A project report

on
A study on Portfolio Management
at
Angel Stock Broking Pvt Ltd .
Submitted in partial fulfillment of the
Requirements for the award of the Degree
of
MASTER OF BUSINESS ADMINISTRATION

Submitted By
Naresh
13BK1E00

Under the Guidance of

DEPARTMENT OF BUSINESS ADMINISTRATION

ST PETERS ENGINEERING COLLEGE
(Affiliated to Jawaharlal Nehru Technological University Hyderabad)
Hyderabad
2013 2015

CHAPTER I
INTRODUCTION

INTRODUCTION

PORTFOLIO MANAGEMENTINTRODUCTION
Stock exchange operations are peculiar in nature and most of the Investors
feel insecure in managing their investment on the stock market because it is difficult for an
individual to identify companies which have growth prospects for investment.
Further due to volatile nature of the markets, it requires constant reshuffling of portfolios
to capitalize on the growth opportunities. Even after ident ifyi ng the growth orien ted
companies and their securit ies, the tradi ng practices are also complicated,
making it a difficult task for investors to trade in all the exchange and follow up
on post trading formalities. Investors choose to hold groups of securities rather than single
security that offer the greater e x p e c t e d

returns.

They

believe

that

combination of securities held together will give a beneficial result

if they are grouped in a man ner to secure higher retur n after taking
i n t o consideration the risk element. That is why professional investment advice
through portfolio managem ent service can help the investors to make an
intellig ent and informed choice between alternative investments opportunities without
the worry of post trading hassles.

MEANING OF PORTFOLIO MANAGEMENT

Portfolio management in common parlance refers to the selection of
securities and their continuous shifting in the portfolio to optimize returns to suit the
objectives of an investor. This however requir es financial experti se in selecting the
right mix of securities in changi ng market conditions to get the best out of the
stock market. In India, as well as in a number of western countries, portfolio
management service has assumed the role of a specialized service now a days and a number of
professional merchant bankers compete aggressively to provide the best to high net worth clients,
who have little time to manage their investments. The idea is catching on with the boom in the
capital market and an incre asing number of people are incli ned to make profit s

out of their hard-earned savings. P o r t f o l i o m a n a g e m e n t s e r v i c e i s o n e o f t h e

m e r c h a n t b a n k i n g a c t i v i t i e s r e c o g n i z e d b y Securities and Exchange Board of
India (SEBI). The service can be rendered either by merchant bankers or portfolio managers or
discretionary portfolio manager as define in clause (e) and (f)of Rule 2 of Securiti es and
Exchange Board of India(Por tfolio Managers)Rules, 1993 and their functioning are
guided by the SEBI. According to the definitions as contained in the above clauses,
a portfolio manager means a n y p e r s o n w h o i s p u r s u a n t t o c o n t r a c t o r
a r r a n g e m e n t w i t h a c l i e n t , a d v i s e s o r d i r e c t s o r undertakes on behalf of the
client (whether as a discretionary portfolio manager or otherwise) them Management or
administration of a portfolio of securities or the funds of the client, as the case
may be. A merchant banker acting as a Portfolio Manager shall also be bound by
the rules and regulations as applicable to the portfolio manager. Realizing the importance of
portfolio management services, the SEBI has laid down certain guidelines for the proper
and professional conduct of portfolio management services. As per guidelines only
recognized merchant bankers registered with SEBI are authorized to offer these services.
Portfolio management or investment helps investors in effective and efficient management of
their investment to achieve this goal. The rapid growth of capital markets in India has opened up
new investment avenues for investors.

LITERATURE
REVIEW

REVIEW OF LITERATURE
PORTFOLIO:
A portfolio is a collection of securities since it is really desirable to invest the
entire funds of an individual or an institution or a single security, it is essential that every security
be viewed in a portfolio context. Thus it seems logical that the expected return of the portfolio.
Portfolio analysis considers the determine of future risk and return in holding various blends of
individual securities
Portfolio expected return is a weighted average of the expected return of the individual
securities but portfolio variance, in short contrast, can be something reduced portfolio risk is
because risk depends greatly on the co-variance among returns of individual securities.
Portfolios, which are combination of securities, may or may not take on the aggregate
characteristics of their individual parts. Since portfolios expected return is a weighted average of
the expected return of its securities, the contribution of each security the portfolios expected
returns depends on its expected returns and its proportionate share of the initial portfolios
market value. It follows that an investor who simply wants the greatest possible expected return
should hold one security; the one which is considered to have a greatest expected return. Very
few investors do this, and very few investment advisors would counsel such and extreme policy
instead, investors should diversify, meaning that their portfolio should include more than one
security.

OBJECTIVES OF PORTFOLIOMANAGEMENT:
The main objective of investment portfolio management is to maximize the
returns from the investment and to minimize the risk involved in investment. Moreover, risk in
price or inflation erodes the value of money and hence investment must provide a protection
against inflation.

Secondary objectives:

The following are the other ancillary objectives:

Regular return.
Stable income.
Appreciation of capital.
More liquidity.
Safety of investment.
Tax benefits.

Portfolio management services helps investors to make a wise choice between

alternative investments with pit any post trading hassles this service renders optimum returns to
the investors by proper selection of continuous change of one plan to another plane with in the
same scheme, any portfolio management must specify the objectives like maximum returns, and
risk capital appreciation, safety etc in their offer.

Return From the angle of securities can be fixed income securities such as:
(a) Debentures partly convertibles and non-convertibles debentures debt with tradable Warrants.
(b) Preference shares
(c) Government securities and bonds
(d) Other debt instruments
(2) Variable income securities
(a) Equity shares
(b) Money market securities like treasury bills commercial papers etc.

Portfolio managers has to decide up on the mix of securities on the basis

of contract with the client and objectives of portfolio
NEED FOR PORTFOLIO MANAGEMENT:
Portfolio management is a process encompassing many activities of investment in assets and
securities. It is a dynamic and flexible concept and involves regular and systematic analysis,
judgment and action. The objective of this service is to help the unknown and investors with the
expertise of professionals in investment portfolio management. It involves construction of a
portfolio based upon the investors objectives, constraints, preferences for risk and returns and
tax liability. The portfolio is reviewed and adjusted from time to time in tune with the market
conditions. The evaluation of portfolio is to be done in terms of targets set for risk and returns.
The changes in the portfolio are to be effected to meet the changing condition.
Portfolio construction refers to the allocation of surplus funds in hand among a variety of
financial assets open for investment. Portfolio theory concerns itself with the principles
governing such allocation. The modern view of investment is oriented more go towards the
assembly of proper combination of individual securities to form investment portfolio.
A combination of securities held together will give a beneficial result if they grouped in
a manner to secure higher returns after taking into consideration the risk elements.
The modern theory is the view that by diversification risk can be reduced. Diversification
can be made by the investor either by having a large number of shares of companies in different
regions, in different industries or those producing different types of product lines. Modern theory
believes in the perspective of combination of securities under constraints of risk and returns

PORTFOLIO MANAGEMENT PROCESS:

Investment management is a complex activity which may be broken down into the following
steps:
1) Specification of investment objectives and constraints:

The typical objectives sought by investors are current income, capital appreciation,
and safety of principle. The relative importance of these objectives should be specified further
the constraints arising from liquidity, time horizon, tax and special circumstances must be
identified.
2) choice of the asset mix :
The most important decision in portfolio management is the asset mix decision very broadly;
this is concerned with the proportions of stocks (equity shares and units/shares of equityoriented mutual funds) and bonds in the portfolio.
The appropriate stock-bond mix depends mainly on the risk tolerance and investment
horizon of the investor.

ELEMENTS OF PORTFOLIO MANAGEMENT:

Portfolio management is on-going process involving the following basic tasks:

Identification of the investors objectives, constraints and preferences.

Strategies are to be developed and implemented in tune with investment policy

formulated.

Review and monitoring of the performance of the portfolio.

Finally the evaluation of the portfolio

Risk:
Risk is uncertainty of the income /capital appreciation or loss or both. All investments are
risky. The higher the risk taken, the higher is the return. But proper management of risk involves
the right choice of investments whose risks are compensating. The total risks of two companies
may be different and even lower than the risk of a group of two companies if their companies are
offset by each other.

SOURCES OF INVESTMENT RISK:

Business risk:
As a holder of corporate securities (equity shares or debentures), you are exposed to
the risk of poor business performance. This may be caused by a variety of factors like heightened
competition, emergence of new technologies, development of substitute products, shifts in
consumer preferences, inadequate supply of essential inputs, changes in governmental policies,
and so on.

Interest rate risk:

:
The changes in interest rate have a bearing on the welfare on investors. As the interest
rate goes up, the market price of existing firmed income securities falls, and vice versa. This
happens because the buyer of a fixed income security would not buy it at its par value of face
value o its fixed interest rate is lower than the prevailing interest rate on a similar security. For
example, a debenture that has a face value of RS. 100 and a fixed rate of 12% will sell a discount
if the interest rate moves up from, say 12% to 14%.while the chances in interest rate have a
direct bearing on the prices of fixed income securities, they affect equity prices too, albeit some
what indirectly.

The two major types of risks are:

Systematic or market related risk.

Unsystematic or company related risks.
Systematic risks affected from the entire market are (the problems, raw material availability,
tax policy or government policy, inflation risk, interest risk and financial risk). It is managed by
the use of Beta of different company shares.

The unsystematic risks are mismanagement, increasing inventory, wrong financial policy,
defective marketing etc. this is diversifiable or avoidable because it is possible to eliminate or
diversify away this component of risk to a considerable extent by investing in a large portfolio of
securities. The unsystematic risk stems from inefficiency magnitude of those factors different
form one company to another.

RETURNS ON PORTFOLIO:
Each security in a portfolio contributes return in the proportion of its investments in
security. Thus the portfolio expected return is the weighted average of the expected return, from
each of the securities, with weights representing the proportions share of the security in the total
investment. Why does an investor have so many securities in his portfolio? If the security ABC
gives the maximum return why not he invests in that security all his funds and thus maximize
return? The answer to this questions lie in the investors perception of risk attached to
investments, his objectives of income, safety, appreciation, liquidity and hedge against loss of
value of money etc. this pattern of investment in different asset categories, types of investment,
etc., would all be described under the caption of diversification, which aims at the reduction or
even elimination of non-systematic risks and achieve the specific objectives of investors

RISK ON PORTFOLIO :
The expected returns from individual securities carry some degree of risk. Risk on the
portfolio is different from the risk on individual securities. The risk is reflected in the variability

of the returns from zero to infinity. Risk of the individual assets or a portfolio is measured by the
variance of its return. The expected return depends on the probability of the returns and their
weighted contribution to the risk of the portfolio. These are two measures of risk in this context
one is the absolute deviation and other standard deviation. Most investors invest in a portfolio of
assets, because as to spread risk by not putting all eggs in one basket. Hence, what really matters
to them is not the risk and return of stocks in isolation, but the risk and return of the portfolio as a
whole. Risk is mainly reduced by Diversification.

RISK RETURN ANALYSIS:

All investment has some risk. Investment in shares of companies has its own risk or uncertainty;
these risks arise out of variability of yields and uncertainty of appreciation or depreciation of
share prices, losses of liquidity etc
The risk over time can be represented by the variance of the returns. While the return over time is
capital appreciation plus payout, divided by the purchase price of the share.

Normally, the higher the risk that the investor takes, the higher is the return. There
is, how ever, a risk less return on capital of about 12% which is the bank, rate charged by the
R.B.I or long term, yielded on government securities at around 13% to 14%. This risk less return
refers to lack of variability of return and no uncertainty in the repayment or capital. But other
risks such as loss of liquidity due to parting with money etc., may however remain, but are
rewarded by the total return on the capital. Risk-return is subject to variation and the objectives
of the portfolio manager are to reduce that variability and thus reduce the risky by choosing an
appropriate portfolio.

Traditional approach advocates that one security holds the better, it

is according to the modern approach diversification should not be quantity that should be related
to the quality of scripts which leads to quality of portfolio.Experience has shown that beyond the
certain securities by adding more securities expensive.
Simple diversification reduces:
An assets total risk can be divided into systematic plus unsystematic risk, as shown below:

Systematic risk (undiversifiable risk) + unsystematic risk (diversified risk) =Total risk =Var
(r).
Unsystematic risk is that portion of the risk that is unique to the firm (for example, risk due to
strikes and management errors.) Unsystematic risk can be reduced to zero by simple
diversification.
Simple diversification is the random selection of securities that are to be added to a
portfolio. As the number of randomly selected securities added to a portfolio is increased, the
level of unsystematic risk approaches zero. However market related systematic risk cannot be
reduced by simple diversification. This risk is common to all securities.

Persons involved in portfolio management:

Investor:
Are the people who are interested in investing their funds?
Techniques of portfolio management:
As of now the under noted technique of portfolio management: are in vogue in our country
1. equity portfolio: is influenced by internal and external factors the internal factors effect
the inner working of the companys growth plans are analyzed with referenced to
Balance sheet, profit & loss a/c (account) of the company.
Among the external factor are changes in the government policies, Trade cycles, Political
stability etc.

2. equity stock analysis: under this method the probable future value of a share of a
company is determined it can be done by ratios of earning per share of the company and
price earning ratio

EPS ==

PROFIT AFTER TAX

NO: OF EQUITY SHARES

PRICE EARNING RATIO=

MARKET PRICE
E.P.S (earnings per share)

One can estimate trend of earning by EPS, which reflects trends of earning quality of company,
dividend policy, and quality of management.
Price earning ratio indicate a confidence of market about the company future, a high rating is
preferable
INVESTMENT DECISIONS
Definition of investment:
According to F. AMLING Investment may be defined as the purchase by an individual or
an Institutional investor of a financial or real asset that produces a return proportional to the risk
assumed over some future investment period. According to D.E. Fisher and R.J. Jordon, Investment
is a commitment of funds made in the expectation of some positive rate of return. If the investment
is properly undertaken, the return will be commensurate with the risk of the investor assumes.

Concept of Investment:

Investment will generally be used in its financial sense and as such

investment is the allocation of monetary resources to assets that are expected to yield some gain or
positive return over a given period of time. Investment is a commitment of a persons funds to derive
future income in the form of interest, dividends, rent, premiums, pension benefits or the appreciation
of the value of his principal capital.
Many types of investment media or channels for making investments are available.
Securities ranging from risk free instruments to highly speculative shares and debentures are
available for alternative investments.
All investments are risky, as the investor parts with his money. An efficient investor with
proper training can reduce the risk and maximize returns. He can avoid pitfalls and protect his
interest.
There are different methods of classifying the investment avenues. A major classification
is physical Investments and Financial Investments. They are physical, if savings are used to acquire
physical assets, useful for consumption or production.

Some physical assets like ploughs,

tractors or harvesters are useful in agricultural production. A few useful physical assets like cars,
jeeps etc., are useful in business.
Many items of physical assets are not useful for further production or goods or create income
as in the case of consumer durables, gold, silver etc. among different types of investment, some are
marketable and transferable and others are not. Examples of marketable assets are shares and
debentures of public limited companies, particularly the listed companies on Stock Exchange, Bonds
of P.S.U., Government securities etc. non-marketable securities or investments in bank deposits,

provident fund and pension funds, insurance certificates, post office deposits, national savings
certificate, company deposits, private limited companies shares etc.

The investment process may be described in the following stages:

Investment policy:
The first stage determines and involves personal financial affairs and objectives before
making investment. It may also be called the preparation of investment policy stage. The investor
has to see that he should be able to create an emergency fund, an element of liquidity and quick
convertibility of securities into cash. This stage may, therefore be called the proper time of
identifying investment assets and considering the various features of investments.
investment analysis:
After arranging a logical order of types of investment preferred, the next step is to analyze
the securities available for investment. The investor must take a comparative analysis of type of
industry, kind of securities etc. the primary concerns at this stage would be to form beliefs regarding
future behavior of prices and stocks, the expected return and associated risks
.Investment valuation:
Investment value, in general is taken to be the present worth to the owners of future benefits
from investments. The investor has to bear in mind the value of these investments. An appropriate
set of weights have to be applied with the use of forecasted benefits to estimate the value of the
investment assets such as stocks, debentures, and bonds and other assets. Comparison of the value
with the current market price of the assets allows a determination of the relative attractiveness of the

asset allows a determination of the relative attractiveness of the asset. Each asset must be value on its
individual merit.

Portfolio construction and feed-back:

Portfolio construction requires knowledge of different aspects of securities in
relation to safety and growth of principal, liquidity of assets etc. In this stage, we study,
determination of diversification level, consideration of investment timing selection of investment
assets, allocation of invest able wealth to different investments, evaluation of portfolio for feedback.
INVESTMENT DECISIONS- GUIDELINES FOR EQUITY INVESTMENT
Equity shares are characterized by price fluctuations, which can produce substantial gains
or inflict severe losses. Given the volatility and dynamism of the stock market, investor requires
greater competence and skill-along with a touch of good luck too-to invest in equity shares. Here are
some general guidelines to play to equity game, irrespective of weather you aggressive or
conservative.
Adopt a suitable formula plan.
Establish value anchors.
Assets market psychology.
Combination of fundamental and technical analyze.
Diversify sensibly.
Periodically review and revise your portfolio.

Requirement of portfolio:
1. Maintain adequate diversification when relative values of various securities in the portfolio
change.
2. Incorporate new information relevant for return investment.
3. Expand or contrast the size of portfolio to absorb funds or with draw funds.
4.Reflect changes in investor risk disposition.
.Qualitiles For successful Investing:
Contrary thinking
Patience
Composure
Flexibility
Openness

INVESTORS PORTFOLIO CHOICE:

An investor tends to choose that portfolio, which yields him maximum return by
applying utility theory. Utility Theory is the foundation for the choice under uncertainty. Cardinal
and ordinal theories are the two alternatives, which is used by economist to determine how
people and societies choose to allocate scare resources and to distribute wealth among one
another.

The former theory implies that a consumer is capable of assigning to every commodity or
combination of commodities a number representing the amount of degree of utility associated
with it. Were as the latter theory, implies that a consumer needs not be liable to assign numbers
that represents the degree or amount of utility associated with commodity or combination of
commodity. The consumer can only rank and order the amount or degree of utility associated
with commodity.
In an uncertain environment it becomes necessary to ascertain how different individual
will react to risky situation. The risk is defined as a probability of success or failure or risk could
be described as variability of out comes, payoffs or returns. This implies that there is a
distribution of outcomes associated with each investment decision. Therefore we can say that
there is a relationship between the expected utility and risk. Expected utility with a particular
portfolio return. This numerical value is calculated by taking a weighted average of the utilities
of the various possible returns. The weights are the probabilities of occurrence associated with
each of the possible returns.

MARKOWITZ MODEL
THE MEAN-VARIENCE CRITERION
Dr. Harry M.Markowitz is credited with developing the first modern portfolio
analysis in order to arrange for the optimum allocation of assets with in portfolio. To reach this
objective, Markowitz generated portfolios within a reward risk context. In essence, Markowitzs
model is a theoretical framework for the analysis of risk return choices. Decisions are based on
the concept of efficient portfolios.

A portfolio is efficient when it is expected to yield the highest return for the level of risk
accepted or, alternatively, the smallest portfolio risk for a specified level of expected return. To
build an efficient portfolio an expected return level is chosen, and assets are substituted until the
portfolio combination with the smallest variance at the return level is found. At this process is
repeated for expected returns, set of efficient portfolio is generated.

ASSUMPTIONS:
1. Investors consider each investment alternative as being represented by a probability
distribution of expected returns over some holding period.
2. Investors maximize one period-expected utility and posses utility curve, which
demonstrates diminishing marginal utility of wealth.
3. Individuals estimate risk on the risk on the basis of the variability of expected returns.
4. Investors base decisions solely on expected return and variance or returns only.
5. For a given risk level, investors prefer high returns to lower return similarly for a given
level of expected return, Investors prefer risk to more risk.
Under these assumptions, a single asset or portfolio of assets is considered to
be efficient if no other asset or portfolio of assets offers higher expected return with the same
risk or lower risk with the same expected return.
THE SPECIFIC MODEL
In developing his model, Morkowitz first disposed of the investment behavior rule
that the investor should maximize expected return. This rule implies that the non-diversified
single security portfolio with the highest return is the most desirable portfolio. Only by buying

that single security can expected return be maximized. The single-security portfolio would
obviously be preferable if the investor were perfectly certain that this highest expected return
would turn out be the actual return. However, under real world conditions of uncertainty, most
risk adverse investors join with Markowitz in discarding the role of calling for maximizing
expected returns. As an alternative, Markowitz offers the expected returns/variance of returns
rule.
Markowitz has shown the effect of diversification by reading the risk of securities.
According to him, the security with covariance which is either negative or low amongst them is
the best manner to reduce risk. Markowitz has been able to show that securities which have less
than positive correlation will reduce risk without, in any way bringing the return down.
According to his research study a low correlation level between securities in the portfolio will
show less risk. According to him, investing in a large number of securities is not the right method
of investment. It is the right kind of security which brings the maximum result.

CONSTRUCTION OF THE STUDY

Purpose of the study:
The purpose of the study is to find out at what percentage of investment should be
invested between two companies, on the basis of risk and return of each security in comparison.
These percentages helps in allocating the funds available for investment based on risky
portfolios.
Implementation of study:

For implementing the study,8 securitys or scripts constituting the Sensex market are
selected of one month closing share movement price data from Economic Times and financial
express from Jan 3rd to 31st Jan 2009.
In order to know how the risk of the stock or script, we use the formula, which is given
below:
-----------Standard deviation =

variance
n

Variance

= (1/n-1) (R-R) ^2
t =1

Where (R-R) ^2=square of difference between sample and mean.

n=number of sample observed.
After that, we need to compare the stocks or scripts of two companies with each other by using
the formula or correlation co-efficient as given below.
n

Co-variance (COVAB) = 1/n (RA-RA) (RB-RB)

t =1
(COV AB)
Correlation-Coefficient (P AB) =

---------------------

(Std. A) (Std. B)

Where (RA-RA) (RB-RB) = Combined deviations of A&B

(Std. A) (Std B) =standard deviation of A&B
COVAB= covariance between A&B
The next step would be the construction of the optimal portfolio on the basis of what
percentage of investment should be invested when two securities and stocks are combined i.e.
calculation of two assets portfolio weight by using minimum variance equation which is given
below.
FORMULA

(Std. b) ^2 pab (Std. a) (Std. b)

Xa

=------------------- ---------------------------------(Std. a) ^2 + (std. b) ^2 2pab (Std. a) (Std. b)

Where

Std. b= standard deviation of b

Std. a = standard deviation of a
Pab= correlation co-efficient between A&B
The next step is final step to calculate the portfolio risk (combined risk) ,that shows how much is
the risk is reduced by combining two stocks or scripts by using this formula:

___________________________________
p= X1^21^2+X2^22^2+2(X1)(X2)(X12)1
Where
X1=proportion of investment in security 1.
X2=proportion of investment in security 2.
1= standard deviation of security 1.
2= standard deviation of security 2.
X12=correlation co-efficient between security 1&2.

RESEARCH GAP
Portfolio management or investment helps investors in effective and efficient management of
their investment to achieve this goal. The rapid growth of capital markets in India has opened up
new investment avenues for investors.
The stock markets have become attractive investment options for the common man.But the need
is to be able to effectively and efficiently manage investments in order to keep maximum returns
with minimum risk.

Hence this study on PORTFOLIO MANAGEMENT to examine the role process and merits
of effective investment management and decision.

OBJECTIVES:

To study the investment decision process.

To analysis the risk return characteristics of sample scripts.
Ascertain portfolio weights.
To construct an effective portfolio which offers the maximum return for minimum risk

HYPOTHESIS

HYPOTHESIS - 1
H0 : - There is no impact of dividends on the investments of the investors
H1:- There is an impact of Dividends on the investment of the investors

HYPOTHESIS - 2
H0 : - There is no affect of the construction of the portfolio while investing in any securities
H1:- There is affect of the construction of the portfolio while investing in any securities

HYPOTHESIS - 3
H0 : - There is no impact of risk and return analysis of the securities in the portfolio
H1:- There is an impact of risk and return analysis of the securities in the portfolio

HYPOTHESIS - 4
H0 : - Ascertaining the portfolio weight may not have good results in the portfolio selected
H1 : - Ascertaining the portfolio weight may have good results in the portfolio selected

HYPOTHESIS - 5
H0 : - The covariance of the selected scrips may mot influence the selected portfolio
H1 : - The covariance of the selected scrips may influence the selected portfolio

SCOPE OF THE STUDY

Only nine samples have been selected for constructing a portfolio.

Share prices of scripts of 5 years period was taken.
Very few scrips / companies are selected and analysed from the common list of
BSE sensex & NSE nifty contributing companies.
Data collection regarding selected scripts was strictly confined to secondary
source. No primary data is associated with the project.
Detailed study of the topic was not possible due to limited size of the project. -

PERIOD OF THE STUDY

The duration of the project is 45 days only

METHODOLOGY:

Primary source

The analysis is totally on the historical data so there is no primary data for this study

Secondary source

Daily prices of scripts from news papers, websites and some information from textbooks

SCOPE
Duration Period 45days
Sample size : 5 years
To ascertain risk, return and weights.