A STUDY ON

EQUITY STOCK ANALYSIS OF SELECT OF BANKING SCRIPTS LISTED IN NSE/NIFTY

WITH
REFERENCE TO MERFIN INDIA LTD

DECLARATION
I hereby declare that this project titled EQUITY ANALAYSIS OF SELECT
BANKING SCRIPTS LISTED IN NSE/NIFTY submitted by me to the department of
ARISTOTLE P.G COLLEGE is a bonafide work under taken by me and it is not
submitted to any other university or institution for the award of any degree
diploma/certificate or published any time before.

Name and Address of the student

K. RAVEENDRA REDDY
ARISTOTLE P.G COLLEGE
CHILKUR V
MOINABAD M
RR (DIST).

Date:

signature of the student

ACKNOWLEDGEMENT

I wish to express my deep sense of gratitude profound

regards to Dr.Y.RAMAKRISHNA (H.O.D) ARISTOTLE P.G COLLEGEST, for
his constant guidance & encouragement to under take and complete
this project work. My sincere thanks to assistant manager HR and staff
to MIRFIN INDIA LTD for their kind of help in completing this project
work and giving requisite information.

CONTENTS
SL.NO
1.

PATICULARES
INTRODUCTION
1.1

PAGE NO
1-2

OBJECTIVE

1.2 DATA COLLECTION METHOD

1.3 TIME PERIOD
2.

LITERATURE REVIEW

3.

COMPANY PROFILE
3.1 HDFC BANK

4-11

3.2 ING VYSYABANK

12-24

3.3 ICICI BANK

25-43

3.4 MERFIN INDIA LTD

44-48

4.

METHODOLOGY

49

5.

DATA ANALYSIS

50-79

6.

LIMITATIONS

80

7.

CONCLUSIONS

81

8.

GLOSSARY

82-85

9.

BIBILOGRAPHY

86

OBJECTIVES

1. Study the volatility in the banking industries stock prices during six
months time period
2. Return and risk of investing in an banking industry stocks
3. Correlation among three different banks
4. To find whether the stock prices of banking industries can varies on the
same way or not

DATA COLLECTION METHODS

For the purpose of the study data was collected through secondary source of data
collection method. Major source of the data are published net stocks of HDFC, ICICI and
ING VYSYA BANKS

TIME PERIOD
I collected daily stock prices data pertains to financial year (Apr2014-Sep2014)

LITERATURE REVIEW
Investing is a business of relative changes. when the economic out look is assessed along
with the direction of changes in the overall market for stocks, the analyst must realize that
even though industry groups and or individual companies may find it difficult to buck
the trend, they do not necessarily respond to the same degree.
For the analyst industry analysis demands insight into
1. The key sectors or sub divisions of overall economic activity that influence particular
industries, and
2. The relative strength or weakness of particular industry or other groupings under
specific sets of assumptions about economic activity. the analyst with an economic fore
cast that he has developed from scratch, or a set of figures that he has developed from
fore casts prepared by others, is now ready to apply this information to an appropriate
industry.

COMPANY PROFILE
HDFC BANK

HDFC Bank was incorporated in August 1994 in the name of 'HDFC Bank
Limited', with its registered office in Mumbai, India. The Bank commenced
operations as a Scheduled Commercial Bank in January 1995.

The Housing Development Finance Corporation Limited (HDFC) was amongst

the first to receive an 'in principle' approval from the Reserve Bank of India (RBI)
to set up a bank in the private sector, as part of the RBI's liberalization of the
Indian

Banking

industry

in

1994

HDFC Bank has a network of over 531 branches spread over 228 cities across
India. All branches are linked on an online real-time basis. Customers in over 120
locations are serviced through Telephone Banking. The Bank also has a network
of about over 1054 networked ATMs across these cities. HDFC Bank's ATM
network can be accessed by all domestic and international Visa / MasterCard, Visa
Electron / Maestro, Plus / Cirrus and American Express Credit / Charge
cardholders Helping Indians experience the joy of home ownership.

The road to success is a tough and challenging journey in the dark where only
obstacles light the path. However, success on a terrain like this is not without a solution.

As we found out over two decades ago, in 1977, the solution for success is customer
satisfaction. All you need is the courage to innovate, the skill to understand your clientele
and the desire to give them your best.

Today, over a million satisfied customers whose dream we helped realise, stand testimony
to our success.

Our objective, from the beginning, has been to enhance residential housing stock and
promote home ownership.

Now, our offerings range from hassle-free home loans and deposit products, to property
related services and a training facility.

We also offer specialized financial services to our customer base through partnerships
with some of the best financial institutions worldwide.

REUTERS ABRIDGED BUSINESS SUMMARY

HDFC Bank Limited, a private sector bank, provides financial services to

corporations, and middle and upper-income individuals in India. It operates in
three divisions: Retail Banking, Wholesale Banking, and Treasury Operations.
The Retail Banking division provides various deposit products, loans, credit
cards, debit cards, third party mutual funds and insurance, investment advisory
services, and depositary services. The Wholesale Banking division offers
loans, deposit products, documentary credits, guarantees, bullion trading,
foreign exchange, and derivative products, as well as cash management
services, clearing and settlement services for stock exchanges, tax and other
collections for the government, custody services for mutual funds, and
correspondent banking services. The Treasury Operations division manages
debt securities, money market operations, foreign exchange, and derivative
products. In addition, it provides telephone, Internet, and mobile banking
services. As of December 22, 2014, the bank operated 569 branches. The
company was incorporated in 1994 and is headquartered in Mumbai, India

Over view
The Financial Planning service is offered as an option to long term investors.The
portfolio is advised on in a passive investment style with the asset category as mutual
funds. The planner is suitable for investors who wish to take a asset allocation based, long
term investment outlook, ignoring the short term volatilities of financial markets. The
style is steady asset allocation based on a theory that long term investing over a long time
frame will help the client achieve stated goals
Financial Planning takes into account:
Desired asset allocation, risk profile and return expectations
Building cash flows correlating all expenses and income. Inflation and outflows due to
loans are considering in building the financial plan
Future goals like retirement, housing and children's education / marriage or other needs
HDFC Bank offers Private Banking services to high net worth individuals and
institutions. Our team of seasoned financial and investment professionals provide
objective guidance backed by thorough research and in-depth analysis keeping in mind
your financial goal

The client would be offered the following

Financial Plan indicating the required savings to meet the desired goals.
Asset Allocation
Monthly reports
Review on quarterly basis by the dedicated advisor.

HDFC ADVISOR
Your Investment Advisor designs a comprehensive investment plan to help meet your
long and short-term financial goals across multiple asset categories. Also, the Advisor
offers continuous advice on the basis of performance on each asset category and analysis
of future expectations.

Mutual Funds
Your Investment Advisor assists you in selecting the right Mutual Funds based on your
investment needs and risk profile. Also, the Advisor helps you purchase, restructure and
monitor your Mutual Fund portfolio.
More...

Direct Equity Advice

Based on your risk profile, your Investment Advisor consults you on direct equity to
generate a portfolio inclined towards an optimum allocation across sectors and stocks.
Also, the Advisor helps you restructure your portfolio in accordance with the stock
performance and your needs.
More...

Insurance
For your insurance needs, your Investment Advisor suggests an insurance plan. This plan
accounts for your investment needs and provides adequate risk cover.

Bonds
Your Investment Advisor suggests a proportionate allocation of Bonds in your portfolio
to secure your investment needs, tax planning needs and interest income. More...

NET BANKING
Net Banking is HDFC Bank's Internet Banking service. Providing up-to-the-second
account information, Net Banking lets you manage your account from the comfort of
your mouse - anytime, anywhere.

Our industry leading service provides a host of features at your finger-tips:

View Account Balances & Statements
Transfer Funds between accounts
Create Fixed Deposits Online
Request a Demand Draft
Pay Bills
Order a Cheque Book
Request Stop Payment on a Cheque
And lots more
View our NetBanking Demo to find out more about what you can do online
Internet Banking is the most convenient and powerful way to manage your account.
NetBanking is Real Time, giving you up-to-the-second details on your account.

It can be accessed anytime, from anywhere, giving you complete control over your
finances
There are no queues to stand in, or turns to wait for. With NetBanking you are in control.
HDFC Bank's NetBanking service is secure. Using industry-standard technologies and
infrastructures, our service gives you peace of mind.

ING VYSYA BANK

Company Profile
ING Vysya Bank Limited
Ticker: 531807
Exchanges:

OTH BOM

2014 Sales:

14,445,000,000

Major Industry:

FINANCIAL

Sub Industry: COMMERCIAL BANKS

Country:

INDIA

Employees:

4963

BUSINESS DISCRIPTION
Counters in India ING Vysya Bank Limited. The Group's principal activity is to provide
banking services in India. The banking services of the Group include retail banking,
corporate banking, commercial banking, treasury management and rural banking. The
Group also offers dematerialisation and other financial services. Other financial services
includes housing finance, insurance products, mutual funds etc. The Group operates
through 377 branch offices and 56 extension

ING Vysya Bank Ltd. is a joint venture between Vysya Bank Ltd, a premier bank in the
Indian Private Sector and ING, a global financial powerhouse of Dutch origin. ING
Vysya Bank was founded in October 2002.

Vysya Bank was founded in 1930 to extend a helping hand to those who were deprived of
banking services. Since then the Bank has made rapid strides and has carved a distinct
identity of being India's Premier Private Sector Bank. In 1985, the Bank became the
number

one

private

sector

bank

in

India.

ING group originated in 1990 from the merger between Nationale - Nederlanden NV the
largest Dutch Insurance Company and NMB Post Bank Groep NV. The newly formed
company called "Internationale Nederlanden Group" came to be known as ING.

As on 31/12/04, ING Vysya Bank had an asset base of 866 billion euros and an operating
net profit of 5.97 billion euros. The Bank has presence in 57 countries and has an
employee strength of over 113000 people

ING Vysya Bank becomes the first bank in India to introduce the Self Bank concept,
as part of its strategic

initiatives.

Euronet to deploy 200 Self Bank sites for ING Vysya Bank by 2007.
ING Vysya Bank to join Cashnet, Indias largest shared ATM network in India.

Bangalore, 17th January 2014ING Vysya Bank has tied-up with Euronet Services India
Pvt Ltd, a leading electronic payments provider, to open 200 Self Bank outlets across
the country, as part of its strategic initiatives.

The 'Self Bank' concept is unique to ING and is being adopted for the first time in India,
by ING Vysya Bank. The 'Self Bank' outlets will offer seated kiosk to the clients. The
state of the art kiosks are located next to the bank's ATM's, with a secure and convenient
service area. This Self Service area is accessible on a 24/7, basis and allows the client to
complete the full range of operational service required, such as Balance Enquiry,
Statement view and print, Request for a cheque book, PIN change, Request for a demand
draft, stop payment, payment of utility bills and Account to account transfer, as also topups for pre-paid cards of mobile phones.
The bank has also decided to strategically depute, next to all the 'Self Bank' outlets
certified Advisors of ING Vysya Financial Services who would offer Wealth Management
Services dealing with both Mutual Funds and Life Insurance. The loan products of the
bank and credit cards will also be made available to the prospects. However, each of the
'Self Bank' is linked to a base branch of the bank.

According to the multi year agreement, ING Vysya Bank, has tied up with Euronet, to
deploy 200 Self-Bank sites in major cities like Delhi, Mumbai, Hyderabad, etc., across
India by 2007, strengthening the banks Retail Reach. Euronet will select these sites,
install the ATMs and Kiosks and all related equipment, drive the ATMs and Kiosks from
Euronets Operations Center in Mumbai and provide all of the day-to-day outsourcing

services. These services include comprehensive maintenance, network management and

monitoring, security, cash forecasting and replenishment, help desk and full
reconciliation and settlement services.
In addition to the outsourcing of Self Bank outlets, ING Vysya Bank will join Cashnet,
Indias largest shared ATM network, which is operated by Euronet and has more than
5300 ATMs. The Bank will also provide Value Added Services to its customers through
Euronet, in the form of online mobile phone recharge. Euronet will also provide gateway
services to National Financial Switch (set up by IDRBT) and Visa, for ING Vysya Bank.
To commence with, the Bank will have 12 'Self Bank' outlets opened at Bangalore in the
following three weeks.

Shantanu Ghosh, Country Head - Retail Banking, ING Vysya Bank said, The banking
relationship in the current trends is moving in the direction of freedom and flexibility for
the customers to operate accounts. Our 'Self Bank' therefore will meet this need
adequately and effectively. Further our partnership with Euronet will not only give us
their professional help and management but would enable us to utilise our scarce capital
prudently for optimising the resources".

We are very pleased to work with ING Vysya Bank and look forward to ensuring the
success of their innovative Self Bank initiative as a strategic partner, said Loney Antony,
Managing Director, Euronet Services India Pvt Ltd. With the addition of ING Vysya
Bank, we now provide ATM outsourcing services for more than 1,400 ATMs of leading

banks in India. We have established a strong and leading presence in the Indian banking
industry with our innovative high quality ATM outsourcing and deployment services.

About ING Vysya Bank limited (formerly The Vysya Bank)

ING Vysya Bank was formed with the coming together of erstwhile, The Vysya Bank Ltd,
a premier bank in the Indian Private Sector and a global financial powerhouse, ING
Group, during October 2002. It is a premier private sector bank with 75 years of history,
which has been effectively transformed into modern technology driven Indian foreign
Bank. With 1.5 million customers, 480 outlets and 6000 employees it is known for its
innovative banking services and for pioneering several products and services. ING Vysya
Banks strength lies in its long-standing relationship with its customers and deep
understanding of the Indian market.
The ING logo dates from 1991 when Dutch insurer, Nationale-Nederlanden, and bank,
NMB Postbank Groep merged into Internationale Nederlanden Groep. I-N-G is an
abbreviation of Internationale Nederlanden Groep, and the lion in the logo is derived
from

the

various

logos

of

predecessor

companies.

Today, ING has become a truly global brand. We have rebranded over fifty labels to ING
and worldwide brand awareness continues to grow. In 2004, ING first entered the
Interbrand top-100 global brands list. Since then, has it climbed to 85th position indicating
a growing brand awareness. Across the world, more and more people see that ING is
delivering on its promise: a commitment to providing the financial services solutions our
customers value.

ING Group is a global financial services company of Dutch origin with 150 years of
experience, providing a wide array of banking, insurance and asset management services
in over 50 countries. Our 120,000 employees work daily to satisfy a broad customer base:
individuals, families, small businesses, large corporations, institutions and governments.
Based on market capitalisation, ING is one of the 20 largest financial institutions
worldwide and ranked in the top-10 in Europe.

Business
ING is the number one financial services company in the Benelux home market. ING
services its retail clients in these markets with a wide range of retail-banking, insurance
and asset management services. Our wholesale banking activities operate worldwide but
with a primary focus on the Benelux countries. In the United States, ING is a top-5
provider of retirement services and life insurance. In Canada, we are the top property and
casualty insurer. ING Direct is a leading direct bank with over 15 million customers in
nine large countries. In the growth markets of Asia, Central Europe and South America
we, for example, provide life insurance. We are also a large asset manager with assets
under management of around EUR 500 billion.

Mission

We strive to deliver our financial products and services in the way our customers expect:
with exemplary service, maximum convenience and at competitive rates. This is reflected
in our mission statement: to set the standard in helping our customers manage their
financial future.

Stakeholders
ING conducts its business on the basis of clearly defined business principles. In all our
activities we carefully weigh the interests of our stakeholders: customers, employees,
shareholders, business partners and society at large. ING strives to be a good corporate
citizen.

Startagy
We are a customer-orientated company with a clear organisation and strategy which is
founded on value based management. We have a strong position in mature markets where
we want to generate further growth through proper execution of our business
fundamentals (such as customer satisfaction and managing costs, risk and our reputation)
and we focus on growth in retirement services, direct banking and life insurance in
developing markets. That way we try to offer our shareholders a higher return than the
average of our peers.

Business lines
ING has a structure of six business lines. A clear client focus and strong business logic
are the key elements in this structur

ING VYSYA BUSINESS PRINCPLES

As a global provider of financial products and services, ING plays an important role in
society. In order to fulfill this role it needs to maintain the confidence of its customers,
shareholders, employees, and other stakeholders by acting with professionalism and
integrity.

ING Group attaches paramount importance to upholding its reputation, and the ING
Business Principles play an important role in this respect. ING expects the highest levels
of integrity from its employees, regardless of their position in the organisation.

The ING Business Principles were first introduced in 1999. They were updated in 2004.
The ING Business Principles are:

We are committed to our integrity

We aim for an above average return

We are open and clear

We promote sustainable development and respect human rights

We respect each other

We are involved in the communities we operate in

Responsibilities

The Business Principles apply to the whole of ING Group, its subsidiaries and
business units and to every employee.

It is the responsibility of all those in authority at ING to ensure that these

Principles are fully communicated to all present and future staff. They must also
ensure that these are strictly observed.

The members of the Executive Board and all Managers are responsible for
applying the Business Principles within their areas of responsibility.

The Executive Board receives regular reports, including an annual review, on the
effective operation of the Business Principle

(YEAR -2014)PROFIT CONTRIBUTION BUSINESS LINES)

ICICI BANK

COMPANY PROFILE
ICICI Bank is India's second-largest bank. The Bank has a network of about 573 branches
and extension counters and over 2,000 ATMs. ICICI Bank was originally promoted in
1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned
subsidiary.

ICICI was formed in 1955 at the initiative of the World Bank, the Government of India
and representatives of Indian industry. The objective was to create a development
financial institution for providing medium-term and long-term project financing to Indian
businesses.
In the 1990s, ICICI transformed its business from a development financial institution
offering only project finance to a diversified financial services group offering a wide
variety of products and services, both directly and through a number of subsidiaries and
affiliates

like

ICICI

Bank.

In 1999, ICICI become the first Indian company and the first bank or financial institution
from non-Japan Asia to be listed on the NYSE. In 2001, ICICI bank acquired Bank of

Madura

Limited.

ICICI Bank set up its international banking group in fiscal 2002 to cater to the cross
border needs of clients and leverage on its domestic banking strengths to offer products
internationally. ICICI Bank currently has subsidiaries in the United Kingdom, Canada
and Russia, branches in Singapore and Bahrain and representative offices in the United
States,

China,

United

Arab

Emirates,

Bangladesh

and

South

Africa.

Today, ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialised subsidiaries and affiliates in the areas of investment banking, life and non-life
insurance, venture capital and asset management.

BUSINESS SUMMARY
ICICI Bank Limited provides banking products and financial services to corporate and
retail customers primarily in India. It offers various products and services in the areas of
commercial banking, investment banking, and insurance. The company?s deposit
products comprise savings accounts, current accounts, time deposits, and certificates of
deposits. Its lending activities include home loans, automobile loans, commercial vehicle
loans, two wheeler loans, personal loans, loans against time deposits, loans against
shares, and credit cards. ICICI Bank also offers trade finance, letters of credit, debit
cards, distribution of third party investment products, and issuance of unsecured

redeemable bonds, as well as cash management services, including collection, payment,

and remittance services; escrow; trust and retention account facilities; online payment
facilities; custodial; and tax collection services. In addition, the company provides
agricultural and rural banking products; investment banking services, including corporate
advisory services and equity underwriting; venture capital funding; various life and
general insurance products; and asset management products and services. As of February
15, 2007, ICICI Bank had a network of 670 branches and 2,680 automated teller
machines. It also operates in the United Kingdom, Canada, Russia, Hong Kong, Bahrain,
Singapore, Sri Lanka, the United States, United Arab Emirates, China, South Africa, and
Bangladesh. The company was founded in 1955 and is headquartered in Mumbai, India.

ICICI investment planning

Investment planning is an alien concept for the Indian populace. For a country which till
now was worried about making ends meet this emerging trend is definitely a new
experience. But, the truth is that if only they would have been introduced to the Art of
Managing Money, life could have been so much easier. Most of us spend more than half
of our lives working and saving because money is important, in fact crucial. However,
most of us spend almost no time planning to make that hard-earned money work more
effectively for us. So, how do you plan your financial life?

In a series of articles ICICIdirect's Investment Planning Desk will discuss concepts, ideas
and methods of planning, goals, return, risk and various investment options. Concepts
such as inflation, power of compounding, stock market jargon etc will be explained in a
phased manner.

Retirement planning
Retirement planning is an essential element of any financial plan. Retirement planning is
a comprehensive process for determining how much money you will need when you
retire. Retirement planning also helps you identify the best ways to save for retirement
given your financial situation.

If you are like most people, you probably think retirement planning is only important
when you retire. However, proper planning requires a much longer period of time -- from
the day you start working until well beyond your actual retirement date. In fact, it's never
too early to start planning for your retirement.

At age 65, the average man will live almost 19 more years, while the average woman will
live another 22 years. We will probably spend 25 per cent to 30 per cent of your life in
retirement, requiring vast sums of money to support yourself. In India, many of us put
off retirement planning because we are too busy trying to meet our immediate financial
needs to think about what will happen 20 or 30 years hence.

It's easy to understand why meeting your monthly bills seem more important, especially
if your retirement is still far off. But here's something to think about: As you move
through your life, you will experience many life events that will affect your future
financial security -- such as getting married, starting a family, purchasing a home, and

sending your children to college. Each of these events will affect your ability to plan for
your future financial security. If you develop a flexible long-term plan, you will can
overcome these obstacles and ensure financial independence in your retirement years

Mutual funds
Mutual fund is the best investment tool for the retail investor as it offers the twin benefits
of good returns and safety as compared with other avenues such as bank deposits or stock
investing. Having looked at the various types of mutual funds, one has to now go about
selecting a fund suiting your requirements. Choose the wrong fund and you would have
been better off keeping money in a bank fixed deposit. Keep in mind the points listed
below and you could at least marginalise your investment risk.

Past performance
While past performance is not an indicator of the future it does throw some light on the
investment philosophies of the fund, how it has performed in the past and the kind of
returns it is offering to the investor over a period of time. Also check out the two-year and
one-year returns for consistency. How did these funds perform in the bull and bear
markets of the immediate past? Tracking the performance in the bear market is
particularly important because the true test of a portfolio is often revealed in how little it
falls in a bad market.

ICICI fund manager

The success of a fund to a great extent depends on the fund manager. The same fund
managers manage most successful funds. Ask before investing, has the fund manager or
strategy changed recently? For instance, the portfolio manager who generated the fund's
successful performance may no longer be managing the fund.

Tax benifits
Tax benefits of a housing loan
Repaying a housing loan? There is a lot to look forward to by way of deductions and
rebate.
Interest paid on capital borrowed for the acquisition or construction of property is entitled
to a deduction. The maximum amount eligible for deduction is Rs 150,000. You also get a
20% rebate on repayment of principal of the housing loan. While this was earlier subject
to a maximum of Rs 20,000.

Conditions
You should be residing in the home for which the loan is taken. If you are residing in a
city but buying property in your home town to prepare for retirement, this will not be
applicable.

Points to note

You may find it more convenient and cheaper to finance the property out of your own
resources. But do remember, you would be losing the tax shelter on account of the
deduction available as well as the tax rebate. You can claim a rebate for housing loan only
on producing the interest certificate from the lending institution. Taking a loan from a
family member or a friend may get a you a cheaper rate of interest, or no interest at all,
but will not qualify for such deductions. Only loans taken and interest paid thereon, to
specified financial institutions which offer housing loans, qualify for deduction under the
Income Tax Act, 1961.

If the loan is jointly taken by you and your spouse, you both are entitled to tax benefits.
Since both will be claiming the deductions and rebate, you will have to approach the
financial institution and ask for a certificate. This certificate will state how much of the
loan is your responsibility and how much you are contributing towards the repayment.
Your tax deduction and rebate can be calculated based on this amount.

Overview
ICICI Bank is India's second-largest bank with total assets of about Rs. 2,513.89 bn (US$
56.3 bn) at March 31, 2014 and profit after tax of Rs. 25.40 bn (US$ 569 mn) for the year
ended March 31, 2014 (Rs. 20.05 bn (US$ 449 mn) for the year ended March 31, 2005).
ICICI Bank has a network of 741 branches (including 48 extension counters) and over
3300 ATMs in India and presence in 30 International locations. ICICI Bank offers a wide
range of banking products and financial services to corporate and retail customers
through a variety of delivery channels and through its specialised subsidiaries and
affiliates in the areas of investment banking, life and non-life insurance, venture capital

and asset management. ICICI Bank set up its international banking group in fiscal 2002
to cater to the cross border needs of clients and leverage on its domestic banking
strengths to offer products internationally. ICICI Bank currently has subsidiaries in the
United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri
Lanka and Dubai International Finance Centre and representative offices in the United
States, United Arab Emirates, China, South Africa and Bangladesh. Our UK subsidiary
has established a branch in Belgium. ICICI Bank is the most valuable bank in India in
terms of market capitalisation.
ICICI Bank's equity shares are listed in India on the Bombay Stock Exchange and the
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs)
are listed on the New York Stock Exchange (NYSE).
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and
employees.
At June 5, 2014, ICICI Bank, with free float market capitalization* of about Rs.
480.00 billion (US$ 10.8 billion) ranked third amongst all the companies listed on
the Indian stock exchanges.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was
reduced to 46% through a public offering of shares in India in fiscal 1998, an equity
offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition
of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary

market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was
formed in 1955 at the initiative of the World Bank, the Government of India and
representatives of Indian industry. The principal objective was to create a development
financial institution for providing medium-term and long-term project financing to Indian
businesses. In the 1990s, ICICI transformed its business from a development financial
institution offering only project finance to a diversified financial services group offering a
wide variety of products and services, both directly and through a number of subsidiaries
and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the
first bank or financial institution from non-Japan Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the context of the
emerging competitive scenario in the Indian banking industry, and the move towards
universal banking, the managements of ICICI and ICICI Bank formed the view that the
merger of ICICI with ICICI Bank would be the optimal strategic alternative for both
entities, and would create the optimal legal structure for the ICICI group's universal
banking strategy. The merger would enhance value for ICICI shareholders through the
merged entity's access to low-cost deposits, greater opportunities for earning fee-based
income and the ability to participate in the payments system and provide transactionbanking services. The merger would enhance value for ICICI Bank shareholders through
a large capital base and scale of operations, seamless access to ICICI's strong corporate
relationships built up over five decades, entry into new business segments, higher market
share in various business segments, particularly fee-based services, and access to the vast
talent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors of
ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail

finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital
Services Limited, with ICICI Bank. The merger was approved by shareholders of ICICI
and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March
2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in
April 2002. Consequent to the merger, the ICICI group's financing and banking
operations, both wholesale and retail, have been integrated in a single entity.
*Free float holding excludes all promoter holdings, strategic investments and cross
holdings among

public sector entities.

Performance Review
Quarter ended September 30, 2014: 30% year-on-year growth in profit after tax The
Board of Directors of ICICI Bank Limited (NYSE: IBN) at its meeting held at Mumbai
today, approved the audited accounts of the Bank for the quarter ended September 30,
2014 (Q2-2007).
Highlights
Operating profit excluding treasury income increased 65% in Q2-2007 to Rs. 1,325
crore (US$ 288 million) from Rs. 804 crore (US$ 175 million) in the quarter ended
September 30, 2005 (Q2-2014).
Operating profit increased 54% to Rs. 1,612 crore (US$ 351 million) in Q2-2007 from
Rs. 1,044 crore (US$ 227 million) in Q2-2014.
Profit after tax for Q2-2007 increased 30% to Rs. 755 crore (US$ 164 million) from Rs.
580 crore (US$ 126 million) for Q2-2014.
Net interest income increased 47% to Rs. 1,577 crore (US$ 343 million) for Q2-2007
from Rs. 1,070 crore (US$ 233 million) for Q2- 2014.

 Fee income increased 62% to Rs. 1,138 crore (US$ 248 million) for Q2- 2007 from Rs.
704 crore (US$ 153 million) for Q2-2014.
Profit after tax increased 24% to Rs. 1,375 crore (US$ 299 million) for the six-month
period ended September 30, 2014 (H1-2007) from Rs. 1,110 crore (US$ 242 million) for
the six-month period ended September 30, 2005 (H1-2014).
Retail assets increased 57% to Rs. 107,679 crore (US$ 23.4 billion) at September 30,
2014 from Rs. 68,537 crore (US$ 14.9 billion) at September 30, 2005.
Deposits increased 57% to Rs. 189,499 crore (US$ 41.3 billion) at September 30, 2014
from Rs. 120,452 crore (US$ 26.2 billion) at September 30, 2005.

Credit growth
The Banks net customer assets increased 47% to Rs. 163,785 crore (US$ 35.7 billion) at
September 30, 2014 compared to Rs. 111,514 crore (US$ 24.3 billion) at September 30,
2005. The Bank maintained its growth momentum and market leadership in the retail
segment. In H1-2007, the Banks total retail disbursements were about Rs. 33,500 crore
(US$ 7.3 billion) including home loan disbursements of about Rs. 13,400 crore (US$ 2.9
billion). Retail assets constituted 69% of advances and 66% of customer assets. The Bank
is focusing on non-fund based products and services, as well as capitalising on
opportunities presented by the domestic and international expansion of Indian companies.
The Bank is also extending its reach in the small and medium enterprises segment. Rural
banking The Bank is rolling out its rural strategy, providing a comprehensive product
suite encompassing credit, transaction banking, deposit, Investment and insurance,
through a range of channels. The Bank is focusing on rural retail lending for productive

purposes, as well as rural infrastructure. The Banks rural retail delivery channels include
its own branches, as well as various partnerships, including micro-finance institution
(MFI) partners. The Bank has also initiated banking correspondent models. The Banks
rural portfolio grew by about 70% on a year-on-year basis.

International operations
The Bank now operates in 14 countries through branches, representative offices and
wholly-owned subsidiaries. During the quarter, the Banks Canadian subsidiary opened
its sixth branch and the Bank opened a representative office in Indonesia. The loan
portfolio of the Banks international branches (including foreign currency financing to
Indian companies) increased to about Rs. 15,000 crore (US$ 3.3 billion) at September 30,
2014 from Rs. 9,600 crore (US$ 2.1 billion) at September 30, 2005. The loan portfolio of
the Banks international banking subsidiaries (including foreign currency financing to
Indian companies) increased to about Rs. 9,400 crore (US$ 2.0 billion) at September 30,
2014, from Rs. 4,100 crore (US$ 0.9 billion) at September 30, 2005. The Banks
remittance volumes grew by 74% in H1-2007 compared to H1-2014. The Bank has
launched remittances services to Sri Lanka and the Philippines through its UK and
Canada subsidiaries. ICICI Bank UKs unaudited profit after tax of for H1-2007 was US$
16.1 million (approximately Rs. 74 crore), translating into a return on equity of 21%

Capital adequacy
The Banks capital adequacy at September 30, 2014 was 14.3% (including Tier 1 capital
adequacy of 9.4%), well above RBIs requirement of total capital adequacy of 9.0%. The

Banks unaudited capital adequacy estimated based on RBIs draft guidelines issued in
February 2005 on implementation of the revised capital adequacy framework (Basel II),
was about 14.9% (including Tier 1 capital adequacy of about 10.5%) at September 30,
2014. Asset quality At September 30, 2014, the Banks net non-performing assets
constituted 0.9% of customer assets against 1.0% at September 30, 2005. The Banks
net restructured loans at September 30, 2014 were Rs. 4,942 crore (US$ 1.1 billion),
down from Rs. 5,713 crore (US$ 1.2 billion) at September 30, 2005. Key domestic
subsidiaries ICICI Securities achieved a profit after tax of Rs. 35 crore (US$ 8 million) in
Q2-2007. ICICI Lombard General Insurance Company (ICICI Lombard) enhanced its
leadership position with a market share of 35% among private sector general insurance
companies and an overall market share of 12% in H1-2007. ICICI Lombards unaudited
profit after tax for Q2-2007 was Rs. 18 crore (US$ 4 million). ICICI Prudential Life
Insurance Company (ICICI Prudential Life) continued To maintain its market leadership
among private sector life insurance companies. Life insurance companies worldwide
make losses in the initial years, in view of business set-up and customer acquisition costs
in the initial years as well as reserving for actuarial liability. While the growing
operations of ICICI Prudential Life had a negative impact of Rs. 112 crore (US$ 24
million) on the Banks consolidated profit after tax in Q2-2007 on account of the above
reasons, the companys unaudited New Business Achieved Profit (NBAP) for Q2-2007
was Rs. 161 crore (US$ 35 million) as compared to Rs. 100 crore (US$ 22 million) in
Q2-2014. NBAP is a metric for the economic value of the new business written during a
defined period. It is measured as the present value of all the future profits for the
shareholders, on account of the new business based on standard assumptions of mortality,

expenses and other parameters. Actual experience could differ based on variance from
these assumptions especially in respect of expense overruns in the initial years. Prudential
ICICI Asset Management Company continues to be among the

MERFIN INDIA LTD

ABOUT US

Merfin India ltd is one of the Indias leading wealth management, capital markets and
advisory companies, with offices in 7 states and territories and total client assets of
approximately Rs. 500 Crores.

Merfin India ltd offers a broad range of services to private clients, small businesses, and
institutions and corporations, organizing its activities into two interrelated business
segments - Global Markets & Investment Banking Group

and Global Wealth

Management, which is comprised of Global Private Client and Global Investment

Management.

As an investment bank, it is a leading National trader and underwriter of securities and

derivatives across a broad range of asset classes and serves as a strategic advisor to
corporations, governments, institutions and individuals worldwide.

Were growing our business by helping clients grow theirs.

Our client relationships are among our greatest competitive assets. We deepen and enrich
these

relationships

through

execution.Corporate Governance

disciplined

growth,

innovation,

and

seamless

Merfin India ltd demonstrates its commitments to

clients and shareholders through the firm's emphasis on excellence, integrity and ethical
behavior. We maintain a strong and engaged board of independent directors to oversee

our business practices and make recommendations for improvement, if needed. With the
exception of our CEO, all members of our board are independent.

Corporate Citizenship
Merfin India ltd is committed to corporate social responsibility. We implement a range of
initiatives to help ensure that the communities in which we live and work are thriving
with opportunities.

Company Overview
Merfin India ltd through its subsidiaries, offers capital markets services, investment
banking and advisory services, wealth management, investment management, insurance,
banking and related products and services on a global basis, including:
Securities origination, brokerage, dealer and related activities in:
- Equities
- Futures
- Fixed income
- Forwards
- Mutual funds
- Commodities
- Swaps
- Currencies
- Options
- Other derivatives

Investment banking
- Securities origination
- Strategic advisory services, including:
- Mergers and acquisitions
- Strategic valuation
- Other corporate finance and advisory activities
Private equity and other principal investing activities

Securities clearance, settlement, financing and services, including prime brokerage

Wealth management products and services, including financial, retirement and
generational planning

Banking, trust, lending and related services, including:

- Mortgage loans
- Trust
- Commercial loans
- Deposit-taking
- Securities-based loans
- Cash management
Insurance and annuity products and annuity underwriting
Investment management and investment advisory services

Global investment research encompassing:

- Equities
- Economics
- Fixed income
- Equity strategy
- Equity-linked securities
- Wealth management strategy
Strategic Positioning
Merfin India ltd has positioned itself to be the preeminent global investment bank, wealth
management and advisory company, an essential partner to its clients.
Key facets of this positioning include:

Delivering value-added advice, products and services to clients with unmatched

levels of quality and integrity

Investing in opportunities for growth and diversification that take advantage of

the firm's strengths and global client franchise

Operating with discipline and focus throughout the firm to ensure that the

appropriate resources are committed to each business opportunity

Managing risk and capital to ensure efficient deployment of, and appropriate

returns on, stockholders' equity

results

Developing employee talent and leadership to its full potential to achieve superior

RETURNS, VARIANCE AND STANDARD DEVIATION OF ICICI BANK FOR

(APR-2014) Table no-1
S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^2

603

3-Apr-14

604

0.17

0.24

0.14

4-Apr-14

613.75

1.61

1.69

2.85

4-Apr-14

630

2.65

2.72

7.41

5-Apr-14

621.9

-1.29

-1.21

1.47

7-Apr-14

599.7

-3.57

-3.50

12.22

10-Apr-14

597.45

-0.38

-0.30

0.09

12-Apr-14

582.55

-2.49

-2.42

5.86

13-Apr-14

563.35

-3.30

-3.22

10.38

14-Apr-14

563.35

0.00

0.07

0.01

10

17-Apr-14

580.7

3.08

3.15

9.94

11

18-Apr-14

586.5

1.00

1.07

1.15

12

19-Apr-14

588.05

0.26

0.34

0.11

13

20-Apr-14

588.65

0.10

0.18

0.03

14

21-Apr-14

591.6

0.50

0.57

0.33

15

24-Apr-14

569.05

-3.81

-3.74

13.97

16

25-Apr-14

559.8

-1.63

-1.55

2.41

17

26-Apr-14

567.5

1.38

1.45

2.10

18

27-Apr-14

566.15

-0.24

-0.16

0.03

19

28-Apr-14

576.8

1.88

1.95

3.82

20

29-Apr-14

591.75

2.59

2.67

7.11

AVE

-0.07
4.07

VARIANCE

2.02

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ICICI BANK FOR

(MAY-2014) Table no-2

S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^2

2-May-14

621.95

0.30

0.92

0.85

3-May-14

649.1

4.37

4.99

24.87

4-May-14

659.9

1.66

2.29

5.23

5-May-14

638.2

-3.29

-2.67

7.11

8-May-14

634.55

-0.57

0.05

0.00

9-May-14

639.15

0.72

1.35

1.81

10-May-14

660.75

3.38

4.00

16.01

11-May-14

662.55

0.27

0.89

0.80

15-May-14

619.3

-6.53

-5.91

34.88

10

16-May-14

618.6

-0.11

0.51

0.26

11

17-May-14

626.05

1.20

1.83

3.34

12

18-May-14

593.75

-5.16

-4.54

20.59

13

19-May-14

555.45

-6.45

-5.83

33.97

14

23-May-14

577.35

3.94

4.56

20.84

15

24-May-14

615

6.52

7.14

51.03

16

25-May-14

558.95

-9.11

-8.49

72.11

17

26-May-14

563.75

0.86

1.48

2.19

18

29-May-14

569.3

0.98

1.61

2.58

19

30-May-14

580.75

2.01

2.63

6.93

20

31-May-14

537.5

-7.45

-6.83

46.58

AVG

-0.62
17.60

VARIANCE

4.20

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ICICI BANK FOR

(JUN-2014) Table no-3
S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^2

1-Jun-14

534.3

-0.03

-0.74

0.55

2-Jun-14

551.95

5.52

4.81

23.15

5-Jun-14

538.1

5.38

4.67

21.83

6-Jun-14

542.7

5.43

4.72

22.26

7-Jun-14

533.25

-0.01

-0.72

0.52

8-Jun-14

498.85

-0.53

-1.24

1.54

9-Jun-14

485

-0.53

-1.24

1.54

12-Jun-14

474.2

-0.69

-1.39

1.94

13-Jun-14

459.65

-0.74

-1.44

2.09

10

14-Jun-14

451.2

-0.48

-1.18

1.40

11

15-Jun-14

482.55

-0.02

-0.73

0.54

12

16-Jun-14

514.7

0.33

-0.38

0.15

13

20-Jun-14

490.45

0.31

-0.40

0.16

14

21-Jun-14

494.4

0.43

-0.28

0.08

15

22-Jun-14

512.25

0.30

-0.41

0.17

16

26-Jun-14

490.75

-0.16

-0.87

0.75

17

27-Jun-14

498.6

0.08

-0.63

0.39

18

28-Jun-14

488.9

-0.14

-0.76

0.58

19

29-Jun-14

479.05

-0.33

-1.04

1.08

20

30-Jun-14

487.9

-0.03

-0.74

0.54

AVG

0.71
4.25

VARIANCE

2.14

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ICICI BANK FOR

(JUL-2014) Table no-4

S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^2

3-Jul-14

489.1

0.01

-0.82

0.68

4-Jul-14

490.35

4.90

4.07

16.54

5-Jul-14

498

4.98

4.14

17.17

6-Jul-14

485.55

4.86

4.02

16.16

7-Jul-14

498.95

0.10

-0.74

0.54

10-Jul-14

493

0.03

-0.81

0.66

11-Jul-14

487.95

-0.10

-0.94

0.88

13-Jul-14

495.75

0.10

-0.73

0.54

14-Jul-14

485.9

-0.13

-0.97

0.93

10

17-Jul-14

477.25

-0.16

-0.99

0.99

11

18-Jul-14

472.6

-0.15

-0.99

0.98

12

19-Jul-14

467.75

-0.28

-1.12

1.25

13

20-Jul-14

505

0.19

-0.64

0.42

14

20-Jul-14

492.05

0.15

-0.69

0.47

15

21-Jul-14

484.75

0.12

-0.71

0.51

16

24-Jul-14

514.85

0.47

-0.36

0.13

17

24-Jul-14

520

0.15

-0.69

0.47

18

25-Jul-14

542.4

0.50

-0.33

0.11

19

27-Jul-14

543.6

0.59

-0.25

0.14

20

31-Jul-14

553.85

0.39

-0.45

0.20

AVG

0.84
2.98

VARIANCE

1.73

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ICICI BANK FOR

(AUG-2014) Table no-5
S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^2

1-Aug-14

549.65

-0.04

-0.94

0.89

2-Aug-14

548

5.48

4.58

20.95

3-Aug-14

557.6

5.58

4.67

21.84

4-Aug-14

547

5.47

4.57

20.86

7-Aug-14

567.85

0.18

-0.72

0.52

8-Aug-14

595.55

0.48

-0.43

0.18

10-Aug-14

599.25

0.42

-0.49

0.24

11-Aug-14

584.5

0.38

-0.53

0.28

14-Aug-14

576.75

0.09

-0.81

0.66

10

16-Aug-14

590.7

-0.05

-0.95

0.90

11

17-Aug-14

591.5

-0.08

-0.98

0.96

12

18-Aug-14

588.35

0.04

-0.86

0.75

13

21-Aug-14

594.65

0.18

-0.72

0.52

14

22-Aug-14

595.15

0.04

-0.86

0.74

15

23-Aug-14

590.6

-0.01

-0.91

0.83

16

24-Aug-14

589.15

0.01

-0.89

0.80

17

25-Aug-14

588.95

-0.14

-0.96

0.92

18

28-Aug-14

587.75

-0.07

-0.98

0.95

19

29-Aug-14

588

-0.03

-0.93

0.86

20

30-Aug-14

593.9

0.05

-0.85

0.73

AVG

0.90
3.77

VARIANCE

1.94

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ICICI BANK FOR

(SEP-2014) Table no-6

S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^2

1-Sep-14

609.6

0.16

-0.93

0.87

4-Sep-14

622.75

6.23

5.14

26.39

5-Sep-14

613.15

6.13

5.04

25.41

6-Sep-14

610.45

6.10

5.01

25.14

7-Sep-14

620

0.10

-0.99

0.97

7-Sep-14

607.1

-0.16

-1.25

1.56

11-Sep-14

596.75

-0.16

-1.25

1.57

12-Sep-14

604.75

-0.14

-1.15

1.32

13-Sep-14

631.75

0.12

-0.97

0.95

10

14-Sep-14

650.35

0.43

-0.66

0.43

11

18-Sep-14

643.65

0.47

-0.62

0.39

12

19-Sep-14

646.75

0.42

-0.67

0.45

13

20-Sep-14

651.2

0.19

-0.90

0.80

14

21-Sep-14

663.4

0.13

-0.96

0.92

15

22-Sep-14

654.9

0.11

-0.98

0.96

16

25-Sep-14

658.65

0.12

-0.97

0.94

17

26-Sep-14

678.25

0.27

-0.82

0.67

18

27-Sep-14

688.25

0.25

-0.84

0.71

19

28-Sep-14

708.8

0.54

-0.55

0.30

20

29-Sep-14

699.6

0.41

-0.68

0.46

AVG

1.09

4.63

VARIANCE

2.15

SD

MONTHLY AVERAGE RETURNS, VARIANCE AND STANDARD DEVIATION

OF ICICI BANK (APR2014-SEP2014)
MONTH

RETURN

VARIANCE

SD

APRIL

-0.07

4.07

2.02

MAY

-0.62

17.60

4.2

JUN

0.71

4.25

2.14

JUL

0.84

2.98

1.73

AUG

0.9

3.77

1.94

SEP

1.09

4.63

2.15

RETURN

VARIANCE

STANDERD DIVIATION

During april 2014-september2014return on ICICI stock varies between -0.62 to 1.09 and
the risk for the same period varies between 1.73 to 4.2 the highest volatility was found in
the month of may 14,where the return is low and the risk is high in the study period.The
reason for this may be investors expectations towards the financial performance of the
company.investors may be expecting lesser profits

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC BANK FOR

(APR-2014) Table no-1

RETURN(X)

(X-AVG)

(X-AVG)2

1,340.00

0.37

0.45

0.21

4-Apr-14

1,348.10

0.60

0.68

0.47

5-Apr-14

1,351.70

0.27

0.35

0.12

7-Apr-14

1,335.80

-1.18

-1.10

1.21

8-Apr-14

1,335.80

0.00

0.08

0.01

10-Apr-14

1,329.55

-0.47

-0.39

0.15

12-Apr-14

1,286.35

-3.25

-3.17

10.05

13-Apr-14

1,258.00

-2.20

-2.13

4.52

17-Apr-14

1,273.60

1.24

1.32

1.74

10

18-Apr-14

1,282.15

0.67

0.75

0.56

11

19-Apr-14

1,299.05

1.32

1.40

1.95

12

20-Apr-14

1,275.45

-1.82

-1.74

3.02

13

21-Apr-14

1,272.65

-0.22

-0.14

0.02

14

24-Apr-14

1,261.55

-0.87

-0.79

0.63

15

25-Apr-14

1,254.55

-0.55

-0.48

0.23

16

26-Apr-14

1,296.45

3.34

3.42

11.68

17

27-Apr-14

1,296.45

0.00

0.08

0.01

18

28-Apr-14

1,299.65

0.25

0.33

0.11

19

29-Apr-14

1,311.75

0.93

1.01

1.02

20

30-Apr-14

1,311.75

0.00

0.08

0.01

SNO

Date

Close

30-Mar-14

1,335.00

3-Apr-14

AVG

-0.08
1.88

VARIENCE

1.37

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC BANK FOR

(MAY-2014) Table no-2

Date

Close

RETURN(X)

(X-AVG)

(X-AVG)2

2-May-14

1,308.00

-0.29

0.21

0.05

3-May-14

1,298.25

-0.75

-0.25

0.14

4-May-14

1,293.30

-0.38

0.12

0.01

5-May-14

1,287.15

-0.48

0.02

0.00

8-May-14

1,340.95

4.18

4.68

21.89

9-May-14

1,355.00

1.05

1.55

2.39

10-May-14

1,362.80

0.58

1.07

1.16

11-May-14

1,390.70

2.05

2.55

6.48

12-May-14

1,380.75

-0.72

-0.22

0.05

10

16-May-14

1,343.35

-2.71

-2.21

4.88

11

17-May-14

1,354.35

0.82

1.32

1.74

12

18-May-14

1,292.30

-4.58

-4.08

16.67

13

19-May-14

1,255.30

-2.86

-2.36

5.59

14

22-May-14

1,210.35

-3.58

-3.08

9.50

15

23-May-14

1,246.55

2.99

3.49

12.18

16

24-May-14

1,174.65

-5.77

-5.27

27.76

17

25-May-14

1,153.30

-1.82

-1.32

1.74

18

26-May-14

1,176.00

1.97

2.47

6.09

19

29-May-14

1,203.40

2.33

2.83

8.00

20

30-May-14

1,179.10

-2.02

-1.52

2.31

SNO

AVG

-0.50
6.43

VARIENCE

2.54

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC BANK FOR

(JUN-2014) Table no-3
SNO

Date

Close

RETURN(X)

(X-AVG)

(X-AVG)2

1-Jun-14

1,105.15

-6.27

-6.25

39.03

2-Jun-14

1,178.50

6.64

6.66

44.38

6-Jun-14

1,163.45

-1.28

-1.25

1.57

8-Jun-14

1,109.65

-4.62

-4.60

21.16

9-Jun-14

1,207.75

8.84

8.87

78.59

12-Jun-14

1,117.30

-7.49

-7.46

55.72

13-Jun-14

1,016.70

-9.00

-8.98

80.63

14-Jun-14

998.05

-1.83

-1.81

3.28

15-Jun-14

1,059.75

6.18

6.21

38.52

10

16-Jun-14

1,044.45

-1.44

-1.42

2.01

11

19-Jun-14

1,053.15

0.83

0.86

0.74

12

20-Jun-14

1,013.95

-3.72

-3.70

13.67

13

21-Jun-14

1,020.30

0.63

0.65

0.42

14

22-Jun-14

1,123.70

10.13

10.16

103.20

15

23-Jun-14

1,105.45

-1.62

-1.60

2.56

16

26-Jun-14

1,043.20

-5.63

-5.61

31.43

17

27-Jun-14

1,089.05

4.40

4.42

19.53

18

28-Jun-14

1,051.85

-3.42

-3.39

11.50

19

29-Jun-14

1,087.45

3.38

3.41

11.62

20

30-Jun-14

1,139.80

4.81

4.84

23.41

AVG

-0.02
29.15

VARIENCE

5.40

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC BANK FOR

(JUL-2014) Table no-4

SNO

Date

Close

RETURN(X)

(X-AVG)

(X-AVG)2

3-Jul-14

1,131.55

-0.72

-0.70

0.49

4-Jul-14

1,160.55

2.56

2.36

5.55

5-Jul-14

1,214.95

4.69

4.48

20.07

6-Jul-14

1,221.10

0.51

0.30

0.09

7-Jul-14

1,166.50

-4.47

-4.68

21.89

10-Jul-14

1,198.85

2.77

2.57

6.58

11-Jul-14

1,199.60

0.14

-0.15

0.02

12-Jul-14

1,204.15

0.38

0.17

0.03

13-Jul-14

1,164.85

-3.26

-3.47

12.05

10

14-Jul-14

1,143.20

-1.86

-2.07

4.27

11

17-Jul-14

1,081.30

-5.41

-5.62

31.61

12

18-Jul-14

1,144.15

-1.59

-1.79

3.22

13

19-Jul-14

1,143.25

-0.08

-0.29

0.09

14

20-Jul-14

1,080.25

1.60

1.39

1.94

15

21-Jul-14

1,071.35

-0.82

-1.03

1.14

16

24-Jul-14

1,077.40

0.56

0.36

0.13

17

25-Jul-14

1,097.15

1.83

1.63

2.64

18

27-Jul-14

1,191.30

8.58

8.37

70.12

19

28-Jul-14

1,185.25

-0.51

-0.72

0.51

20

31-Jul-14

1,177.40

-0.66

-0.87

0.76

AVG

0.21
9.16

VARIENCE

3.03

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC BANK FOR

(AUG-2014) Table no-5

SNO

Date

Close

RETURN(X)

(X-AVG)

(X-AVG)2

1-Aug-14

1,194.15

1.42

0.28

0.08

2-Aug-14

1,191.60

-0.21

-1.36

1.84

3-Aug-14

1,225.35

2.83

1.69

2.86

4-Aug-14

1,242.10

1.37

0.22

0.05

5-Aug-14

1,242.10

0.00

-1.14

1.30

7-Aug-14

1,235.30

-0.55

-1.69

2.86

8-Aug-14

1,246.05

0.87

-0.27

0.07

9-Aug-14

1,240.15

-0.47

-1.62

2.61

10-Aug-14

1,274.05

2.73

1.59

2.53

10

11-Aug-14

1,267.45

-0.52

-1.66

2.76

11

14-Aug-14

1,301.65

2.70

1.56

2.42

12

15-Aug-14

1,301.65

0.00

-1.14

1.30

13

16-Aug-14

1,285.70

-1.23

-2.37

5.61

14

17-Aug-14

1,294.50

0.68

-0.46

0.21

15

18-Aug-14

1,314.05

0.89

-0.25

0.14

16

21-Aug-14

1,291.30

-1.13

-2.27

5.16

17

22-Aug-14

1,324.35

2.56

1.42

2.01

18

23-Aug-14

1,278.40

-3.47

-4.61

21.27

19

25-Aug-14

1,291.30

1.01

-0.13

0.02

20

28-Aug-14

1,314.05

1.14

0.00

0.00

AVG

0.53

2.90

VARIENCE

1.70

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC BANK FOR

(SEP-2014) Table no-6

SNO

Date

Close

RETURN(X)

(X-AVG)

(X-AVG)2

1-Sep-14

1,320.00

1.07

-0.07

0.01

4-Sep-14

1,319.65

-0.03

-1.17

1.37

5-Sep-14

1,324.55

0.37

-0.77

0.59

6-Sep-14

1,316.40

-0.62

-1.76

3.09

7-Sep-14

1,355.20

2.95

1.81

3.26

8-Sep-14

1,339.00

-1.20

-2.34

5.46

11-Sep-14

1,335.70

-0.25

-1.39

1.93

12-Sep-14

1,329.80

-0.44

-1.58

2.51

13-Sep-14

1,353.00

1.74

0.60

0.36

10

14-Sep-14

1,335.30

-1.31

-2.45

6.00

11

18-Sep-14

1,376.90

3.12

1.97

3.89

12

19-Sep-14

1,348.10

-2.09

-3.23

10.46

13

20-Sep-14

1,373.90

1.91

0.77

0.60

14

21-Sep-14

1,405.85

2.33

1.18

1.40

15

22-Sep-14

1,408.80

0.21

-0.93

0.87

16

25-Sep-14

1,397.10

-0.83

-1.97

3.89

17

26-Sep-14

1,418.50

1.53

0.39

0.15

18

27-Sep-14

1,447.65

2.05

0.91

0.83

19

28-Sep-14

1,498.40

3.51

2.36

5.59

20

29-Sep-14

1,533.15

2.32

1.18

1.39

AVG

0.82

2.75

VARIENCE

1.66

SD

MONTHLY AVERAGE RETURNS, VARIANCE AND STANDARD DEVIATION

OF HDFC BANK (APR2014-SEP2014)
MONTH

RETURN(X)

VARIANCE

SD

APR

-0.08

1.88

1.37

MAY

-0.5

6.43

2.54

JUN

-0.02

29.15

5.4

JUL

0.21

90.16

3.03

AUG

0.53

2.90

1.7

SEP

0.82

2.75

1.66

RETURN

VARIANCE

STANDARD DEVIATION

During april 2014-september2014return on ICICI stock varies between -0.02 to0.82 and
the risk for the same period varies 1.7 to 5.4 between the highest volatility was found in
the month of June 14,where the return is low and the risk is high in the study period. The
reason for this may be investors expectations towards the financial performance of the
company.investors may be expecting lesser profits

RETURNS, VARIANCE AND STANDARD DEVIATION OF ING VYSYA BANK

FOR (APR-2014) Table no-1

S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^

30-Mar-14

143

3-Apr-14

144.8

1.26

1.27

1.61

4-Apr-14

151.35

4.52

4.53

20.55

5-Apr-14

151.65

0.20

0.21

0.04

7-Apr-14

150.45

-0.79

-0.78

0.61

8-Apr-14

150

-0.30

-0.29

0.08

10-Apr-14

147.8

-1.47

-1.46

2.12

12-Apr-14

147.8

0.00

0.01

0.00

13-Apr-14

146.15

-1.12

-1.11

1.22

17-Apr-14

146.5

0.24

0.25

0.14

10

18-Apr-14

146

-0.34

-0.33

0.11

11

19-Apr-14

147

0.68

0.70

0.48

12

20-Apr-14

143.55

-2.35

-2.34

5.46

13

21-Apr-14

146

1.71

1.72

2.95

14

24-Apr-14

144.2

-1.23

-1.22

1.49

15

25-Apr-14

140.05

-2.88

-2.87

8.22

16

26-Apr-14

140.15

0.07

0.08

0.01

17

27-Apr-14

140.15

0.00

0.01

0.00

18

28-Apr-14

137.4

-1.96

-1.95

3.81

19

29-Apr-14

142.65

3.82

3.83

14.68

20

30-Apr-14

142.26

-0.27

-0.26

0.07

AVG

-0.01
3.26

VARIANCE

1.81

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ING VYSYA BANK

FOR (MAY-2014) Table no-2

s.no

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^

2-May-14

140.45

-1.29

-0.15

0.02

3-May-14

141.55

0.78

1.93

3.71

4-May-14

145

2.44

3.58

12.82

5-May-14

141.9

-2.14

-0.99

0.99

8-May-14

143.25

0.95

2.10

4.39

10-May-14

144.15

0.63

1.77

3.14

11-May-14

142.15

-1.39

-0.24

0.14

12-May-14

140

-1.51

-0.37

0.14

15-May-14

138.1

-1.36

-0.21

0.05

10

16-May-14

138.55

0.33

1.47

2.16

11

17-May-14

139.25

0.51

1.65

2.72

12

18-May-14

137.55

-1.22

-0.08

0.01

13

19-May-14

132.7

-3.53

-2.38

5.68

14

22-May-14

119.75

-9.76

-8.62

74.22

15

23-May-14

121.85

1.75

2.90

8.39

16

24-May-14

116.4

-4.47

-3.33

11.08

17

26-May-14

114.5

-1.63

-0.49

0.24

18

29-May-14

116.85

2.05

3.20

10.21

19

30-May-14

115.2

-1.41

-0.27

0.07

20

31-May-14

112.2

-2.60

-1.46

2.13

AVG

-1.14
7.48

VARIANCE

RETURNS, VARIANCE AND STANDARD DEVIATION OF ING VYSYA BANK

FOR (JUN-2014) Table no-3

s.no

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^

1-Jun-14

110.6

-1.45

-0.30

0.09

2-Jun-14

105.55

-4.57

-3.42

11.71

5-Jun-14

107.35

1.71

2.85

8.12

6-Jun-14

101.6

-5.36

-4.21

17.75

7-Jun-14

95.85

-15.39

-14.24

202.92

8-Jun-14

90.4

-16.76

-15.62

243.83

9-Jun-14

93.65

-14.63

-13.49

181.85

12-Jun-14

89.7

-13.27

-12.12

146.96

14-Jun-14

88.3

-8.55

-7.41

54.86

10

15-Jun-14

89.75

-0.72

0.42

0.18

11

16-Jun-14

95.4

1.83

2.98

8.87

12

19-Jun-14

92.15

2.66

3.80

14.46

13

21-Jun-14

96.4

8.40

9.55

91.13

14

22-Jun-14

101.8

11.84

12.98

168.50

15

25-Jun-14

102

6.47

7.61

57.98

16

26-Jun-14

96.9

4.90

6.05

36.55

17

27-Jun-14

94.35

-2.17

-1.03

1.14

18

28-Jun-14

93.35

-9.05

-7.91

62.54

19

29-Jun-14

92.75

-9.97

-8.83

77.96

20

30-Jun-14

93.4

-3.75

-2.60

6.78

AVG

-3.39
73.37

VARIANCE

8.57

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ING VYSYA BANK

FOR (JUL-2014) Table no-4

s.no

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^

3-Jul-14

94.9

1.58

-3.59

12.86

4-Jul-14

93.5

-1.48

-6.64

44.12

5-Jul-14

96

2.67

-2.49

6.22

6-Jul-14

96.3

0.31

-4.85

23.56

7-Jul-14

94.35

-0.58

-5.75

33.14

10-Jul-14

93.95

0.48

-4.69

21.98

11-Jul-14

96.15

0.16

-5.01

25.11

12-Jul-14

97.15

0.87

-4.29

18.40

13-Jul-14

100.4

6.03

0.86

0.74

10

14-Jul-14

102.55

8.39

3.22

10.36

11

17-Jul-14

101.6

5.36

0.20

0.04

12

18-Jul-14

102.1

4.85

-0.32

0.10

14

20-Jul-14

104.8

4.20

-0.97

0.94

15

21-Jul-14

103.1

0.53

-4.63

21.47

16

24-Jul-14

116.35

12.68

7.51

56.41

17

25-Jul-14

121.3

15.83

10.66

113.67

18

26-Jul-14

117.8

11.04

5.87

34.44

19

27-Jul-14

120

14.08

8.92

79.50

20

28-Jul-14

129.65

10.26

5.09

25.92

21

31-Jul-14

129.15

6.08

0.91

0.83

AVG

5.17
27.20

VARIANCE

5.22

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ING VYSYA BANK

FOR (AUG-2014) Table no-5

s.no

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^

1-Aug-14

125.25

-3.11

-4.05

16.39

2-Aug-14

123.75

-1.20

-2.13

4.54

3-Aug-14

125.6

1.49

0.56

0.31

4-Aug-14

123.75

-1.47

-2.41

5.79

7-Aug-14

121.75

-2.87

-3.81

14.51

8-Aug-14

129.7

4.59

3.65

13.35

9-Aug-14

128.05

1.91

0.98

0.96

10-Aug-14

128.85

3.96

3.02

9.14

11-Aug-14

129.7

6.13

5.20

26.99

10

14-Aug-14

144.1

9.99

9.14

82.14

11

16-Aug-14

137.05

6.57

5.63

31.73

12

17-Aug-14

135.3

4.77

3.83

14.69

13

18-Aug-14

132.4

2.04

1.10

1.22

14

21-Aug-14

132.65

-8.63

-9.57

91.51

15

22-Aug-14

130.7

-4.86

-5.79

33.56

16

23-Aug-14

127.7

-5.95

-6.89

47.41

17

24-Aug-14

127.7

-3.68

-4.61

21.30

18

25-Aug-14

132.65

0.00

-0.93

0.87

19

27-Aug-14

135.3

3.40

2.47

6.08

20

26-Aug-14

135.3

5.62

4.68

21.93

AVG

0.93
22.52

VARIANCE

4.75

SD

RETURNS, VARIANCE AND STANDARD DEVIATION OF ING VYSYA BANK

FOR (SEP-2014) Table no-6

S.NO

DATE

CLOSE

RETURN(X)

(X-AVG)

(X-AVG)^

1-Sep-14

141.25

4.21

4.57

20.91

4-Sep-14

141.2

-0.04

0.33

0.11

5-Sep-14

138.95

-1.59

-1.23

1.52

6-Sep-14

139.1

0.11

0.47

0.22

7-Sep-14

137.25

-2.91

-2.55

6.52

8-Sep-14

137

-3.07

-2.70

7.32

11-Sep-14

132.25

-5.07

-4.71

22.14

12-Sep-14

135.1

-2.96

-2.60

6.76

13-Sep-14

137.45

0.15

0.51

0.26

10

14-Sep-14

139.5

1.79

2.15

4.63

11

15-Sep-14

137.8

4.03

4.39

19.26

12

18-Sep-14

138.45

2.42

2.78

7.73

13

19-Sep-14

135.55

-1.40

-1.04

1.08

14

20-Sep-14

136.7

-2.05

-1.69

2.85

15

21-Sep-14

133.15

-3.49

-3.13

9.81

16

22-Sep-14

132.35

-4.61

-4.25

18.05

17

25-Sep-14

130.9

-3.55

-3.19

10.19

18

26-Sep-14

137.95

0.91

1.27

1.60

19

27-Sep-14

140.35

5.13

5.49

30.15

21

29-Sep-14

139

4.78

5.14

26.47

AVG

-0.36
9.30

VARIANCE

3.05

SD

MONTHLY AVERAGE RETURNS, VARIANCE AND STANDARD DEVIATION

OF ING VYSYA BANK (APR2014-SEP2014)

MONTH

RETURN

VARIANCE

SD

APR

-0.01

3.26

1.81

MAY

-1.14

7.48

2.74

JUN

-3.39

73.37

8.57

JUL

5.17

27.2

5.22

AUG

0.93

22.52

4.75

SEP

-0.36

9.3

3.05

RETURN

VARIANCE

STANDERD DEVIATION

During april 2014-september2014return on ICICI stock varies between -3.39 to 5.17 and
the risk for the same period varies between 1.81 to 8.75 the highest volatility was found
in the month of June 14,where the return is low and the risk is high in the study period.
The reason for this may be investors expectations towards the financial performance of
the company.investors may be expecting lesser profits

KARL PEARSONS COEFFICIENT OF CORRELATION BETWEEN HDFC

BANK AND ICICI BANK (APR2014-SEP2014)

MONTH/YEAR

HDFC
RETURN(X)

Apr-14

-0.08

May-14

ICICI
RETURN(Y)

x=(X-AVG1)

y=(Y-AVG2)

(x)2

(y)2

X*y

-0.07

-0.24

-0.55

0.14

0.30

0.13

-0.5

-0.62

-0.66

-1.10

0.44

1.20

0.72

Jun-14

-0.02

0.71

-0.18

0.24

0.03

0.14

-0.04

Jul-14

0.21

0.84

0.05

0.37

0.00

0.13

0.02

Aug-14

0.53

0.90

0.37

0.43

0.14

0.18

0.16

Sep-14

0.82

1.09

0.66

0.62

0.44

0.38

0.41

AVG1

0.16

AVG2

0.48

KARL PEARSONS COEFFICIENT OF CORRELATION

sum x

sum y

sum (x)2

sum (y)2

sum x*y

1.1014

2.24335

1.3926

Karl parsons coefficient of correlation (r) =0.89

Above table and chart depict that, correlation between HDFC BANK and ICICI
BANK .Here HDFC BANK and ICICI BANK can move in same track. The correlation
between HDFC BANK and ICICI BANK exit positive correlation 0.89. The returns of
HDFC BANK can volatile between- 0.08 and 0.82and .the returns of ICICI BANK can
volatile between -0.62 and 1.09.so we can conclude that, 89% of the times the price
movements of HDFC BANK and ICICI BANK are in the same direction.

KARL PEARSONS COEFFICIENT OF CORRELATION BETWEEN ICICI

BANK AND ING VYSYA (APR2014-SEP2014)

MONTH/YEAR

ICICI
RETURN(X)

ING
RETURN(Y)

Apr-14

-0.07

May-14

x=(X-AVG1)

y=(YAVG2)

(x)2

(y)2

x*y

-0.01

-0.55

-0.33

0.30

0.11

0.18

-0.62

-1.14

-1.10

-1.46

1.20

2.13

1.60

Jun-14

0.71

-3.39

0.24

-3.71

0.14

13.76

-0.87

Jul-14

0.84

5.17

0.37

4.85

0.13

23.52

1.77

Aug-14

0.90

0.93

0.43

0.61

0.18

0.37

0.26

Sep-14

1.09

0.36

0.62

0.04

0.38

0.00

0.02

AVG2

0.48

AVG2

VYSYA

0.32

KARL PEARSONS COEFFICIENT OF CORRELATION

sum x

sum y

sum (x)2

sum (y)2

sum x*y

0.00

0.00

2.24

39.90

2.96

karl pearsons coefficient of correlation (r) =0.31

Above table and chart depict that, correlation between ICICI BANK AND ING VYSYA
BANK .Here ICICI BANK AND ING VYSYA can move in same track. The correlation
between ICICI BANK AND ING VYSYA BANK exit positive correlation 0.31 The
returns of ICICI BANK can volatile between- 0.62 and 1.09 and .the returns of ING
YVSYA BANK can volatile between -3.39 and 5.17.so we can conclude that, 31% of the
times the price movements of ICICI BANK AND ING VYSYA are in the same direction.

KARL PEARSONS COEFFICIENT OF CORRELATION BETWEEN HDFC

BANK AND ING VYSYA (APR2014-SEP2014)
MONTH/YEA
R

HDFC
RETURN(X)

ING
VYSYA
RETURN(Y)

x=(X-AVG1)

y=(YAVG2)

(x)2

(y)2

x*y

Apr-14

-0.08

-0.01

-0.24

-0.21

0.14

0.04

0.00

May-14

-0.5

-1.14

-0.66

-1.34

0.44

1.80

0.78

Jun-14

-0.02

-3.39

-0.18

-3.59

0.03

12.89

0.42

Jul-14

0.21

5.17

0.05

4.97

0.00

24.70

0.14

Aug-14

0.53

0.93

0.37

0.73

0.14

0.53

0.07

Sep-14

0.82

-0.36

0.66

-0.56

0.44

0.31

0.14

AVG1

0.16

AVG2

0.20

KARL PEARSONS COEFFICIENT OF CORRELATION

sum x

sum y

sum (x)2

sum (y)2

sum x*y

-8.88178E-16

1.1014

40.2752

1.47358838

karl pearsons coefficient of correlation (r) =0.259

Above table and chart depict that, correlation between ICICI BANK AND ING VYSYA
BANK .Here ICICI BANK AND ING VYSYA can move in same track. The correlation
between ICICI BANK AND ING VYSYA BANK exit positive correlation 0.31 the
returns of ICICI BANK can volatile between- 0.62 and 1.09 and .the returns of ING
YVSYA BANK can volatile between -3.39 and 5.17.so we can conclude that, 31% of the
times the price movements of ICICI BANK AND ING VYSYA are in the same direction.

LIMITATIONS
1. The number of scrips considered is only three ICICI BANK, HDFC
BANK, ING VYSYA BANK
2. The time period taken for doing the data analysis has taken from
(april2014- september2014)
3. The data for doing this project has been collected from internet, company
websites, books where there can be some hitches

CONCLUSION
1. During the year Apr2014-Sep2014 the price of HDFC BANK and ICICI
BANK has increased. In the mean while the price of ING VYSYA BANK
has been decreased.
2. The returns of HDFC BANK and ICICI BANK are very high when
compare with ING VYSYA BANK.
3. During the year Apr2014-Sep2014 the risk levels of HDFC BANK and
ICICI BANK are low.
4. During the year Apr2014-Sep2014 the risk level of ING VYSYA BANK is
very high.
5.

During the year Apr2014-Sep2014 the correlation between HDFC BANK

and ICICI BANK has positive correlation 0.89.

6. During the year Apr2014-Sep2014 the correlation between HDFC BANK

and ING VYSYA BANK has positive correlation 0.259
7.

During the year Apr2014-Sep2014 the correlation between ICICI BANK

and ING VYSYA BANK has positive correlation 0.31

3. COEFFICIENT OF DETERMINATION (r2): This gives the percentage variation in

the dependent variable that is accounted by the independent variable i.e. it gives the ratio
of explained variance to the total variance.
4. COEFFICIENT OF NON DETERMINATION (1-r2): This gives the
extent to which a variable is dependable.
5. KARL PEARSONS COEFFICIENT OF CORRELATION:
a. For Actual Mean
sum x*y
R=

________________________
Sqrt (sum x**2) * sqrt (sum y**2)
x = X-Avg (Avg1 = Average of first series)
y = Y-Avg (Avg2 = Average of second series)

b. For Assumed Mean

R=

N*Sum u*v Sum u * Sum v

___________________________
(Sqrt ((N * Sum u2 u**2)) * (sqrt ((N * Sum v2 v**2))

u= X-A1
v= Y-A2

(A1 = Assumed mean for X-Series)

(A2 = Assumed mean for Y-Series)

6. RETURN: It refers to the benefits from an investment. It is considered as percentage.

It is of four types:

 Single Period Return

Multi Period Return
Ex-Period Return
Ex-Ante Return
7. RISK: It refers to the variability in returns from a security. The most common measure
of risk of a security is the standard deviation and variance of returns.

Standard deviation of returns measures the extent of deviation of

returns from the
average value of returns.

Variance is referred as the square of standard deviation.

Risk is of two types:

Systematic risk
Unsystematic risk
8. SENSEX: Sensex is sensitive index. An index is a number used to represent the
changes in a set of values between a base and another time period.
OBJECTIVES OF SENSEX:
1. To measure market movements.
2. Benchmark for funds performance.
FORMS OF SENSEX:
BSE,NSE,S&P 100,BL,ET-500,ChSE,HSE,CSE,BaSE
BSE consist of: BSE-30,BSE-100,BSE-TECK,BSE IT,BSEPSU,BANKEX

BIBILIOGRAPHY

1. Security Analysis and Portfolio Management

Donald.E.Fischer and Rinald.J.Jorden

2. Fundamentals of statistics-S.C.Gupta
3. www.nseindia.com
4. www.icicidirect.com 5. www.hdfc.com
6. www.ing vysya.com
7. www.icicibank.com