Table of Contents

CHAPTER 1

DESCRIPTION INTRODUCTION STATEMENT OF THE PROBLEM REVIEW OF LITERATURE OBJECTIVE OF THE STUDY RESEARCH METHODOLOGY STATISTICAL TOOLS LIMITATIONS

PAGE NO.

2 3

INDUSTRY PROFILE COMPANY PROFILE

DATA ANALYSIS AND INTERPRETATION

FINDINGS, SUGGESTIONS AND CONCLUSION

BIBLIOGRAPHY

CHAPTER 1 INTRODUCTION

1.1 INTRODUCTION :
Equity Research is a part of Business Exchange. Equity research gives insight into companies to help investors make educated stock picks. Securities research is a discipline within the financial services industry. Securities research professionals are known most generally as "analysts," "research analysts," or "securities analysts;" all the foregoing terms are synonymous. Securities analysts are commonly divided between the two basic kinds of securities: equity analysts (researching stocks and their issuers) and fixed income analysts (researching bond issuers). However, there are some analysts who cover all of the securities of a particular issuer, stocks and bonds alike. Research analysts produce reports and typically issue a recommendation: buy ("overweight"), hold, or sell ("underweight"). These reports can be accessed from a number of sources, and brokerages will often offer the reports free to their customers. Equity research analysts analyze companies in order to find possible investments. Sell-side equity research is when these analysts provide their research to clients. Buy-side equity research is when the analysts do their own research to invest their firm's money. Equity research is the publication by analysts of reports, notes, and emails that offer an investment recommendation on the quoted stock of a company (typically buy, sell, or hold). The recommendation is supported by an investment case, financial forecasts, and a valuation. Reports vary enormously, from short updates of a page or less to substantial documents that analyze whole industries and companies in great detail. Equity research is also done privately by some buy-side institutional investors and hedge funds, but this is not published externally. NRI services are crucial features of the services of any investment aid company. These services ensure that investors can have balanced portfolios, which have a substantial amount of low risk and stable income instruments. On the other hand, they can also have equities, which are volatile income instruments. Equity research is quite crucial for investors so that they are able to make important decisions regarding investment. They can also maximize the return on their investments so that they can gain income quite easily. It's quite important that investors gain access to such equity research reports. It's important that investors don't put money in investment opportunities which don't have any futuristic value. Professionals who have great knowledge of various investment sectors and can provide with an impartial view of the market prepare these reports. These reports take so many factors into consideration, which include both the demand and supply factors and condition of the economy. Sometimes, some company fundamentals don't make it apt for investment. So, the prospective investors get a detailed idea whether the products of a company will have a future demand.

The analysts of such reports also meet the professional managers of the company to gain an insight into what the company plans to become in the long run. Any idea of the company's strategy, can aid experts in preparing detailed sector income reports. So, when any ordinary investor gets hold of the earnings previews of any company, he can get a better idea of the investment decision. When the investors have hold of company reports they can't take any wrong investment decision. Equity research provided by investment banks, broker dealers, and independent researchers has an important influence on share prices. Research analysts are a very important constituency for the managers of quoted companies. Many major investment banks were accused of publishing biased research during the 1990s stock market boom to win higher-margin corporate finance business. Some of the list of Equity Research firms in India:

1. Almondz 2. Emkay Research 3. India Infoline 4. PINC Research 5. Motilal Oswal 6. Prabhudas Liladhar 7. Citigroup India 8. DSP Merrill Lynch 9. JP Morgan Equity 10. CLSA 11. Morgan Stanley 12. IL&FS Investsmart 13. Religare, Religare Securities and Religare Online 14. HDFC Securities 15. SSKI 16. ENAM Edelweiss Research 17. ICICI Securities 18. Pranav Securities 19. Sharekhan 20. KJMC 21. Karvy 22. Deutsche Bank 23. Prime Broking 24. Goldman Sachs 25. P-Securities 26. Angel Broking, Angel Trading

27. SSKI 28. Ambit Capital 29. Finquest Securities 30. UBS Investment 31. IDBI Capital 32. Macquarie Research 33. Asit C. Mehta Research 34. Bajaj Capital 35. Kotak Securities 36. Dolat Capital 37. UTI Securities 38. IL&FS Investsmart 39. Enam Securities 40. ABN Amro 41. ASK Securities 42. Networth 43. Khandwala Securities 44. ASK Raymond James 45. HSBC 46. Anand Rathi 47. Ventura Securities 48. Niche Research 49. Antique Stock Broking 50. Asian Market Securities 51. Man Financial 52. KR Choksey Research 53. Indiabulls Research 54. SPA Research 55. SKP Securities 56. Keynote Capitals 57. Brics Securities 1.2 STATEMENT OF THE PROBLEM Stock specific investment recommendations made by various stock brokers in India help to identify which companys share is better and investors can select the best share. Therefore, it helps the investor in future planning and takes decisions. So the study is conducted to find out whether the recommendations made by various stock brokers are true.

1.3 REVIEW OF LITERATURE

Valuation multiples are the quickest way to value a company, and are useful in comparing similar companies (comparable company analysis). They attempt to capture many of a firm's operating and financial characteristics (e.g. expected growth) in a single number that can be multiplied by some financial metric (e.g. EBITDA) to yield an enterprise or equity value. Multiples are expressed as a ratio of capital investment to a financial metric attributable to providers of that capital. Stocks have two types of valuations. One is a value created using some type of cash flow, sales or fundamental earnings analysis. The other value is dictated by how much an investor is willing to pay for a particular share of stock and by how much other investors are willing to sell a stock (in other words, by supply and demand). Both of these values change over time as investors change the way they analyze stocks and as they become more or less confident in the future of stocks. First, the fundamental valuation. This is the valuation that people use to justify stock prices. The most common example of this type of valuation methodology is P/E ratio, which stands for Price to Earnings Ratio. This form of valuation is based on historic ratios and statistics and aims to assign value to a stock based on measurable attributes. This form of valuation is typically what drives long-term stock prices. The other way stocks are valued is based on supply and demand. The more people that want to buy the stock, the higher its price will be. And conversely, the more people that want to sell the stock, the lower the price will be. This form of valuation is very hard to understand or predict, and is often drives the short-term stock market trends. In short, there are many different ways to value stocks. Here are the basic valuation techniques: Earnings per Share (EPS): EPS is the total net income of the company divided by the number of shares outstanding. It sounds simple but unfortunately it gets quite a bit more complicated. Companies usually report many EPS numbers. They usually have a GAAP EPS number (which means that it is computed using all of mutually agreed upon accounting rules) and a Pro Forma EPS figure (which means that they have adjusted the income to exclude any one time items as well as some non-cash items like amortization of goodwill or stock option expenses). The most important thing to look for in the EPS figure is the overall quality of earnings. Price to Earnings (P/E): The most common valuation technique used by analysts, the price to earnings ratio, or P/E. To compute this figure, take the stock price and divide it by the annual EPS figure. For example, if the stock is trading at $10 and the EPS is $0.50, the P/E is 20 times. . Historical P/Es are computed by taking the current price divided by the sum of the EPS for the last four quarters, or for the previous year.

Forward P/Es are probably the single most important valuation method because they reflect the future growth of the company into the figure. And remember, all stocks are priced based on their future earnings, not on their past earnings. However, past earnings are sometimes a good indicator for future earnings. Forward P/Es are computed by taking the current stock price divided by the sum of the EPS estimates for the next four quarters, or for the EPS estimate for next calendar of fiscal year or two. Also, it is important to remember that P/Es change constantly. If there is a large price change in a stock you are watching, or if the earnings (EPS) estimates change, be sure to recompute the ratio. Growth Rate. Valuations rely very heavily on the expected growth rate of a company. However, companies are constantly changing, as well as the economy, so don't rely on historical growth rates to predict the future, but instead use them as a guideline for what future growth could look like if similar circumstances are encountered by the company. To calculate the future growth rate, you'll need to do your own investment research. The easiest way to arrive at this forecast is to listen to the company's quarterly conference call, or if it has already happened, then read a press release or other company article that discusses the company's growth guidance. Company's are in the best position to forecast their own growth, they are not very accurate, and things change rapidly in the economy and in their industry. So before you forecast a growth rate, try to take all of these factors into account. PEG Ratio. This valuation technique has really become popular over the past decade or so. It is better than just looking at a P/E because it takes three factors into account; the price, earnings, and earnings growth rates. To compute the PEG ratio (Price Earnings to Growth ratio) divide the Forward P/E by the expected earnings growth rate. This will yield a ratio that is usually expressed as a percentage. The theory goes that as the percentage rises over 100% the stock becomes more and more overvalued, and as the PEG ratio falls below 100% the stock becomes more and more undervalued. The theory is based on a belief that P/E ratios should approximate the long-term growth rate of a company's earnings. Return on Invested Capital (ROIC). This valuation technique measures how much money the company makes each year per dollar of invested capital. Invested Capital is the amount of money invested in the company by both stockholders and debtors. The ratio is expressed as a percent. In its simplest definition, this ratio measures the investment return that management is able to get for its capital. The higher the number, the better the return. To compute the ratio, take the pro forma net income (same one used in the EPS figure mentioned above) and divide it by the invested capital. Invested capital can be estimated by adding together the stockholders equity, the total long and short term debt and accounts payable, and then subtracting accounts receivable and cash (all of these numbers can be found on the company's latest quarterly balance sheet). This ratio is much more useful when you compare it to other companies that you are valuing. Return on Assets (ROA). Similar to ROIC, ROA, expressed as a percent, measures the company's ability to make money from its assets. To measure the ROA, take the pro forma net

income divided by the total assets. However, because of very common irregularities in balance sheets (due to things like Goodwill, write-offs, discontinuations, etc.) this ratio is not always a good indicator of the company's potential. Price to Sales (P/S). This figure is useful because it compares the current stock price to the annual sales. In other words, it tells you how much the stock costs per dollar of sales earned. To compute it, take the current stock price divided by the annual sales per share. The annual sales per share should be calculated by taking the net sales for the last four quarters divided by the fully diluted shares outstanding (both of these figures can be found by looking at the press releases or quarterly reports). The price to sales ratio is useful, but it does not take into account any debt the company has. For example, if a company is heavily financed by debt instead of equity, then the sales per share will seem high (the P/S will be lower). All things equal, a lower P/S ratio is better. However, this ratio is best looked at when comparing more than one company. Market Capitalization. It is the value of all of the companys stock. To measures it, multiply the current stock price by the fully diluted shares outstanding. The market capitalization is only the value of the stock. . Enterprise Value (EV). Enterprise Value is equal to the total value of the company, as it is trading for on the stock market. To compute it, add the market capitalization and the total net debt of the company. The total net debt is equal to total long and short term debt plus accounts payable, minus accounts receivable, minus cash. The Enterprise Value is the best approximation of what a company is worth at any point in time because it takes into account the actual stock price instead of balance sheet prices. Enterprise Value fluctuates rapidly based on stock price changes. EV to Sales. This ratio measures the total company value as compared to its annual sales. A high ratio means that the company's value is much more than its sales. To compute it, divide the EV by the net sales for the last four quarters. This ratio is especially useful when valuing companies that do not have earnings, or that are going through unusually rough times. EBIDTA: EBIDTA stands for earnings before interest, depreciation, taxes and amortization. It is one of the best measures of a company's cash flow and is used for valuing both public and private companies. To compute EBITDA, use a companys income statement, take the net income and then add back interest, taxes, depreciation, amortization and any other non-cash or one-time charges. This leaves you with a number that approximates how much cash the company is producing. EBITDA is a very popular figure because it can easily be compared across companies, even if all of the companies are not profitable. EV to EBIDTA. This is perhaps one of the best measurements of whether or not a company is cheap or expensive. To compute, divide the EV by EBITDA. The higher the number, the more expensive the company is. However, more expensive companies are often valued higher because they are growing faster or because they are a higher quality company.

1.4 OBJECTIVE OF THE STUDY y Evaluation of stock specific investment recommendations made by various Stock Brokers in India and the success rate of such research calls.

1.5 RESEARCH METHODOLOGY Research methodology is the way to systematically solve the research problems. It may be understood as a science of studying how research is done scientifically. PRIMARY DATA Data collected by the investigator directly for the purpose of investigation is called primary data. Primary data has been collected through the formal interview with our project guide in COMEX Services Ltd. SECONDARY DATA The investigator makes use of data present in published and unpublished sources for secondary data. The secondary data was collected from y y y Research reports of different companies by various Stock brokers. Company annual reports Company website

1.6 STATISTICAL TOOLS

The data collected are analyzed using various valuation methodologies and interpreted using tables and graphs for easy and clear understanding. The tools used for analyzing data are P/E Multiplier, EV/EBIDTA and P/BV Multiplier.

1.9 LIMITATIONS OF THE STUDY

y Thousands of Research reports of various companies by different brokers are there. So

there was a limit to take the number of reports.

y Sometime it was difficult to get the research reports from smartinvestor.com website.

y It may be possible that information provided by the reports are false. So we have to
calculate it and cross check it.

y Mainly secondary data are used.

CHAPTER 2 INDUSTRY PROFILE

2.1 STOCK BROKING INDUSTRY Stock exchanges to some extent play an important role as indicators, reflecting the performance of the countrys economic state of health. Stock market is a place where securities are bought and sold. It is exposed to high degree of volatility; prices fluctuate within minutes and are determined by the demand and supply of stocks at a given time. Stock brokers are the ones who buys and sells the securities on behalf of individuals and institutions for some commission. The Securities and Exchange Board of India (SEBI) is the authorized body, which regulates the operations of stock exchanges, banks and other financial institutions. The past performances in the capital markets especially the securities scam by Hasrshad Mehta has led to tightening of the operations by SEBI. In addition the international trading and investment exposure has made it imperative to better operational efficiency. With the view to improve, discipline and bring greater transparency in this sector, constant efforts are being made and to a certain extent improvements have been made. 2.2 HISTORY OF THE STOCK BROKING INDUSTRY: Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of securities dealings in India are meager and obscure. By 1830s business on corporate stocks and shares in Bank and Cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers recognized by banks and merchants during 1840 and 1850. The 1850s witnessed a rapid development of commercial enterprise and brokerage business attracted many men into the field and by 1860 the number of brokers increased into 60. In 1860-61 American Civil War broke out and cotton supply from United States of Europe was stopped; thus the Share Mania in India begun. The number of brokers increased to about 200 to 250. However at the end of the American Civil War, in 1865, a disastrous slump began (for example, Bank of Bombay Share which had touched Rs.2850 could only be sold at Rs.87). At the end of American Civil War, the brokers who thrived out of Civil War in 1874, found a place in a street (now appropriately called as Dalal Street) where they would conveniently assemble and transact business. In 1887, they formally established in Bombay, the Native Share and Stock Brokers Association (which is alternatively known as The Stock Exchange). In 1895, the Stock Exchange acquired a premise in the same street and it was inaugurated in 1899. Thus, the Stock Exchange at Bombay was consolidated. Thus in the same way, gradually with the passage of time number of exchanges were increased and at currently it reached to the figure of 23 stock exchanges.

2.3 DEVELOPMENT: An important early event in the development of stock market in India was the formation of the Native Share and Stock Brokers Association at Bombay in 1875, the precursor of the presentday Bombay Stock Exchange. This was followed by the formation of associations/exchanges in Ahmedabad (1894), Calcutta (1908) and Madras (1937). In addition a large number of ephemeral exchanges emerged mainly in buoyant periods to recede into oblivion during depressing times subsequently. In order to check such aberrations and promote a more orderly development of the stock market, the central government introduced a legislation called the Securities Contracts (Regulation) Act, 1956. Under this legislation, it is mandatory on the part of stock exchanges to seek government recognition. As of January 2002 there were 23 stock exchanges recognized by the central government. They are located at y y y y y y y y y y y y y y y y y y y y y y y Ahmedabad Bangalore Baroda Bhubaneshwar Calcutta Chennai(the Madras Stock Exchanges) Cochin Coimbatore Delhi Guwahati Hyderbad Indore Jaipur Kanpur Ludhiana Mangalore Mumbai(the National Stock Exchange or NSE) Mumbai (the Stock Exchange),popularly called The Bombay Stock Exchange Mumbai (OTC Exchange of India) Mumbai (the Inter-connected Stock Exchange of India) Patna Pune Rajkot

Of course, the principal courses are The National Stock Exchange and The Bombay Stock Exchange, accounting for the bulk of the business done on the Indian Stock Market. While the recognized stock exchanges have been accorded a privileged position, they are subject to governmental supervision and control. The rules of a recognized stock exchanges relating to the managerial powers of the governing body, admission, suspension, expulsion and re-admission of its members, appointment of authorized representatives and clerks, so on and so forth have to be approved by the government. These rules can be amended, varied or rescinded only with the prior approval of the government. 2.4 BOMBAY STOCK EXCHANGE (BSE): The Stock Exchange, Mumbai, popularly known as BSE was established in 1875 as The Native Share and Stock Brokers Association. It is the oldest one in Asia, even older than the Tokyo Stock Exchange, which was established in 1878. It is a voluntary non-profit making Association of Persons (AOP) and is currently engaged in the process of converting itself into demutualised and corporate entity. It has evolved over the years into its present status as the premier Stock Exchange in the country. It is the first Stock Exchange in the Country to have obtained permanent recognition in 1956 from the Government of India under the Securities Contracts (Regulations) Acts, 1956. The Exchange, while providing an efficient and transparent market for trading in securities, debt and derivatives upholds the interests of the investors and ensures redressal of their grievances whether against the company or its own member-brokers. It also strives to educate and enlighten the investors by conducting investor education program and making available to them necessary informative inputs. A Governing board having 20 directors is the apex body, which decides the policies and regulates the affairs of the Exchange. The governing board consists of 9 elected directors, who are from the broking community, three SEBI nominees, six public representatives and an Executive Director & Chief Executive Officer and a Chief Operating Officer. 2.5 NATIONAL STOCK EXCHANGE (NSE): NSE was incorporated in 1992 and was given recognition as a stock exchange in April 1993. It started operations in June 1994, with trading on the Wholesale Debt Market Segment. Subsequently it launched the capital market segment in November 1994 as a

trading platform for equities and the futures and options segment in June 2000 for various derivative instruments. NSE has been able to take the stock market to the doorsteps of the investors. The technology has been harnessed to deliver the services to the investors across the country at the cheapest possible cost. It provides a nation-wide, screen based, automated trading system, with a high degree of transparency and equal access to investors irrespective of geographical location. The high level of information dissemination through on-line system has helped in integrating retail investors on a nation-wide basis. The standards set by the exchange in terms of market practices, products, technology and service standards have become industry benchmarks and are being replicated by other market participants. Within a very short span of time, NSE has been able to achieve all the objectives for which it was set up. It has been playing a leading role as a change agent in transforming the Indian Capital Markets to its present form. The Indian Capital Markets are a far cry from what they used to be decade ago in terms of market practices, infrastructure, technology, risk management, clearing and settlement and investor service. Trading at NSE y y y y y y y Fully automated screen-based trading mechanism Strictly follows the principle of an order-driven market Trading members are linked through a communication network This network allows them to execute trade from their offices The prices at which the buyer and seller are willing to transact will appear on the screen When the prices match the transaction will be completed A confirmation slip will be printed at the office of the trading member

Advantages of trading at NSE y y y y Integrated network for trading in stock market of India Fully automated screen based system that provides higher degree of transparency Investors can transact from any part of the country at uniform prices Greater functional efficiency supported by totally computerized network

CHAPTER 3 COMPANY PROFILE

3.1 COMEX SERVICES LIMITED: Comex was incorporated in 2003 to service the then nascent commodity futures market. Comex has been servicing the broking industry through various models and is catering to over 90 business associates and over 6000 customers. Comex has been expanding the scope of services it has been providing and has included servicing mutual fund and IPO distributors, insurance brokers, training and research providers along with its services to stock and commodity brokers and sub-brokers. Comex manages physical commodity requirements of processors and traders of commodities such as black pepper, turmeric, chillies, natural rubber, cardamom and coconut oil. Comex works along with multiple sellers of these commodities to procure on behalf of our clients, process it to meet the requirements of exchange deliveries Comex has entered into commodity warehousing industry in a major way and are servicing numerous clients which include major names in the agriculture commodities, FMCG, Cement and Steel sector. Comex is working with various analysts and researchers of stock and commodity markets to provide trading tips and analysis on a continuous basis. Objective of such services is to allow individual investors and day traders to take advantage of expert analysis. Comex organizes training to individual investors, aspiring traders and students of financial markets are structured with leading education providers to train on the technology side of the trading and trading techniques. Consulting services of Comex caters to hedge advisory on commodities and currencies, business evaluation services, business advisory on financial structuring and financial modeling. Comex is promoted and managed by seasoned professionals with experience in sectors such as commodities, stock markets, consulting, and technology and commodity exchanges.

In short COMEX is the y Home for the stock and commodity brokers, insurance companies and brokers, business associates and prospective business associates of financial intermediaries; and investors Centre for training in the areas of financial and commodity markets

Organizer of Events, Seminars and Awareness programmes for financial and commodity markets Provider of Advisory services for product launches Specialist service provider for delivery related aspects in Black Pepper, Rubber, Cardamom, Chillies, Turmeric and Coconut Oil Provide r of Advisory services for price risk management in commodities and currencies Provider of Warehousing services Provider of Structured Finance Advisory services Arranger Loans against shares and commodities Provider of Consulting services Advisor for Wealth and portfolio management services

y y

y y y y y y

3.2 Serving the Stock and Commodity Brokers Comex acts as an extended marketing and services arm for stock and commodity brokers. Comex works towards acquiring business associates (sub-brokers/authorized persons) for stock and commodity brokers and acts as the service interface between the principal broker and business associate. The Comex interface is not just to serve the business associates; we will also serve the individual customers that the business associates acquire and also will acquire retail clients for the business associates. Our marketing team will continuously interact with all the business associates to assist them in acquiring clients, to update and educate them and their clients on new investments products and avenues; and address any issues or concerns they have so that the focus of the business associate is always on increasing business opportunities, volume and number of clients. Our customer service team extends its services to business associates and their clients to assure them that they are always serviced by their Broker.

COMEX performs as the comprehensive services and solutions provider to stock and commodity brokers, franchisees of stock and commodity brokers, sub-brokers, insurance brokers; wealth and portfolio managers; and mutual fund and IPO distributors. We train the franchisees, their staff and investors so that franchisees can function efficiently; investors can invest and trade with knowledge and confidence. 3.3 Business Associates Being a Business Associate of a financial services provider is a lucrative business opportunity which could be capitalized through our business model. You could become a Business Associate through Comex to facilitate stock and commodities trading, insurance, mutual funds, IPO and wealth management for your clients. We have multiple models through which you could access the prominent financial services companies of India and utilize such access in a profitable manner. 3.4 Individual Investors Equity investments provide the best possible return in the long term. Investments in equities are among the best possible option to create wealth. Investments in equities can be done directly by buying shares of various companies, by investing in mutual funds and investing in Insurance cum investment products of various insurance companies. 3.5 Commodity Services Commodity markets are thriving with activities which include futures exchanges and spot exchanges. Commodity as an asset class (an area worth investing in) is growing in stature and COMEX is pioneering the move through its services in managing the needs of commodity market players with regard to physical delivery, financing against warehouse receipts and logistics. Comex also provides investments solutions to individual investors in commodities such as gold and silver along with exchanges and commodity brokers. The investments solutions structured by Comex will allow customers to secure borrowing at competitive rates to build up wealth in a systematic way. 3.6 Training Financial and commodity literacy are top on agenda of COMEX; and provides tailor made training solutions to investors, traders, students and corporate. Comex has structured courses to prepare management and economics students employmentready for the financial and commodity sector. Courses cover the basics of financial and commodity markets, functioning of stock and commodity exchanges, functioning of stock and

commodity markets, products and services in the financial and commodity sectors and hand-on training in technology applications used by the stock and commodity brokers. 3.7 Risk Management Commodity price, quantity and quality risk management is vital to traders, aggregators, processors, exporters and importers. COMEX has the expertise; experience and skill-set provide services in these areas. The risk management model can be designed and implemented across commodities. The risk management models can be structured for Jewellers, Steel Traders and Gold Loan providers using futures contracts and spot markets. 3.8 Investment spectrum for Investors Comprehensive view of investments avenues is important for wealth creation. Balancing investments across the spectrum is of utmost importance to investors to create the right portfolio that will act as the driver in wealth creation without increasing risk of overall investments. CEMEXs objective is to provide the complete spectrum of opportunities to its clients to facilitate the right selection of the investments avenues. Accessing these avenues through the right channels is equally important for effective implementation of investments goals. Comex continuously assists its clients in identifying the right channel and execution of the investment plans. We assist individual investors to explore the following investment avenues y y y y y y y y y Equities Commodities Gold and Silver Real Estate Mutual Funds Public Provident Fund National Pension System Insurance Wealth Management

CHAPTER 4 DATA ANALYSIS AND INTERPRETATION

The details of the brokers & companies that I have taken for my study is given below: BROKERS

1. EMKAY Emkay Global marked its genesis as Emkay Share and Stock Brokers Private Limited. The company was promoted by two enterprising Chartered Accountants, Mr. Krishnakumar Karwa and Mr. Prakash Kacholia, on January 24, 1995. The company subsequently got listed on the BSE and the NSE in 2006. The journey that was embarked upon 15 years ago has enabled Emkay to grow into a Rs. 130 crores plus net worth company, with over 350 retail outlets spread across the country. Emkay invites everyone to join it on this very rewarding journey and reap the benefits of a resurgent India. Membership: BSE, NSE, BSE Trading & Clearing Member (derivatives), CDSL (depository participant), BSE (debt markets) and NSE Trading & Clearing Member (derivatives). 2. PINC RESEARCH: Mumbai-based stock broking and investment banking firm PINC (Pioneer Investcorp) is set to rope in a private equity investor. The publicly listed firm is said to be in advanced talks with Citigroup Venture Capital International, according to a report in Business Standard. It may probably invest Rs 400 crores in the company, which could be valued at around Rs 600-800 crores. CVCI interestingly already owns an 85 per cent stake in Sharekhan (invested $174 million) and a 19.9 per cent stake in Anand Rathi Securities for $20 million. BS also quotes sources as saying that PINC had also been talking to Delhi-based private equity firm Chryscapital and Bangalore-based Sequoia Capital India. The latter had recently picked up stake in Kerala-based NBFC Manappuram Finance. PINC is promoted by the Gaurang Gandhi family. The promoters hold about 45 per cent stake in the company, employees hold about 15 per cent and the remaining equity is held by the public. PINCs will follow more than a dozen private equity deals in the stock broking space.

3. ANGEL BROKING

Angel has emerged as one of the most respected Stock-Broking and Wealth Management Companies in India. With its unique retail-focused stock trading business model, Angel is committed to providing Real Value for Money to all its clients. The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX & MCX. Angel is also registered as a Depository Participant with CDSL. Business
y y y y y y y y

Equity Trading Commodities Portfolio Management Services Mutual Funds Life Insurance IPO Depository Services Investment Advisory Angel Group

y y y

Angel Broking Ltd. Angel Commodities Broking Ltd. Angel Securities Ltd. 4. ASIT C MEHTA Asit C. Mehta Investment Interrmediates Ltd. (ACMIIL) was established in the year 1986 with a view to offer a one stop solution to Indian entities for their needs in financial services. Over the last two decades it has achieved the distinction of being amongst the most trusted and reputed brokerage houses in India. It provides a complete bouquet of products in equity, debt, commodities, forex, depository, derivatives and allied services in India. Our Services
y y y y y y y y

Equity and Derivatives Trading Online Trading Institutional Desk Portfolio Advisory Service Investment Banking Commodity trading service Mutual Fund and IPO distribution service Debt Market Desk: Inter-bank Forex Desk: Depository services

Support Services y Research: Investors are provided with extensive information on markets and companies through hourly market reviews, periodic market commentary and recommendations, which enable them to make informed decisions. The company firmly believes that providing continuous and accurate decision making tools can add substantial value to its investors. y Advisory services are provided as a value-added service to all retail and institutional clients. This service is delivered through the hourly, daily, weekly, fortnightly and monthly publication of fundamental and technical research. Calls are made through broadcast services on our private VSAT network, SMS and e-mail. y Accounts information to the retail clients is provided through access on our website. This assists clients in knowing details about their trading accounts and their resultant obligations through various reports like Bill, Contract, Financial Ledger, Transaction Register, Stock Register, Portfolio Tracker, Stock holding position, etc. E-contracts are generated for investors giving trade details. DETAILS OF THE COMPANIES

1. Jubilant Life Sciences Limited

Jubilant Life Sciences Limited (formerly Jubilant Organosys Ltd) is an integrated pharmaceutical and life sciences company. It is the largest Custom Research and Manufacturing Services (CRAMS) player and a leading Drug Discovery and Development Solution (DDDS) provider out of India. The Company provides Life Science Products and Services across the value chain, serving its customers globally with its ground presence in India, North America, Europe and China. The Company is well recognized as a Partner of Choice by leading life sciences companies worldwide.

2. McNally Bharat Engineering Company Ltd.

McNally Bharat Engineering Company Ltd. (MBE) is one of the leading Engineering Companies in India engaged in providing turnkey solutions in the areas of Power, Steel, Aluminium, Material Handling, Mineral Beneficiation, Pyro processing, Pneumatic Handling of powdered materials including fly ash handling and high concentrate disposal, coal washing, port cranes, civic and industrial water supply etc. The Company, headquartered at Kolkata, is a part of the Williamson Group. MBE has been awarded ISO 9001 : 2008 certification

3. Punj Lloyd
Punj Lloyd provides integrated design, engineering, procurement, construction and project management services in the energy and infrastructure sectors. 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, defence and upstream, through its subsidiaries and joint ventures. As a reflection of our international quality standards, construction and project management techniques, Punj Lloyd holds ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certification.

4. Andhra Bank
Andhra Bank was registered on 20 November 1923 and commenced business on 28 November 1923 with a paid up capital of Rs 1.00 lakhs and an authorized capital of Rs 10.00 lakhs. The Bank crossed many milestones and the Bank's Total Business as on 30.06.2008 stood at Rs.83, 256 Crores with a Clientele base over 1.74 Crores.

5.

Tata Motors Limited

Tata Motors Limited is Indias largest automobile company, with consolidated revenues of Rs.1, 23,133 crores (USD 27 billion) in 2010-11. It is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. The Company is the world's fourth largest truck manufacturer, and the world's third largest bus manufacturer.

6. YES Bank
YES Bank is a state-of-the-art high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India, and is an outcome of the professional & entrepreneurial commitment of Rana Kapoor, Founder, Managing Director & CEO. As the Professionals Bank of India, YES Bank has exemplified creating and sharing value for all its stakeholders and has created a differentiated banking paradigm. As part of differentiated strategy, YES Bank has had a strong focus on Development Banking, as is evident from the cutting- edge work that the bank has done in the area of Food & Agribusiness, Infrastructure, Microfinance and Sustainability which in most cases has been firstof-its kind in India.

7. ASIAN PAINTS
Asian Paints is an Indian paint company headquartered in Mumbai, India. Asian Paints is Indias largest paint company and Asias third largest paint company, with a turnover of Rs 77.06 billion. It is one of the largest paint corporations that operates in 17 countries and has 23 paint manufacturing facilities in the world servicing consumers in over 65 countries. Besides Asian

Paints, the group operates around the world through its subsidiaries Berger International Limited, Apco Coatings, SCIB Paints and Taubmans.

8. AXIS BANK
Axis 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 (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. The Bank has a very wide network of more than 1281 branches (including 169 Service Branches/CPCs as on 31st March, 2011). The Bank has a network of over 6270 ATMs (as on 31st March, 2011) providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country.

9. MARUTI SUZUKI
Maruti Suzuki India Limited is a partial subsidiary of Suzuki Motor Corporation of Japan, is India's largest passenger car company, accounting for over 45% of the domestic car market. The company offers a complete range of cars from entry level Maruti 800 and Alto, to hatchback Ritz, A star, Swift, Wagon-R, Estillo and sedans DZire, SX4, in the 'C' segment Maruti Eeco and Sports Utility vehicle Grand Vitara. It was the 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 Limited was renamed Maruti Suzuki India Limited. The company's headquarters are located in New Delhi.