EQUITY ANALYSIS

TO FIND BEST FIT INVESTMENT PLAN FOR A LAYMAN

By

BHARAT KUMAR CHAVVAKULA

Roll No.: 0803MBA0766

Reg. No.: 68108101402

A PROJECT REPORT

Submitted to the

FACULTY OF MANAGEMENT SCIENCES

in partial fulfilment for the award of the degree

of

MASTER OF BUSINESS ADMINISTRATION

CENTRE FOR DISTANCE EDUCATION

ANNA UNIVERSITY CHENNAI
CHENNAI 600 025

February, 2010
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the work under my supervision. Certified further that to the best of my knowledge
the work reported herein does not form part of any other project report or dissertation
on the basis of which a degree or award was conferred on an earlier occasion on this
or any other candidate.

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ABSTRACT

Indian stock market is semi-efficient by nature and, is considered as one of

the most respected stock markets, where information is quickly and widely
disseminated, thereby allowing each security’s price to adjust rapidly in an unbiased
manner to new information so that, it reflects the nearest investment value. And
mainly after the introduction of electronic trading system, the information flow has
become much faster. But sometimes, in developing countries like India, sentiments
play major role in price movements, or say, fluctuations, where investors find it
difficult to predict the future with certainty.

Evaluation of a fund performance is meaningful when a fund has access to an

array of investment products in market. An investor can choose from a variety of
funds to suit his risk tolerance, investment horizon and objective. Direct investment
in equity offers capital growth but at high risk and without the benefit of
diversification by professional management offered by mutual funds.

This project is to understand the awareness and acceptance of various

investment alternatives and to make a comparative study as which mode of equity
investments are preferred by individuals. An analysis of securities and the
organization and operation of their markets. The determination of the risk reward
structure of equity and debt securities and their valuation. Special emphasis on
common stocks. Other topics include options, mutual fluids and technical analysis.

Fundamental analysis and technical analysis can co-exist in peace and

complement each other. Since all the investors in the stock market want to make the
maximum profits possible, they just cannot afford to ignore either fundamental or
technical analysis. And is achieved by doing the research and understand the
movement and performance of stocks, justify the current investment in the chosen
securities.
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ACKNOWLEDGEMENT

It is with great pleasure I express my sincere thanks and heartfelt gratitude to

my guide Mr. Jayakumar MBA., Director, Sun Logistics, Pantheon Road, Egmore,
Chennai for his constant encouragement, valuable support, free hand approach,
timely suggestions and guidance extended to me throughout my work period.
Without his guidance this project would not have been possible. I consider myself to
be blessed to have worked under his guidance.

I would like to express my heartfelt thanks to MIT Study center

Coordinator and the Finance Department Lecturers, and Faculty members of
management sciences, MIT, Anna University, Chromepet, Chennai for their
constant encouragement, help, patience and valuable suggestions for completing this
project on time as scheduled.

I thank all my well-wishers for their constant support and encouragement and
cheer all along in achieving my goal.

I wish to express my indebted thanks to my classmates and friends who have

helped me directly or indirectly in completion of this project work.

My gratitude and regards are due to my dear family and friends for their
boundless love and moral support and encouragement, which formed the inspiration
in this endeavors.

BHARAT KUMAR CHAVVAKULA

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CONTENTS

 Chapter1 - Introduction
 Executive summary 1
 Rationale 2
 Objectives 3

 Chapter 2 - Literature review

 Investment Avenues In India 4
 Mutual Funds: A Brief Introduction 10
 Advantages Of A Mutual Fund 16

 Chapter 3 - Methodology
 Scope of the study 20
 Target population 20
 Research design 20
 Data collection 21
 Questionnaire design 21
 Sampling 23
 Procedure for data collection 23

 Chapter 4 – Fund Analysis

 Selection Criteria For Schemes 24
 Equity diversified funds 24
 Direct equity 31
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 Chapter5 –Data analysis and Interpretation

 Findings & analysis 34
 Investor survey analysis 35

 Chapter 6 – Conclusions
 Conclusions 49
 Limitations 50

 Appendix
 Questionnaire 51

 Bibliography 55
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CHAPTER 1

1.1 EXECUTIVE SUMMARY

Each investment alternative has its own strengths and weaknesses. Some
options seek to achieve superior returns (like equity), but with corresponding higher
risk. Other provide safety (like PPF) but at the expense of liquidity and growth.
Other options such as FDs offer safety and liquidity, but at the cost of return. Mutual
funds seek to combine the advantages of investing in arch of these alternatives while
dispensing with the shortcomings.

Indian stock market is semi-efficient by nature and, is considered as one of

the most respected stock markets, where information is quickly and widely
disseminated, thereby allowing each security’s price to adjust rapidly in an unbiased
manner to new information so that, it reflects the nearest investment value. And
mainly after the introduction of electronic trading system, the information flow has
become much faster. But sometimes, in developing countries like India, sentiments
play major role in price movements, or say, fluctuations, where investors find it
difficult to predict the future with certainty. Some of the events affect economy as a
whole, while some events are sector specific. Even in one particular sector, some
companies or major market player are more sensitive to the event. So, the new
investors taking exposure in the market should be well aware about the maximum
potential loss, i.e. Value at risk.

It would be good to diversify one’s portfolio to include equity mutual funds

and stocks. The benefit of diversification are that while risk exposure from a
particular asset may not be very high, it would also give the opportunity of
participating in the party in the equity markets- which may have just begun- in a
relatively safe manner(than investing directly into stock markets). Mutual funds are
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one of the best options for investors to choose from. It must be realized that the
performance of different funds varies time to time. Evaluation of a fund performance
is meaningful when a fund has access to an array of investment products in market.
An investor can choose from a variety of funds to suit his risk tolerance, investment
horizon and objective. Direct investment in equity offers capital growth but at high
risk and without the benefit of diversification by professional management offered by
mutual funds.

1.2 RATIONALE

India presents a vast potential for investment and is actively encouraging the
players especially entrance of foreign players into the market. India is also one of the
few markets in the world which offers high prospects for growth and earning
potential in all areas of business.

In the current market scenario where there is more expenditure than one’s
salary, inflation touching its high and fixed deposits going down day by day, thus
net rate of return on the investments being below the inflation rate. To meet these
growing requirements, the investors need to invest his disposable income to reap
short as well as long term benefits. Those who do make diverse investments are able
to squeeze maximum benefits.

The rationale behind undertaking this project is to understand the awareness

and acceptance of various investment alternatives and to make a comparative study
as which mode of equity investments are preferred by individuals. That is direct
equity or the mutual funds.
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1.3 OBJECTIVES:

 To make a comparison between direct investment in equity and investment

through Mutual funds.

 Study of select Mutual Funds schemes with the point of attractiveness to

investors.
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CHAPTER 2 - LITERATURE REVIEW

2.1 INVESTMENT AVENUES IN INDIA

Savings form an important part of the economy of any nation. With the savings
invested in various options available to the people, the money acts as the driver for
growth of the country. Indian financial scene too presents a plethora of avenues to
the investors. Though certainly not the best or deepest of markets in the world, it has
reasonable options for an ordinary man to invest his savings. Banks are considered
as the safest of all options, banks have been the roots of the financial systems in
India. Promoted as the means to social development, banks in India have indeed
played an important role in the rural upliftment. For an ordinary person though, they
have acted as the safest investment avenue wherein a person deposits money and
earns interest on it. The two main modes of investment in banks, savings accounts
and fixed deposits have been effectively used by one and all.

However, today the interest rate structure in the country is headed

southwards, keeping in line with global trends. With the banks offering little above 9
percent in their fixed deposits for one year, the yields have come down substantially
in recent times. Add to this, the inflationary pressures in economy and one has a
position where the savings are not earning. The inflation is creeping up, to almost 8
percent at times, and this means that the value of money saved goes down instead of
going up. This effectively mars any chance of gaining from the investments in banks.
Just like banks, post offices in India have a wide network. Spread across the nation,
they offer financial assistance as well as serving the basic requirements of
communication. Among all saving options, Post office schemes have been offering
the highest rates. Added to it is the fact that the investments are safe with the
department being a Government of India entity. So, the two basic and most sought
after features, such as - return safety and quantum of returns was being handsomely
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taken care of. Though certainly not the most efficient systems in terms of service
standards and liquidity, these have still managed to attract the attention of small,
retail investors. However, with the government announcing its intention of reducing
the interest rates in small savings options, this avenue is expected to lose some of the
investors.

Public Provident Funds act as options to save for the post retirement period
for most people and have been considered good option largely due to the fact that
returns were higher than most other options and also helped people gain from tax
benefits under various sections. This option too is likely to lose some of its sheen on
account of reduction in the rates offered. Another often-used route to invest has been
the fixed deposit schemes floated by companies. Companies have used fixed deposit
schemes as a means of mobilizing funds for their operations and have paid interest
on them. The safer a company is rated, the lesser the return offered has been the
thumb rule.

However, there are several potential roadblocks in these. First of all, the
danger of financial position of the company not being understood by the investor
lurks. The investors rely on intermediaries who more often than not, don’t reveal the
entire truth. Secondly, liquidity is a major problem with the amount being received
months after the due dates. Premature redemption is generally not entertained
without cuts in the returns offered and though they present a reasonable option to
counter interest rate risk (especially when the economy is headed for a low interest
regime), the safety of principal amount has been found lacking. Many cases like the
Kuber Group and DCM Group fiascoes have resulted in low confidence in this
option. The options discussed above are essentially for the risk-averse, people who
think of safety and then quantum of return, in that order. For the brave, it is dabbling
in the stock market.

Stock markets provide an option to invest in a high risk, high return game.
While the potential return is much more than 10-11 percent any of the options
discussed above can generally generate, the risk is undoubtedly of the highest order.
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But then, the general principle of encountering greater risks and uncertainty when
one seeks higher returns holds true. However, as enticing as it might appear, people
generally are clueless as to how the stock market functions and in the process can
endanger the hard-earned money. For those who are not adept at understanding the
stock market, the task of generating superior returns at similar levels of risk is
arduous to say the least. This is where Mutual Funds come into picture.

Mutual Funds are essentially investment vehicles where people with similar
investment objective come together to pool their money and then invest accordingly.
Each unit of any scheme represents the proportion of pool owned by the unit holder
(investor). Appreciation or reduction in value of investments is reflected in net asset
value (NAV) of the concerned scheme, which is declared by the fund from time to
time. Mutual fund schemes are managed by respective Asset Management
Companies (AMC). Different business groups/ financial institutions/ banks have
sponsored these AMCs, either alone or in collaboration with reputed international
firms.
Several international funds like Alliance and Templeton are also operating
independently in India. Many more international Mutual Fund giants are expected to
come into Indian markets in the near future.

2.1.1 Investment Alternatives In India

 Non marketable financial assets: These are such financial assets which
gives moderately high return but cannot be traded in market.
 Bank Deposits
 Post Office Schemes
 Company FDs
 PPF
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 Equity shares: These are shares of company and can be traded in secondary
market. Investors get benefit by change in price of share and dividend given
by companies. Equity shares represent ownership capital. As an equity
shareholder, a person has an ownership stake in the company. This essentially
means that the person has a residual interest in income and wealth of the
company. These can be classified into following broad categories as per stock
market:
 Blue chip shares
 Growth shares
 Income shares
 Cyclic shares
 Speculative shares

 Bonds: Bonds are the instruments that are considered as a relatively safer
investment avenues.
 G sec bonds
 GOI relief funds
 Govt. agency funds
 PSU Bonds
 RBI BOND
 Debenture of private sector co.

 Money market instrument: By convention, the term "money market" refers

to the market for short-term requirement and deployment of funds. Money
market instruments are those instruments, which have a maturity period of
less than one year.
 T-Bills
 Certificate of Deposit
 Commercial Paper
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 Mutual Funds- A mutual fund is a trust that pools together the savings of a
number of investors who share a common financial goal. The fund manager
invests this pool of money in securities, ranging from shares, debentures to
money market instruments or in a mixture of equity and debt, depending upon
the objective of the scheme. The different types of schemes are
 Balanced Funds
 Index Funds
 Sector Fund
 Equity Oriented Funds

 Life insurance: Now-a-days life insurance is also being considered as an

investment avenue. Insurance premiums represent the sacrifice and the
assured sum the benefit. Under it different schemes are:
 Endowment assurance policy
 Money back policy
 Whole life policy
 Term assurance policy

 Real estate: One of the most important assets in portfolio of investors is a

residential house. In addition to a residential house, the more affluent
investors are likely to be interested in the following types of real estate:
 Agricultural land
 Semi urban land
 Farm House

 Precious objects: Investors can also invest in the objects which have value.
These comprises of:
 Gold
 Silver
 Precious stones
 Art objects
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 Financial Derivatives: These are such instruments which derive their value
from some other underlying assets. It may be viewed as a side bet on the
asset. The most important financial derivatives from the point of view of
investors are:
 Options
 Futures

2.1.2 Direct equity vs. mutual funds

1) Equity share/Direct investment

2) Mutual funds, a brief introduction
3) Equity Fund
4) Difference between direct equity and mutual fund

1) Equity share/Direct investment

Equity shares: These are shares of company and can be traded in secondary market.
Investors get benefit by change in price of share or dividend given by companies.
Equity shares represent ownership capital. As an equity shareholder, a person has an
ownership stake in the company. This essentially means that the person has a
residual interest in income and wealth of the company. These can be classified into
following broad categories as per stock market:

 Blue chip shares- Shares of large, well established, financially strong

companies with an impressive record of earnings and dividends.
 Growth shares-Shares of companies that have fairly entrenched positions in
a growing market and which enjoy an above average rate of growth as well as
profitability.
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 Income shares-Share of companies that have fairly stable operations, relative

limited growth opportunities, and high dividend payout ratios.
 Cyclic shares – Share of companies that have a pronounced cyclicality in
their operations.
 Defensive shares- Shares of companies that are relatively unaffected by the
ups and downs in general business conditions.
 Speculative shares- Shares of companies that tend to fluctuate widely
because there is a lot of speculative trading in them.

2.2 MUTUAL FUNDS: A BRIEF INTRODUCTION

A Mutual Fund is a trust that pools the savings of a number of investors who
share a common financial goal. The money thus collected is invested by the fund
manager in different types of securities depending upon the objective of the scheme.
These could range from shares to debentures to money market instruments. The
income earned through these investments and the capital appreciations realized by
the schemes are shared by its unit holders in proportion to the number of units owned
by them. Thus a Mutual Fund is the most suitable investment for the common man as
it offers an opportunity to invest in a diversified, professionally managed portfolio at
a relatively low cost. The small savings of all the investors are put together to
increase the buying power and hire a professional manager to invest and monitor the
money. Anybody with an investible surplus of as little as a few thousand rupees can
invest in Mutual Funds. Each Mutual Fund scheme has a defined investment
objective and strategy.
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2.2.1 INCEPTION OF MUTUAL FUNDS IN INDIA

The history of mutual funds in India can be divided into 5 important phases:
1963-1987
The Unit Trust of India was the sole player in the industry. Created by an Act of
Parliament in 1963, UTI launched its first product, the Unit Scheme 1964, which is
even today the single largest mutual fund scheme. UTI created a number of products
such as monthly income plans, children plans, equity-oriented schemes and off shore
funds during this period. UTI managed assets of Rs.6,700 crores at the end of this
phase.

1987-1993
In 1987 public sector banks and financial institutions entered the mutual fund
industry. SBI mutual fund was the first non- UTI fund to be set up in 1987.
Significant shift of investors from deposits to mutual fund industry happened during
this period. Most funds were growth-oriented closed-ended funds. By the end of this
period, assets under UTI’s management grew to Rs.38,247 crores and public sector
funds managed Rs.8,750 crores.

1993-1996
In 1993, the mutual fund industry was open to private sector players, both Indian and
foreign. SEBI’s first set of regulations for the industry were formulated in 1993, and
substantially revised in 1996.Signifficant innovations in servicing, product design
and information disclosure happened in this phase, mostly initiated by private
players.

1996-1999
The implementation of the new SEBI regulations and the restructuring of the mutual
fund industry led to rapid asset growth. Bank mutual funds were recast according to
the SEBI recommended structure, and the UTI came under voluntary SEBI
supervision.
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1999-2002
This phase was marked by the rapid growth in the industry, and significant increase
in market shares of private sector players. Assets crossed Rs.1,00,000 crore .The tax
break offered to mutual fund in 1999 created arbitrage opportunities for a number of
institutional players. Bond funds and Liquid funds registered the highest growth in
this period, accounting for nearly 60% of the assets. UTI’s share of the industry
dropped to nearly 50%.

2.2.2 Types of mutual funds:

Open ended schemes

An open-end fund is one that is available for subscription all through the year. This
type of Mutual funds does not have a predefined maturity period. The key feature is
liquidity. Direct dealing is another noticeable feature. One can easily buy and sell
units at Net Asset Value related prices.

Close ended schemes

Here maturity period is predefined usually ranging from 2 to 15 years. Investment
can be done directly in the scheme at the time of the initial issue and units can be
brought and sold whenever units are listed in the stock exchanges.

Types of Schemes

1. Equity/growth oriented Funds: Equity schemes are those that invest

predominantly in equity shares of companies. An equity scheme seeks to
provide returns by way of capital appreciation. As a class of assets, equities
are subject to greater fluctuations. Hence, the NAVs of these schemes will
also fluctuate frequently. Equity schemes are more volatile, but offer better
returns.
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2. Balanced Funds: The aim of balanced funds is to provide both growth and
regular income. Such schemes periodically distribute a part of their earning
and invest both in equities and fixed income securities in the proportion
indicated in their offer documents.

3. Index Funds: An Index Fund is a mutual fund that tries to mirror a market
index, like Nifty or BSE Sensex , as closely as possible by investing in all the
stocks that comprise that index in proportions equal to the weight age of those
stocks in the index.
4. Income/debt oriented Funds: These schemes invest mainly in income-
bearing instruments like bonds, debentures, government securities,
commercial paper, etc. These instruments are much less volatile than equity
schemes. Their volatility depends essentially on the health of the economy
e.g., rupee depreciation, fiscal deficit, inflationary pressure. Performance of
such schemes also depends on bond ratings.

2) Equity Funds

As explained earlier, such funds invest only in stocks, the riskiest of asset classes.
With share prices fluctuating daily, such funds show volatile performance, even
losses. However, these funds can yield great capital appreciation as, historically,
equities have outperformed all asset classes. At present, there are four types of equity
funds available in the market. In the increasing order of risk, these are:

a) Index funds
These funds track a key stock market index, like the BSE (Bombay Stock Exchange)
Sensex or the NSE (National Stock Exchange) S&P CNX Nifty. Hence, their
portfolio mirrors the index they track, both in terms of composition and the
individual stock weightages. For instance, an index fund that tracks the Sensex will
invest only in the Sensex stocks. The idea is to replicate the performance of the
benchmarked index to near accuracy. Index funds don’t need fund managers, as there
is no stock selection involved.
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Investing through index funds is a passive investment strategy, as a fund’s

performance will invariably mimic the index concerned, barring a minor "tracking
error". Usually, there’s a difference between the total returns given by a stock index
and those given by index funds benchmarked to it. Termed as tracking error, it arises
because the index fund charges management fees, marketing expenses and
transaction costs (impact cost and brokerage) to its unit holders. So, if the Sensex
appreciates 10 per cent during a particular period while an index fund mirroring the
Sensex rises 9 per cent, the fund is said to have a tracking error of 1 per cent.
To illustrate with an example, assume you invested Rs 1,000 in an index fund
based on the Sensex on 1 April 1978, when the index was launched (base: 100). In
August, when the Sensex was at 3.457, your investment would be worth Rs 34,570,
which works out to an annualised return of 17.2 per cent. A tracking error of 1 per
cent would bring down your annualised return to 16.2 per cent. Obviously, lower the
tracking error, the better are the index funds.

b) Diversified funds

Such funds have the mandate to invest in the entire universe of stocks. Although by
definition, such funds are meant to have a diversified portfolio (spread across
industries and companies), the stock selection is entirely the prerogative of the fund
manager. This discretionary power in the hands of the fund manager can work both
ways for an equity fund. On the one hand, astute stock-picking by a fund manager
can enable the fund to deliver market-beating returns; on the other hand, if the fund
manager’s picks languish, the returns will be far lower. Returns from a diversified
fund depend a lot on the fund manager’s capabilities to make the right investment
decisions. A portfolio concentrated in a few sectors or companies is a high risk, high
return proposition.
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c) Tax-saving funds

Also known as ELSS or equity-linked savings schemes, these funds offer benefits
under Section 88 of the Income-Tax Act. So, on an investment of up to Rs 10,000 a
year in an ELSS, one can claim a tax exemption of 20 per cent from his taxable
income. One can invest more than Rs 10,000, but then he won’t get the Section 88
benefits for the amount in excess of Rs 10,000. The only drawback to ELSS is that
one has to lock into the scheme for three years.
In terms of investment profile, tax-saving funds are like diversified funds. The one
difference is that because of the three year lock-in clause, tax-saving funds get more
time to reap the benefits from their stock picks, unlike plain diversified funds, whose
portfolios sometimes tend to get dictated by redemption compulsions.

d) Sector funds

The riskiest among equity funds, sector funds invest only in stocks of a specific
industry, say IT or FMCG. A sector fund’s NAV will zoom if the sector performs
well; however, if the sector languishes, the scheme’s NAV too will stay depressed.
Barring a few defensive, evergreen sectors like FMCG and pharma, most other
industries alternate between periods of strong growth and bouts of slowdowns. The
way to make money from sector funds is to catch these cycles–get in when the sector
is poised for an upswing and exit before it slips back.

3) Difference between direct equity and mutual funds

A mutual fund is the ideal investment vehicle for today’s complex and modern
financial scenario. Markets for equity shares, bonds and other fixed income
instruments, real estate, derivatives and other assets have become mature and
information driven. Price changes in these assets are driven by global events
occurring in faraway places. A typical individual is unlikely to have the knowledge,
skills, inclination and time to keep track of events, understand their implications and
 16

act speedily. An individual also finds it difficult to keep track of ownership of his
assets, investments, brokerage dues and bank transactions etc.

Investing in Mutual Fund is convenient because of two basic reasons. All

investment carry risks, especially equity investment that bears larger risks, their
returns are more volatile and uneven. To cut down the risk one needs to put money in
several instruments rather than in one or two products. A Mutual Fund can
effectively spread its investments across various sectors of the economy and amongst
several products. Risk diversification is the Key. Secondly ’where to invest and
where not to’, is a specialized business. One may not have the expertise, time and
resources of a well-managed fund.
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2.3 ADVANTAGES OF A MUTUAL FUND

1. Professional Management
Qualified professionals manage money, but they are not alone. They have a
research team that continuously analyses the performance and prospects of
companies. They also select suitable investments to achieve the objectives of
the scheme, so you see that it is a continuous process that takes time and
expertise that will add value to investment. These fund managers are in a
better position to manage investments and get higher returns.

2. Diversification
The cliché, "don’t put all eggs in one basket" really applies to the concept of
intelligent investing. Diversification lowers risk of loss by spreading money
across various industries. It is a rare occasion when all stocks decline at the
same time and in the same proportion. Sector funds will spread investment
across only one industry and it would not be wise for portfolio to be skewed
towards these types of funds for obvious reasons.

3. Choice of Schemes
Mutual funds offer a variety of schemes that will suit investors needs over a
lifetime. When they enter a new stage in life, all needed to do is sit down with
investment advisor who will help to rearrange portfolio to suit altered
lifestyle.

4. Affordability
A small investor may find that it is not possible to buy shares of larger
corporations. Mutual funds generally buy and sell securities in large volumes
that allow investors to benefit from lower trading costs. The smallest investor
can get started on mutual funds because of the minimal investment
requirements. One can invest with a minimum of Rs. 500 in a Systematic
Investment Plan on a regular basis.
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5. Tax Benefits
Investments held by investors for a period of 12 months or more qualify for
Capital gains and will be taxed accordingly (10% of the amount by which the
investment appreciated, or 20% after factoring in the benefit of cost
indexation, whichever is lower). These investments also get the benefit of
indexation.

6. Liquidity
With open-end funds, you can redeem all or part of investment any time you
wish and receive the current value of the shares or the NAV related price.
Funds are more liquid than most investments in shares, deposits and bonds
and the process is standardized, making it quick and efficient so that you can
get cash in hand as soon as possible.

7. Rupee Cost Averaging

Through using this concept of investing the same amount regularly, mutual
funds give investor the advantage of getting the average unit price over the
long-term. This reduces risk and also allows you to discipline self by actually
investing every month or quarterly and not making sporadic investments.

8. The Transparency of Mutual Funds

The performance of a mutual fund is reviewed by various publications and
rating agencies, making it easy for investors to compare one to the other.
Once you are part of a mutual fund scheme, you are provided with regular
updates, for example daily NAVs, as well as information on the specific
investments made and the fund manager’s strategy and outlook of the
scheme.

9. Easy To Administer
Mutual funds units in modern times are not issued in the form of certificates,
with a minimum denomination rather they are issued as account statement
switch a facility to hold units in fraction upto 4 decimal points.
 19

10. Highly Regulated

The governing of mutual funds by SEBI ensures that the fund activities are
carried out in the best interest of the investors.

2.4 DISADVANTAGES OF MUTUAL FUNDS

The following are some of the reasons which are deterrent to mutual fund
investment:

 Costs despite Negative Returns — Investors must pay sales charges, annual
fees, and other expenses regardless of how the fund performs. And,
depending on the timing of their investment, investors may also have to pay
taxes on any capital gains distribution they receive — even if the fund went
on to perform poorly after they bought shares.

 Lack of Control — Investors typically cannot ascertain the exact make-up of

a fund's portfolio at any given time, nor can they directly influence which
securities the fund manager buys and sells or the timing of those trades.

 Price Uncertainty — with an individual stock, you can obtain real-time (or
close to real-time) pricing information with relative ease by checking
financial websites or by calling your broker. You can also monitor how a
stock's price changes from hour to hour — or even second to second. By
contrast, with a mutual fund, the price at which you purchase or redeem
shares will typically depend on the fund's NAV, which the fund might not
calculate until many hours after you've placed your order. In general, mutual
funds must calculate their NAV at least once every business day, typically
after the major U.S. exchanges close.
 20

Some mutual fund schemes with the point of attractiveness to investors -

Comparison of best performing mutual funds with index Equity schemes:

Equity schemes are those that invest predominantly in equity shares of companies.
An equity scheme seeks to provide returns by way of capital appreciation. As a class
of assets, equities are subject to greater fluctuations. Hence, the NAVs of these
schemes will also fluctuate frequently. Equity schemes are more volatile, but offer
better returns. These can be further classified into three types:

1. Diversified Equity schemes:

The aim of diversified equity funds is to provide the investor with capital
appreciation over a medium to long period (generally 2 – 5 years). The fund invests
in equity shares of companies from a diverse array of industries and balances (or tries
to) the portfolio so as to prevent any adverse impact on returns due to a downturn in
one or two sectors.

2. Equity Linked Saving Schemes (ELSS):

These schemes generally offer tax rebates to the investor under section 88 of the
Income Tax law. These schemes generally diversify the equity risk by investing in a
wider array of stocks across sectors. ELSS is usually considered a variant of
diversified equity scheme but with a tax friendly offer

3. Sectoral Fund/ Industry Specific schemes:

Industry Specific Schemes invest only in the industries specified in the offer
document. The investment of these funds is limited to specific industries like
InfoTech, FMCG, and Pharmaceuticals etc. These are ideal for investors who have
already decided to invest in particular sector or segment. Sectoral Funds tend to have
a very high risk-reward ratio and investors should be careful of putting all their eggs
in one basket.
 21

CHAPTER 3 - METHODOLOGY

3.1 SCOPE OF THE STUDY

Geographical scope
The data for the research was collected from Different zones of Chennai, TN and
Hyderabad, AP.

Product scope
The research was conducted to find out about the preference of the target population
for Equity Diversified Mutual Funds and Direct Equity. Besides this the research was
conducted to know about reasons for preferring mutual funds and direct equity funds.

3.2 TARGET POPULATION

The target population mainly included service class people. Hence convenient
sampling was used in deciding on the target population.

3.3 RESEARCH DESIGN

First an exploratory research was conducted to get some insights about the topic.
Secondary data analysis was performed. It was followed by questionnaire filling.
Findings of the exploratory research were regarded as input to further research. This
research will be followed by descriptive design.
 22

3.4 DATA COLLECTION

Secondary Data
Secondary data was collected from various sources such as internet and financial
magazines.

Primary Data
In Primary data, structured questionnaire was made and the target respondents were
asked to fill the questionnaire.

3.5 QUESTIONNAIRE DESIGN

Objective was to make respondents little familiar with the context of the
questions. This was also aimed at collecting data about the sample profile that’ll be
subsequently analyzed so that the scope of the project is fully explored.

 Question 1 was aimed to check the awareness level of the respondent about
various investment avenues.

 Question 2 was an open ended question intended to find out some more
factors which people consider important while investing.

 Question 3 was aimed to understand the most preferred mode of investment.

 Question 4 was designed to understand the types of mutual fund where

people have invested.
 23

 Question 5 was designed to understand the importance of past returns in

making decisions about various investment schemes.

 Question 6 was designed to understand if returns were the only criteria for
evaluating the performance.

 Question 7 was designed to understand the approach of people in making

investment.

 Question 8 was designed to find out what factors are considered important by
people who invest different investments.

 Question 9 was formulated to know the period of portfolio review done by

people.

 Question 10 was put to find out the long term and short term investors.

 Question 11 was asked to find out how actively investors change their
portfolio.

 Question 12 was asked to compare the equity diversified mutual funds and
direct equity.

 Question 13 & 15 were asked to judge the factors why people prefer to invest
in Mutual Funds and Direct Equity.

 Question 14 was asked to find out the availability of information sources for
various schemes.
 24

3.6 SAMPLING

 Sample Framework
The sample framework consists of a people who have invested in any funds
or investment schemes.
 Sample Design
The sample was taken using convenient sampling.
 Sample size
The sample size was around 200 respondents.

3.7 PROCEDURE FOR DATA COLLECTION

For the purpose of primary data collection the target population was
administered with a questionnaire which had both structured as well as unstructured
questions.
 25

CHAPTER4 - FUNDS ANALYSIS

4.1 SELECTION CRITERIA FOR SCHEMES:

Selection of equity diversified funds are done here on the basis of their Return, risk ,
liquidity, affordability, entry-exit load, and performance over the years. Also,

1. Only open ended funds are considered while choosing best equity related
mutual funds.
2. Among growth and dividend schemes, only growth scheme has been taken so
as to avoid repetition (as portfolio remains same for both the options)
3. Selection has been done on the basis of last 1 year performance.

4.2 EQUITY DIVERSIFIED FUNDS

The four funds I have chosen after comparing their performance vis-à-vis the
other mutual funds in this category of funds are:

Equity Diversified Asset NAV 1wk 1mth 3mth 6mth 1yr 2yr 3yr
Size (Rs./Unit)
(Rs. cr.)
Principal Emerging
158.47 27.03 -0.4 3.6 8.9 39.7137.9 -- --
Bluechip(G)
ICICI Pru Discovery Fund
502.13 39.24 -0.3 6.6 8.3 47.9127.712.348.4
(G)
Birla SL Dividend Yield
325.05 67.67 -1.7 0.5 6.2 32.7 84.212.267.4
(G)
IDFC Premier Equity - A
1,098.76 25.40 -1.0 1.9 8.9 33.8 92.6 0.298.3
(G)
 26

Principal Emerging Bluechip Fund (G)

Rs.27.520 0.29 (1.04%)
Investment Information
Fund Type Open-Ended
Investment Plan Growth
Asset Size (Rs cr) 181.27 (Dec-31-2009)
Min. Investment Rs 5,000
Last Dividend N.A.
Bonus N.A.

Performance of Principal Emerging Bluechip Fund (G)

Absolute Returns (as on Feb 04, 10)
Period Returns (%) Rank #
1 mth -4.0 38
3 mths 10.8 26
6 mths 24.0 15
1 year 159.4 1
2 year - -
3 year - -
5 year - -
Absolute Returns (in %)
Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual
2009 0.1 65.3 28.3 10.4 142.0
2008 - - - 9.7 9.7

Scheme Profile - Principal Emerging Bluechip Fund (G)

Fund Type Open-Ended
Investment
Growth
Plan
Launch Date Oct 20, 2008
Minimum
Rs 5,000
Investment
Fund
Pankaj Tibrewal
Manager
 27

Entry Load 0.00%

Exit Load 1.00%
Load Exit Load 1% if units are
Comments redeemed / switched-out within
1 year from the date of
allotment.
Features N.A.

ICICI Pru Discovery Fund (G)

Rs.40.740 0.52 (1.26%)
Investment Information
Fund Type Open-Ended
Investment Plan Growth
Asset Size (Rs cr) 561.88 (Dec-31-2009)
Min. Investment Rs 5,000
Last Dividend N.A.
Bonus N.A.

Performance of ICICI Pru Discovery Fund (G)

Absolute Returns (as on Feb 04, 10)
Period Returns (%) Rank #
1 mth -1.9 5
3 mths 13.7 13
6 mths 26.1 10
1 year 154.0 2
2 year 29.3 1
3 year 48.0 11
5 year 211.5 13

Absolute Returns (in %)

Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual
2009 -5.7 62.0 34.5 10.0 128.9
2008 -32.5 -8.5 -4.3 -22.6 -55.8
2007 -11.0 21.9 3.2 26.3 38.8
2006 19.1 -15.2 19.8 3.7 28.1
2005 1.5 9.4 28.8 6.8 60.6
 28

Scheme Profile - ICICI Pru Discovery Fund (G)

Fund Type Open-Ended
Investment
Growth
Plan
Launch Date Jul 23, 2004
Minimum
Rs 5,000
Investment
Fund
Sankaran Naren / Mrinal Singh
Manager
Entry Load 0.00%
Exit Load 1.00%
Load Comments Exit Load 1% if units are redeemed / switched-out
within 1 year from the date of allotment. Exit Load
of 1% for SIP/STP if units are redeemed / switched-
out within 2 year from the date of allotment.
Features N.A.

Birla Sun Life Dividend Yield Plus (G)

Rs.68.210 0.67 (0.97%)
Investment Information
Fund Type Open-Ended
Investment Plan Growth
Asset Size (Rs cr) 340.33 (Dec-31-2009)
Min. Investment Rs 5,000
Last Dividend N.A.
Bonus N.A.

Performance of Birla Sun Life Dividend Yield Plus (G)

Absolute Returns (as on Feb 04, 10)
Period Returns (%) Rank #
1 mth -3.5 19
3 mths 5.3 108
6 mths 17.6 49
1 year 92.9 94
2 year 25.7 2
3 year 56.8 6
5 year 142.4 55
 29

Absolute Returns (in %)

Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual
2009 -3.1 43.4 24.8 7.1 87.3
2008 -30.5 -12.6 5.8 -12.6 -45.1
2007 -5.4 21.6 8.8 26.6 55.9
2006 11.6 -18.4 15.5 2.1 9.7
2005 -4.8 3.6 17.5 6.7 28.4

Scheme Profile - Birla Sun Life Dividend Yield Plus (G)

Fund Type Open-Ended
Investment
Growth
Plan
Launch Date Feb 07, 2003
Minimum
Rs 5,000
Investment
Fund
Ankit Sancheti
Manager
Entry Load 0.00%
Exit Load 1.00%
Load Comments Exit Load of 1% if redeemed within
365 Days from the date of allotment.
Features N.A.

IDFC Premier Equity Fund - Plan A (G)

Rs.26.491 0.53 (1.96%)

Investment Information
Fund Type Open-Ended
Investment Plan Growth
Asset Size (Rs cr) 1,145.33 (Dec-31-2009)
Min. Investment Rs 25,000
Last Dividend N.A.
Bonus N.A.
 30

Performance of IDFC Premier Equity Fund - Plan A (G)

Absolute Returns (as on Feb 04, 10)
Period Returns (%) Rank #
1 mth -1.8 4
3 mths 12.0 18
6 mths 21.1 20
1 year 122.3 33
2 year 7.6 13
3 year 81.7 1
5 year - -

Absolute Returns (in %)

Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual
2009 -3.3 49.5 20.7 11.2 97.8
2008 -28.5 -9.3 -5.0 -22.9 -53.5
2007 -2.1 39.1 11.4 40.7 108.9
2006 27.2 -25.0 15.8 16.4 31.0
2005 - - - 0.2 0.2

Scheme Profile - IDFC Premier Equity Fund - Plan A (G)

Fund Type Open-Ended
Investment
Growth
Plan
Launch Date Sep 26, 2005
Minimum
Rs 25,000
Investment
Fund
Kenneth Andrade
Manager
Entry Load 0.00%
Exit Load 1.00%
Load Comments Exit Load 1% if redeemed within 365 days from date of
allotment.
Features IDFC MF has announced that IDFC Premier Equity
Fund shall not accept further subscriptions (other than
by way of SIPs / STPs) after the end of business hours
on October 14, 2009
 31

4.3 DIRECT EQUITY

The four stocks are chosen on the basis of their past returns and Beta .
S&P CNX NIFTY 18 Dec 17:51
Company Name High Low Last Price Prv Close Change % Gain
Tata Motors 739.95 711.10 733.95 712.20 21.75 3.05
HCL Tech 367.60 358.25 365.30 358.10 7.20 2.01
Sun Pharma 1,522.50 1,477.00 1,504.75 1,488.95 15.80 1.06
Ranbaxy Labs 533.95 520.40 530.35 524.95 5.40 1.03

Tata Motors
BSE: 500570 | NSE: TATAMOTORS | ISIN: INE155A01014
669.00 -21.20 (-3.07%)
BSE :
Open 680.00 Vol 140,116
High 683.50 52 Wk 842.00
Low 650.00 52 Wk 132.90
Prev. Close 690.20
Bid Offer
Price 669.00 670.40
Quantity 200.00 99.00

668.80 -20.80 (-3.02%)

NSE :
Open 670.00 Vol 678,303
High 673.00 52 Wk 844.70
Low 658.15 52 Wk 128.00
Prev. Close 689.60
Bid Offer
Price 668.80 669.00
Quantity 361.00 100.00
 32

HCL Technologies
BSE: 532281 | NSE: HCLTECH | ISIN: INE860A01027
340.30 3.40 (1.01%)
BSE :
Open 330.00 Vol 41,156
High 343.00 52 Wk 388.00
Low 324.50 52 Wk 89.10
Prev. Close 336.90
Bid Offer
Price 340.20 340.55
Quantity 120.00 5.00

340.40 3.25 (0.96%)

NSE :
Open 317.55 Vol 219,006
High 342.90 52 Wk 388.90
Low 317.55 52 Wk 86.65
Prev. Close 337.15
Bid Offer
Price 340.35 340.40
Quantity 100.00 55.00

Sun Pharmaceutical Industries

BSE: 524715 | NSE: SUNPHARMA | ISIN: INE044A01028
1,481.00 -13.15 (-0.88%)
BSE :
Open 1,490.00 Vol 1,829
High 1,490.00 52 Wk 1,605.00
Low 1,465.00 52 Wk 953.00
Prev. Close 1,494.15
Bid Offer
Price 1,480.20 1,483.00
Quantity 1.00 10.00
 33

1,486.25 -12.90 (-0.86%)

NSE
Open 1,490.00 Vol 54,330
High 1,490.15 52 Wk 1,638.00
Low 1,471.00 52 Wk 954.00
Prev. Close 1,499.15
Bid Offer
Price 1,486.10 1,486.25
Quantity 71.00 70.00

Ranbaxy Laboratories
BSE: 500359 | NSE: RANBAXY | ISIN: INE015A01028
413.35 -12.95 (-3.04%)
BSE :
Open 416.25 Vol 50,621
High 416.25 52 Wk 538.00
Low 407.00 52 Wk 133.15
Prev. Close 426.30
Bid Offer
Price 413.25 413.50
Quantity 25.00 25.00

412.65 -12.85 (-3.02%)

NSE :
Open 410.00 Vol 271,423
High 415.60 52 Wk 538.45
Low 408.00 52 Wk 133.10
Prev. Close 425.50
Bid Offer
Price 412.45 412.65
Quantity 101.00 114.00
 34

CHAPTER 5 - DATA ANALYSIS AND INTERPRETATION

5.1 FINDINGS AND ANALYSIS

In this chapter the findings of the performance evaluation of the various

equity diversified mutual funds and direct equity with respect to benchmarks is
listed. The mutual funds and stocks have been chosen on the basis of their returns
over past three years. The benchmark chosen is BSE Sensex for the comparison.

The mutual funds chosen are:

1. Principal emerging blue chip (G)

2. ICICI Pru Discovery Fund (G)
3. Birla Sun Life Dividend Yield Plus (G)
4. IDFC Premier Equity Fund - Plan A (G)

Direct Equity chosen for purpose are:

1. Tata Motors
2. HCL Tech
3. Sun Pharma
4. Ranbaxy Labs

The average returns for the equity diversified funds was 19.84% while the
average return after investing in individual stocks was 21.87%. However, In both
cases the returns earned were more than the market/benchmark average of BSE
Sensex.
 35

The average risk for the equity diversified is less than the benchmark’s risk
which is 1.75%. This indicates that the funds have taken lower risks than the market.
On the other hand, the average risk for individual stocks is much higher than the
equity diversified funds and market standard deviation as well. This indicates that
investing in direct equity is far more riskier than equity diversified funds.

5.2 INVESTOR SURVEY ANALYSIS

To understand the investor’s preference following questions have been asked:

1. Investment avenues you are aware of:

Most of the people are aware of Banks and Direct Equity investments. Mutual
Funds are being considered an attractive investment opportunity by the investors.
However, awareness about FDs and Gilts is low comparatively.
 36

2. Factors considered while investing gave several different answers as it was an

open ended question. The answers ranged from liquidity, attractiveness, growth of
industry (in case of shares), return, risk, etc.

3. Your portfolio includes majority of:

This question gave an insight into the type of investors. Most people prefer to
invest in Bullions and Government securities and Bonds due to less risk factor
associated with these investments. Equity shares are preferred by people who have
knowledge about market and others prefer mutual funds as an investment option.
 37

4. Types of Mutual funds invested in :

From the above graph we find that most of the investors have invested in
equity oriented schemes whether it is diversified; index based or tax saving schemes.
The result could be attributed to the higher returns generated by the funds as against
debt schemes and in the given market scenario with a highly buoyant market this
seems to be a suitable selection.
 38

5. Past returns as a good measure of performance :

Past returns as a good measure of performance

27%

73%

yes no

The graph suggests that a majority of the investors consider returns as a good
measure of performance evaluation. However, whether the investors consider returns
to be a sufficient criterion or not would be shown in the following graph:
 39

6. Past returns as the only measure of performance:

Past returns as the only measure for performance evaluation

44%

56%

yes no

From the graph it is indicated that a majority of the individuals consider

returns to be the only criteria to judge a funds’ performance. This suggests that most
of them do not use any other measures like risk adjusted returns and other
considerations while evaluating the performance of a mutual fund.
 40

7. Approach in making Investment

Out of 200 people surveyed, approximately 39% of investors rely totally on

investment advisors, while 38% prefers to take friendly advice and rest (23%) take
educated view on investments for investing in the various funds.
 41

8. While investing, you are more concerned about:

Before investing, one needs to be sure of the safety, risk attached with the
particular investments and the returns earned. 42% of the people were more
concerned about the safety of principle and 38% people were more interested in
earning higher returns.
 42

9. How often do you monitor your portfolio?

Out of 200 people surveyed, approximately 32% of investors monitor their

investment daily; while 24% monitors twice a month and only 8% of the respondents
monitor their portfolio after more than a month.
 43

10. How long do you invest?

It was really a tough choice for investors as many of the respondents were not
sure about their investment tenure. About half of them agreed that they like to book
the profit as and when they reach the targeted return. Only 4% agreed that they are
very long term player and don’t change the portfolio often. Around 12% told, they
like to book their portfolio within 3-5 years, whereas 20% were those who were mid-
term player. Surprisingly, only 16% turned out to be short- term player.
 44

11. How your portfolio allocation has changed over the time

Out of 200 people surveyed, 70% of the respondents said that they have made
significant changes in their portfolio, while 26% have changed their portfolio and
rest (4%) didn’t changed their portfolio at all.
 45

12. You prefer to invest in Equity through?

This answer helped in doing a comparative analysis between Direct Equity

and Equity linked Mutual funds. 52% people prefer to invest in equity linked mutual
funds because of more diversification and less risk associated with these funds. 33%
people prefer to invest in Direct Equity who have the time and knowledge to track
the market and predict changes hoping to get higher returns.
 46

13. You prefer Mutual Funds (Equity) because (as per their first choice)

Major reason for preferring Equity diversified Mutual Funds was Diversification of
portfolio and lack of time. This helped to reduce risk with decent returns to the
investors.
 47

14. Sources of information for mutual funds

The graph indicates that the most popular source of information for mutual funds is
the relationship managers of the banks or investment agents that the investors rely on
for their investments. Another important source is the prospectus of the fund and of
other funds, mutual fund websites are another important source of this information.
 48

15. You prefer direct investment because (as per their first choice)

From the graph it is indicated that a majority of the individuals prefers direct
investment in equity because of the higher returns associated with it, while 33% of
the respondents prefers it because they wants to manage their portfolio on their own.
 49

CHAPTER 6 – CONCLUSIONS

CONCLUSION

After the entire analysis of survey and questionnaires, we find that most of
the respondents said that they have equity stocks in their portfolio. And among these
(who invests in equity) 52%, investors prefer to invest through Mutual funds and
only 33% (17 investors) said that they do invest directly in equity market.

According to survey people prefer to invest into Mutual funds than investing
directly into stocks. 46% of the respondents feel that mutual funds reduce their risk
in investing in the market as it gives diversification to their portfolio. 17%
respondents said that it give them the benefit of professional management. Just 14%
said it give them liquidity irrespective of market conditions. And also lack of time
was cited as the reason by 23% of the respondents. Out of those who said that they
prefer to directly invest in stock market, majority (54%) gave high weightage to
high risk and high returns game. 33% said that they want to be their own fund
managers. Also, over 48% agreed that they prefer to book profit as they reach their
profit target. They do believe in churning and enjoy making higher returns.

Some investors told that they like to keep a certain percentage of their
portfolio into mutual funds and the rest they want to manage by themselves. It can
also be seen from findings that an investor has made higher returns in a long run by
investing into direct equities, but if one wants to make a higher returns in the short
run and mid term horizon, then definitely mutual funds are the best buy.
 50

LIMITATIONS

 Paucity of time as we have to do this project with our course curriculum

doing all other assignments, exams etc.

 Indian stock market is semi-efficient market, where sentiments play a major

role in price; hence 100% accurate predictions cannot be made about its
future path.
 51

QUESTIONNAIRE

Objective: - To find out investor’s preference between mutual fund and direct equity
investment.

1. Investment avenues you are aware of:

a) Bonds b) Bank FDs c) Mutual Funds (Equity/Debt)

d) Direct Equity e) Bullion f) Gilts g) Real estate
h) Any other (please specify) ____________________________________

2. Factors considered while investing__________________________

3. Your portfolio includes majority of:

a) Govt. securities and bonds b) equity linked Mutual Funds

c) Real estate d) Bullion’s
e) Equity shares f) Commodity
g) F.Ds

4. Types of Mutual funds invested in:

a) Equity Diversified b) Equity Index

c) Equity Tax Planning d) Balanced Equity
e) Balanced Debt f) Money Market
g) Debt
 52

5. Do you consider past returns as a good measure of a funds performance?

YES NO

6. Do you base your performance evaluation on returns only?

YES NO

7. Your approach in making Investment is:

a) You take educated view on the Investments

b) You take friendly advice and make decision
c) You rely totally on your investment advisor
d) Others

8. While investing, you are more concerned about:

a) Safety of principal
b) Earning interests above the inflation rate
c) Earning high returns
d) Others

9. How often do you monitor your portfolio?

a) Daily b) Weekly c) Twice in a month

d) Monthly e) More than a month
 53

10. How long do you invest:

a) Short term (0-1 yr) b) Midterm (1-3 yrs)

c) Long term (3-5yrs) d) More than 5 years
e) Till you reach your target or returns

11. How your portfolio allocation has changed over the time

a) Didn’t Change
b) Changed
c) Changed significantly

12. You prefer to invest in Equity through:

a) Equity –linked Mutual Funds

b) Direct investment in stock market
c) Both

13. You prefer Mutual Funds (Equity) because ( pls rank in order of
preference)

a) Diversification of portfolio
b) Liquidity
c) Professionally managed
d) Lack of time
e) Any other (please specify) _______________
 54

14. What are the various sources from where you get the performance evaluation
data/advice for the funds?

Magazines Financial Newspapers

Mutual fund websites Mutual funds’ Annual and

periodic reports
Relationship managers Fund tracking agencies (value
research etc.)
Prospectus for a new fund

Any other please Specify_______________________________________

15. You prefer to invest in Direct Equity because :

a. You make higher returns

b. It keeps you busy
c. You like to manage your own funds
 55

BIBLIOGRAPHY:

Magazines:

 Mutual fund Insight

 Investors India
 Business World
 Business India

Websites:

 www.bseindia.com
 www.moneycontrol.com
 www.google.co.in
 www.capitalmarket.com
 www.indiainfoline.com
 www.yahoofinance.com
 www.mutualfundsindia.com