.09 -0.03 -0.26 -0.51 -0.30 0.36

2009 -0.35 -0.13 0.20 0.35 0.68 0.14 0.18 0.03 0.11 -0.01 0.08 -0.02

2010 -0.03 -0.08 0.13 0.00 -0.18 0.05 0.06 -0.06 0.15 -0.07 -0.16 -0.19




Chart 3.98 Monthly Returns on BSE 100 and Welspun Gujarat Ltd. (2001-2010)


The above monthly return chart of welspun shows that the return of this company is

good till the year 2008. During study trend of the stock is outperformed as compare to

BSE100 except the year 2008.

3.100 WIPRO LTD.

Wipro Limited provides information technology services and products, and consumer

care and lighting products worldwide. Services of the company including IT

consulting relating to research and development services in the areas of hardware and

software design. Wipro‘s Consumer Care and Lighting segment provides personal

care products, including deodorants and fragrances, hair care, bath and shower, skin

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Welspun Gujarat Stahl Rohren Ltd. BSE 100

159

care etc. The company also manufactures cylinders and truck hydraulics; distributes

hydraulic steering equipment and pumps, motors, and valves for international

companies; involves in the water solutions business; and provides consulting on

renewable energy solutions. Wipro was founded in 1945 and is headquartered in

Bangalore, India.

Table 3.100 Monthly Return of Wipro Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.09 -0.48 0.08 0.17 -0.17 0.03 0.03 -0.29 0.02 0.35 0.11

2002 0.03 -0.04 0.08 -0.09 -0.01 -0.02 -0.23 0.11 0.04 0.04 0.23 -0.03

2003 -0.14 0.05 -0.16 -0.29 -0.07 0.18 0.00 0.13 0.18 0.07 0.15 0.13

2004 -0.10 -0.06 -0.07 0.14 -0.01 -0.65 0.03 0.06 0.03 0.10 0.17 -0.02

2005 -0.06 -0.01 -0.04 -0.06 0.13 0.07 -0.04 -0.50 0.02 -0.02 0.16 0.10

2006 0.14 -0.02 0.07 -0.04 -0.17 0.14 -0.04 0.05 0.01 0.02 0.11 0.01

2007 0.01 -0.08 0.00 0.02 -0.05 -0.05 -0.04 -0.03 -0.05 0.10 -0.09 0.14

2008 -0.21 0.05 -0.02 0.15 0.04 -0.14 -0.05 0.04 -0.21 -0.20 -0.11 -0.04

2009 -0.01 -0.10 0.18 0.35 0.15 -0.01 0.30 0.12 0.09 0.01 0.03 0.08

2010 -0.05 0.05 0.04 -0.05 -0.01 -0.42 0.07 -0.03 0.12 -0.06 0.00 0.17




Chart 3.99 Monthly Returns on BSE 100 and Wipro Ltd. (2001-2010)


From above chart it is observed that the monthly returns show negative trend in the

year 2004, 2005and 2010 otherwise it moves with monthly return of BSE100.

3.101 ZEE ENTERTAINMENT ENTERPRISES LTD.

Zee Entertainment Enterprises Limited was previously known as Zee Telefilms

Limited which got de-merged into 4 companies in 2006. ZTL was founded in October

1992 as a content supplier for Zee TV - India's first Hindi satellite channel. Zee has an

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Wipro Ltd. BSE 100

160

integrated range of businesses, encompassing the content-to-consumer value chain of

media and entertainment business. Zee is a pioneer in India, in every aspect of content

aggregation and distribution through satellite, cable and Internet. It was ranked the

largest producer and aggregator of Hindi programming in the world, with more than

80,000 hours of original programming in the library.

Table 3.101 Monthly Return of Zee Entertainment Enterprises Ltd. YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

2001 N.A -0.35 -0.29 -0.19 0.34 -0.10 -0.27 0.34 -0.25 0.08 0.37 -0.13

2002 0.10 0.17 0.16 -0.01 -0.20 -0.05 -0.17 0.06 -0.20 -0.08 0.19 0.00

2003 -0.15 0.01 -0.26 0.23 0.11 0.03 0.37 -0.16 0.21 0.11 -0.05 0.16

2004 0.01 -0.12 0.01 -0.05 0.00 -0.02 0.11 0.09 0.00 -0.02 0.02 0.13

2005 -0.09 -0.08 -0.02 -0.05 0.06 0.12 0.22 0.01 -0.09 -0.19 0.10 0.01

2006 0.05 0.07 0.36 0.11 -0.12 0.04 0.09 0.04 0.11 -0.01 0.24 -0.21

2007 0.06 -0.25 0.07 0.17 0.07 -0.05 0.10 -0.06 0.11 -0.03 -0.13 0.14

2008 -0.14 -0.15 0.01 -0.13 0.06 -0.12 -0.03 0.12 -0.09 -0.23 -0.29 0.28

2009 -0.21 -0.03 -0.01 0.06 0.50 0.04 0.05 0.13 0.13 -0.03 0.10 0.01

2010 0.02 -0.05 0.08 0.13 -0.07 0.07 -0.02 -0.03 0.05 -0.08 -0.48 0.02




Chart 3.100 Monthly Returns on BSE 100 and Zee Ltd. (2001-2010)


From the above chart it is observed that the monthly return is more volatile than

BSE100. It shows highest return in the year of 2009 and lowest return in the year

2010.

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Zee Entertainment Enterprises Ltd. BSE 100

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