Professional Documents
Culture Documents
It gives me great satisfaction on completion of Summer Internship Projects entitled Hedging Risk through Derivatives and Equity Analysis. On the submission of my project report I would like to express my sincere gratitude to my guide Prof. Parvaiz Talib (Training Advisor) for mentoring me and taking active interest throughout the project and for sharing his insights on the topics and for being a constant source of inspiration & courage during the entire project work. He was always available, correcting mistakes, intelligently directing me to proper sources of information advising to aim for simplicity, brevity, clarity and accuracy. I would like to give special thanks to all faculty staff and I would also like express my sincere gratitude to Prof. Javed Akhtar (Dean Faculty), Prof. Khalid Azam (Chairman), Prof. Valeed Ahmad Ansari, Faculty of Management Studies & Research, AMU. I am indeed thankful to them for their valuable guidance.
I would also like to express my special thanks to the Mr. Mahesh C. Gupta (Chairman), Mr. Suman (Company Secretary), SMC Global Securities Limited and Mr. Naresh Gogia (Branch Head-Corporate Client Group) for appointing me as project trainee and for his help & co-operation during the Project work.
I would like to thank the entire team of SMC Global Securities Limited, for sharing their immense experience and extending their support in carrying out this project work. I am greatly acknowledged for their kind help.
Certificate
PREFACE
As a part of MBF program, a student has pursued a project duly approved by the director of the institute. I had the privilege of undertaking projects on Hedging Risk through Derivatives and Equity Research.
My project is divided into five chapters and they are given as under.
1. Chapter one of this study contains, concept of Financial Market. It discuss about the introduction of the financial market and basic terminology of financial market. It also discuss about Capital Markets. 2. Chapter two deals with the review of Hedging Risk through Derivatives, as derivatives are the instruments which are generally used for hedging by an investor.
3. Chapter three deals with Different type of Derivatives Instruments wiz. Future trading & Option trading. It also discusses the about the trading strategy by the help of examples.
4. Chapter four deals with the Analysis and Interpretation of Derivative Instruments and how they are used to hedge risk. Chapter four also includes the equity analysis. In this part fundamental and technical analysis of five equity shares has been done.
5. Chapter deals with the summary of major findings, discussion of results, suggestion and limitations of the study.
EXECUTIVE SYNOPSIS
Trainee
Gulzar Siraj
Organization
Educational Institute
Address
Company Guide
Topic
Duration
Executive Summary
This project had been initiated for the purpose of acquainting me with, right from the basics of the financial terminology used in the stock markets, further up to gaining in depth knowledge of all the issues concerning the management of various risks faced by Investors and brokerage companies. This work is a detailed study of stock market and stocks. Its about the ways in which investors can invest in stock market. I have carried out two projects in my summer training. The initial phase of the document explains what I have understood about the functioning of stock market.
I have tried to explain the entire cash and derivative market in detail with the help of live examples. All these calculations give a better insight to my work. This risk arises due to number of reasons, which I have tried to put across. The focus in this project is on Hedging Risk through Derivatives and Equity Analysis. The entire work has not been done till date. Application of these ways to analyze stocks is yet to be done, its in progress.
The project is divided into two parts. The first half of the project which contains Project Hedging Risk through Derivatives examines the working of a stock market and the role of the Regulatory Authority in maintaining the proper working of stock markets and how one can hedge risk using derivative instruments. It also explains about the different stock markets working in India and about their different Indices.
The second part of the project deals with Equity Analysis work which is Project II, includes both fundamental analysis and technical analysis. Second part of project is as important as Project I, because whole project contains the work which is carried out by me in these two months of summer training and I am glad to present it in my summer training project. All this has been done with the help of Annual report, Quarterly results and daily news.
The project had been carried out at SMC Global Securities Limited, Pusa Road, Karol Bagh (New Delhi).
TABLE OF CONTENTS
CHAPTER DESCRIPTION PAGE NO.
ACKNOWLEDGEMENT I. INTRODUCTION
Introduction Introduction of Stock Market Understanding of Stock Market Risk
1
2 4 13
II.
COMPANY PROFILE
Company Profile Vision & Approach Product and Services Achievements by SMC
15
16 18 19 21
III. IV.
23 26
27 28 28 28
V.
29
30 31 39
VI.
54
55 63 66 81
VII.
104
110 113 114
115 118
Page No.
55 55 56 57 58 59 60 61 63 63 64
81 81 82 83 83 88 93 98 103
Page No.
29 41 42 42 43 44 45 49 50 51 52
2. TECHNICAL ANALYSIS BY CHARTS 2.1 DLF INDIA LIMITED 2.2 GMR INFRASTRUCTURE LIMITED 2.3 JP ASSOCIATE LIMITED 2.4 UNITECH LIMITED 2.5 RELAINCE IND. INFRA. LIMITED
66 67 70 72 75 78
INTRODUCTION
The time one talks about stock market, another word also clicks and that is risk. People have lost their millions in this stock market. Stocks are just like gamble for those who dont know how to invest. The market behaves differently to different people. For speculators it can be risky. They are the speculators, who mostly lose the most. If I talk about wise people these are always hedgers. Hedgers always keep risk involved in mind and try to minimize it using different strategies. One can hedge risk using derivative instruments whether using future trading or option trading. Investor can surely take out profit from market very easily by just Analyzing the current situation through Fundamental and Technical Analysis. It helps one to take out his money with sufficient if not unlimited profits. When I started to learn Equity Analysis at that time the stock market was going through its Fluctuating phase, it was a slow moving market, and market trend came unexpectedly. So it's high time when everybody should look at trend of the markets and stocks. Initially I have tried to show how people suffer losses and make gains in the absence of analysis and then come understanding those strategies that would help one to gain profit. I have tried to show all combinations that can be used for analyzing the equity. It also has detailed study of some companies that would help one to compare those companies and decide which is better to invest in. The future prospects of a company can also seen using this analysis. For this some ratios like PE ratio, price to sales, price to operating profits, EPS will be used, apart from that value at risk is another factor that helps one in making decisions.
For my understanding I referred to a book Fundamental and Technical Analysis of Equity Shares. This was that book that actually helps me understanding the analysis Part. For all the data collection www.moneycontrol.com, NSEs site www.nseindia.com and www.icharts.in proved
to be a great help for me. It helps me track all the historic information about companies and to track the current trends of the market and stocks. The only limitation of this project is that in initial phases I have chosen companies of Infrastructure sector. And I have not been able to keep a track of all those companies because Infrastructure sector is a toughest sector as far as equity analysis is concerned. There are two reasons for this.
The companies I have decided to choose for analysis are some top notch companies though there are some midcaps too but they are very few and banking sector has lot more things to do in equity analysis.
Derivatives and Analysis are huge project to understand. I have tried to cover everything but due to time constraint I have to limit its study. This may be a major limitation of this project.
The project begins with stock market its scenario and gives explanation why people prefer investing in Indian markets. And then it shifts to its major focus risk with each step I have understood it better. The following work is the detailed explanation of my work. But before I give all the details it's important to know what are stocks.
Stock Market
A stock market (also known as a stock exchange) has two main functions. The first function is to provide companies with a way of issuing shares to people who want to invest in the company. This can be illustrated by an example: Suppose a company has a mining lease over an area with some rich ore deposits. It wants to exploit these deposits, but it doesnt have any equipment. To buy the equipment it needs money. One way to raise money is through the stock market. The company issues a prospectus, which is a sort of advertisement informing people about the prospects of the company and inviting them to invest some money in it. When the company is floated (established) on the stock market, interested investors can become part-owners of the company by buying shares. If the company operates at a profit, shareholders benefit in two ways through the issuing of dividends in the form of cash or more shares, and through growth in the value of the shares. On the other hand, if the company does not operate at a profit (e.g., if the price of the product dips), the shareholders will probably lose money. The second function of the stock market, related to the first, is to provide a venue for the buying and selling of shares.
Stock Exchange
An exchange is an institution, organization, or association which hosts a market where stocks, bonds, options and futures, and commodities are traded. Buyers and sellers come together to trade during specific hours on business days. Exchanges impose rules and regulations on the firms and brokers that are involved with them. If a particular company is traded on an exchange, it is referred to as "listed". Companies that are not listed on a stock exchange are sold OTC (short for Over-The-Counter). Companies that have shares traded OTC are usually smaller and riskier because they do not meet the requirements to be listed on a stock exchange.
What Is A Share?
In finance a share is a unit of account for various financial instruments including stocks, bonds, mutual funds, limited partnerships. In simple Words, a share or stock is a document solely to stocks is so common that it almost replaces the word stock itself. It is issued by a company, which entitles its holder to be one of the owners of the company. A share is issued by a company or can be purchased from the stock market. By owning a share you can earn a portion in the firm and by selling shares you get capital gain. So, your return is the dividend plus the capital gain. However, you also run a risk of making a capital loss if you have sold the share at a price below your buying price.
Primary Market
It is a Market for new issues of securities, as distinguished from the Secondary Market, where previously issued securities are bought and sold. A market is primary if the proceeds of sales go to the issuer of the securities sold.
Secondary Market
The market where securities are traded after they are initially offered in the primary market is known as secondary market. Most trading is done in the secondary market. Generally, most shares have a face value (i.e. the value as in a balance sheet) of Rs.10 though not always offered to the public at this price. Companies can offer a share with a face value of Rs.10 to the public at a higher price. The difference between the offer price and the face value is called the premium. A companys aim is to raise money and simultaneously serve the equity capital. As far as accounting is concerned, premium is credited to reserves and surplus and it does not increase the equity. Thus the companies seek to make premium issues. In a buoyant stock market when good
shares trade at very high prices, companies realize that its easy to command a high premium. The biggest difference between them is the length of time you hold onto the assets. An investor is more interested in the long-term appreciation of his assets, counting on that historical rise in market equity. Hes not generally concerned about short-term fluctuations in prices, because hell ride them out over the long haul. An investor relies mostly on Fundamental Analysis, which is the analytical method of predicting long-term prospects of a particular asset. Most investors adopt a buy and hold approach to assets, which simply means they buy shares of some company and hold onto them for a long time. This approach can be dangerous, even devastating, in an extremely volatile market such as todays BSE or NSE Indexes Show. What most investors need to remember is this: investing is not about weathering storms with your beloved company its about making money. Traders, on the other hand, are attempting to profit on just those short-term price fluctuations. The amount of time an active trader holds onto an asset is very short: in many cases minutes, or sometimes seconds. If you can catch just two index points on an average day, you can make a comfortable living as a Trader.
In case the issuer chooses to issue securities through the book building route then as per SEBI guidelines, an issuer company can issue securities in the following manner: 100% of the net offer to the public through the book building route. 75% of the net offer to the public through the book building process and 25% through the fixed price portion. Under the 90% scheme, this percentage would be 90 and 10 respectively.
The basic objectives of the Board were identified as: To protect the interests of investors in securities; To promote the development of Securities Market; To regulate the securities market and For matters connected therewith or incidental thereto.
Since its inception SEBI has been working targeting the securities and is attending to the fulfillment of its objectives with commendable zeal and dexterity. The improvements in the securities markets like capitalization requirements, margining, establishment of clearing corporations etc. reduced the risk of credit and also reduced the market.
SEBI has introduced the comprehensive regulatory measures, prescribed registration norms, the eligibility criteria, the code of obligations and the code of conduct for different intermediaries like, bankers to issue, merchant bankers, brokers and sub-brokers, registrars, portfolio managers, credit rating agencies, underwriters and others. It has framed bye-laws, risk identification and risk management systems for Clearing houses of stock exchanges, surveillance system etc. which has made dealing in securities both safe and transparent to the end investor.
Another significant event is the approval of trading in stock indices (like S&P CNX Nifty & Sensex) in 2000. A market Index is a convenient and effective product because of the following reasons:
It acts as a barometer for market behavior; It is used to benchmark portfolio performance; It is used in derivative instruments like index futures and index options; It can be used for passive fund management as in case of Index Funds.
NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities. As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. In October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities. It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.
The National Stock Exchange of India was promoted by leading Financial institutions at the behest of the Government of India, and was incorporated in November 1992 as a tax-paying company. In April 1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956. NSE commenced operations in the Wholesale Debt Market (WDM)
segment in June 1994. The Capital Market (Equities) segment of the NSE commenced operations in November 1994, while operations in the Derivatives segment commenced in June 2000.
Markets
Currently, NSE has the following major segments of the capital market: Equity Futures and Options Retail Debt Market Wholesale Debt Market
NSE Indices
S&P CNX Nifty CNX Nifty Junior CNX IT Bank Nifty Mini nifty CNX 100 CNX Midcap
provisions of the Companies Act, 1956, pursuant to the BSE (Corporatization and Demutualization) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI).
Of the 22 stock exchanges in the country, Mumbai's (earlier known as Bombay), Bombay Stock Exchange is the largest, with over 6,000 stocks listed. The BSE accounts for over two thirds of the total trading volume in the country. Approximately 70,000 deals are executed on a daily basis, giving it one of the highest per hour rates of trading in the world. There are around 3,500 companies in the country which are listed and have a serious trading volume. The market capitalization of the BSE is Rs.5 trillion. The BSE `Sensex' is a widely used market index for the BSE.
With demutualization, the trading rights and ownership rights have been de-linked effectively addressing concerns regarding perceived and real conflicts of interest. The Exchange is professionally managed under the overall direction of the Board of Directors. The Board comprises eminent professionals, representatives of Trading Members and the Managing Director of the Exchange. The Board is inclusive and is designed to benefit from the participation of market intermediaries.
In terms of organization structure, the Board formulates larger policy issues and exercises overall control. The committees constituted by the Board are broad-based. The day-to-day operations of the Exchange are managed by the Managing Director and a management team of professionals. The Exchange has a nation-wide reach with a presence in 417 cities and towns of India. The systems and processes of the Exchange are designed to safeguard market integrity and enhance transparency in operations. During the year 2004-2005, the trading volumes on the Exchange showed robust growth.
The Exchange provides an efficient and transparent market for trading in equity, debt instruments and derivatives. The BSE's On Line Trading System (BOLT) is a proprietary system of the Exchange and is BS 7799-2-2002 certified. The surveillance and clearing & settlement functions of the Exchange are ISO 9001:2000 certified.
adjusted in your account. Just like a bank passbook or statement, the DP will provide you with periodic statements of holdings and transactions.
Is a demat account a must? Nowadays, practically all trades have to be settled in dematerialized form. Although the market regulator, the Securities and Exchange Board of India (SEBI), has allowed trades of up to 500 shares to be settled in physical form, nobody wants physical shares any more. So a demat account is a must for trading and investing. Most banks are also DP participants, as are many brokers.
Market Risk
Market risk is the risk associated with fluctuations in stock prices. This is the first risk many people think of when they think of the stock market. Many factors can cause stock prices to fluctuate. Examples include actual or anticipated developments within a particular company or industry; changes in the outlook for the economy as a whole; or shifts in investor attitude toward the stock market in general. Downward and upward trends in stock prices can occur over short or extended periods, and can have a very significant affect on the value of an investment. There are two ways to reduce market risk. One is to diversify your investments among different kinds of assets: divide your money among fixed-income and growth investments, for example. The second way is to steadily invest on a regular basis and ignore market ups and downs and focus on long-term results.
Inflation Risk
Inflation, defined as a persistent increase in prices, is a serious risk for any long-term investor. Historically, inflation in the United States has averaged 3.1%, offsetting most of the returns from investment in cash reserves and bonds, but less than half of that of stocks. Because stocks' real returns are often generally higher than inflation, stocks offer a way to help protect your money against inflation risk. If your principal doesn't grow, you can't possibly stay ahead of inflation. A good way to reduce inflation risk is to invest in growth assets like stocks.
Business Risk
Business risk is the risk of losing your money in an investment that seemed like a winner but wasn't. It is the specific risk associated with the underlying business of the issuer of a particular stock, bond, or other investment. If the company's product suddenly loses value, the value of your investment declines. You can reduce business risk by diversifying your investments.
Currency Risk
Currency risk is the risk associated with the price fluctuations in the dollar value of international stocks due to changing currency exchange rates. To an American, the value of any stock held internationally is not what the stock is worth in its domestic market, but what the stock is worth in terms of dollars.
Beta
This refers to how a stock moves vs. the market. If a stock moves more than the market, it has a high beta. If it moves less than the market it has a low beta. Technology generally has a high beta while Utilities have low betas. A portfolio of high beta stocks in a down market can create extreme downward movements, while up-markets can cause tremendous performance. If a market is demonstrating extreme risk, it is wise to raise cash, lower the beta of your portfolio, and even consider some hedging of exposure.
All above are different types of risks that influence the stock market. After looking at all the risks one thing is very clear that controlling price fluctuations is not in our hand. Our major job is to maximize our returns keeping all the above risks in mind. This is done by hedging funds in market in way that maximizes the returns. Creating portfolios wisely is another method of risk hedging, apart from that there are other methods with the help of which risk is minimized.
Hedging
The word hedge literally means to surround in a way as to provide complete protection. A hedge is an investment that is taken out specifically to reduce or cancel out the risk in another investment. Defining it in simple words Hedging is a strategy designed to minimize exposure to an unwanted risk, while still allowing the business to profit from an investment activity. But one thing has to be kept in mind hedging does not always make money. The best that can be achieved using hedging is the removal of unwanted exposure. The hedged position will make less profit than the no hedged position, half the time. One should not enter into the hedging strategy hoping to make excess profits for sure.
CHAPTER-TWO
COMPANY PROFILE
COMPANY PROFILE
ABOUT SMC GLOABL SECURITIES
It's one of the leading firms in financial services in India. It basically deals in Mutual Fund, Fixed Deposit Schemes, Capital Gain Bonds, GOI Taxable Bonds, NABARD Bonds and Life and General Insurance. I am working for SMC Global Securities Limited which is one of the leading companies of financial services. So I would like you to have a look at the profile of the company
Mr. Subhash Chand Agarwal and Mr. Mahesh Chand Gupta are the visionaries who planted the sapling of the Kalpavriksha called SMC. To shape their vision into a reality they watered the sapling with their principles of transparency, honesty & integrity and nourished it with their rock solid commitment for excellence. Professionally
Mr. Subhash C. Agarwal
Professionally both are chartered accountants, with a rich experience of more than 20 years in the capital market. Their exceptional leadership skills, outstanding commitment and disciplined style of working have fostered SMC into a financial hub, justifying the words that the future belongs to those who believe in the beauty of their dreams.
Vision
OUR VISION is to be a global major in providing complete investment solutions, with relentless
OUR APPROACH:
VALUE FOR INVESTORS TRUST: SMC values the trust reposed in by the clients and committed to uphold it at all cost.
is
INTEGRITY AND HONESTY: Integrity, honesty and transparency are the underlying principles in all our dealings. PERSONALISZED ATTENTION: The most valued asset is our relationship with the clients, which has been built over years by giving personalized attention. NETWORK WHICH WORKS: SMC has a vast network extending to 375+ cities/towns ensuring easy accessibility, convenience and hassle free trading experience. RESEARCH BASED ADVISORY SERVICES: SMC offers proactive and timely world class research based advice and guidance to its clients to enable them to take informed decisions.
Clearing Services:
Being a clearing member in NSE(F&O & Currency), BSE (F&O & Currency), MCX, MCX-SX, NCDEX and DGCX. SMC is clearing massive volumes of trades of our trading members in this segment.
Commodity Trading:
SMC is a member of 3 major national level commodity exchanges, i.e. National Commodity and Derivative Exchange (NCDEX), Multi Commodity Exchange (MCX) and National Multi Commodity Exchange of India (NMCE) offers you trading platform of NCDEX, MCX and NMCE. You can get Real-Time streaming quotes, place orders and watch the confirmation, all on a single screen. We use technology using ODIN application to provide you with live Trading Terminals. In this segment, SMC have spread our wings globally by acquiring Membership of Dubai Gold and Commodities Exchange. We provide trading platform to trade in DGCX and also clear trades of trading members being a clearing member.
SMC Depository:
We are ISO 9001:2000 certified DP for shares and commodities. We are one of the leading DP and enjoy the trust of more than 5.5 Lac investors. We offer a quick, secure and hassle free alternative to holding the securities and commodities in physical form. We are one of the few Depository Participants offering depository facilities for commodities. We are empanelled with both NCDEX & MCX.
Achievement by SMC
"AN ACHIEVEMENT IS BONDAGE. IT OBLIGES ONE TO A HIGHER ACHIEVEMENT"
ISO 9001:2000 certified DP for both shares and commodities 4th largest broking house of India in terms of trading terminals (Source: Dun and Bradstreet, 2008)
5th largest sub-broker network in the country (Source: Dun and Bradstreet, 2007) Awarded the Fastest Growing Retail Distribution Network (Source: Business Sphere,2008) Awarded the Major Volume Driver by BSE for the Third year in a row i.e. 2006-07, 2005-06 and 2004-05 (Awarded to top 10 Brokers) Nominated among the top 3, in the CNBC Optimix Financial Services Award 2008 under the "National Level Retail Category". One of the first financial firms in India to expand operations in the lucrative gulf market, by acquiring valuable license for trading and clearing with Dubai gold and commodities exchange (DGCX) Amongst a Elite group of brokers having proprietary desk for doing risk-free arbitrage in commodities
SMC's diverse network ensures that its investors avail of prompt services whenever they might need them. SMC has a presence in all the major cities of the country. The contact addresses of SMC Regional offices, across India are given below.
Contact Us:
SMC - CORPORATE OFFICE
11/6B, Shanti Chamber, Pusa Road, New Delhi-110005 Tel.: 91-11-30111000
Chennai 2A, 2nd Floor, Mookambika Complex No 4, Lady Desikachari Road, Mylapore, Chennai-600004 Tel.: 91-44-42108069, 42088256 Fax: 91-44-24661798 E-mail: mylapore@smcindiaonline.com
Kolkata 18, Rabindra Sarani, Poddar Court, Gate No-4, 4th Floor, Kolkata-700001 Tel.: 91-33-39847000 Fax: 91-33-39847004 Email: kolkata@smcindiaonline.com
CHAPTER THREE
REVIEW OF LITERATURE
Abstract:
We examine whether the application of fundamental analysis can yield significant abnormal returns. Using a collection of signals that reflect traditional rules of fundamental analysis related to contemporaneous changes in inventories, accounts receivables, gross margins, selling expenses, capital expenditures, effective tax rates, inventory methods, audit qualifications, and labor force sales productivity, we form portfolios that earn an average 12-month cumulative size adjusted abnormal return of 13.2 percent. We find evidence that the fundamental signals provide information about future returns that is associated with future earnings news. Moreover, a significant portion of the abnormal returns is generated around subsequent earnings announcements. These findings are consistent with the underlying focus of fundamental analysis
on the prediction of earnings. Significant abnormal returns to the fundamental strategy are not earned after the end of one year of return cumulation, indicating little support for the idea that the signals capture information about multiple-year-ahead earnings not immediately impounded in price or about long-term shifts in firm risk. Additional analysis on a holdout sample suggests that the strategy continues to generate abnormal returns in a period subsequent to the introduction of the fundamental signals in the literature, and contextual analyses indicate that the strategy performs better for certain types of firms (e.g., firms with prior bad news).
Abstract:
Firms with low ratios of fundamentals (such as earning and book values) to market values are known to have systematically lower future stock returns. We document that short-sellers position themselves in the stock of such firms, and then cover their positions as the ratios mean-revert. We also show that short-sellers refine their trading strategies to minimize transactions costs and maximize their investment returns. Our evidence is consistent with short-sellers using information in these ratios to take positions in stocks with lower expected future returns.
Abstract:
A model for aggregate interlock has been developed based on the behavior of micro scale. The relation between displacements and stresses across the crack faces are defined to be a function of deformation and sliding at particle level. This relation is derived for one particle projecting from one of the crack faces with an arbitrary diameter and an arbitrary embedment depth. The most probable distribution of aggregate particles, crossed by the plane of cracking and their positions with regard to this plane are assessed by a statistical analysis. The general relations between stresses and displacements for a unit crack area are obtained by integrating all particles contributions. The model proves to give adequate results, compared with experiments, carried out on several types of (cracked) concrete. Using this model, further analysis of the mechanism of
aggregate interlock has been carried out, explaining tendencies observed in tests of other investigators.
Abstract:
This study examines the usefulness of contextual fundamental analysis for the prediction of extreme stock returns. Specifically, we use a two-stage approach to predict firms that are about to experience an extreme (up or down) price movement in the next quarter. In the first stage, we define the context for analysis by identifying extreme performers; in the second stage we develop a context-specific forecasting model to separate winners from losers. We show that extreme performers share many common market-related attributes, and that the incremental forecasting power of accounting variables with respect to future returns increases after controlling for these attributes. Collectively, these results illustrate the usefulness of conducting fundamental analysis in context.
CHAPTER FOUR
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
RESEARCH OBJECTIVES
The present study includes different strategy of derivatives used in present scenario. In order to appraise the equity shares I have conducted a study of five different companies. A comprehensive study is proposed with the following objectives.
Primary Objective:
a) To evaluate the performance of selected equity shares in terms of risk and future returns.
c) To examine the different strategies which are used by the investors for the purpose of hedging risk.
d) To study the recent and proposed Derivative Instrument and there usage.
Secondary Objectives:
In addition to the above objectives, following secondary objectives are also there.
RESEARCH DESIGN
A research design specifies the methods and procedures for conducting survey .Research design is the plan and structure of investigation so conceived as to obtain answer to research questions. The plan is overall scheme of the research. Descriptive Research Design has been adopted while doing the research.
2008-09 and 2009-10. Besides for Explanation of several issues, different articles, Internet datas, books etc were consulted. The data collected is a Secondary Data. Secondary data (1 year) for calculating Beta value. Secondary Data (3 months) for Technical Analysis.
SAMPLING TECHNIQUE
Sample of 5 companies has been selected From infrastructure industry on the basis of active trade in NSE.
1. DLF 2. GMR 3. UNITECH 4. JAI PRAKASH ASSOCIATE 5. RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED
CHAPTER - FIVE
EQUITY ANALYSIS
EQUITY ANALYSIS TOOLS
Analysis is a tool to determine the good and bad of one company by the way of checking each and everything from financial statement to future prospect of that company. The objective of the equity analysis is to determine what stock to buy and at what price and for that investor may use one method out of two available methods or he can use both the methods at the same time.
Fundamental analysis maintains that markets may misprice a security in the short run but that the "correct" price will eventually be reached. Profits can be made by trading the mispriced
security and then waiting for the market to recognize its "mistake" and re-price the security. Fundamental analysis is the practice of studying the fundamentals (e.g. industry, financial strength, company management, stock valuation) of a company to determine if the business is a good investment. Fundamental analysis is a type of stock selection discipline that many consider to be the cornerstone of investing. You might think of fundamental analysis as a process for conducting an examination on a company to assess its health and value. The analysis is performed on historical and present data with the goal of making financial forecasts. Fundamental analysis can help identify companies with valuable assets, a strong balance sheet, stable earnings, and staying power. It serves to answer questions, such as: Is the companys revenue growing? Are they carrying too much debt? Is the stock currently undervalued? The practice enables you to make your own decision on value, ignoring the markets opinion.
Technical analysis maintains that all information is reflected already in the stock price, so fundamental analysis is a waste of time. Trends 'are your friend' and sentiment changes predate and predict trend changes. Investors' emotional responses to price movements lead to recognizable price chart patterns. Technical analysis does not care what the 'value' of a stock is. Their price predictions are only extrapolations from historical price patterns. Investors can use both these different but somewhat complementary methods for stock picking. Many fundamental investors use technicals for deciding entry and exit points. Many technical investors use fundamentals to limit their universe of possible stock to 'good' companies. The choice of stock analysis is determined by the investor's belief in the different paradigms for "how the stock market works". Investors may use fundamental analysis within different portfolio management styles.
1) Buy and hold investors believe that latching onto good businesses allows the investor's asset to grow with the business. Fundamental analysis lets them find 'good' companies, so they lower their risk and probability of wipe-out. 2) Managers may use fundamental analysis to correctly value 'good' and 'bad' companies. Even 'bad' companies' stock goes up and down, creating opportunities for profits. 3) Managers may also consider the economic cycle in determining whether conditions are 'right' to buy fundamentally suitable companies.
4) Contrarian investors distinguish "in the short run, the market is a voting machine, not a weighing machine". Fundamental analysis allows you to make your own decision on value, and ignore the market. 5) Value investors restrict their attention to under-valued companies, believing that 'it's hard to fall out of a ditch'. The value comes from fundamental analysis. 6) Managers may use fundamental analysis to determine future growth rates for buying high priced growth stocks. 7) Managers may also include fundamental factors along with technical factors into computer models (quantitative analysis).
Fundamental Analysis:
Definition
Fundamental analysis is a stock valuation method that uses financial and economic analysis to predict the movement of stock prices. First of all we prepare a due diligence report of the company and check if the item shown in financial statement are true/correct or not. The fundamental information that is analyzed can include a company's financial reports, and nonfinancial information such as estimates of the growth of demand for products sold by the company, industry comparisons, and economy-wide changes, changes in government policies etc.
The goal of this analysis is to verify financial strength and determine the true or intrinsic value of a security. If the market price of the stock deviates from this value, the fundamental investor takes action by acquiring or selling the stock, depending on the circumstances. Fundamental analysis is primarily utilized to address the long-term future share price of a company as it cannot account for short term stock volatility. The process is an extremely valuable exercise for anyone who runs businesses or is looking to invest in one. Fundamental analysis is typically viewed as a more conservative approach to stock investing than technical analysis, which is the forecasting of future financial price movements based on an examination of past price.
Top-Down Approach
Under the Top-Down approach to stock picking, the investor starts with the big picture, studying global economic trends to identify industries and then the companies within those industries that may offer good investment opportunities. Most fund management companies utilize this approach in their investing activities and many financial experts recommend this approach to individual investors for building and managing their portfolios. The top-down investor starts his analysis with global economics, including both international and national economic indicators, such as GDP growth rates, inflation, interest rates, exchange rates, productivity, and energy prices. He or she narrows his search down to regional/industry analysis of total sales, price levels, the effects of competing products, foreign competition, and entry or exit from the industry. Only then does he narrow his search to the best business in that area.
Analyze Global Economic Health and Trends: The top-down process starts with the world economy and an assessment of economic health to determine which regions are struggling and which are demonstrating strong growth prospects. To make this assessment, the investor will look at gross domestic product (GDP) figures and trends. The investor also takes note of any geopolitical unrest that could impact a country or region. The focus then shifts to an analysis of the U.S. economy and the specific sectors that might benefit from these global factors.
Assess the State of the Domestic Economy: The next step is to look at the major indicators within the domestic economy, including interest rates, unemployment levels, and inflation. By combining this information and its impact on various stock sectors with the global trends data, the investor can start to narrow down a focus to those specific industries that seem to be positioned for growth.
Identify Specific Stocks within a Sector: The final step is identifying specific stocks within the selected sector(s) that seem to present the most attractive investment opportunity. By conducting fundamental analysis, the investors can identify those companies in strong financial positions with valuations that present good upside potential.
Bottom-Up Approach
The bottom-up investor starts with specific businesses, regardless of their industry/region and look for financial of that company and look if the is good for investment or not. It starts with a narrow approach and sometime ends with nothing. With a bottom-up strategy for picking stocks, the investor chooses companies based on such things as strong fundamentals and the quality of the management team. The investor performs this analysis without regard to current economic climate or trends. While top-down investors analyze the big picture, bottom-up investors look for those companies that seem to be best positioned to outperform their industry competitors, regardless of industry and macroeconomic factors. Bottom-up choose stocks based on efficiency, performance, and leadership as the best way to ensure attractive returns.
Return on Equity (ROE): This measure of profitability indicates how efficiently the company is using its assets to generate earnings. Specifically, ROE compares net income to shareholders equity with the understanding that a company cannot grow its earnings faster than its ROE without increased borrowing. Many bottom-up investors will look for a minimum of 15% on this measure. Price to Cash Flow Ratio (P/CF): The P/CF is used to compare the companys market value or market cap to its operating cash flow in the most recent year. This is an important measure because cash flows dictate the solvency of the business. Having sufficient cash on hand ensures that employees and creditors are paid in a timely manner and keeps the business out of bankruptcy. While the average P/CF measure varies by industry, many fundamental and bottomup investors look for a ratio of 7.5 or lower. Debt to Equity Ratio: This ratio provides a measure of the companys financial leverage and is calculated by dividing the companys total liabilities by stockholders equity. A high measure indicates that the company has been aggressive in funding expansion through debt. The risk is in that strategy is that the debt financing may eventually outweigh the return it generates. The average debt/equity ratio varies by industry. Capital-intensive industries often see a ratio greater than 2, while companies in less capital-intensive industries might see a ratio of under 0.5.
Revenue Growth: Generally speaking, the strongest stock candidates are those with fast-growing revenues. While the news regarding a company tends to focus on its earnings, its the companys revenues that drive those earnings. The revenues are measured on a quarter v. quarter basis and a minimum of 20% growth is considered strong.
Introduction: In this stage of the industry life cycle, the industry is in its infancy. Often, a new product has been developed or patented. During this phase, the firm that developed the product may be alone in the industry, focusing on (what is often referred to in marketing as) early adopter customers. There is significant risk to investors during the introduction stage as the company will need a significant amount of cash to promote and differentiate its product. Growth: In the growth stage, there are multiple companies in the industry seeking to differentiate themselves and earn market share. Like the introduction stage, the growth stage requires a significant cash outlay from the firm, but the funding is used toward more focused marketing efforts and expansion. It is during this phase that a firm may start to benefit from economies of scale in production. This stage of industry growth, while still presenting risk to investors, demonstrates the viability of the industry.
Maturity: This is the stage where the industry will start to see diminished growth with the rate of sales growth often slowing to the rate of overall economic growth. Late entrants appear in this
stage seeking to capture market share through lower-cost offerings, thus requiring the existing firms to continue their marketing efforts. For investors, maturity of an industry can mean relatively stable stock investments with the possibility of income through dividends.
Decline: A decline is inevitable in any industry as technological innovations and changing consumer tastes adversely affect sales. At this stage, firms exit the industry and existing competitors often merge and consolidate. An investor should approach stocks in declining industries with caution.
Procedures
The analysis of a business' health starts with financial statement analysis that includes ratios. It looks at dividends paid, operating cash flow, new equity issues and capital financing. The earnings estimates and growth rate projections and others can be considered either 'fundamental' (they are facts) or 'technical' (they are investor sentiment) based on your perception of their validity. The determined growth rates (of income and cash) and risk levels (to determine the discount rate) are used in various valuation models. The foremost is the discounted cash flow model, which calculates the present value of the future, 1) Dividends received by the investor, along with the eventual sale price. (Gordon model)
Add all the discounted value to get the future price of the companys share and look how much one is going to get if he invest in companys share at this point of time.
There are two types of analytical model to find the future share price of a company: 1) Fundamental Analysis 2) Technical Analysis
General Strategy
To a fundamentalist, the market price of a stock tends to move towards its real value or intrinsic value. If the intrinsic/real value of a stock is above the current market price, the investor would purchase the stock because he knows that the stock price would rise and move towards its intrinsic or real value. If the intrinsic value of a stock was below the market price, the investor would sell the stock because he knows that the stock price is going to fall and come closer to its intrinsic value.
All this seems simple. Now the next obvious question is how do you find out what the intrinsic value of a company is? Once you know this, you will be able to compare this price to the market price of the company and decide whether you want to buy it (or sell it if you already own that stock). To start finding out the intrinsic value, the fundamentalist analyzer makes an examination of the current and future overall health of the economy as a whole.
After you analyzed the overall economy, you have to analyze firm you are interested in. You should analyze factors that give the firm a competitive advantage in its sector such as management experience, history of performance, growth potential, low cost producer, brand name etc. Find out as much as possible about the company and its products.
I.
Do they have any core competency or fundamental strength that puts them ahead of all the other competing firms?
II.
III.
IV.
Or do they constantly have to employ a large part of their profits and resources in marketing and finding new customers and fighting for market share?
After you understand the company & what they do, how they relate to the market and their customers, you will be in a much better position to decide whether the price of the companys stock is going to go up or down and by that way you can make profit out of it.
Consider the following: A rising price reflects bullish fundamentals, where demand exceeds supply; falling prices would mean that supply exceeds demand, identifying a bearish fundamental situation. These shifts in the fundamental equation cause price changes, which are readily apparent on a price chart. The chartist is quickly able to profit from these price changes without necessarily knowing the specific reasons causing them. The chartist simply reasons that rising prices are indicative of a bullish fundamental situation and that falling prices reflect bearish fundamentals. Another advantage of chart analysis is that the market price itself is usually a leading indicator of the known fundamentals. Chart action, therefore, can alert a fundamental analyst to the fact that something important is happening beneath the surface and encourage closer market analysis.
Fundamental analysis is based on the traditional study of supply and demand factors that cause market prices to rise or fall. In financial markets, the fundamentalist would look at such things as corporate earnings, trade deficits, and changes in the money supply. The intention of this approach is to arrive at an Estimate of the intrinsic value of a market in order to determine if the market is over or under-valued. Technical or chart analysis, by contrast, is based on the study of the market action itself. While fundamental analysis studies the reasons or causes for prices going up or down, technical analysis studies the effect, the price movement itself. Thats where the study of price charts comes in. Chart analysis is extremely useful in the price-forecasting process. Charting can be used by itself with no fundamental input, or in conjunction with fundamental information. Price forecasting, however, is only the first step in the decision-making process.
Market Timing
The second, and often the more difficult, step is market timing. For short-term traders, minor price moves can have a dramatic impact on trading performance. Therefore, the precise timing of entry and exit points is an indispensable aspect of any market commitment. To put it bluntly, timing is everything in the stock market. For reasons that will soon become apparent, timing is almost purely technical in nature. This being the case, it can be seen that the application of charting principles becomes absolutely essential at some point in the decision making process.
.
Technical Indicators
Before moving to technical analysis we need to understand the basics of technical analysis we need to understand what does an indicator means and what its usage while doing technical analysis. And also need to know which indicator to use and at what time. For the purpose of understanding some of indicators are explained in this project. And their usages are also explained in this project. Some of the indicators which are used by me are explained below. But before moving to these indicators we need to understand the basic charting style and for that purpose I have taken SENSEX and NIFTYs data for the year 2010.
MACD has two type of signals wiz. Bullish signals and Bearish signals.
Bullish Signals
MACD generates bullish signals from three main sources. 1. Positive Divergence 2. Bullish Moving Average Crossover 3. Bullish Centerline Crossover
Positive Divergence:
A Positive Divergence occurs when MACD begins to advance and the security is still in a downtrend and makes a lower reaction low. MACD can either form as a series of higher Lows or a second Low that is higher than the previous Low. Positive Divergences are probably the least common of the three signals, but are usually the most reliable, and lead to the biggest moves.
Source: www.icharts.in
Source: www.icharts.in
Source: www.icharts.in
Bearish Signals
MACD generates bearish signals from three main sources. These signals are mirror reflections of the bullish signals:
Negative Divergence:
A Negative Divergence forms when the security advances or moves sideways, and the MACD declines. The Negative Divergence in MACD can take the form of either a lower High or a straight decline. Negative Divergences are probably the least common of the three signals, but are usually the most reliable, and can warn of an impending peak.
Source: www.icharts.in
Source: www.icharts.in
Source: www.icharts.in
MACD Signals
The main signal generated by the MACD-Histogram is a divergence followed by a moving average crossover. A bullish signal is generated when a Positive Divergence forms and there is a Bullish Centerline Crossover. A bearish signal is generated when there is a Negative Divergence and a Bearish Centerline Crossover. Keep in mind that a centerline crossover for the MACD Histogram represents a moving average crossover for the MACD. Divergences can take many forms and varying degrees. Generally speaking, two types of divergences have been identified: the slant divergence and the peak-trough divergence.
1. Slant Divergence: A Slant Divergence forms when there is a continuous and relatively smooth move in one direction (up or down) to form the divergence. Slant Divergences generally cover a shorter time frame than divergences formed with two peaks or two troughs.
2. Peak-Trough Divergence: A peak-trough divergence occurs when at least two peaks or two troughs develop in one direction to form the divergence. A series of two or more rising troughs (higher lows) can form a Positive Divergence and a series of two or more declining peaks (lower highs) can form a Negative Divergence. Peak-trough Divergences usually cover a longer time frame than slant divergences. On a daily chart, a peak-trough divergence can cover a time frame as short as two weeks or as long as several months.
MACD Benefits
One of the primary benefits of MACD is that it incorporates aspects of both momentum and trend in one indicator. As a trend-following indicator, it will not be wrong for very long. The use of moving averages ensures that the indicator will eventually follow the movements of the underlying security. By using Exponential Moving Averages (EMAs), as opposed to Simple Moving Averages (SMAs), some of the lag has been taken out.
As a momentum indicator, MACD has the ability to foreshadow moves in the underlying security. MACD divergences can be key factors in predicting a trend change. A Negative Divergence
signals that bullish momentum is waning, and there could be a potential change in trend from bullish to bearish. This can serve as an alert for traders to take some profits in long positions, or for aggressive traders to consider initiating a short position.
MACD can be applied to daily, weekly or monthly charts. MACD represents the convergence and divergence of two moving averages. The standard setting for MACD is the difference between the 12 and 26-period EMA. However, any combination of moving averages can be used. The set of moving averages used in MACD can be tailored for each individual security. For weekly charts, a faster set of moving averages may be appropriate. For volatile stocks, slower moving averages may be needed to help smooth the data. Given that level of flexibility, each individual should adjust the MACD to suit his or her own trading style, objectives and risk tolerance.
MACD Drawbacks
One of the beneficial aspects of the MACD is also one of its drawbacks. Moving averages, be they simple, exponential or weighted are lagging indicators. Even though MACD represents the difference between two moving averages, there can still be some lag in the indicator itself. This is more likely to be the case with weekly charts than daily charts. One solution to this problem is the use of the MACD-Histogram.
MACD calculates the absolute difference between two moving averages and not the percentage difference. MACD is calculated by subtracting one moving average from the other. As a security increases in price, the difference (both positive and negative) between the two moving averages is destined to grow. This makes it difficult to compare MACD levels over a long period of time, especially for stocks that have grown exponentially.
To calculate RSI values for a given dataset, first find the magnitude of all gains and losses for the 14 periods prior to the time where you wish to start the calculation. (Note: 14 is the standard number of periods used when calculating the RSI. If a different number is specified, just substitute that number in for "14" throughout this discussion).
It is important to understand that the RSI is a "running" calculation and the accuracy of the calculation depends on how long ago the calculations started. The first RSI value is an estimate subsequent values improve on that estimate. You should calculate at least 14 values prior to the start of any values that you will rely on - going back 28+ periods is even better.
To start the running calculation, the First Average Gain is calculated as the total of all gains during the past 14 periods divided by 14. Similarly, the First Average Loss is calculated as the total magnitude of all losses during the past 14 periods divided by 14. The next values for the "averages" are calculated by taking the previous value, multiplying it by 13, adding in the next Gain (or Loss), and then dividing by 14.
The RS value is simply the Average Gain divided by the Average Loss for each period. Finally, the RSI is simply the RS converted into an oscillator that goes between zero and 100 using this formula:
RSI = 100 - (100 / RS + 1) RS = Average of x days' up closes Average of x days' down closes
RSI Signal
Overbought/Oversold
Wilder recommended using 70 and 30 and overbought and oversold levels respectively. Generally, if the RSI rises above 30 it is considered bullish for the underlying stock. Conversely, if the RSI falls below 70, it is a bearish signal. Some traders identify the long-term trend and then use extreme readings for entry points. If the long-term trend is bullish, then oversold readings could mark potential entry points.
Divergences
Buy and sell signals can also be generated by looking for positive and negative divergences between the RSI and the underlying stock. For example, consider a falling stock whose RSI rises from a low point of (for example) 15 back up to say, 55. Because of how the RSI is constructed, the underlying stock will often reverse its direction soon after such a divergence. As in that example, divergences that occur after an overbought or oversold reading usually provide more reliable signals.
Centerline Crossover
The centerline for RSI is 50. Readings above and below can give the indicator a bullish or bearish tilt. On the whole, a reading above 50 indicates that average gains are higher than average losses and a reading below 50 indicates that losses are winning the battle. Some traders look for a move above 50 to confirm bullish signals or a move below 50 to confirm bearish signals.
Example
Source: www.icharts.in
Williams %R
Williams %R is an overbought and oversold technical indicator that can give easy to interpret buy and sell signals. Williams %R is very similar to the Stochastic Fast indicator. But it is only important in choppy market conditions cause in rally market it fails to indicate the turnaround in rally. So this tool was very helpful in current market situation. Williams %R indicator gives easily interpreted buy and sells signals, as is demonstrated in the chart below:
Source: www.icharts.in
In addition to giving clear buy and sell signals, the Williams %R indicator can help identify strong trends; this is discussed on the next page.
Source: www.icharts.in
As the chart illustrate, when the Williams % R indicator stays in the oversold area (below 20) and any bullish rally barely registers with the Williams %R (i.e. fails to go above 80), then the downtrend is strong and a trader should not go long the market.
Similarly, when the Williams %R indicator stays in the overbought area (above 80) and any attempt at a downturn fails to send the indicator into oversold territory (i.e. fails to go below 20), then the uptrend is strong and a trader should not go short.
The Williams %R is a versatile technical indicator used by many; the indicator gives easily interpreted buy and sells signal, and also informs traders whether or not a market is likely overbought, oversold, or trending strongly. Williams %R indicator works in a fluctuating market condition where markets are unexpected and can go either side. Generally we use 14 days Williams %R for medium term period and 3 days Williams %R for short term periods.
Ease of Movement
Ease of Movement was developed by Richard W Arms and performs a similar function to Equivolume charts. It highlights the relationship between volume and price changes and is particularly useful for assessing the strength of a trend.
Trading Signals
Signals are normally taken from an exponential moving average plotted on the Ease of Movement indicator. They are more effective in a trending market.
Go long when Ease of Movement crosses to above zero (from below). Go short when Ease of Movement crosses to below zero (from above).
Example
Coca Cola Corporation plotted with Ease of Movement indicator smoothed by a 10 day exponential moving average.
Source: www.icharts.in
Go long [L]: Ease of Movement crosses to above zero. Go short [S]: Ease of Movement crosses to below zero. Go long [L]: Ease of Movement crosses to above zero. Go short [S]: Ease of Movement crosses to below zero. Go long [L]: Ease of Movement crosses to above zero. Go short [S]: Note that we are whipsawed more frequently in a ranging market.
Source: www.icharts.in
A moving average of the indicator can be added to act as a trigger line, which is similar to other indicators like the MACD. Transaction signals can be generated when the indicator crosses over a 9-day moving average, but are generally made when the indicator crosses over the zero line. Traders use the smoothed version of this indicator in an attempt to eliminate false signals. Indicators are generally used by the technical experts to forecast the market price of shares on the basis of historical prices. Above mentioned are the indicators which I have used for my study Technical Analysis of Equity Shares. You will come to know about the concepts of technical analysis when only you go through the study.
Lot Size 50
3738000.00
3773600.00
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10
Close
4970.2 5019.85 5110.5 5135.5 5034 4987.1 5000.3 5078.6 5119.35 5197.7 5222.35 5233.35 5274.85 5262.6 5353.3 5316.55 5323.15 5320.6 NET GAIN/LOSS 4972.2 5020.35 5110.5 5136.5 5035.1 4988 5001 5079.2 5119.85 5198.1 5222.85 5233.75 5275.1 5262.8 5353.45 5316.6 5323.2 5320.6
MTM G/L
-1399000 248250 453250 125000 -507500 -234500 66000 391500 203750 391750 123250 55000 207500 -61250 453500 -183750 33000 -12750 353000 -1639000 240750 450750 130000 -507000 -235500 65000 391000 203250 391250 123750 54500 206750 -61500 453250 -184250 33000 -13000 103000 NET ACCOUNT STATUS
CNX INFRASTRUCTURE:
Date of Purchase: 1-Jun-10 Lot Size 50 Settlement Date 24/06/2010 3350.00 Total Worth 1,67,50,000 Span Margin* 11.14 Exposure Margin 3.00 Total Margin* 14.14 Total Margin Paid 2368450.00 Margin Money In account 1,000,000 No. of Lot 100 Total No. of shares 5,000
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10
Close
3155.71 3214.3 3274.49 3280 3214.7 3177.35 3199.57 3266.53 3266.29 3291.85 3341.23 3335.45 3362.11 3353.56 3396.01 3371.94 3359.16 3358.64
MTM G/L
-971450 292950 300950 27550 -326500 -186750 111100 334800 -1200 127800 246900 -28900 133300 -42750 212250 -120350 -63900 -2600
Net Gain\Loss
43200
12594450
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10
Close Price
270.9 273.2 278.35 281.75 263.9 257.3 258.2 262.75 262.4 264.4 272.5 277.55 283 282.65 290.15 288.25 291.8 289.2
MTM G/L
-195500 11500 25750 17000 -89250 -33000 4500 22750 -1750 10000 40500 25250 27250 -1750 37500 -9500 17750 -13000
Net Gain/Loss
-104000
14841250
Lot Size 50
Settlement Date 24/06/2010 60.00 Total Worth 3,00,000 Span Margin* 21.36 Exposure Margin 10.00 Total Margin* 31.36 Margin Total Margin Money In Paid account 94080.00 1,000,000
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10
Close Price
57.3 57.1 57.6 57.25 55.45 55.2 54.9 55 55.05 55.45 56.15 56.05 56.8 56.4 57.05 56.45 56.65 56.85
MTM G/L
-13500 -1000 2500 -1750 -9000 -1250 -1500 500 250 2000 3500 -500 3750 -2000 3250 -3000 1000 1000
NET GAIN/LOSS
-15750
17663500
JP ASSOCIATE LTD:
Date of Purchase: 1-Jun-10 Lot Size 50 Settlement Date 24/06/2010 130.00 Total Worth 24.58 6,50,000 10.00 34.58 Span Margin* Exposure Margin Total Margin* Margin Total Margin Money In Paid account 224770.00 1,000,000 No. of Lot 100 Total No. of shares 5,000
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10
Close Price
117.35 119.65 122.1 122.55 120.15 119.8 118.85 122.05 123.15 123.45 126.2 126.8 130.3 128.75 133.5 130.45 130.8 129.55 129.2
MTM G/L
-63250 11500 12250 2250 -12000 -1750 -4750 16000 5500 1500 13750 3000 17500 -7750 23750 -15250 1750 -6250 -1750
NET GAIN/LOSS
-4000
18523250
UNITECH LTD:
Date of Purchase: 1-Jun-10 50 Settlement Date 24/06/2010 75.00 Total Worth 3,75,000 Span Margin* 20.19 Exposure Margin 10.00 Total Margin* 30.19 Margin Total Margin Money In Paid account 113212.50 1,000,000 100 Total No. of shares 5,000
Lot Size
No. of Lot
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10
Close Price
69 70.95 71.65 71.25 69.4 67.45 69.05 70.7 68.25 68.7 70.6 70.35 70.2 70.6 73.45 74.25 76 74.35
MTM G/L
-30000 9750 3500 -2000 -9250 -9750 8000 8250 -12250 2250 9500 -1250 -750 2000 14250 4000 8750 -8250
NET GAIN/LOSS
-3250
996750
Settlement Date 24/06/2010 900 Total Worth 4500000 Span Margin* 20.19
Date
1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10
Close Price
757.95 760.85 771 765.45 748.65 738.25 741.75 758.35 770.05 900.35 963.55 998.8 1006.8 1007.9 1011.1 994.45 992.25 993.35 985.95
MTM G/L
-710250 14500 50750 -27750 -84000 -52000 17500 83000 58500 651500 316000 176250 40000 5500 16000 -83250 -11000 5500 -37000
NET GAIN/LOSS
429750
16834000
Analysis
Derivatives (as we have already understood) are a tool to hedge risk of a portfolio or of an individual investor. Derivatives are generally used by portfolio managers to hedge their clients portfolio from risk because they are investing a huge amount and lit bit of risk would give a huge amount of loss to their clients.
As we already understand the virtual working of future trading. It is not possible to show actual trading of futures as the margin money changes on daily basis and calculation of Mark to mark Loss/Gain is done on the daily basis. Calculation of settlement price is done by taking last half an hour prices of trading hours, Volume and time into consideration and then calculated the weighted average price which is known as settlement price. Calculation of settlement is done by the exchange. Calculation of Mark to Mark Loss/Gain is done by a simple formula:
By applying this formula we can easily calculate the mark to mark loss/gain which to be paid by an investor on a daily basis. There might be other way round like if the price of security increases then the gain on margin money would be credited to the trading account. This has been already shown in the virtual future trading. Future trading is generally used by portfolio manager to hedge the fluctuation risk in share price. Generally manager used to use some strategies which are as follow: 1. Buy share in cash market and sell future of that share. 2. Buy this month future and sell next month future of that share. 3. In bullish market buy future only and in bearish market sell future only.
Future derivative is the most important tool in Indian stock market. It gives liquidity into the Indian capital market. Future derivative are the most tradable instrument in the Indian capital market and the best instrument to hedge risk.
OPTION TRADING
Virtual Option Trading:
NIFTY:
Instrument OPTSTK Symbol Nifty Option CA Date 27/5/09 Buy /Sell Buy Strike Price 5400 Call Rate 86 Lot Size 50 Lot 10 Expiry 24/06/10
Strike Price
5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400 5400
Buy Price
85 90 95 72 55 49 45 50 55 65 60 50 40 20 40 10 15 0
MTM G/L
-500 2500 2500 -11500 -8500 -3000 -2000 2500 2500 -
Sell Rate
64 -
Book Profit
-
Analysis
By analyzing the option instrument one can find that option are the cheapest instrument in terms of hedge risk. Here in option one is only liable to pay premium price which is determined by the demand and supply of the respective security. In option there is nothing like mark to mark loss/gain like in future derivatives. Option trading is also used to hedge risk but portfolio manager generally avoid to use option instrument because they are short term instrument and return is also less as compared to future instrument. Some of the strategies generally used by the investor are as follow:
1) In bullish market buy call or sell put. 2) In bearish market buy put or sell call. 3) In volatile market buy and sell call at the same time. 4) In Bullish market sell call and buy future of that share. 5) Bearish market sell put/buy call and sell future of that share. 6) Some time investors buy or sell naked call/put.
Here I have shown only one virtual trading example but for the purpose of my understanding I have carried out many actual trading on my clients behalf, here I have used theta strategy which I have mentioned in my project.
Some of the important conclusions that can be said by analyzing various scripts are: Price Volume Open Interest Market
Strong Weak Weak (Not much) Strong
Source: Self Generated
If prices are up and volume and open interest are rising, the market is strong, because here even at higher price, people buying power is very strong which indicates that they are very bullish about the script. If prices are up and volume and open interest are declining, the market is weak, as people have started building profits or they are exiting their existing position.
If prices are down and volume and open interest are rising, the market is weak as people are building at lower level, they are buying at lower prices or they are building short positions which may indicate market is not that much weaker. Price fluctuation will not be very high. If prices are down and volume and open interest are declining, the market is strong as this indicates people are exiting their existing positions and rolling over to next month or fresh buyers may enter into the market next day
Other things, which can be useful In a bull market, volume has a tendency to increase on rallies and to decrease on reactions. In a bear market, volume has a tendency to increase on declines and decrease on rallies
This can be useful in case of future stocks only that too to some extent because this cannot be always true as stock market depends on various factors as discussed above. So these things can predict day-to-day movements for various scripts for most of the time. Hedging is not the only way to minimize risk. Its always said that prevention is better than cure, by this I mean it's better to first look at the stock see its market value and then buy it, one basic thing is that one should invest wisely. Keeping that in mind I decided to do fundamental analysis that begins with economy then comes industry, after that company and last one is ratio analysis. This work is still in progress.
I have chosen five companies for technical analysis and analysis of these companies has been done using chart and tools. In this part of project analysis of these companies has been done on the basis of charts and any detail regarding companys prices are of mine and the level & prices which I have suggested might get wrong.
For the data collection I have used www.icharts.in and the data or the charts are for 3 months. Charts are from date 22 March, 2010 to 09 July 2010.
Basic terms which are used for the purpose of Technical Analysis are:
EMA: Exponential Moving Average WMA: Weighted Moving Average MACD: Moving Average Convergence and Divergence (Faster Moving average) (Red Line) EXP: Slower Moving Average (Blue Line) RSI: Relative Strength Index EMA (Close, 20): 20 days EMA Williams R%: 14Days
OVERBOUGHT
OVERSOLD
Source: www.icharts.in
Firstly looking at the chart, we should look at the charts basic information like companys name, closing date, chart type, charts duration and indicators because these information are very essential cause one should know which company one is looking for and which industry it belongs to. Before knowing this basic information we cannot analyse a company properly. If look you at
the chart at a glance you will find three separate indicators and one price chart with three indicators, four in total. First of all we will start from price chart where we can see that last closing price is 295.8 and last day it gains marginally. But if we look at the price trend with WMA indicator we will find share price of DLF has already cross down the WMA level. Currently it is ranging above 20 days and also 50 days EMA. So it shows that for short term period and long term period share price is looking positive. In last two to three months, share market showed a positive trend as Nifty increased by 56 points (1%) and continued to bullish trend DLF price exhibit a 4.63% high, hence gave a better result in comparison to market. But now the time has changed. If we look at two month ago share prices of DLF which is getting support are at 20 days WMA and at 20 days EMA but now it has breached the level of 20 days WMA and 20 days EMA, now prices are looking for new support level because earlier support of 20 days WMA support level has broken down for short term of period as market has made a correction in share prices in last week of June 2010 and first week of July 2010. Now, if we look at the support and resistance level we will find 20 days WMA is resistance level and 50 days EMA is support level for Prices.
Support Level Price: 300.0 305.8 Resistance Level Price: 287.8 286.9 278.0
MACD is a good indicator for every kind of market situations. It only shows the change in trend due to change moving averages of the stock prices. When red line (faster moving average) crosses blue line (slower moving average) from above it indicates a downturn but when it crosses from below it indicates the uptrend in the prices. Currently it is red is rising above the blue line as it has already crossed the blue line from above and indicating negative signs of changes. As red line has crossed the blue line from below the prices will continued to go up until red line comes below again from blue lines. Currently red line (faster moving average) is at 1.426 is above the blue line (slower moving average) which is at 0.678 and creating a gap of 0.748 which is known as Positive Divergence. As far as prices are concern this indicator has little bit to do with the prices it only shows the change in trend of the share prices.
Now if we look at Williams %R it is currently at a level of -7.342, which itself indicate positivity in stock price. Its a 14 days Williams %R which is an indicator of short term. If we look at the indicator chart, every time when it touches or crosses the -20 level mark it again come back to the range of -80 and again bounce back to -20 level but some time it moves down back before reaching the level of -20 or above. When it ranges at -80 it gives the Buy signal, similarly when it bounces back to the level of -20, it produces Sales signal. Williams %R works properly in fluctuating market condition However, if market is moving in trend it will show false indication of sell at some point of time. Here the market conditions are suitable for Williams %R. So its a best indicator for analysis for now. Currently this indicator is indicating strong positive sign for this stock for short term period.
Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. This indicator attempts to identify the amount of volume required to move prices. Generally a value greater than zero is an indication that the stock is being accumulated (bought) and negative values are used to signal increased selling pressure. A high positive value appears when prices move upward on low volume. Strong negative numbers indicate that price is moving downward on low volume. Currently the EMV is indicating 12.62, which is greater than zero, hence giving strong buy signal.
RSI (14) indicator indicate for medium term horizon. It is currently at level of 59.89 and moving from 30 marks to 70 marks. It shows positivity for short term horizon. 70 marks level is overbought situation and 30 marks level is oversold situation. So investor should keep track on it before investing. If DLFs RSI touches the level of 70 marks it would probably the best time to sell the DLFs share.
OVERBOUGHT
OVERSOLD
Source: www.icharts.in
Last closing price of JP Associate on 9 July 2010 is 125.3. It has its 3 month high of approx. 126.4 and currently ranging near to its three months high but still below 20 days EMA and 20 days WMA. But if we look at the price trend with WMA indicator, we will find share price of JP Associate would cross down the 20 days WMA and 20 days EMA, which is a good indication for the companys share price. Last quarter the price of JP share was 150.2, but now the market has started showing positive sign. It indicates negatively for short term horizon but if one takes a long term view, it is a good share to buy at this point of time. However, market is looking
negative but indicators are positive. But if we talk about the support level and resistance level they will support it from going down in long term.
Support Level Price: 123.8 122.3 Resistance Level Price: 126.6 - 127.2 - 127.9
MACD which is generally used by every analyst for the purpose of technical analysis shows the change in trend of stock prices. When red line (faster moving average) crosses blue line (slower MA) from above it indicates a downturn but when it crosses from below it indicates the uptrend in the prices. Currently red line (faster moving average) is at -0.666 is below the blue line (slower moving average) which is at -0.232 and creating a gap of -0.434 which is known as Negative divergence. As far as prices are concern this indicator has little bit to do with the prices it only shows the change in trend of the share prices. Now we take a look at Williams %R which is currently at a level of -80.35, which indicates strong negativity in stock price for a short term. It indicate fresh sell for short term period. Here the market condition is something like latter condition where it would come down before reaching -20 levels. Currently indicator is indicating strong fresh buy signals, but before looking at the other indicators it would be a foolishness to buy share at this level of market.
Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. Currently the EMV is indicating 0.205, which is greater than zero. This shows a bit of positivity in assets prices, hence giving buy signal. RSI (14) indicator is for the purpose of short to medium term horizon. It is currently at level of 46.48. It shows negativity for medium term horizon. 70 marks level is an overbought situation where investor feels that share is overvalued due to excess buy and 30 marks level is oversold situation where investor feels that prices are undervalued due to oversold conditions. So investor should keep track on it before investing.
Currently if we talk about JP it would be better to hold the decision regarding the JP shares at this point of time and let the move from any of the side to execute the decision.
Unitech Ltd:
OVERBOUGHT
OVERSOLD
Source: www.icharts.in
Unitech India Ltd. a fundamentally strong company but what if we look about the technical aspect. Fundamentally strong company can be week at some point of time where economic condition is not supportive, market condition is not supportive and even companys
historical data are not supportive. So you need to analyze a stock before investment to get fruitful returns. Unitech has its 3 month high of 76.35 and currently ranging near to its three months high. It has already crossed down 20 days WMA and 20 days EMA. Currently 20 days WMA is around 73.58 and closing price as on 21 June 2010 is 75.55. It indicates that, Unitech is has broken the resistance level and now market is looking for new resistance level. For both, short term and long term horizon Unitech is a better mode of investment. However, market is looking negative but indicators are positive. As far as support level and resistance level is concerned both are normal and showing nothing extra ordinary about the share.
Support Level Price: 74.78 - 74.01- 73.71 Resistance Level Price: 76.34 - 77.12
Other indicators which are not shown in this project are also taken into consideration for the purpose of technical analysis is like Volume, Momentum Oscillators, Elliot Waves and many more.
MACD is generally used for the purpose of technical analysis; indicate the change in trend of stock prices but it is least reliable until it is used with other technical indicators. Sometimes it gives false indication of positive trend but in reality there is nothing like positive trend. Currently red line (faster moving average) is at 0.485 is above the blue line (slower moving average) which is at 0.207 and creating a gap of 0.279 which is known as Positive Divergence. It means market is shuffling from negative to positive area. As far as prices are concern this indicator has little bit to do with the prices it only works with other indicator. We can call it as a helping indicator to others. Looking at Williams %R which is currently at a level of -20.15 indicating very strong of positivity in stock price for short term. Currently indicator is about to indicating very strong fresh
sell signs but looking at the other indicators it would be a foolishness to sell share at this level of market.
Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. Currently is indicating 0.132, which is greater than zero. Strong positive numbers indicate that price is moving upward on low volume, hence giving some a bit of buy signal.
RSI (14) indicator is used for short to medium term horizon. It is currently at level of 57.17. It shows negativity for medium term. As 70 marks level is an overbought situation where investor feels that share is overvalued due to excess buy and 30 marks level is oversold situation where investor feels that prices are undervalued due to oversold conditions. RSI is around 58 and very near to its overbought level. Investor should analyze a share before investing.
Currently if we talk about Unitech it is showing the positive signs, it would be better to sell the shares.
OVERBOUGHT
OVERSOLD
Source: www.icharts.in
Reliance Industrial Infrastructure Ltd. (RIIL), a Mukesh Dhirubhai Ambani group company with very strong fundamental. Sometimes in market due to speculations the price of share goes below its fundamental price. At that point of time if prices further goes down than its became necessary to take the help of technical analysis.
RIIL currently trading at 942.8 and it is near to its 20 days EMA. If we look at past record we will find 50 days EMA as a supportive line, every time when there is a correction in the market then
the share prices got support to its 50 days EMA and 20 days EMA. It indicates EMA as a supportive line, as 50 days EMA is indicating the support we can assume it a positive sign for medium term investment. But now the prices has slipped below the EMA line and from last 5 to 10 days its getting resistance over there and if we talk about the support level its also near to its resistance level. However, Indian market condition is looking so good even foreign markets are supportive. In every market condition we can have support level and resistance level whether its very low or not.
Support Level Price: 936.43 - 930.06 - 898.1 Resistance Level Price: 952.93 - 963.06 - 972.8
Other indicators which are not shown in this project are also taken into consideration for the purpose of technical analysis is like Volume, Momentum Oscillators, Elliot Waves and many more.
MACD is generally used for the purpose of technical analysis; indicate the change in trend of stock prices but it is least reliable until it is used with other technical indicators. Sometimes it gives false indication of positive trend but in reality its nothing like positive movement. Right now MACD indicator is showing -10.74 divergences but if it increases from this level it would be harmful for the share price. Currently Red Line (Faster Moving Average) is falling Below the Blue Line (Slower Moving Average), which is indicating further downturn. As far as prices are concern this indicator has little bit to do with the prices it works with other indicator. We can call it as a helping indicator to others. Now if we look at Williams %R it is currently at a level of -78.42, which itself indicate negativity in stock price. Its a 14 days Williams %R which is an indicator of short term. Williams %R works properly in fluctuating market condition However, if market is moving in trend it will show false indication of sell at some point of time. Here the market conditions are suitable for Williams %R. So its a best indicator for analysis for now. Currently this indicator is indicating Buy signal for this stock for short term period.
Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. Currently is indicating 425, which is greater than zero. Strong positive numbers indicate that price is moving upward on low volume, hence giving strong buy signal.
RSI (14) indicator is used for short to medium term horizon. It is currently at level of 54.36. It shows negative indication for medium term. It only shows the overbought and oversold condition nothing in relation to the exact share price. Currently if we look at the indicator its showing mixed indication and one should use wait & watch policy and should look for intraday trading with stop loss.
OVERBOUGHT
OVERSOLD
Source: www.icharts.in
Looking at the chart at a glance, it itself indicates a negative sign. If we look at past record we will find 20 days WMA as a supportive line, every time when there is a correction in the market then the share prices got support to its 20 days EMA and 20 days EMA. It indicates WMA as a supportive line. Now the prices has got over the WMA line and from last 5 to 10 days its getting resistance over there and if we talk about the support level its also near to its resistance level.
Prices are changing negatively from last week. First of all we will start from price chart where we can see that last closing price is 58.95. But if we look at the price trend with WMA indicator we
will find share price of GMR has already got over the WMA price and 20 days EMA. Currently it is ranging above 20 days EMA and, 50 days EMA. Though it indicates positivity for short term horizon, but prices showed a slight movement for the last 3 months even it is unable to give a similar change as compare to Nifty. But I am still bullish on GMR Infra because it is working in infrastructure sector and government has plans to boost infrastructure in India. Now if we look at the support and resistance level, we follow a pattern that past trends repeats itself in near future.
MACD is generally used for the purpose of technical analysis; indicate the change in trend of stock prices but it is least reliable until it is used with other technical indicators. When red line (faster moving average) crosses blue line (slower moving average) from above it indicates a downturn but when it crosses from below it indicates the uptrend in the prices. Sometimes it gives false indication of positive trend but in reality its nothing like positive movement. Right now MACD indicator is showing 0.207 positive divergences and, if it continues to show the same performance than it would be beneficial for the share price. As far as prices are concern this indicator has little bit to do with the prices it works with other indicator. We can call it as a helping indicator to others. Looking at Williams %R which is currently at a level of -38.54 indicates some strong positivity in stock price for short term. Currently indicator is about to indicating some bit of fresh sell signals.Ease of Movement is a technical momentum indicator that is used to illustrate the relationship between the rate of an asset's price change and its volume. Currently is indicating 0.00, hence showing no signal at the moment.
RSI (14) indicator indicate for medium term horizon. It is currently at level of 54.88 and moving from 30 marks to 70 marks. It shows positivity for medium term horizon. 70 marks level is overbought situation and 30 marks level is oversold situation. So investor should keep track on it before investing. GMRs RSI would probably touch the level of 70 marks and that time would be the best time to sale.
The investor should wait for market correction, to enter the market. At the moment, GMR is looking strong from both fundamental and technical point of view.
Only looking at the charts you cannot predict the share price accurately because technical indicators are unable to show the change in trend. With the help of fundamental indicators technical indicators works properly, same condition is with fundamental indicators. If these five companies are taken into consideration and are only investment options available to an investor then we can rate them on the basis of their future performance.
Company Name
GMR Infrastructure Limited JP Associate Limited Unitech Limited Reliance Industrial Infrastructure limited DLF India Ltd.
FUNDAMENTAL ANALYSIS
Stock Information
For the purpose of equity analysis, I have chosen five realty & infrastructure companies in total and currently working on it. The detailed view of my research work, which I have completed, is presented in this project with other important information related to companys financials. Calculations which have been done for company specific are true and the data has been collected from the official website of the company and from the official websites of the NSE and BSE.
Stock Information, which is related to the financials of the company, is taken from annual report of the company. Other information regarding market price, ISIN Code, Margin Rate and Security Code are taken from Official Website of NSE.
Series
ISIN Code
Extreme Loss *
5
GMR Infrastructure Limited Reliance Industrial Infrastructure Limited Jaiprakash Associates Limited
GMRINFRA
EQ
INE776C01039
RIIL
10
EQ
INE046A01015
9.2
14.2
JPASSOCIAT
EQ
INE455F01025
7.5
14.24
DLF Limited
DLF
EQ
INE271C01023
7.72
12.72
Unitech Limited
UNITECH
EQ
INE694A01020
9.24
14.24
** Stock name given are of NSE and are different for BSE. * VaR and ELR are of specific date and changes on daily basis.
Report Card:
GMR Ltd.
Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend Total debt/equity Market Cap. : Face Value
Data Source: SMC Global Securities Ltd. Data Source: www.money.rediff.com
Unitech Ltd.
Mar ' 10 1,937.50 544.3 2.23 37.05 10 2.69 20614.03(Cr) 2
DLF Ltd.
Mar ' 10 2,401.29 769.61 4.53 70.77 100 0.77 54418.85(Cr) 2
JP Associate
Mar ' 10 10,316.04 1,708.36 8.04 16.24 54 2.1 27694.89(Cr) 2
RIIL
Mar ' 10 51.16 31.06 24.93 21.98 14.55 64.47 35 1416.38(Cr) 10
Mar ' 10 169.36 69.33 -2.51 13.45 0.04 1532.50 0 0.44 23860.63(Cr) 1
OTHER RATIOS:
Other Important Ratios
DLF JP ASSOCIAT UNITECH RELIANCE GMR
Price/sales Price\Book return on net worth (%) Dividend payout ratio (cash profit) Cash earnings retention ratio
Data Source: SMC Global Securities Ltd. Data Source: www.money.rediff.com
22.5 72.91 12.5 21.67 78.32 54.84 14.5 11.82 88.32 32.41 6.88 10.33 89.67 120.4 13.44 23.16 76.56 15.92 0.23 -
FUNDAMENTAL ANALYSIS:
DLF INDIA LTD:
Report Card of DLF Ltd. Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend% Total debt/equity Market Cap. : Face Value Market Price Mar ' 10 2,401.29 769.61 4.53 70.77 100 0.77 54418.85 2 320.6 Mar ' 09 2,827.90 2,769.48 1,807.69 1,547.77 9.12 35.15 100 0.74 Mar ' 08 5,532.84 3,632.72 3,117.59 2,574.59 15.1 21.23 100 10.37 Mar ' 07 1,133.48 986.11 620.42 406.91 2.66 120.53 100 4.67 Mar ' 06 291.65 498.17 348.12 26.7 15.21 21.08 100 1.65 (Cr) Average 2437.432 1971.62 1473.455 1065.116 9.324 34.384 -
BETA
Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share. Beta is nothing but how sensitive a share price is to the market movement. This sensitivity is called as Beta.
Calculation of BETA
1. First, I have calculated 1 year returns of DLF by dividing current close price by previous close price and then subtract the value from 1(one).
2. Same process I followed in calculating Benchmark Return. Here I have taken Cnx s&p nifty as benchmark. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings, and then subtract the value from 1(one).
3. After finding out the returns, I have calculated DLF Beta by entering Slope function into MS Excel.
WACC
Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. WACC may be defined as weighted average cost of all finance instruments (Equity, Debt and Retained earnings) which are used by company in its capital structure. Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (DLF) Equity share capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning 339.48 12% 7% 1.673 15% 26.00% `13% 0.437 0.015 0.547
19.75%
Calculation of WACC
1. First, I have assigned weights to all the components of Capital Structure of DLF, i.e. equity, debt and retained earnings. The weights have been assigned according to the proportion in the capital structure. For this I have divided each component by the total funds 2. I have made an assumption about the rate of each component, because then it would be very difficult to me to find out these calculations with in short span of time. 3. To calculate the required rate of Return on Equity, I have multiplied the DLF beta by the Market Rate of return. 4. Lastly, I multiplied all the Rates with their respective weights and summed up all, further adding Risk free return into it.
DLF INDIA LIMITED 10E 11E 12E 13E 14E 32.04% 14.00% 20.12% 28.91% 41.55% 769.61 126.06 37.86 0 877.37 1053.89 1358.60 1923.07 138.67 152.53 167.79 184.56 34.07 30.67 27.60 24.84 0 0 0 0
1. The first step in determining the intrinsic value of a share is to find out the internal growth rate of the firm. This growth rate provides ones to project the future cash flows of a company. Here I have calculated the projected annual growth rate of by taking Average Net Profit Ratio as base. This Average N/P Ratio, then summed up by percentage% annual growth, which has been determined by subtracting the initial net profit from the current net profit and then further divide by the initial N/P itself, and lastly divide by the No. of years in between the current N/P and initial net profit.
2. While projecting the future Deprecations and other write offs, I made an assumption of 10% increase annually.
3. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. For e.g. 2011(11E), 2012(12E), and 2013(13E) etc. These cash flows than discounted on the basis of WACC (1.975%), to know the Present Value PV.
4. Finally, all the present values of projected cash flows added up with Market Capital of the DLF to determine the Fair Market Capitalization, and then this Fair Market Capital has divided by the No. of Equity shares of DLF to find out the Intrinsic Value of Stock.
Interpretation:
DLF has a good sales record in the previous year even when the industry is facing the Global Economic Crunch. Though its current sales have been declined by 15%, but its Operating Ratio has increased by 16%, which tells that the company has successfully controlling its operations. The Companys Earnings per Share at the end of Mar, 2010 is 4.53, which is the best among all the five companies after Jaiprakash Associate who has 8.04.But if we talk about the P/E Ratio, it comes to 70.77 that gives an idea about the earning capacity to its market price. P/E is considered to be one of the best financial tools to scale the company performance, it provides a hint as to how many year it takes to repay the company its Market Value. DLF has nice track record paying Dividends. The company has declaring 100% dividend throughout 5 years. The Debt/Equity Ratio of the firm 0.077 which is far below the standards, it implies that the firm could not be able to take the benefits of leverage in the long run.
The Beta Value of DLF Stocks is 1.673, which is above than the Market Return .i.e 1. One will mean that the beta is moving with the market and greater than 1 means more swing, more volatility and probably more risk. And very high beta probably means low-liquidity
The Difference between the Market Price of the share and its Intrinsic Value is 27.19, which tells that Market Price is still 8.48% down from its Intrinsic Value.
BUY
HOLD
SELL
BETA
Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share. Beta is nothing but how sensitive a share price is to the market movement. This sensitivity is called as Beta.
Calculation of BETA
1. First, I have calculated 1 year returns of GMR by dividing current close price by previous close price and then subtract the value from 1(one).
2. Same process I followed in calculating Benchmark Return. Here I have taken Cnx s&p nifty as benchmark. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings, and then subtract the value from 1(one).
3. After finding out the returns, I have calculated GMR Beta by entering Slope function into MS Excel.
WACC
Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. WACC may be defined as weighted average cost of all finance instruments (Equity, Debt and Retained earnings) which are used by company in its capital structure.
Calculation of WACC is done using MS Excel: Calculation of Weighted Average Cost of Capital (GMR) Equity share capital 366.74 Cost of debt 12% Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning 7% 1.218 15% 18.28% `13% 0.306 0.044 0.650
19.93%
Calculation of WACC
1. First, I have assigned weights to all the components of Capital Structure of GMR, i.e. equity, debt and retained earnings. The weights have been assigned according to the
proportion in the capital structure. For this I have divided each component by the total funds
2. I have made an assumption about the rate of each component, because then it would be very difficult to me to find out these calculations with in short span of time.
3. To calculate the required rate of Return on Equity, I have multiplied the GMR beta by the Market Rate of return.
4. Lastly, I multiplied all the Rates with their respective weights and summed up all, further adding Risk free return into it.
(Cr)
14E 52.65% 41.46 1.38 0 0 42.84
61.51
389.24
Source: Self Generated
2. While projecting the future Deprecations and other write offs, I made an assumption of 10% increase annually.
3. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. For e.g. 2011(11E), 2012(12E), and 2013(13E) etc. These cash flows than discounted on the basis of WACC (19.93%), to know the Present Value PV.
4. Finally, all the present values of projected cash flows added up with Market Capital of the GMR to determine the Fair Market Capitalization, and then this Fair Market Capital has divided by the No. of Equity shares of GMR to find out the Intrinsic Value of Stock.
Interpretation
GMR has been showing a good sales record in the previous years even when the industry is facing the Global Economic Crunch. Its current sales have been increased by 6.38%, but its Operating Ratio has decreased by 39.15%, its because that the company has paid a hefty amount of interest of amount to Rs. 69.11Cr in comparison to last year of Rs. 23.79Cr on loan which has been taken by the firm
The Companys Earnings per Share at the end of Mar, 2010 is 0.04, which is the least among all the five companies. It is because that the company has split its stock face value form Rs. 2 to Rs. 1. If we talk about the P/E Ratio, it comes to 1532.5 that give an idea about the earning capacity to its market price. P/E is considered to be one of the best financial tools to scale the company performance, it provides a hint as to how many year it takes to repay the company its Market Value. The company has not declared any dividend throughout 5 years, reason being it has huge opportunities for investment in various segments in which it is operating. The Debt/Equity Ratio of the firm has increased from 0.07, last year to 0.44 which is indicating that firm is firm is organizing financial resources from outside to take the advantage of leverage in the long run. The Beta Value of GMR Stocks is 1.218, which is little above than the Market Return .i.e. 1. One will mean that the beta is moving with the market and greater than 1 means more swing, more volatility and probably more risk. And very high beta probably means low-liquidity The Difference between the Market Price of the share and its Intrinsic Value is Rs. 0.21 which tells that Market Price is still 0.34% down from its Intrinsic Value. The reason behind this little increase is that GMR has Split its share face value from Rs. 2 to Rs. 1. I think in GMR lot of accumulation has taken place and stock has not moved, so I would suggest going long here in the range of Rs 55-56". The company has received Male International Airport expansion project. It was the highest bidder with USD 78 million for the project. GMR will take 1% profit till 2014 and will take 10% profit from 2015-25.
BUY
HOLD
SELL
JP ASSOCIATE LIMITED:
Report Card of Jaiprakash Associate
Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend% Total debt/equity Market Cap. : Face Value Market Price Mar ' 10 10,316.04 1,708.36 8.04 16.24 54 2.1 27694.89 2 130.6 Mar ' 09 5,979.46 2,159.92 1,265.87 897.01 6.4 20.41 35 2.12 Mar ' 08 3,985.00 1,427.38 840.07 610 5.21 25.07 35 2.12 Mar ' 07 3,442.00 1,096.08 634.76 415 3.79 34.46 30 1.93 Mar ' 06 3,141.00 868.57 418.98 627 6.59 19.82 36 2.57 -
(Cr)
Average 5372.7 1387.988 789.92 851.474 6.006 23.199 Source: Self
BETA
Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share. Beta is nothing but how sensitive a share price is to the market movement. This sensitivity is called as Beta. Calculation of Beta Value is done using MS Excel: BETA VALUE 1.80046
Data Source: SMC Global Securities Ltd. Source: Self Generated
Calculation of BETA:
1. First, I have calculated 1 year returns of JP Associate by dividing current close price by previous close price and then subtract the value from 1(one).
2. Same process I followed in calculating Benchmark Return. Here I have taken Cnx s&p nifty as benchmark. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings, and then subtract the value from 1(one).
3. After finding out the returns, I have calculated JP Associate Beta by entering Slope function into MS Excel.
WACC
Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. WACC may be defined as weighted average cost of all finance instruments (Equity, Debt and Retained earnings) which are used by company in its capital structure. Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (JP)
Equity share capital Calculation of Weighted average Cost of Capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning weighted average cost of capital
Data Source: SMC Global Securities Ltd. Source: Self Generate
424.93 12% 7% 1.8 15% 27.00% `13% 0.671 0.022 0.307 19.64%
Calculation of WACC
1. First, I have assigned weights to all the components of Capital Structure of JP Associate, i.e. equity, debt and retained earnings. The weights have been assigned according to the
proportion in the capital structure. For this I have divided each component by the total funds
2. I have made an assumption about the rate of each component, because then it would be very difficult to me to find out these calculations with in short span of time.
3. To calculate the required rate of Return on Equity, I have multiplied the JP Associate beta by the Market Rate of return.
4. Lastly, I multiplied all the Rates with their respective weights and summed up all, further adding Risk free return into it.
JP ASSOCIATE LIMITED
09E 15.85% 1,708.36 456.06 0.33 0 2164.75 19.64% 36619.65 10E 5.47% 1801.78 501.67 0.30 0 2303.74 11E 7.35% 1934.29 551.83 0.27 0 2486.39 12E 9.89% 2125.64 607.02 0.24 0 2732.90
(Cr)
13E 13.31% 2408.46 667.72 0.22 0 3076.39
172.69
212.058
Source: Self Generated
2. While projecting the future Deprecations and other write offs, I made an assumption of 10% increase annually.
3. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. For e.g. 2011(11E), 2012(12E), and 2013(13E) etc. These cash flows than discounted on the basis of WACC (19.64%), to know the Present Value PV.
4. Finally, all the present values of projected cash flows added up with Market Capital of the JP Associate to determine the Fair Market Capitalization, and then this Fair Market Capital has divided by the No. of Equity shares of JP Associate to find out the Intrinsic Value of Stock.
Interpretation
JP Associate has a magnificent sales record in the previous years even when the industry is facing the Global Economic Crunch. Its current sales have been increased by 72.52% which is the highest percentage change among all the five firms. Similarly its Operating Ratio has increased by50.78%, which tells that the company has successfully controlling its operations.
The Companys Earnings per Share at the end of Mar, 2010 is 8.04, which is the best among all the five companies. But if we talk about the P/E Ratio, it comes to 16.24 that give an idea about the earning capacity to its market price. P/E is considered to be one of the best financial tools to scale the company performance, it provides a hint as to how many year it takes to repay the company its Market Value. JP Associate has nice track record paying Dividends. The company has declared Rs. 1.08 on the face value of Rs. 2, which 54% of the ace value of a share in the current year. The firm is also following the policy to retain adequate amount of its earning to finance its future projects. The Debt/Equity Ratio of the firm is 2.1 almost close to the standard; it implies that the firm enjoying the benefits of leverage. The Beta Value of JP Associate Stocks is 1.8, which is far above than the Market Return .i.e. 1. One will mean that the beta is moving with the market and greater than 1 means more swing, more volatility and probably more risk and very high beta probably means low-liquidity. The Difference between the Market Price of the share and its Intrinsic Value is Rs. 42.09 which tells that Market is still devaluating the share prices by 32.23% from its Intrinsic Value. "In case of Jaiprakash Associates, I think somewhere closer to these levels; the stock will start looking attractive because atleast on their businesses they have very good volume growth coming on all the side. So this is a stock that one may look at Holding, because I think that the numbers will look better by the end of this year and FY12 should be better than FY11 for them."
BUY
HOLD
SELL
UNITECH LIMITED:
Report Card of Unitech Ltd.
Annual results in brief Sales Adjusted PBDIT Adjusted PBT Net profit / loss EPS (Rs) P/E Ratio Equity dividend Total debt/equity Market Cap. : Face Value Market Price Mar ' 10 1,937.50 544.3 2.23 37.05 10 2.69 20614.03 2 82.62 Mar ' 09 1,852.25 1,657.17 925.01 739.66 4.56 18.11 5 3.79 Mar ' 08 2,802.27 1,413.51 1,011.55 1,030.68 6.35 13.00 13 3.11 Mar ' 07 2,503.97 1,453.35 1,255.11 983.56 12.12 6.81 25 3.06 Mar ' 06 653.13 148.29 108.05 69.65 11.15 7.4 10 1.86 -
(Cr)
Average 1949.824 1168.08 824.93 673.57 7.282 16.474 -
BETA
Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share. Beta is nothing but how sensitive a share price is to the market movement. This sensitivity is called as Beta. Calculation of Beta Value is done using MS Excel: BETA VALUE 1.804
Data Source: SMC Global Securities Ltd. Source: Self Generated
Calculation of BETA
1. First, I have calculated 1 year returns of Unitech by dividing current close price by previous close price and then subtract the value from 1(one).
2. Same process I followed in calculating Benchmark Return. Here I have taken Cnx s&p nifty as benchmark. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings, and then subtract the value from 1(one).
3. After finding out the returns, I have calculated Unitech Beta by entering Slope function into MS Excel.
WACC
Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. WACC may be defined as weighted average cost of all finance instruments (Equity, Debt and Retained earnings) which are used by company in its capital structure.
Calculation of WACC is done using MS Excel:
20.19%
Calculation of WACC
1. First, I have assigned weights to all the components of Capital Structure of Unitech, i.e. equity, debt and retained earnings. The weights have been assigned according to the
proportion in the capital structure. For this I have divided each component by the total funds 2. I have made an assumption about the rate of each component, because then it would be very difficult to me to find out these calculations with in short span of time.
3. To calculate the required rate of Return on Equity, I have multiplied the Unitech beta by the Market Rate of return.
4. Lastly, I multiplied all the Rates with their respective weights and summed up all, further adding Risk free return into it.
Unitech Limited
10E 33.00% 544.3 5.95 0 0 550.25 20.19% 23073.90 11E 10.89% 603.57 6.55 0 0 610.12 12E 14.48% 690.99 7.20 0 0 698.19 13E 19.26% 824.10 7.92 0 0 832.02
(Cr)
14E 25.62% 1,035.24 8.71 0 0 1043.95
92.46 249.56
Source: Self Generated
2. While projecting the future Deprecations and other write offs, I made an assumption of 10% increase annually.
3. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. For e.g. 2011(11E), 2012(12E), and 2013(13E) etc. These cash flows than discounted on the basis of WACC (20.19%), to know the Present Value PV.
4. Finally, all the present values of projected cash flows added up with Market Capital of the Unitech to determine the Fair Market Capitalization, and then this Fair Market Capital has divided by the No. of Equity shares of Unitech to find out the Intrinsic Value of Stock.
Interpretation:
If we talk about Unitech Limited the company has been exhibiting haphazardness in terms of its sales record over the last five years. Though the company has showed little improvement of 4.6% in its sales, but the operating profit ratio has declined by 25.42%. The reason behind declining of operating profit ratio might be increase in the Other Expenses, which has increased from Rs.700Cr to Rs. 1064.2Cr, which tells that the company has not been able to control its operations.
The Companys Earnings per Share at the end of Mar, 2010 is2.23.The firms EPS has also been showing diminishing trend. But if we talk about the P/E Ratio, it comes to 37.05 that give an idea about the earning capacity to its market price. P/E is considered to be one of the best financial tools to scale the company performance, it provides a hint as to how many year it takes to repay the company its Market Value. Unitech has declared Rs. 0.20 on the face value of Rs. 2, which 10% of the face value of a share in the current year. The firm is also following the policy to retain adequate amount of its earning to finance its future projects. The Debt/Equity Ratio of the firm is 2.69 far above than standard; it indicating that any further sign of negative performance would deflate the earnings of Equity Shareholders, as the firm has the fix liability towards its Debtholders . The Beta Value of Unitech Stocks is 1.804, which is far above than the Market Return .i.e. 1. One will mean that the beta is moving with the market and greater than 1 means more swing, more volatility and probably more risk and very high beta probably means low-liquidity. The Difference between the Market Price of the share and its Intrinsic Value is Rs. 10.04 which tells that Market is still devaluating the share prices by 12.18% from its Intrinsic Value. "In case of Unitech Limited, I am diffident about the company stock prices, as the firm is not generating consistent returns, nor the company has any big project in near future. I personally feel that the firm is facing Overcapitalization. Thats why company is on the way to cutting down its long term Debts, as the firm itself is not sure about its future. So this is a stock that one may look at Selling."
BUY
HOLD
SELL
BETA
Step: 1 Calculation of Beta value is the first step in the process of calculating intrinsic value of share. Beta is nothing but how sensitive a share price is to the market movement. This sensitivity is called as Beta. Calculation of Beta Value is done using MS Excel: BETA VALUE 1.421
Data Source: SMC Global Securities Ltd. Source: Self Generated
Calculation of BETA
1. First, I have calculated 1 year returns of RIIL by dividing current close price by previous close price and then subtract the value from 1(one).
2. Same process I followed in calculating Benchmark Return. Here I have taken Cnx s&p nifty as benchmark. I have calculated nifty 1 year returns by dividing nifty current closings by previous closings, and then subtract the value from 1(one).
3. After finding out the returns, I have calculated RIIL Beta by entering Slope function into MS Excel.
WACC:
Step: 2 Calculation of weighted average cost of capital (WACC) is the second step in this process. WACC may be defined as weighted average cost of all finance instruments (Equity, Debt and Retained earnings) which are used by company in its capital structure.
Calculation of WACC is done using MS Excel: Calculation of Weighted average Cost of Capital (RIIL)
Equity share capital Cost of debt Risk free return Beta Market return Required rate of return Rate of Retained Earnings Weight of debt Weight of equity Weight of Retained Earning weighted average cost of capital
Data Source: SMC Global Securities Ltd. Source: Self Generated
Calculation of WACC:
1. First, I have assigned weights to all the components of Capital Structure of RIIL, i.e. equity, debt and retained earnings. The weights have been assigned according to the
proportion in the capital structure. For this I have divided each component by the total funds
2. I have made an assumption about the rate of each component, because then it would be very difficult to me to find out these calculations with in short span of time.
3. To calculate the required rate of Return on Equity, I have multiplied the RIIL beta by the Market Rate of return.
4. Lastly, I multiplied all the Rates with their respective weights and summed up all, further adding Risk free return into it.
986.63 1.51
Source: Self Generated
2. While projecting the future Deprecations and other write offs, I made an assumption of 10% increase annually.
3. All the projected cash flows have been summed up in their respective years to provide the net projected cash flow of the particular year. For e.g. 2011(11E), 2012(12E), and 2013(13E) etc. These cash flows than discounted on the basis of WACC (19.64%), to know the Present Value PV.
4. Finally, all the present values of projected cash flows added up with Market Capital of the RIIL to determine the Fair Market Capitalization, and then this Fair Market Capital has divided by the No. of Equity shares of RIIL to find out the Intrinsic Value of Stock.
Interpretation
If we look at RIILs sales record in the previous years the company doesnt shows any significant improvement in its sales. Its current sales have been declined by 27.93%. The same thing happened with its Operating Ratio, which has also decreased by 31.5%. By looking at companys sales record one can easily find out that the sales figures are having stagnancy in their trend. The Companys Earnings per Share at the end of Mar, 2010 is 14.55, which is the best among all the five companies. But if we talk about the P/E Ratio it comes to 64.47 that give an idea about
the earning capacity to its market price. P/E is considered to be one of the best financial tools to scale the company performance, it provides a hint as to how many year it takes to repay the company its Market Value. RIIL has consistent track record paying Dividends. The company has declaring 35% dividend throughout 5 years. The firm is also following the policy to retain adequate amount of its earning to finance its future projects. The firm is purely relying on equity capital; it doesnt have any Debt/Equity Ratio that makes ones long term investment decision more complicated, as the firm fails to get benefitted from financial leverage in the long run. The Beta Value of DLF Stocks is 1.42, which is above than the Market Return .i.e.1. One will mean that the beta is moving with the market and greater than 1 means more swing, more volatility and probably more risk. And very high beta probably means low-liquidity
The Difference between the Market Price of the share and its Intrinsic Value is Rs. 48.63, which tells that Market Price is still 5.18% down from its Intrinsic Value. In case of Reliance Industrial Infrastructure Limited, I think that firms past records are demonstrating a mix picture of its future growth. Though the company doesnt have any significant improvement in its Sales and Net Earnings, but still they have performed consistently in past years. I think one should hold the RIIL shares if he has, till September quarterly results. If the firm would not able to make out its sales with significant improvement, then sell it.
BUY
HOLD
SELL
Analysis
As we have already discussed about fundamental analysis in detail and now I am trying to analyze what we have already discuss so far. Fundamental analysis is nothing but a tool to calculate the intrinsic value of a share price taking companys future cash flow, growth and cost of capital into consideration.
While calculating the intrinsic value one need to predict the net profit, depreciation and change in working capital which are the most important figure for the calculation of intrinsic value. In chapter 4th and section Equity Research I have calculated the intrinsic value of five different companies on their future earnings.
The project contains one major limitation which mainly affect the calculation part of project is data availability and future projects. Taking this limitation into consideration some part of project has been modified. But still it contains the genuine work done by me on fundamental research.
While calculating the WACC the average market return is only on assumption basis. It may differ from analyst to analyst. On the basis of intrinsic value the position of companys share has been described and suggestion has been made regarding BUY, HOLD or SELL. These suggestions may vary from actual cause the datas are predicted and not have any back support.
CONCLUSION
Project which are carried by me are HEDGING RISK THROUGH DERIVATIVES and EQUITY ANALYSIS. Both are very specific and different from each other. Time is the main factor while doing summer training but I have successfully completed these projects. Starting with my first project hedging risk through derivatives I started working on F&O segment in share market only not for commodities market. For that purpose I have chosen National Stock Exchange for my project work. In this part of project I have taken NSE indices with five companies for the purpose of hedging risk and have shown the virtual stock trading analysis, which includes both future trading and option trading. Live examples are given for the purpose of understanding. Second Project equity analysis which is very specific for me and I have put a lot of time in doing equity research. Here I have chosen five companies for the purpose of equity research and all five are of Realty and infrastructure sector. While doing equity research many problems come to way but still I manage to complete it by time.
Stocks and their relative study can be done using _ (Risk Factor), R (Security Return), EPS (Actual earning), P/E Ratio (Price earnings Ratio) and other factors which are also important for analysis are:
1) Future prospect of the company. 2) Future earnings of the company. 3) Opportunities for the industry in which company is working. 4) Economic condition of the country. Risk is also a measure of companys future value. But risk is a technical tool to analyze the market value of the share. (_) Beta is a measure of risk, which shows how sensitive a share value is to its Index value. Higher the beta higher the risk, lower the beta lower the risk. But high beta
companies has more return compared to low beta companies in a bullish market but at the same time has high risk of loss in bearish market.
Further detailed study of market can be done using specified ratios, which are mentioned in this project earlier. Relative study can be done to see, in which stock investor must invest, so that it can maximize its return Vis--vis low risk. Ratios are also helpful in comparison of peers companies of the same industry with the specified company. It helps investor to know about the best company in the sector/segment, which can give good return with low risk factor.
Financial modeling may be one of the very helpful tools in evaluating the price and risk involved in a share. But it might not be helpful every time, most of the time losses occur due to the speculation done by the investor. As Stock market is one of the most volatile markets in a country and has high risk involved in investment but still has fruitful returns. In order to gain profits amid speculation is to look at the technical indicators and charts, which are very helpful in predicting the share prices on the basis of historical prices and trends. Technical analysis feels that price always follows the same pattern and trend as it was shown in the past.
Technical analysis works on the basis of past data and trends. It shows how market has worked in the conditions which are prevailing right now in the economy, in the past. There are 20 to 30 odd indicators which analyst usually use for the purpose of technical analysis. If look for the total technical indicators there might be 100s of indicator available but analyst dont use them in practical. The 20 indicators which are generally used are for different market conditions and for different time period. Some indicator works for fluctuating market like Williams %R, Relative Strength Index (RSI), some are for change in trend for short term like Ease of Movement, at the same time some are generally used for weekly price prediction like simple charts and candlestick charts.
Technical analysis tools are helpful for every type of investor as it gives the price for intraday, for short term and for short to medium term. Technical Indicator always provides two prices which are known as Support level and Resistance level. Support level shows the bottom value at which
the share price may get support and resistance level shows the highest value at which price may touch and every time when a support level or a resistance level is broken new levels are calculated.
Technical analysis is very helpful at the time of fluctuating market but not the fundamental analysis. Fundamental analysis is helpful when price are moving in trend and there is no sign of speculation in the market. But still fundamental analysis has lots of importance in analyzing the share prices as it let us know the book value and the real worth of the company. FII and Institutional investors always looks for the fundamental price of the company instead of technical price because they have their view for long term and fundamental analysis fulfill that requirement. Technical analysis tools are helpful in short term and in intraday trading. It is not so perfect for long term analysis. If investor wants to have fruitful profit from market, he should look at both fundamental price for long term and technical price for intraday/short term of period. Fundamental analysis shows the sign of change in trend but technical analysis shows the trends pattern. Some time both indicators fail to do correct analysis. This type of situation may be seen in the recent past too, where there was an upper circuit in market on the next day of elections result declaration. Both the indicators are looking for a turnaround in the market but speculation does it other way around.
So with the good knowledge of analysis you need some bit of luck too.
2. Time is the main constraint which hinder me to estimate the growth of Infrastructure Sector in depth and to find out the over all growth rate of the Five firm. So, I suggest the company to look for the growth rate of the sector and also the company into which is going to invest 3. The company should also apply the Gordens Dividened Discounted Method in order to know the expected Future Value
4. Company data taken for the purpose of research should be of current year or of previous year. Old data might not help to do Equity Analysis.
5. For the purpose of research company should be taken of that sector in which you have good knowledge and where you can predict the future profits of the company.
6. While doing project on hedging you must take other variables into consideration like investors response, market sentiment and global market conditions other than the variables which are mentioned in the project.
7. For the purpose of equity research one must take 8 to 10 companies so that the actual trend of that sector can be determined and the comparison of the companies can be done correctly.
8. For the purpose of intrinsic value calculation one must look at the fundamental value instead of technical value.
LIMITATIONS
Data available for the purpose of research is not sufficient to carry out fundamental analysis of a company. Data collected for the purpose of Equity Analysis may differ from websites to websites. As financial results of June 2010 has not yet published in companys website and not even in the stock exchanges website. Some of the research report which have been prepared using excel sheet cannot be added to this project. Time seems to be one of the biggest limitations. The project required a thorough study of the various areas of the Derivatives and Equity Research and hence, more the time devoted the better might be the findings. But we had a restricted time frame. In project one Hedging risk through derivatives, its impossible to show actual trading and actual functioning of these instruments. For the Purpose of Equity Analysis I have chosen only 4-5 companies but there are more 20-25 companies in these sectors. Company was unwilling to divulge information, which was a hindrance for the research process.
BIBLIOGRAPHY
The books referred for the project work are: Agarwal J.D Securities analysis IIF Publication - Delhi 2005 Brigham Eugene F. & Ethardt Michael C.- Corporate Finance Thomson Publishers11th Edition Brealey, Myers, Marcus- Fundamentals of Corporate Finance- McGraw Hill Publishers 3rd Edition Brown Reilly Investment Analysis and Portfolio Management 7th Edition CFA- Analysis of Equity Investments: Valuation Damodaran Aswath - Investment valuation Tata McGraw Hill - 2nd Edition Khan M.Y & Jain P.K- Financial management Tata Mc.GrawHill Publishers 3rd Edition Pandey I. M- Financial Management- Vikas Publishing House 10th Edition Hull John C. Option, Future and Other Derivatives Prentice hall 5th Edition Murphy John J. Charting Made Easy Marketplace Books 2nd Edition Steve Nison Candlestick Charting Techniques 1st Edition Damodaran Aswath Security Analysis For Investment and Corporate Finance Tata McGraw Hill Publishers 2nd Edition Walker. E.W. Essential of Financial Management, 2nd ed., Prentice Hall of India, New Delhi, 1974. Van Horne, James C-Financial Management &Policy-Prentice Hall of India. Brealey. RA and SC Myers, Principles of Corporate Finance, Tata McGraw-Hill, New Delhi, 1997. Barnea. A, and D. E. Logue, 1976 Stock trading and portfolio performance. Journal of Business Research 7(), 150-157. Bauman, W. S, 1968 Evaluation of prospective investment performance. Journal of Finance 23(2), 276-295. Agarwal J. D. and Agarwal, Aman, Literature in Finance, Vol. III, Financial & Markets, IIF Publication, Delhi 2004, pp. 230.
Agarwal, J. D. and Agarwal Aman, Money Laundering The Real Estate Bubble Finance India Vol. XXII No. 1, March 2008. Agarwal, J. D. and Agarwal, Aman, Literature in Finance, Vol. 1 Corporate Finance, IIF Publication, Delhi, 2004, pp. 198. Bogle, J, 1992 Selecting equity mutual funds. Journal of Portfolio Management 18(), 94-100. Davanzo, L. E., and S. L. Nesbitt, 1987 Performance fees for investment management. Financial Analysts Journal 43(1), 14-20. Dietz, Peter, 1968 Components of a measurement model: Rate of return, risk and timing. Journal of Finance 23(2), 267-275. Evans, J, 1970 An Analysis of portfolio maintenance strategies. Journal of Finance 25(3), 561-571. Grant, D, 1977 Portfolio performance and the "cost" of timing decisions. Journal of Finance 32(3), 837-838. DLF INDIA LIMITED, Annual Report & Financial Statement, 2008-09 GMR INFRASTRUCTURE LIMITED, Annul Report & Financial Statement, 2008 09 JP ASSOCIATE LIMITED, Annul Report & Financial Statement, 2008-09 UNITECH LIMITED, Annul Report & Financial Statement, 2008-09 RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED, Annul Report & Financial Statement, 2008-09 Sharpe, William F, 1966 Mutual fund performance. Journal of Business 39(1), 119Sharpe, William F, 1968 Mutual fund performance and the theory of capital asset pricing: Reply. Journal of Business 41(2), 235-236. Sharpe, William F, 1975 Adjusting for risk in performance measurement. Journal of Portfolio Management 1(2), 29-34. Simon, J, 1969 Does "good portfolio management" exists? Management Science 15(6), B308-B324.
ANNEXURES
Cash flow
Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 09 1,808.77 1,365.86 -1,151.17 -437.54 -222.85 982.25 759.4 Mar ' 08 3,117.92 -1,505.81 -6,482.00 8,945.90 958.09 24.16 982.25 Mar ' 07 620.33 -2,626.83 -628.34 3,233.37 -21.8 46.05 24.25 Mar ' 06 347.9 -64.36 -2,146.23 2,251.52 40.93 5.11 46.05 Mar ' 05 96.88 550.64 -579.89 23.94 -5.31 10.43 5.11
Balance sheet
Mar ' 09 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 2,956.32 4,875.99 16972.09 1,808.92 30.92 3,047.92 17048.33 758.98 10.19 3,818.81 15294.21 1,397.28 1,643.36 377.68 173.82 502.91 35.08 18,718.62 3,158.40 15,560.22 21,989.79 18,345.94 3,786.38 14,559.56 19,655.55 9,442.25 3,782.93 5,659.32 7,422.10 3,092.12 1,366.95 1,725.17 3,658.85 1,710.39 1,345.82 364.57 1,017.03 1,968.40 152.87 1,815.52 1,657.73 2,956.32 1,533.72 59.34 1,474.37 1,781.79 1,839.83 365.58 37.01 328.57 665.03 769.17 108.91 29.24 79.67 456.73 1,397.28 98.8 26.79 72 406.63 173.82 7,979.97 1,635.00 21,989.79 4,945.91 3,440.49 19,655.55 6,242.81 526.48 7,422.10 3,010.93 2.99 3,658.85 630.15 2.95 1,017.03 339.44 12,035.39 340.96 10,928.19 305.88 346.92 37.77 607.16 3.51 380.42 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Cash flow
Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 1,250.98 843.35 619.91 764.56 328.75 523.12 1,007.69 808.05 295.7 179.21 -3,712.66 -4,225.27 -2,108.39 -238.12 -614.15 4,259.04 3,603.21 1,060.35 879.75 939.34 1,069.50 385.63 -239.99 937.33 504.4 1,839.09 1,429.81 1,669.80 732.47 222.83 2,908.59 1,815.44 1,429.81 1,669.80 727.23
Balance sheet
Mar ' 09 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 3,888.41 910.24 3,727.47 11838.01 2,602.85 2,283.78 3,900.16 11715.22 1,239.25 1,127.31 2,785.73 2192.4 1,031.14 1,271.33 2,549.71 2150.58 1,024.90 165.27 5,868.77 1762.17 8,510.58 5,849.10 2,661.48 3.86 19,404.51 5,648.25 4,297.59 1,350.66 0.1 12,524.15 4,266.84 2,891.80 1,375.04 0.14 7,995.15 4,226.81 2,299.38 1,927.43 0.51 6,292.24 2,511.13 1,769.90 741.23 2.46 4,374.71 8,619.22 307.31 1,801.31 6,510.60 5,763.37 4,465.20 5,166.24 308.13 1,454.73 3,403.38 4,545.18 3,224.83 4,201.93 308.86 1,279.97 2,613.10 2,228.13 1,778.74 3,663.76 536.47 1,196.09 1,931.20 876.06 1,557.04 3,111.72 9.51 1,059.54 2,042.67 396.37 1,191.98 7,338.28 5,675.53 19,404.51 4,640.30 3,593.98 12,524.15 3,685.95 1,745.11 7,995.15 2,721.38 1,425.13 6,292.24 2,539.52 609.95 4,374.71 5,951.54 236.76 202.4 3,657.07 234.3 398.5 2,344.85 219.24 1,930.67 215.06 1,049.02 176.22 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Cash flow
Mar ' 09 Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year 956.64 826.31 -42.41 -1,051.93 -268.03 371.18 103.15 Mar ' 08 1,365.51 -3,686.44 -771.21 4,033.01 -424.64 795.82 371.18 Mar ' 07 1,344.83 -1,755.68 -117.32 2,508.19 635.19 160.63 795.82 Mar ' 06 108.13 -260.46 -121.05 347.25 -34.26 194.89 160.63 Mar ' 05 43.37 87.66 -93.24 116.5 110.92 83.96 194.89
Balance sheet
Mar ' 10 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 1,654.13 0.01 4,227.29 24388.01 1,953.41 0.01 4,227.29 16233.75 1,396.47 0.02 2,325.69 16233.75 301.22 0.02 1,640.51 8116.88 174.95 0.01 434.87 124.88 8,645.64 7,020.90 1,624.75 13,051.99 6,396.36 6,609.04 -212.67 10,538.56 8,749.17 7,065.30 1,683.87 10,261.35 4,017.01 4,248.10 -231.08 4,766.06 1,136.40 2,386.87 -1,250.48 911.3 151.09 44.03 107.07 9,666.03 1,654.15 148.63 40.79 107.84 8,688.46 1,954.94 132.05 35.96 96.08 7,083.41 1,397.99 99.87 30.24 69.63 4,408.59 518.93 83.17 28.44 54.73 1,824.66 282.39 3,907.54 1,016.02 13,051.99 5,931.02 1,747.98 10,538.56 5,506.45 2,611.08 10,261.35 2,839.67 765.39 4,766.06 632.57 54.2 911.3 487.76 225.2 7,415.47 324.68 2,534.89 324.68 1,819.14 162.34 998.66 12.49 212.05 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Cash flow
Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 24.93 34.81 30.34 27.64 18.46 37.2 22.26 3.68 18.77 25.43 -3.31 19.74 54.61 -0.09 -12.53 -32.63 -42.28 -59.23 -18.02 -12.52 1.26 -0.28 -0.94 0.65 0.37 0.88 1.16 2.1 1.45 1.08 2.13 0.88 1.16 2.1 1.45
Balance sheet
Mar ' 10 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 5.65 21.46 0.29 151 5.7 15.47 0.58 151 13.92 27.01 3.03 151 9.22 17.32 7.65 151 10.3 11.5 7.2 151 163.43 183.15 48.95 134.2 172.61 206.97 62.41 144.56 190.32 208.11 59.52 148.59 229.71 226.09 40.86 185.23 218.45 209.29 39.68 169.61 312.99 18.38 277.96 16.64 5.81 6.77 385.19 19.06 346.61 19.51 1.71 6.82 16.14 385.32 19.92 339.8 25.59 383.71 21.01 332.02 30.69 2.45 11.35 12.53 397.32 21.01 339.99 36.32 163.43 25 172.61 59 190.32 55 59 229.71 55 59 218.45 148.33 15.1 132.51 15.1 116.22 15.1 100.61 15.1 89.35 15.1 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Cash flow
Profit before tax Net cashflow-operating activity Net cash used in investing activity Net cash used in fin. activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 13.64 103.99 65.54 5.27 35.51 34.79 -26.15 -56.55 -7.29 0.08 -3,371.21 1,246.71 -4,250.19 -822.87 -67.32 2,073.04 3.21 4,095.78 1,146.99 -43.95 -1,263.39 1,223.77 -210.97 316.83 -111.19 1,331.92 108.15 319.12 2.29 113.48 68.53 1,331.92 108.15 319.12 2.29
Balance sheet
Mar ' 10 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress Investments Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 8,985.00 36673.54 6,252.50 7,202.10 18206.58 4,061.87 4,773.72 11.98 3,132.29 18206.58 1,344.03 14.4 834.73 3310.84 260.16 2644.37 438.24 8,415.02 2,211.92 81.58 2,130.34 6,122.53 2,078.22 18.38 2,059.84 6,083.74 1,324.06 21.3 1,302.76 1,836.95 493.89 1.78 492.12 651.13 214.4 2.63 211.77 1.78 23.71 8.48 6,252.50 4,061.87 25.49 0.85 0.81 4,780.31 1.66 1.03 0.68 1,344.03 1.71 0.9 0.81 438.24 1.71 1.11 1.11 2.22 1,275.00 1,300.00 8,415.02 6,122.53 420.3 469.18 10 6,083.74 177.17 20 1,836.95 175.89 106.76 651.13 5,473.28 366.74 5,338.09 364.13 5,240.44 364.13 1,308.70 331.08 104.04 264.44 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
16-Sep-09 17-Sep-09 18-Sep-09 22-Sep-09 23-Sep-09 24-Sep-09 25-Sep-09 29-Sep-09 30-Sep-09 1-Oct-09 5-Oct-09 6-Oct-09 7-Oct-09 8-Oct-09 9-Oct-09 12-Oct-09 14-Oct-09 15-Oct-09 16-Oct-09 17-Oct-09 20-Oct-09 21-Oct-09 22-Oct-09 23-Oct-09 26-Oct-09 27-Oct-09 28-Oct-09 29-Oct-09 30-Oct-09 3-Nov-09 4-Nov-09 5-Nov-09 6-Nov-09 9-Nov-09 10-Nov-09 11-Nov-09 12-Nov-09 13-Nov-09 16-Nov-09 17-Nov-09 18-Nov-09 19-Nov-09 20-Nov-09 23-Nov-09 24-Nov-09 25-Nov-09 26-Nov-09 27-Nov-09 30-Nov-09 1-Dec-09 2-Dec-09 3-Dec-09 4-Dec-09 7-Dec-09 8-Dec-09 9-Dec-09 10-Dec-09 11-Dec-09 14-Dec-09 15-Dec-09 16-Dec-09 17-Dec-09 18-Dec-09
4894.65 4958.55 4963.95 4977.1 5019.95 4977.15 4985.1 4959.15 5007.65 5087.2 5076.05 5003.65 5031.7 5011.25 4993 4945.45 5054.35 5118.55 5108.65 5159.35 5145.6 5114.85 5063.35 4986.55 4997.15 4970.55 4846.55 4826.1 4751.1 4712.25 4567.3 4711.65 4767.5 4796.15 4898.9 4882.3 5004.4 4952.35 4996.5 5058.95 5061.5 5043.95 4988.75 5052.95 5105 5091.55 5116.45 5005.05 4942.25 5039.7 5122.75 5124.55 5131.7 5108.85 5068.55 5147.65 5112.4 5136.05 5117.45 5105.75 5032.95 5046.65 5042
4966.3 5003.05 4980.85 5036.3 5030.75 5016.7 4994.35 5020.25 5087.6 5110.5 5076.05 5034.7 5077 5043.05 5032.6 5068.05 5127.4 5152.25 5149.65 5176.8 5181.95 5117.45 5064.25 5054.95 5033.75 4970.55 4867 4826.1 4853.65 4729.85 4717.8 4776.35 4836.2 4905.25 4947.7 5016.7 5014.4 5017.9 5073.2 5074 5079.3 5053.45 5063.3 5113.1 5112.85 5138 5116.45 5005.05 5066.35 5130.35 5161.75 5181 5161.8 5131.3 5152.55 5147.65 5146.45 5182.55 5156.7 5129.45 5067.25 5064.2 5043.4
4894.65 4944.15 4931.9 4977.1 4957.05 4904.05 4931.25 4959.1 5004.35 5057.05 4991.95 4921.05 4972.95 4971.75 4934.55 4945.45 5054.35 5077.1 5093.2 5124.25 5102.65 5051.65 4968.45 4983.25 4961.35 4829.5 4784.1 4738.4 4687.5 4538.5 4565 4610.6 4764.85 4789.9 4860.1 4870.05 4924.75 4942.65 4994 5010.15 5041.65 4963.7 4932.8 5052.1 5053.5 5078.35 4986.05 4806.7 4942.25 5038.85 5111.75 5106.6 5081.85 5051.55 5058.9 5090.6 5084.65 5088.4 5090.15 5018.25 5001.8 5013.15 4979.05
4958.4 4965.55 4976.05 5020.2 4969.95 4986.55 4958.95 5006.85 5083.95 5083.4 5003.2 5027.4 4985.75 5002.25 4945.2 5054.25 5118.2 5108.85 5142.15 5141.8 5114.45 5063.6 4988.6 4997.05 4970.9 4846.7 4826.15 4750.55 4711.7 4563.9 4710.8 4765.55 4796.15 4898.4 4881.7 5003.95 4952.65 4998.95 5058.05 5062.25 5054.7 4989 5052.45 5103.55 5090.55 5108.15 5005.55 4941.75 5032.7 5122 5123.25 5131.7 5108.9 5066.7 5147.95 5112 5134.65 5117.3 5105.7 5033.05 5042.05 5041.75 4987.7
0.013552 0.001442 0.002115 0.008872 -0.01001 0.00334 -0.00553 0.009659 0.015399 -0.00011 -0.01578 0.004837 -0.00828 0.003309 -0.0114 0.022052 0.012653 -0.00183 0.006518 -6.8E-05 -0.00532 -0.00994 -0.01481 0.001694 -0.00523 -0.02499 -0.00424 -0.01566 -0.00818 -0.03137 0.032187 0.011622 0.006421 0.021319 -0.00341 0.025043 -0.01025 0.009349 0.011822 0.00083 -0.00149 -0.013 0.012718 0.010114 -0.00255 0.003457 -0.02009 -0.01275 0.018404 0.017744 0.000244 0.001649 -0.00444 -0.00826 0.016036 -0.00698 0.004431 -0.00338 -0.00227 -0.01423 0.001788 -5.9E-05 -0.01072
21-Dec-09 22-Dec-09 23-Dec-09 24-Dec-09 29-Dec-09 30-Dec-09 31-Dec-09 4-Jan-10 5-Jan-10 6-Jan-10 7-Jan-10 8-Jan-10 11-Jan-10 12-Jan-10 13-Jan-10 14-Jan-10 15-Jan-10 18-Jan-10 19-Jan-10 20-Jan-10 21-Jan-10 22-Jan-10 25-Jan-10 27-Jan-10 28-Jan-10 29-Jan-10 1-Feb-10 2-Feb-10 3-Feb-10 4-Feb-10 5-Feb-10 6-Feb-10 8-Feb-10 9-Feb-10 10-Feb-10 11-Feb-10 15-Feb-10 16-Feb-10 17-Feb-10 18-Feb-10 19-Feb-10 23-Feb-10 24-Feb-10 25-Feb-10 26-Feb-10 2-Mar-10 3-Mar-10 5-Mar-10 8-Mar-10 9-Mar-10 10-Mar-10 11-Mar-10 12-Mar-10 15-Mar-10 16-Mar-10 17-Mar-10 18-Mar-10 19-Mar-10 22-Mar-10 23-Mar-10 25-Mar-10 26-Mar-10 29-Mar-10
4983.65 4953.35 4990.05 5144.8 5180.75 5188.75 5171.2 5200.9 5277.15 5278.15 5281.8 5264.25 5263.8 5251.1 5212.6 5234.5 5259.9 5253.65 5274.2 5226.1 5220.2 5094.15 5034.55 5008.5 4863 4866.15 4882.05 4907.85 4831 4931.3 4819.65 4712.75 4755.35 4760.55 4793 4757.25 4827.9 4801.8 4858.65 4915.1 4887.3 4856.6 4869.55 4859 4858.5 4935.6 5015.8 5080.55 5092.15 5121.05 5101.6 5116.35 5131.8 5134.45 5128.95 5198.45 5232.55 5246.8 5260.95 5205.85 5225.3 5260.55 5283.9
4997.85 4997.3 5150.6 5197.9 5214.6 5197.05 5221.85 5238.45 5288.35 5310.85 5302.55 5276.75 5287.2 5300.5 5239.2 5272.85 5279.85 5292.5 5287.8 5256.7 5220.35 5094.15 5035.7 5008.5 4929.9 4893.7 4918.8 4951.15 4949.15 4931.3 4827 4768.15 4799.05 4810.4 4826.85 4843.8 4845.6 4880 4929.7 4922.05 4887.3 4884.1 4880.55 4880.15 4992 5029.45 5093.25 5118.65 5147.1 5131.8 5137.4 5152.6 5158.1 5151.05 5209.25 5260.5 5255.65 5269.95 5260.95 5243.6 5267.3 5293.75 5329.55
4943.95 4953.35 4990.05 5129.05 5175.85 5160.1 5168.75 5167.1 5242.4 5260.05 5244.75 5234.7 5227.8 5200.95 5169.55 5232.5 5242.45 5228.95 5218.65 5201.4 5085.45 4954.85 4983.05 4833.05 4824.95 4766 4827.15 4814.1 4831 4832.35 4692.35 4712.75 4675.4 4739.35 4748.1 4757.25 4783.9 4791.35 4857.6 4873.7 4805.55 4833.15 4834.65 4835.6 4858.45 4935.35 5015.1 5068.05 5092.15 5094.35 5092.05 5102.1 5122.1 5101.2 5125.7 5177.15 5214.4 5237.1 5187.05 5193.4 5202.95 5260.55 5242.15
4952.6 4985.85 5144.6 5178.4 5187.95 5169.45 5201.05 5232.2 5277.9 5281.8 5263.1 5244.75 5249.4 5210.4 5233.95 5259.9 5252.2 5274.85 5225.65 5221.7 5094.15 5036 5007.9 4853.1 4867.25 4882.05 4899.7 4830.1 4931.85 4845.35 4718.65 4757.25 4760.4 4792.65 4757.2 4826.85 4801.95 4855.75 4914 4887.75 4844.9 4870.05 4858.6 4859.75 4922.3 5017 5088.1 5088.7 5124 5101.5 5116.25 5133.4 5137 5128.9 5198.1 5231.9 5245.9 5262.8 5205.2 5225.3 5260.4 5282 5302.85
-0.00704 0.006714 0.03184 0.00657 0.001844 -0.00357 0.006113 0.005989 0.008734 0.000739 -0.00354 -0.00349 0.000887 -0.00743 0.00452 0.004958 -0.00146 0.004312 -0.00933 -0.00076 -0.02443 -0.01142 -0.00558 -0.03091 0.002916 0.003041 0.003615 -0.0142 0.021066 -0.01754 -0.02615 0.00818 0.000662 0.006775 -0.0074 0.014641 -0.00516 0.011204 0.011996 -0.00534 -0.00877 0.002811 -0.00235 0.000237 0.012871 0.019239 0.014172 0.001663 0.006937 -0.00439 0.002891 0.003352 0.000701 -0.00158 0.013492 0.006502 0.002676 0.003222 -0.01094 0.003862 0.006717 0.004106 0.003947
30-Mar-10 31-Mar-10 1-Apr-10 5-Apr-10 6-Apr-10 7-Apr-10 9-Apr-10 12-Apr-10 13-Apr-10 15-Apr-10 16-Apr-10 20-Apr-10 21-Apr-10 22-Apr-10 23-Apr-10 26-Apr-10 27-Apr-10 28-Apr-10 29-Apr-10 30-Apr-10 3-May-10 4-May-10 6-May-10 7-May-10 10-May-10 11-May-10 12-May-10 13-May-10 14-May-10 17-May-10 18-May-10 19-May-10 20-May-10 21-May-10 24-May-10 25-May-10 26-May-10 27-May-10 28-May-10 31-May-10 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 28-Jun-10 29-Jun-10 30-Jun-10
5302.95 5260.4 5249.2 5291.4 5369.65 5365.7 5302.4 5354.15 5340.85 5323.3 5273.4 5208.3 5230.3 5248.6 5269.65 5299.35 5322.1 5308.2 5215.25 5254.2 5278.4 5223.9 5124.4 5072.3 5026.6 5189.75 5133.75 5157.55 5180.55 5093.9 5059.55 5065.1 4924.3 4946.7 4944.3 4945.3 4807.3 4915.15 5005.6 5076.1 5086.25 4970.75 5020.15 5112.6 5132.95 5036.7 4985.05 4999.6 5078.75 5120.15 5201.3 5225.05 5233.65 5274.95 5266.5 5353.95 5316.15 5323.25 5320.5 5271.1 5333.55 5254.25
5325 5293.9 5298.6 5377.55 5388.65 5399.65 5377.45 5382.15 5356.5 5373.15 5283.05 5257.25 5266.3 5331.8 5311.05 5342.35 5330.55 5308.25 5264.75 5294.8 5278.7 5250.15 5124.9 5085.65 5203.3 5206.7 5172.85 5212.7 5192.75 5094.55 5105.2 5065.1 4980.25 4946.7 5029.55 4946.6 4925.45 5016.6 5077.25 5097.6 5086.95 5031.2 5125.7 5147.9 5132.95 5071.35 5050.6 5085.2 5139.05 5201.25 5231.45 5255.65 5285.55 5302.3 5366.75 5354.35 5333.3 5348.3 5320.5 5339.45 5334.15 5320.35
5251.35 5235.15 5249.2 5291.4 5351.7 5345.05 5302.25 5324.9 5301.7 5265.3 5237.55 5208.3 5230.3 5221.1 5269.65 5299.35 5301.4 5202.45 5214.8 5254.2 5210.05 5134.85 5037.75 4984.6 5026.6 5126.5 5098.8 5147.95 5070.95 4966.25 5024.25 4908.15 4924.3 4842.3 4923.45 4786.45 4807.3 4897.6 5005.6 5038.55 4961.05 4967.05 5020.15 5091.6 5004.25 4967.3 4980.1 4997.6 5078.75 5120.15 5171.05 5214.9 5206.55 5245.5 5266.5 5311.05 5288.15 5284.55 5259.9 5270.75 5235.8 5210
5262.45 5249.1 5290.5 5368.4 5366 5374.65 5361.75 5339.7 5322.95 5273.6 5262.6 5230.1 5244.9 5269.35 5304.1 5322.45 5308.35 5215.45 5254.15 5278 5222.75 5148.5 5090.85 5018.05 5193.6 5136.15 5156.65 5178.9 5093.5 5059.9 5066.2 4919.65 4947.6 4931.15 4943.95 4806.75 4917.4 5003.1 5066.55 5086.3 4970.2 5019.85 5110.5 5135.5 5034 4987.1 5000.3 5078.6 5119.35 5197.7 5222.35 5233.35 5274.85 5262.6 5353.3 5316.55 5323.15 5320.6 5269.05 5333.5 5256.15 5312.5
-0.00762 -0.00254 0.007887 0.014725 -0.00045 0.001612 0.010802 -0.00411 -0.00314 -0.00927 -0.00209 0.005083 0.00283 0.004662 0.006595 0.00346 -0.00265 -0.0175 0.00742 0.004539 -0.01047 -0.01422 -0.00664 -0.0143 0.034984 -0.01106 0.003991 0.004315 -0.01649 -0.0066 0.001245 -0.02893 0.005681 -0.00332 0.002596 -0.02775 0.02302 0.017428 0.012682 0.003898 -0.02283 0.00999 0.018058 0.004892 -0.01976 -0.00932 0.002647 0.015659 0.008024 0.015305 0.004742 0.002106 0.00793 -0.00232 0.017235 -0.00686 0.001241 -0.00048 -0.00969 0.012232 -0.0145 0.010721
DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
17-Sep-09 18-Sep-09 22-Sep-09 23-Sep-09 24-Sep-09 25-Sep-09 29-Sep-09 30-Sep-09 1-Oct-09 5-Oct-09 6-Oct-09 7-Oct-09 8-Oct-09 9-Oct-09 12-Oct-09 14-Oct-09 15-Oct-09 16-Oct-09 17-Oct-09 20-Oct-09 21-Oct-09 22-Oct-09 23-Oct-09 26-Oct-09 27-Oct-09 28-Oct-09 29-Oct-09 30-Oct-09 3-Nov-09 4-Nov-09 5-Nov-09 6-Nov-09 9-Nov-09 10-Nov-09 11-Nov-09 12-Nov-09 13-Nov-09 16-Nov-09 17-Nov-09 18-Nov-09 19-Nov-09 20-Nov-09 23-Nov-09 24-Nov-09 25-Nov-09 26-Nov-09 27-Nov-09 30-Nov-09 1-Dec-09 2-Dec-09 3-Dec-09 4-Dec-09 7-Dec-09 8-Dec-09 9-Dec-09 10-Dec-09 11-Dec-09 14-Dec-09 15-Dec-09 16-Dec-09 17-Dec-09 18-Dec-09 21-Dec-09
418.85 420.05 428.6 430.15 423.6 424.45 426.85 426.85 438 439.8 422.8 417.35 413.9 418.35 416.05 425.25 431.7 433.4 460.75 461.7 470 471.95 448.9 454.55 429.15 400.9 402.45 375.5 370.25 335.65 365 372.4 380 390.05 377.6 383.75 369.6 368.15 385.5 377 380.45 366.25 375.05 372.1 373.25 360.9 354.3 350.6 351.6 370.65 385.5 383.95 380.25 369.55 382.55 382.8 386.6 383.05 382.5 381.45 379.45 365.75 357.4
422 414 428 430.9 418 419 435 429 436.65 434.3 425 420 417 422 418.85 430 435 430 459.5 460.9 468.7 470 453 459 429 395 385.65 378 365.1 341 362.5 380 385 393.25 382 383 368 375 385.45 376.9 381 363 381.1 374.9 373.3 362 350 352 353.1 374.9 396 380.85 382 365 380 380.8 390 383 385 379.35 377.15 361 356.9
426 430.5 435 439.2 428.4 432.75 435 439.95 445.5 436 428.7 425.7 423.85 427.9 427.7 437 441 464 468.4 476.3 490.85 475.4 519.9 459 429 408.8 395 394.5 366.8 370.5 374.9 390.8 395 397.7 386.25 394 373.8 387.8 388.9 384 381.75 376.7 382.7 380 377.5 365.8 355.95 362.2 372.3 388.25 396 386.9 383.7 384.25 388.9 390 394.4 386.5 387.5 383.9 379.5 371.9 361
416.1 412 425 419 409.3 418.25 425.3 423.55 434.45 419.2 401.5 410 410.5 413.8 417 428 430.3 430 455.35 460.9 465.25 444.8 450.25 427 397.65 384.5 372 367.05 331 341 349.15 375.65 371.35 375 368.15 365.15 360.55 372.35 370.5 372.35 362.5 356.1 370.65 368.6 359.55 352.15 325.45 348.9 353.1 373.25 382 376.2 367 365 378 379.35 376.2 378 377.8 375.1 360.15 355.5 349.55
416.5 428.85 428.1 422.5 427.95 426.5 426.7 438 436.15 422 416.5 411.2 417 414.8 424.4 432.6 433.5 463.55 456.8 467.4 471 450.1 454.5 429.4 401.7 403.5 373 369 340.55 369.1 372 382.25 390.45 375.3 385.6 369.75 368 384.55 376 379.5 367 375.55 371.4 372.8 361.1 353.15 350.6 350.45 371.7 383.55 383.35 380.15 367.25 382.15 383.15 385.7 384 382 378.7 381.75 363.7 355.6 350
420.05 428.6 430.15 423.6 424.45 426.85 426.85 438 439.8 422.8 417.35 413.9 418.35 416.05 425.25 431.7 433.4 460.75 461.7 470 471.95 448.9 454.55 429.15 400.9 402.45 375.5 370.25 335.65 365 372.4 380 390.05 377.6 383.75 369.6 368.15 385.5 377 380.45 366.25 375.05 372.1 373.25 360.9 354.3 350.6 351.6 370.65 385.5 383.95 380.25 369.55 382.55 382.8 386.6 383.05 382.5 381.45 379.45 365.75 357.4 350.85
0.002865 0.0203547 0.0036164 -0.0152272 0.0020066 0.0056544 0 0.0261216 0.0041096 -0.0386539 -0.0128903 -0.0082664 0.0107514 -0.0054978 0.0221127 0.0151675 0.0039379 0.0631057 0.0020619 0.017977 0.0041489 -0.0488399 0.0125863 -0.0558794 -0.0658278 0.0038663 -0.0669648 -0.0139814 -0.0934504 0.0874423 0.020274 0.0204082 0.0264474 -0.031919 0.0162871 -0.036873 -0.0039232 0.0471275 -0.0220493 0.0091512 -0.0373242 0.0240273 -0.0078656 0.0030906 -0.0330877 -0.0182876 -0.0104431 0.0028523 0.0541809 0.0400648 -0.0040208 -0.0096367 -0.0281394 0.0351779 0.0006535 0.0099269 -0.0091826 -0.0014358 -0.0027451 -0.0052432 -0.0361049 -0.0228298 -0.0183268
DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
22-Dec-09 23-Dec-09 24-Dec-09 29-Dec-09 30-Dec-09 31-Dec-09 4-Jan-10 5-Jan-10 6-Jan-10 7-Jan-10 8-Jan-10 11-Jan-10 12-Jan-10 13-Jan-10 14-Jan-10 15-Jan-10 18-Jan-10 19-Jan-10 20-Jan-10 21-Jan-10 22-Jan-10 25-Jan-10 27-Jan-10 28-Jan-10 29-Jan-10 1-Feb-10 2-Feb-10 3-Feb-10 4-Feb-10 5-Feb-10 6-Feb-10 8-Feb-10 9-Feb-10 10-Feb-10 11-Feb-10 15-Feb-10 16-Feb-10 17-Feb-10 18-Feb-10 19-Feb-10 22-Feb-10 23-Feb-10 24-Feb-10 25-Feb-10 26-Feb-10 2-Mar-10 3-Mar-10 4-Mar-10 5-Mar-10 8-Mar-10 9-Mar-10 10-Mar-10 11-Mar-10 12-Mar-10 15-Mar-10 16-Mar-10 17-Mar-10 18-Mar-10 19-Mar-10 22-Mar-10 23-Mar-10 25-Mar-10 26-Mar-10
350.85 355.6 365.85 370.6 364.45 365.75 361.2 364.6 369.45 378.55 374.5 389.9 399.45 383.95 387.85 383.3 386.3 387.3 379.7 373.7 363.55 352.75 344.15 317.45 324.3 333.65 332.35 326.35 336.1 321.35 308.7 314.55 311.5 305.95 301.65 307 303.35 309.75 305.8 303.7 291.1 284.7 290.25 288.85 289.5 298.45 292.25 298.55 304.4 316.75 317.3 311.65 314.9 312.05 310.75 309.5 312.4 313.8 316.85 312.95 301.45 294.5 298.65
355 353 368 373.95 363.9 368 361 368 369.8 377 375 395.8 400 380 390 385 384.5 388.45 382 371 356.1 350.1 339.9 322.1 320 330.05 335.8 327.8 335 323.6 315 315.05 311.5 308 304 310 306 313 307.5 299.8 295.25 286.3 285.1 291.8 290.75 299 293 299.85 307 320 319.8 314.1 316 312 308 310 314.45 315 318 306 303.2 294 300
358.7 367.45 376 374.5 369.9 369.55 367.8 373 380.5 383.3 393.8 403.5 400.4 389.7 394.5 392 389.1 392 383.35 373.8 358.7 354.4 340.3 331 336.9 338.8 342.9 338.75 335 323.6 316.5 318.3 314 312.9 310.6 311.4 310.85 317.6 310.9 302 298.8 292.35 291.2 293.9 315 300.2 301.4 306.8 318.95 325.8 320 317.4 316.4 315.85 311.7 314.35 319.9 319.4 318.9 308.9 305.4 300.8 302.35
352 353 366.1 363.2 363.9 359.4 361 367.55 367.25 372.35 375 393.15 382.7 375 382.05 384 379.05 378.1 370.3 361.3 346.2 342.75 311.9 318 314 326.4 324 327.8 319.15 301.15 310 304 302.4 300.05 304 301.6 302.6 304.05 301.7 288.3 282.7 281.6 283 287.2 289 287.2 292.1 297 305.55 316.05 310.1 308 309.2 307.6 305 306 311.65 310.1 311.3 300.05 293.7 291.1 292
355.5 364.8 369.45 364.35 365.55 362.05 364.8 368.85 378 373.45 392.45 398.85 383.7 389.7 383.8 386.3 388.8 378.5 373.85 363.5 353 344.5 312 323.95 334.6 332.45 326.3 335.75 323 308.6 316.45 311.8 306.45 301.1 307.05 303.2 310.3 306.15 302.45 290.4 283 291.25 288.95 290 291.5 292.7 298.55 304.2 316.7 317.2 310.65 316.95 312 310 309.8 313.9 313.2 317 311.7 300.45 294.8 298.7 295.15
355.6 365.85 370.6 364.45 365.75 361.2 364.6 369.45 378.55 374.5 389.9 399.45 383.95 387.85 383.3 386.3 387.3 379.7 373.7 363.55 352.75 344.15 317.45 324.3 333.65 332.35 326.35 336.1 321.35 308.7 314.55 311.5 305.95 301.65 307 303.35 309.75 305.8 303.7 291.1 284.7 290.25 288.85 289.5 298.45 292.25 298.55 304.4 316.75 317.3 311.65 314.9 312.05 310.75 309.5 312.4 313.8 316.85 312.95 301.45 294.5 298.65 294.65
0.0135385 0.0288245 0.0129835 -0.0165947 0.003567 -0.0124402 0.0094131 0.0133022 0.0246312 -0.0106987 0.0411215 0.0244935 -0.0388034 0.0101576 -0.0117313 0.0078268 0.0025887 -0.019623 -0.0158019 -0.0271608 -0.0297071 -0.0243799 -0.0775824 0.0215782 0.0288313 -0.0038963 -0.0180533 0.0298759 -0.0438857 -0.0393652 0.0189504 -0.0096964 -0.017817 -0.0140546 0.0177358 -0.0118893 0.0210977 -0.0127522 -0.0068672 -0.0414883 -0.0219856 0.0194942 -0.0048234 0.0022503 0.0309154 -0.020774 0.0215569 0.0195947 0.0405716 0.0017364 -0.0178065 0.0104284 -0.0090505 -0.004166 -0.0040225 0.00937 0.0044814 0.0097196 -0.0123087 -0.0367471 -0.0230552 0.0140917 -0.0133936
DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF DLF
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
29-Mar-10 30-Mar-10 7-Apr-10 8-Apr-10 9-Apr-10 12-Apr-10 13-Apr-10 15-Apr-10 16-Apr-10 19-Apr-10 20-Apr-10 21-Apr-10 22-Apr-10 23-Apr-10 26-Apr-10 27-Apr-10 28-Apr-10 29-Apr-10 30-Apr-10 3-May-10 4-May-10 5-May-10 6-May-10 7-May-10 10-May-10 11-May-10 12-May-10 13-May-10 14-May-10 17-May-10 18-May-10 19-May-10 20-May-10 21-May-10 24-May-10 25-May-10 26-May-10 27-May-10 28-May-10 31-May-10 1-Jun-10 2-Jun-10 3-Jun-10 4-Jun-10 7-Jun-10 8-Jun-10 9-Jun-10 10-Jun-10 11-Jun-10 14-Jun-10 15-Jun-10 16-Jun-10 17-Jun-10 18-Jun-10 21-Jun-10 22-Jun-10 23-Jun-10 24-Jun-10 25-Jun-10 28-Jun-10 29-Jun-10 30-Jun-10
294.65 298.95 328.75 331.6 333.8 333 333.65 334.7 338 330.25 316.65 325.9 330.4 325.35 332.3 322.95 316.05 306.95 309.4 310.7 307 301.1 301.4 298.15 284.65 304.5 295.1 296.75 305.95 298.55 287.05 289.3 279.2 270.9 269 263.4 256.1 263.55 270.5 280.05 276.7 270.9 273.2 278.35 281.75 263.9 257.3 258.2 262.75 262.4 264.4 272.5 277.55 283 282.65 290.15 288.25 291.8 289.2 286.15 291.75 285.25
295 299.25 329 345 335 334 333.4 335.25 336.1 325 317 326 328 325.35 335 320 312 308.7 311 307 307 300 301.4 294.8 290 304.5 297.4 298 306.95 294 287 286.95 280.55 265 272 260 260 263.65 273.5 278.8 275.7 271 277 276.4 272 264.5 258 260 264 265 266 273.5 278 282 284 289.7 283 291.75 287 288.55 291.5 282
301.9 311.7 335 345 338.55 335 337.25 345.4 337.6 329 328.7 333.9 333.3 336 340 323.35 313.4 314.9 315.8 311 312.75 303.4 302 294.8 306.45 307 301.2 307 309.95 297 293.45 286.95 282.65 270.35 280 264.5 265.85 271.8 281.55 279.55 280.7 274.95 280 285.6 273.9 268 263.3 263.9 269.7 266.05 274.7 279.8 284.8 284.6 292.4 292.85 293.5 293.9 291.5 292.95 297.25 289.75
294.6 299.1 326.25 327.05 330.4 328.2 331 335.05 324.1 315 313.5 326 324.25 325.35 321.1 315.1 304.5 306.65 308.75 305.1 299.7 294.6 295 282.65 289.5 292.55 291.5 298 296.55 280 284.3 276 269.1 260.95 260.35 254.75 259.2 261.7 272.5 270.7 269.35 266.05 275.4 274 262.1 255 254.5 256.6 260.9 259.5 261 273.5 275 277.2 282.65 287.15 282.4 285.1 284.5 284.2 283.55 280
298.75 308.6 331.45 332.5 333.8 334.85 335.05 336.7 330 315 326.75 330 325.15 334.5 322.35 315.8 307.7 311.5 312.05 307.25 300.75 302.8 297 285.5 305.5 294.6 295.9 307 297.4 286.7 288.65 278.5 271.85 269.5 260.7 256.15 263.5 271.8 278.45 278.15 269.35 274.5 278.15 281.4 264.15 258 259.2 263.25 261.2 264.45 273.5 275.6 283.4 281.8 290.9 287.85 292.9 288.55 285.3 292 284.7 289
298.95 308.9 331.6 333.8 333 333.65 334.7 338 330.25 316.65 325.9 330.4 325.35 332.3 322.95 316.05 306.95 309.4 310.7 307 301.1 301.4 298.15 284.65 304.5 295.1 296.75 305.95 298.55 287.05 289.3 279.2 270.9 269 263.4 256.1 263.55 270.5 280.05 276.7 270.9 273.2 278.35 281.75 263.9 257.3 258.2 262.75 262.4 264.4 272.5 277.55 283 282.65 290.15 288.25 291.8 289.2 286.15 291.75 285.25 288.65
0.0145936 0.0332832 0.0086692 0.0066345 -0.0023966 0.001952 0.003147 0.0098596 -0.022929 -0.0411809 0.0292121 0.0138079 -0.0152845 0.0213616 -0.0281372 -0.0213655 -0.0287929 0.0079818 0.0042017 -0.0119086 -0.0192182 0.0009963 -0.010783 -0.0452792 0.0697348 -0.0308703 0.0055913 0.0310025 -0.024187 -0.0385195 0.0078384 -0.0349119 -0.0297278 -0.0070137 -0.0208178 -0.0277145 0.0290902 0.0263707 0.035305 -0.0119621 -0.0209613 0.0084902 0.0188507 0.0122148 -0.063354 -0.0250095 0.0034979 0.017622 -0.0013321 0.007622 0.0306354 0.0185321 0.0196361 -0.0012367 0.0265346 -0.0065483 0.0123157 -0.0089102 -0.0105463 0.0195702 -0.0222793 0.0119194