f&t Analysis

7/28/2019 f&t Analysis

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WELCOME

SYAMALA DEVI INSTITUTE OF TECHNOLOGY, NANDYAL


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MASTER OF BUSINESS ADMINISTRATION

Project Report on

N.SUSHMA

REGD No. 094K1E0029

SubmittedBy

Mr.PULLAIAHAssociate Professor

Under the GuidanceOf

FUNDAMENTAL

AND

TECHNICAL ANALYSIS


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Chapter 1

INTRODUCTION

INDUSTRIAL PROFILE

COMPANY PROFILE


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Financial management Financial management is that managerial activity which is concerned

with the planning and controlling of the firm's financialresources.Planning,directing,monitoring,organising and controlling ofthe monetary resources of an organisation.


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INDUSTRIAL PROFILE

HISTORY OF STOCK EXCHANGE

The only stock exchanges operating in the 19th

century were those of Bombay set up in 1875 andAhmedabad set up in 1894. These were organized asvoluntary non profit-making association of brokers toregulate and protect their interests. Before the control onsecurities trading became central subject under theconstitution in 1950, it was a state subject and the Bombaysecurities contracts (control) Act of 1925 used to regulatetrading in securities. Under this act, the Bombay stockexchange was recognized in 1927andAhmedbadin1937. 1


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FEATURES OF STOCK EXCHANGE

It is a place where securities are purchased and sold.

it is an association of persons, whether incorporated or not

The trading in exchange is strictly regulated. rules andregulations prescribed for various transactions

Genuine Investors and speculators buy and sell shares

The securities of corporations, trusts, Governments, Municipal

corporations etc, are allowed to be dealt on stock exchange.


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Securities and Exchange Board of

IndiaThe Government of India set up a body called Securities and

Exchange Board of India in April1988. However, the real beginning of

SEBI startedin 1992,when the SEBI Act, 1992 was passed and assented

by the President of India


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Objectives of SEBI

The main objectives of SEBI are as follows:1.Objectives towards theI nvestors.

2.Objectives towards Capital Issuers.

3.Objectives towardsI ntermedi ari es.


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BOMBAY STOCK EXCHANGE


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BOMBAY STOCK EXCHANGE IS THE OLDEST STOCK EXCHANGE

IN ASIA WITH RICH HERITAGE

IT SPANS OVER THREE CENTURIES WITH 133 YEARS OFEXISTENCE

BSE WAS EXTABLISHED AS THE NATIVE SHARE AND STOCK

BROKERS ASSOCIATION IN 1875

Governing board comprising of 9 elected directors, 2 SEBI nominees, 7public epresentatives and an executive director is the apex body,


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FEATURES

Worlds no.1exchange in

terms of listedcompanies

Over 4700

listedcompanies

Worlds 5

exchange interms of

transaction

Market

capitalizationUSD 1.79trillion on 31

dec 2007


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NATIONAL STOCK EXCHANGE


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NSE has a market capitalization of aroundRs 47,01,923

NSE is mutually-owned by a set of leading financial

institutions, banks, insurance companies and other

financial intermediaries in India but its ownership andmanagement operate as separate entities


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At present there are 24 stock exchanges recognized under the securities

contract (regulation Act, 1956. They are

Ahmedbad Stock Exchange

Bangalore Stock Exchange Bhubaneswar Stock Exchange Calcutta Stock Exchange Cochin Stock Exchange Coimbatore Stock Exchange Delhi Stock Exchange

Guwahati Stock Exchange Hyderabad Stock Exchange Indore Stock Exchange Jaipur Stock Exchange Kanpur Stock Exchange Ludhiana Sock Exchange Madras Stock Exchange Magadh Stock Exchange Mangalore Stock Exchange Pune Stock Exchange Uttar Pradesh Exchange Assoc ltd Saurashtra Sock Exchange


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COMPANY PROFILE


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Doha Brokerage & Financial Services Ltd

Established in 1992, as one of the first corporate brokerages inIndia, The Doha Brokerage & Financial Services Ltd (formerlySelect Securities Ltd), is the flagship company of the DBFSgroup.

To serve our customers better, the company has gone beyondthe traditional brokerage business, and offers a wide range ofservices, which include total wealth management andinvestment solutions.

With a pan Indian presence, which comprises over 180branches across major cities, as well as in Dubai and Doha in theMiddle East, DBFS is always closer to its customers.


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The Team

Mr. R Seetharaman, Chairman (Nominee- Doha Bank)

Mr. K V Samuel, Vice Chairman (Nominee- Doha Bank)

Mr. Prince George, Managing Director & CEO

Mr. Binny C. Thomas, Whole-time Director (Dubai)

Mr. Sekhar M, Whole-time Director

Mr. Suresh Yezhuvath, Whole-time Director


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Vision

We want to remain as the leading, trusted total financial

services provider, wherever we operate, by maintainingsuperior technological and service standards, and bykeeping trust and transparency as our core values.

Mission

We are committed to create and enhance wealth forcorporate and retail customers, by delivering cutting-

edge financial solutions which suit their specific needs.


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Services

Internet Trading

Commodities & Forex Trading

Custodial - Depository Services Mutual Funds & Insurance Products

Portfolio Management

Trading in Equities & Derivatives


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SERVICES RENDERED BY DBFS

Institutional DistributionServices

Depository

Services

Commodities

Broking

Services

International

Equity & CommoditiesWealthManagement

ServicesInvestment Banking

Internet

Trading

Private Equity

Insurance Broking

Lending ServicesEquity & Derivative

Trading


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SERVICES.

Broking in Equities & Derivatives on NSE & BSE.

Depository Services

IPO services Mutual funds

Insurance

Portfolio Management service


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Benefits @ DBFS

Timely Entry & Exit

De-Risking Portfolio

Research Department Understanding Risk

Regular Analysis & Monitoring

Professional Management

Administrative Convenience

Transparency


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COMPETITORS

These are the competitors of DBFS broking

Franklin Templeton

IL&FS Investment

Kodak Securities

ICICI web trade

UTI securities

Stock holding corporation ltd

Karvy brokerage ltd

India bulls

5paisa.com


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Chapter -2Theoretical Framework


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Introduction

Stockanalysis

TechnicalAnalysis

Fundamentalanalysis

The methods used to analyze securities and make investment decisions fall into

two very broad categories: fundamental and technical analysis. Learn the core

differences in these strategies and how to use each analysis effectively.


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Fundamental analysis

The intrinsic value of an equity shares depends on a multitude offactors. The earnings of the company, the growth rate and the riskexposure of the company have a direct bearing on the price of share.

other factors like economic environment in which they function, theindustry they belong to, and finally companies own performance. Thefundamental school of thought appraised the intrinsic value of shares

Company factors to examine include the dividends that company

issues, the way a company manages its cash, the amount of debt acompany has, and the growth of a company's costs and income


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the use of fundamental analysis can be viewed as a typeof arbitrage. To this end, earnings multiples, such as

the P/E ratio, are used to determine value, where cashflows are relatively stable and predictable.

Other techniques include discounted cash flow, bookvalue, and dividend yield analysis.

Economic Analysis

Industry Analysis Company Analysis


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Economic Analysis

The level of economic activity has an impact on investmentin many ways. The analysis of Macro Economicenvironment is essential to understand the behavior of thestock prices. The economically analyzed the macro

economic factors are as follows Gross Domestic Product (GDP): Savings & Investment: Inflation

Interest rates Budget The Tax Structure The Balance of Payment


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Industry Analysis

An industry is a group of firm that has similar technologystructure of production and produce similar products. Forthe convenience of the investor the board classification of

the industry is given in financial dailies and magazines.Companies are directly classified to give a clear pictureabout their manufacturing process and products.

For example food products, textiles, wood and wood

products, leather and leather products, chemical productsand there are many other industries.


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Growth industry

Cyclical industry

Defensive industry

Cyclical growth industry

Industry life cycle

Growth of the industry

Cost structure and profitability Nature of the product

Nature of competition

Government policy

Labor Research and Development

SWOT Analysis

ompany na ys s


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ompany na ys s

factors share valueCompetitive advantage

EarningsCapital structure

ManagementOperating efficiency

Financial performance

Historick price of stockP/E ratio

Economic conditionStock market condition

Future price Present price

In the company analysis the investor assimilates the several bits of informationrelated to the company and evaluates the present value of the stocks. The risk and

return associated with the purchase of the stock in analyzed to take betterinvestment decisions


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The competitive edge of the companyMajor industries in India are composed of hundreds of individual companies. Inthe information technology industry even though the no of companies like NIIT,SATYAM computers

The market share The growth of annual sales The stability of annual salesEarnings of the company

Sales alone do not increase the earning but the costs and expenses of the companyalso influence the earnings of the company. Further, earnings do not alwaysincrease with the increase in the salesThe investors should be aware that income of the company may vary due

to the following reasons:

Changes in sales C1hanges in cost Inventory accounting method Replacement cost of inventories Wages, salaries and fringe benefits Income taxes and other taxes


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Capital structureThe equity holders return can be increased manifold with the help offinancial leverage, i.e. using debt financing along with equity financing

Preference shares:

Debt1.Earnings limit of debt2.Asset limit to debt

Financial Analysis1. Balance sheet

2.Profit and loss accountAnalysis of financial statements: Comparative financial statements Trend analysis Common size statements

Funds flow analysis Cash flow analysis Ratio analysis


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Fundamental Analysis Tools These are the most popular tools of fundamental analysis. Theyfocus on earnings, growth, and value in the market. For convenience, Ihave broken them into separate articles. Each article discusses relatedratios.

The Articles Are: Earnings per Share EPS Price to Earnings Ratio P/E Projected Earning Growth PEG Price to Sales P/S

Price to Book P/B Dividend Payout Ratio Dividend Yield Book Value Return on Equity


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Technical Analysis

Technical analysis refers to the study of price action insecurities markets, primarily, but not exclusively, through chartsin order to forecast future prices. There are many different

methods and tools utilized in technical analysis Charles Dow's Dow Theory is considered the foundation of

technical analysis.

A cliche among technical analysts is, "Forget the fundamentalsand follow the money.


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TOOLS OF TECHNICAL ANALYSIS Technical tools are dow theory, volume of trading, short

selling, odd lot trading , bars and line charts , movingaverages . In this section some of the above mentionedtools are analysis

Dow theory

Around the turn of the century, Charles h. Dowformulated a hypothesis that the stock market does not

perform on a random basis but is influenced by threedistinct cyclical trends that guide its general direction

. Dow classified these cycles as primary, secondary, andminor trends.


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Moving averages:

The market indices do not rise or fall in straight line.The upward and downward movements are interruptedby counter moves.

1.Index and stock price moving average:

2.Comparison of the moving average:


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Point and figure chart


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Bar and line charts:

The bar chart, one of the simplest and most commonlyused tools of technical analyst. To build a bar a dot isentered to represent the highest price at which thestock is traded on that Day, week or month.


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Double Top and Bottoms

This type of formation signals the end of one trend and the beginning of another.


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Head & shoulder top (HST) approach:As the name suggests, the HST formation has a left shoulder, a head,and a right shoulder.


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Chapter -3Research Methodology


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Data collection To fulfill the objectives set above the data will be collected

from primary as well as secondary sources. The primary data was collected from the respondent of

DOHA Brokerage & Financial Services Ltd employees.

Secondary data was collected from relevant records of the

selected company, relevant journals magazines, news papersand relevant websites

The study for Fundamental and Technical analysis is doneby taking P&L a/c, balance sheet &key financial ratios ofthree companies for four years form 2005-2010.

The key ratios taken are average price and average volumefrom various websites, for technical analysis graphs havebeen constituted accordingly.


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Objectives of Study

The purpose of doing study is to analyze the factor that affect the companysperformance

To examine the internal and external factors affecting the future price ofcompany

The purpose includes assessing the future market strength of company

The purpose also serves the investors to decide whether to invest in companyshares to gain returns


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Limitations of Study

The study is based on information which is secondary

The study is basically on Pharma industries

For analysis purpose two pharmaceutical companies are takeninto consideration

The sample size is restricted to two companies


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Chapter -4

Data Analysis

&Interpretation


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Since its inception in 1984, DR. Reddys has chosen to walk thepath of discovery and innovation in health sciences. There hasbeen a quest to sustain and improve the quality of life, and they

have has nearly two decades of creating safe Pharmaceuticalsolutions with the ultimate purpose of making the world ahealthier place.

Milestones:

In 2002 Dr. reddys makes its first overseas acquisition of BMS

laboratories limited and meridian healthcare, UK.

In 2001 on April 11, Dr. reddys becomes the first Asia PacificPharmaceutical company, outside Japan, to list on the New Yorkstock exchange.

Analysis of Dr. reddys Ltd


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Board of Directors:Whole Time Directors:

DR. Anji reddy-Chairmen G. V. Prasad- Vice Chairmen and CEO

Satish Reddy- Chief Operating Officer

Analysis of Cipla Ltd.Profit loss account Rs. in crores


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y p

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Income

Operating income 4,395.60 3,999.50 3,343.89 3,783.26 2,003.25

Expenses

Material

consumed1,482.10 1,469.90 1,253.46 1,121.59 756.15

Manufacturingexpenses

221.40 195.90 207.46 213.46 123.18

Personnel

expenses516.40 412.50 366.28 299.04 205.85

Selling expenses 443.80 448.70 375.37 323.40 243.15

Adminstrative

expenses643.40 714.50 558.60 498.42 357.86

Expenses

capitalised- - - - -


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Cost of sales 3,307.10 3,241.50 2,761.19 2,455.91 1,686.19

Operating profit 1,088.50 758.00 582.70 1,327.35 317.06

Other recurring

income181.30 249.70 156.64 272.74 91.21

Adjusted PBDIT 1,269.80 1,007.70 739.35 1,600.08 408.27

Financial expenses 16.00 27.40 14.69 51.96 24.63

Depreciation 222.40 193.60 161.99 133.50 111.33

Other write offs 19.30 19.70 20.71 18.16 13.31

Adjusted PBT 1,012.10 767.00 541.96 1,396.47 259.00

Tax charges 238.70 168.60 108.88 188.99 52.64

Adjusted PAT 773.40 598.40 433.08 1,207.48 206.36

Non recurring items 72.70 -37.50 40.65 -38.79 4.77

Other non cash

adjustments-0.10 -0.10 -0.06 -0.02 -0.01

Reported net profit 846.00 560.80 473.67 1,168.66 211.11

Earnigs before

appropriation2,860.30 2,218.30 1,778.80 1,496.49 392.66

Equity dividend 190.00 105.30 63.06 62.97 38.35

Preference dividend - - - - -

Dividend tax 31.60 17.80 10.72 10.70 5.38

Retained earnings 2,638.70 2,095.20 1,705.02 1,422.82 348.93


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Balance Sheet of Dr reddys Ltd

Balance sheetSources of funds Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Owner's fund

Equity share capital 84.40 84.20 84.09 83.96 38.35

Share application

money- - - - -

Preference share

capital- - - - -

Reserves & surplus 5,830.20 5,174.90 4,727.72 4,289.40 2,223.79

Loan funds

Secured loans 0.80 2.60 3.40 1.92 145.13

Unsecured loans 562.40 637.70 458.91 327.98 778.74

Total 6,477.80 5,899.40 5,274.11 4,703.26 3,186.01

Uses of funds

Fixed assets

Gross block 2,425.70 2,157.30 1,750.21 1,291.19 1,052.90

Less : revaluationreserve

- - - - -

Less : accumulated

depreciation1,110.10 946.50 762.80 609.15 491.08

Net block 1,315.60 1,210.80 987.42 682.04 561.82

Capital work-in-

progress745.40 411.20 245.71 280.61 112.92

Investments 2,652.70 1,865.10 2,080.71 966.99 911.36


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Net current assets

Current assets, loans

& advances3,647.30 3,870.40 3,348.01 4,028.55 2,398.87

Less : current

liabilities &provisions

1,883.20 1,458.10 1,387.74 1,254.93 798.95

Total net current

assets1,764.10 2,412.30 1,960.27 2,773.62 1,599.92

Miscellaneous

expenses not written- - - - -

Total 6,477.80 5,899.40 5,274.11 4,703.26 3,186.01Notes:

Book value of

unquoted

investments

2,652.40 1,864.80 2,080.41 966.68 911.05

Market value of

quoted investments360.10 53.00 1.92 1.20 1.16

Contingent liabilities 2,016.10 1,934.80 1,892.55 1,896.92 2,409.27

Number of equity

sharesoutstanding

(Lacs)

1688.45 1684.69 1681.73 1679.12 766.95


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Sales /profit chartSep

'10,1,389.76

Sep'10,343.1

3

Jun

'10,1,296.88

Jun'10,273

.9

Mar

'10,1,271.26

Mar'10,315.6

Dec

'09,1,172.28

Dec'09,273

.070.00

200.00

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

Sep '

10

Jun '

10

Mar '

10

Dec '

09

Salesprofit


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Dr reddys chart showing EPS over the years

year Earnings per share (rs)

2010 42.9

2009 58.4

2008 43.8

2007 52.3

2006 57.9

0

10

20

30

40

50

60

70

2009 2008 2007 2006

Analysis of Cipla Ltd.


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Analysis of Cipla Ltd.History:Khwaja Abdul Hamied, the founder of Cipla, was bornon October 31, 1989.

In college, he found chemistry fascinating. He set sail for Europe in 1924 and got admission in

Berlin University as a research student of theTechnology of Barium compounds.

He earned his doctorate Three Years later. In October 1927, during the long voyage from Europe

to India In 1935, he set up the chemical, industrial

&pharmaceutical Laboratories, which came to bepopularly known as cipla.

On August 17, 1935, cipla was registered as a publiclimited company

Cipla was officially opened on September 22, 1973when the first products were ready for the market.

Balance sheet of cipla ltdRs in crores


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Sources of funds

Owner's fund

Equity share capital 160.58 155.46 155.46 155.46 59.97

Share application

money- - - - -

Preference share

capital- - - - -

Reserves & surplus 5,744.54 4,186.32 3,591.39 3,071.84 1,913.98

Loan funds

Secured loans 0.41 2.79 16.98 7.25 51.27

Unsecured loans 4.66 937.45 563.55 116.31 417.64

Total 5,910.19 5,282.02 4,327.38 3,350.86 2,442.86

Uses of funds

Fixed assetsGross block 2,895.44 2,693.29 2,201.79 1,799.71 1,366.67

Less : revaluation

reserve8.97 8.97 8.97 8.97 9.32

Less : accumulated

depreciation884.27 700.80 540.43 411.64 310.06

Rs in croresBalance sheet


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Net block 2,002.20 1,983.52 1,652.39 1,379.10 1,047.29

Capital work-in-

progress684.24 366.32 233.12 73.19 87.01

Investments 265.10 81.32 94.75 117.80 22.43

Net current assets

Current assets, loans

& advances5,483.42 4,419.57 3,743.98 2,834.68 2,292.28

Less : current

liabilities &

provisions

2,524.77 1,568.71 1,396.86 1,053.91 1,006.15

Total net current

assets2,958.65 2,850.86 2,347.12 1,780.77 1,286.13

Miscellaneous

expenses not written- - - - -

Total 5,910.19 5,282.02 4,327.38 3,350.86 2,442.86

Notes:

Book value of

unquoted

investments

265.10 81.32 94.75 117.80 22.43

Market value of

quoted investments- - - - -

Contingent liabilities 423.87 730.75 1,664.58 1,586.64 1,600.75

Number of equity

sharesoutstanding

(Lacs)

8029.21 7772.91 7772.91 7772.91 2998.70

Profit loss account


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Income

Operating income 5,605.69 5,234.29 4,203.29 3,561.99 2,981.35

Expenses

Material consumed 2,503.45 2,399.56 2,121.11 1,785.62 1,469.76

Manufacturing

expenses351.82 354.36 330.80 273.18 233.71

Personnel expenses 318.87 271.33 255.45 184.59 150.76

Selling expenses 326.48 375.59 284.63 226.08 187.58

Adminstrative

expenses724.14 588.61 359.13 270.69 245.65

Expenses

capitalised- - - - -

Cost of sales 4,224.76 3,989.45 3,351.12 2,740.16 2,287.46

Operating profit 1,380.93 1,244.84 852.17 821.83 693.89

Other recurring

income94.21 90.05 64.91 65.78 37.98

Adjusted PBDIT 1,475.14 1,334.89 917.08 887.61 731.87

Financial expenses 28.30 52.23 18.05 11.16 16.07

Depreciation 165.25 151.79 130.68 103.37 80.18


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Other write offs - - - - -

Adjusted PBT 1,281.59 1,130.87 768.35 773.08 635.62

Tax charges 243.50 124.50 136.93 139.95 102.20

Adjusted PAT 1,038.09 1,006.37 631.42 633.13 533.42

Non recurring

items31.50 -229.56 70.01 34.90 74.22

Other non cash

adjustments11.90 - - - -

Reported net profit 1,081.49 776.81 701.43 668.03 607.64

Earnigs before

appropriation2,036.32 1,286.71 1,091.78 972.23 841.46

Equity dividend 160.58 155.46 155.46 155.46 155.46

Preference

dividend- - - - -

Dividend tax 26.67 26.42 26.42 26.42 21.80

Retained earnings 1,849.07 1,104.83 909.90 790.35 664.20


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comparison of cipla's net profits& net sales over the years

year Net sales(crs) Net profit(crs)

2010 1486.77 459.65

2009 1513.61 392.09

2008 1661.22 283.2

2007 1666.63 435.6

2006 1767.7 447.83


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Graph that shows Cipla's net profits& net sales over the years

0 1000 2000

2010

2009

2008

2007

2006

Net profit(crs)

Net sales(crs)


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CHAPTER-5


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SUGESSTIONS

The investor should analyze the risk factors which can affect theprices of share before marketing investment decision

For long term benefit emphasis should be given to bothfundamental and technical analysiss

Investment decision should also be based on risk return analysis

For Investment decisions, future prospects of the company shouldalso be taken into consideration

The Investor should also analyze the behavior of the market as awhole as well the behavior of movement of the share in which theinvestor is likely to invest

Fi di d l i


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Findings and conclusions

Helpful for investor for taking investment decisions

The Investor can know the risk and return of the share by analyses

This analysis is useful for investor who wants to go for long and shortterm investment

The Investor can estimate the future EPS with the help of historical data

The Financial statements of company reveal the needed information forinvestor to make investment decisions

The ratio analysis helps the investor to study the individual parameterslike profitability, liquidity and solvency of stocks


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Fundamental analysis is used to predict long-term share pricemovement

Technical analysis is used to forecast the supply and demand bystudying the price and volume of trading by using technical analysisthe moment investor is able to know growth of share

Technical analyst short term share price


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INVESTMENTS & SECURITIES MARKET IN INDIA VA AVADHANI

INVESTMENT ANALYSIS & PORTFOLIO

MANAGEMENT PRASANA CHANDRA

PROFILES ABOUT COMPANY WWW.INFOSYS.COM

WWW.WIPRO.COM

FINANCIAL ANALYSES WWW.MONEYCONTROL.COM

WWW.FINANCE.YAHOO.COM

WWW.DBFS.COM

WWW.STOCKS.ABOUT.COM

WWW.INVESTOPEDIA.COM

WWW.TRADETRECK.COM

WWW.THESTREET.COM
http://www.infosys.com/http://www.wipro.com/http://www.moneycontrol.com/http://www.finance.yahoo.com/http://www.stocks.about.com/http://www.investopedia.com/http://www.tradetreck.com/http://www.thestreet.com/http://www.thestreet.com/http://www.thestreet.com/http://www.thestreet.com/http://www.thestreet.com/http://www.thestreet.com/http://www.tradetreck.com/http://www.tradetreck.com/http://www.tradetreck.com/http://www.tradetreck.com/http://www.tradetreck.com/http://www.investopedia.com/http://www.investopedia.com/http://www.investopedia.com/http://www.investopedia.com/http://www.investopedia.com/http://www.stocks.about.com/http://www.stocks.about.com/http://www.stocks.about.com/http://www.stocks.about.com/http://www.stocks.about.com/http://www.stocks.about.com/http://www.stocks.about.com/http://www.finance.yahoo.com/http://www.finance.yahoo.com/http://www.finance.yahoo.com/http://www.finance.yahoo.com/http://www.finance.yahoo.com/http://www.finance.yahoo.com/http://www.finance.yahoo.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.wipro.com/http://www.wipro.com/http://www.wipro.com/http://www.wipro.com/http://www.wipro.com/http://www.infosys.com/http://www.infosys.com/http://www.infosys.com/http://www.infosys.com/http://www.infosys.com/


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