226011672002 Cement Industry Data Analysis and Interpretation

7/29/2019 226011672002 Cement Industry Data Analysis and Interpretation

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Introduction of the study:

India is a developing country. Nowadays many people are interested to invest in financial

markets especially on equities to get high returns, and to save tax in honest way. Equities

are playing a major role in contribution of capital to the business from the beginning.

Since the introduction of shares concept, large numbers of investors are showing interest

to invest in stock market.

In an industry plagued with skepticism and a stock market increasingly difficult to predict

and contend with, if one looks hard enough there may still be a genuine aid for the Day

Trader and Short Term Investor.

The price of a security represents a consensus. It is the price at which one person agrees

to buy and another agrees to sell. The price at which an investor is willing to buy or sell

depends primarily on his expectations. If he expects the security's price to rise, he will

buy it; if the investor expects the price to fall, he will sell it. These simple statements are

the cause of a major challenge in forecasting security prices, because they refer to human

expectations. As we all know firsthand, humans expectations are neither easily

quantifiable nor predictable. If prices are based on investor expectations, then knowing

what a security should sell for (i.e., fundamental analysis) becomes less important than

knowing what other investors expect it to sell for.


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CONCEPTUAL FRAMEWORK

Introduction to Investment

Investment may be defined as an activity that commits funds in any financial form in the

present with an expectation of receiving additional return in the future. The expectations

bring with it a probability that the quantum of return may vary from a minimum to a

maximum. This possibility of variation in the actual return is known as investment risk.

Thus every investment involves a return and risk.

Investment is an activity that is undertaken by those who have savings. Savings can be

defined as the excess of income over expenditure. An investor earns/expects to earn

additional monetary value from the mode of investment that could be in the form of

financial assets.

The three important characteristics of any financial asset are:

Return-the potential return possible from an asset.

Risk-the variability in returns of the asset form the chances of its value going

down/up.

Liquidity-the ease with which an asset can be converted into cash.

Investment is the activity, which is made with the objective of earning some sort of

positive returns in the future. It is the commitment of the funds to earn future returns and

it involves sacrificing the present investment for the future return. Every person makes

the investment so that the funds he has increases as keeping cash with himself is not

going to help as it will not generate any returns and also with the passage of time the time

value of the money will come down. As the inflation will rise the purchasing power of

the money will come down and this will result that the investor who does not invest will

become more poor as he will not have any funds whose value have been increased. Thus

every person whether he is a businessman or a common man will make the investment

with the objective of getting future returns.

Types of Investments:-

There are basically three types of investments from which the investors can choose. The

three kinds of investment have their own risk and return profile and investor will decide

to invest taking into account his own risk appetite. The main types of investments are: -


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Economic investments:-

These investments refer to the net addition to the capital stock of the society. The capital

stock of the society refers to the investments made in plant, building, land and machinery

which are used for the further production of the goods. This type of investments are very

important for the development of the economy because if the investment are not made in

the plant and machinery the industrial production will come down and which will bring

down the overall growth of the economy.

Financial Investments:-

This type of investments refers to the investments made in the marketable securities

which are of tradable nature. It includes the shares, debentures, bonds and units of the

mutual funds and any other securities which is covered under the ambit of the Securities

Contract Regulations Act definition of the word security. The investments made in the

capital market instruments are of vital important for the country economic growth as the

stock market index is called as the barometer of the economy.

General Investments:-

These investments refer to the investments made by the common investor in his own

small assets like the television, car, house, motor cycle. These types of investments are

termed as the household investments. Such types of investment are important for the

domestic economy of the country. When the demand in the domestic economy boost the

overall productions and the manufacturing in the industrial sectors also goes up and this

causes rise in the employment activity and thus boost up the GDP growth rate of the

country. The organizations like the Central Statistical Organization (CSO) regularly takes

the study of the investments made in the household sector which shows that the level of

consumptions in the domestic markets.

Characteristics of Investment

Certain features characterize all investments. The following are the main characteristic

features if investments: -

1. Return: -

All investments are characterized by the expectation of a return. In fact, investments are

made with the primary objective of deriving a return. The return may be received in the

form of yield plus capital appreciation. The difference between the sale price & the


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purchase price is capital appreciation. The dividend or interest received from the

investment is the yield. Different types of investments promise different rates of

return. The return from an investment depends upon the nature of investment, the

maturity period & a host of other factors.

2. Risk: -

Risk is inherent in any investment. The risk may relate to loss of capital, delay in

repayment of capital, nonpayment of interest, or variability of returns. While some

investments like government securities & bank deposits are almost risk less, others are

more risky. The risk of an investment depends on the following factors.

The longer the maturity period, the longer is the risk.

The lower the creditworthiness of the borrower, the higher is the risk.

The risk varies with the nature of investment. Investments in ownership securities like

equity share carry higher risk compared to investments in debt instrument like

debentures & bonds.

3. Safety: -

The safety of an investment implies the certainty of return of capital without loss of

money or time. Safety is another features which an investors desire for his investments.

Every investor expects to get back his capital on maturity without loss & without

delay.4. Liquidity: -

An investment, which is easily saleable, or marketable without loss of money & without

loss of time is said to possess liquidity. Some investments like company deposits, bank

deposits, P.O. deposits, NSC, NSS etc. are not marketable. Some investment

instrument like preference shares & debentures are marketable, but there are no buyers in

many cases & hence their liquidity is negligible. Equity shares of companies listed on

stock exchanges are easily marketable through the stock exchanges.

An investor generally prefers liquidity for his investment, safety of his funds, a good

return with minimum risk or minimization of risk & maximization of return.

IMPORTANCE

In the current situation, investment is becomes necessary for everyone & it is important

& useful in the following ways:


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1. Retirement planning: -

Investment decision has become significant as people retire between the ages of 55 &

60. Also, the trend shows longer life expectancy. The earning from employment should,

therefore, be calculated in such a manner that a portion should be put away as a savings.

Savings by themselves do not increase wealth; these must be invested in such a way that

the principal & income will be adequate for a greater number of retirement years.

Increase in working population, proper planning for life span & longevity have

ensured the need for balanced investments.

2. Increasing rates of taxation: -

Taxation is one of the crucial factors in any country, which introduce an element of

compulsion, in a persons saving. In the form investments, there are various forms of

saving outlets in our country, which help in bringing down the tax level by offering

deductions in personal income.

For examples: -

Unit linked insurance plan,

Life insurance,

National saving certificates,

Development bonds,

Post office cumulative deposit schemes etc.

3. Rates of interest: -

It is also an important aspect for sound investment plan. It varies between investment &

another. This may vary between risky & safe investment, they may also differ due

different benefits schemes offered by the investments. These aspects must be

considered before actually investing. The investor has to include in his portfolio several

kinds of investments stability of interest is as important as receiving high rate of interest.

4. Inflation: -Since the last decade, now a days inflation becomes a continuous problem. In these

years of rising prices, several problems are associated coupled with a falling standard of

living. Before funds are invested, erosion of the resource will have to be carefully

considered in order to make the right choice of investments. The investor will try &

search outlets, which gives him a high rate of return in form of interest to cover any


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decrease due to inflation. He will also have to judge whether the interest or return will be

continuous or there is a likelihood of irregularity. Coupled with high rate of interest, he

will have to find an outlet, which will ensure safety of principal. Beside high rate of

interest & safety of principal an investor also has to always bear in mind the taxation

angle, the interest earned through investment should not unduly increase his taxation

burden otherwise; the benefit derived from interest will be compensated by an increase

in taxation.

5. Income: -

For increasing in employment opportunities in India. Investment decisions have assumed

importance. After independence with the stage of development in the country a number

of organization & services came into being.

For example: -

The Indian administrative services.

Banking recruitment services.

Expansion in private corporate sector.

Public sector enterprises.

Establishing of financial institutions, tourism, hotels, and education.

More avenues for investment have led to the ability & willingness of working people to

save & invest their funds.

6. Investment channels: -

The growth & development of country leading to greater economic activity has led to the

introduction of a vast array of investment outlays. Apart from putting aside saving in

savings banks where interest is low, investor has the choice of a variety of

instruments. The question to reason out is which is the most suitable channel? Which

media will give a balanced growth & stability of return? The investor in his choice of

investment will give a balanced growth & stability of return? The investor in his choiceof investment will have try & achieve a proper mix between high rates of return to reap

the benefits of both.

For example: -

Fixed deposit in corporate sector

Unit trust schemes.


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RISK RETURN OF VARIOUS INVESTMENT AVENUES

The risk/return relationship is a fundamental concept in not only financial analysis, but in

every aspect of life. If decisions are to lead to benefit maximization, it is necessary that

individuals/institutions consider the combined influence on expected (future) return or

benefit as well as on risk/cost. The requirement that expected return/benefit be

commensurate with risk/cost is known as the "risk/return trade-off" in finance.

This session discusses the trade-off and, using conventional statistical tools, provides a

method for quantifying risk. Two categories of risk borne by the firm's stockholders,

business risk and financial risk, are discussed and demonstrated, as is the concept of

leverage. The session also examines risk reduction via portfolio diversification and what

requirements need to be met for firms to experience the benefits of diversification. The

Capital Asset Pricing Model (CAPM) is used to demonstrate the risk/return trade-off by

relating the required return on the firm's investments to its beta (or market) risk.

Every investment is characterized by return & risk. Investors intuitively understand the

concept of risk. A person making an investment expects to get some return from the

investment in the future. But, as future is uncertain, so is the future expected return. It is

this uncertainty associated with the returns from an investment that introduces risk into


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an investment. Risk arises where there is a possibility of variation between expectation

and realization with regard to an investment.

Meaning of Risk

Risk & uncertainty are an integrate part of an investment decision. Technically risk can

be defined as situation where the possible consequences of the decision that is to be taken

are known. Uncertainty is generally defined to apply to situations where the

probabilities cannot be estimated. However, risk & uncertainty are used interchangeably.

Types of risks

1. Systematic risk: -

Systematic risk is non diversifiable & is associated with the securities market as well as

the economic, sociological, political, & legal considerations of prices of all securities in

the economy. The affect of these factors is to put pressure on all securities in such a way

that the prices of all stocks will more in the same direction.

Example: -

During a boom period prices of all securities will rise & indicate that the economy is

moving towards prosperity. Market risk, interest rate risk & purchasing power risk are

grouped under systematic risk

RISK

SYSTEMATIC UNSYSTEMATIC

i. Market Risk i. Business Risk

ii. Interest Rate Risk ii. Financial Risk

iii. Purchasing power Risk

1. Systematic Risk

(A) Market risk

Market risk is referred to as stock variability due to changes in investors attitudes &

expectations. The investor reaction towards tangible and intangible events is the chief

cause affecting market risk.


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(B) Interest rate risk

There are four types of movements in prices of stocks in the markets. These may term as

(1) long term, (2) cyclical (bull and bear markets), (3) intermediate or within the cycle,

and (4) short term. The prices of all securities rise or fall depending on the change in

interest rates. The longer the maturity period of a security the higher the yield on an

investment & lower the fluctuations in prices.

(C) Purchasing Power risk

Purchasing power risk is also known as inflation risk. This risk arises out of change in the

prices of goods & services and technically it covers both inflation and deflation periods.

During the last two decades it has been seen that inflationary pressures have been

continuously affecting the Indian economy. Therefore, in India purchasing power risk is

associated with inflation and rising prices in the economy.

2. Unsystematic Risk: -

The importance of unsystematic risk arises out of the uncertainty surrounding of

particular firm or industry due to factors like labour strike, consumer preferences and

management policies. These uncertainties directly affect the financing and operating

environment of the firm. Unsystematic risks can owing to these considerations be said to

complement the systematic risk forces.

(A) Business risk

Every corporate organization has its own objectives and goals and aims at a particular

gross profit & operating income & also accepts to provide a certain level of dividend

income to its shareholders. It also hopes to plough back some profits. Once it identifies

its operating level of earnings, the degree of variation from this operating level would

measure business risk.

(B) Financial Risk: -

Financial risk in a company is associated with the method through which it plans its

financial structure. If the capital structure of a company tends to make earning unstable,

the company may fail financially. How a company raises funds to finance its needs and

growth will have an impact on its future earnings and consequently on the stability of

earnings. Debt financing provides a low cost source of funds to a company, at the same

time providing financial leverage for the common stock holders. As long as the earnings


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of the company are higher than the cost of borrowed funds, the earning per share of

common stock is increased. Unfortunately, a large amount of debt financing also

increases the variability of the returns of the common stock holder & thus increases their

risk. It is found that variation in returns for shareholders in levered firms (borrowed funds

company) is higher than in unlevered firms. The variance in returns is the financial risk.


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DATA ANALYSIS AND INTTERPRETATION

ACC LTD EQUITY SHARE PRICES AS ON 2012

Month Open High Low Close No. of

Shares

No. of

Trades

Total

TurnoverJan-10 870 989.9 860 870.75 22,09,70

762,124 2,04,52,51,333

Feb-10 872 929 826 922.95 15,76,398

49,338 1,39,94,10,188

Mar-10 927 1,017.0

0

910.05 950.45 20,15,08

4

62,319 1,96,14,07,505

Apr-10 954.9 986.9 883 906.15 14,92,06

6

48,195 1,38,90,52,286

May-10 900 914 801 817 13,12,81

0

41,492 1,13,47,05,405

Jun-10 817 888.3 700 874.5 15,36,170

46,801 1,31,51,69,695

Jul-10 870 871.95 801.6 831.45 17,31,22

1

53,362 1,43,31,15,810

Aug-10 831.45 889 814 871.8 11,44,07

6

35,753 97,74,19,131

Sep-10 831 1,036.9

5

823.7 990.75 30,99,30

8

63,746 3,03,40,99,743

Oct-10 998.9 1,049.0

0

940 984.2 18,38,94

8

55,600 1,83,74,07,615

Nov-10 997.7 1,133.4

5

968.55 987.45 13,47,63

7

41,185 1,43,11,30,657

Dec-10 988 1,099.00

972.9 1,075.60

36,59,123

39,954 3,89,76,76,095


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DETERMIANTION OF RISK AND RETURN OF ACC AS ON 2010

Month BSE-500 ACC INDEX

RETURNS

ACC

RETURNS

Jan-10 6,509.90 870.75 -0.0013 -0.05656

Feb-10 6,518.38 922.95 -0.05798 -0.02893Mar-10 6,919.55 950.45 -0.01748 0.048888

Apr-10 7,042.68 906.15 0.03838 0.109119

May-10 6,782.37 817 -0.04369 -0.06575

Jun-10 7,092.20 874.5 -0.01569 0.051777

Jul-10 7,205.22 831.45 -0.01159 -0.04628

Aug-10 7,289.74 871.8 -0.08701 -0.12006

Sep-10 7,984.45 990.75 -0.00652 0.006655

Oct-10 8,036.88 984.2 0.04077 -0.00329

Nov-10 7,722.05 987.45 -0.03002 -0.08195

Dec-10 7,961.06 1,075.6

0

-0.19213 -0.18639

INDEX

VARIANCE

ACC

VARIANCE

COVARI

ANCE

BET

A

SDX SDY ALP

HA

CO.OF

CORRELATION

CO.OF

DETERMINATION

0.001564

0.00454

0.00156 0.997001

0.037751

0.067459

0.00516

0.673623 0.453768

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.001555 -0.44923 -

0.44767

-0.18


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Shares

No. of

Trades

Total

Turnover

Jan-11 1,076.00

1,085.90

966.5 988.15 7,74,299 30,933 79,48,09,486

Feb-11 996 1,028.5

5

923.4 971.05 26,26,22

4

41,326 2,60,83,51,972

Mar-11 975.4 1,096.9

0

975.4 1,075.2

0

9,47,224 25,104 96,72,78,228

Apr-11 1,079.0

0

1,142.5

0

1,071.0

0

1,108.2

5

6,08,428 25,819 67,65,91,066

May-11 1,111.0

0

1,114.0

5

963.1 1,026.6

0

5,08,285 24,433 51,30,40,367

Jun-11 1,031.0

5

1,048.6

5

917 949.25 3,79,436 18,496 37,48,42,648

Jul-11 959.9 1,033.0

0

939 1,012.0

5

4,70,442 21,882 46,15,21,798

Aug-11 1,010.00

1,024.05

948 1,002.55

6,86,534 20,962 68,66,49,630

Sep-11 1,030.00

1,104.00

995.15 1,098.15

7,49,458 32,356 79,56,99,560

Oct-11 1,090.00

1,229.65

1,077.00

1,195.25

7,07,227 31,143 80,44,28,614

Nov-11 1,200.00

1,233.00

1,100.00

1,145.05

6,02,914 30,629 70,98,92,214

Dec-11 1,159.90

1,228.00

1,084.75

1,136.35

5,15,657 28,215 59,70,64,325


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RETURNS

ACC

RETURNS

Jan-11 7,128.29 988.15 0.040566 0.01761

Feb-11 6,850.40 971.05 -0.07891 -0.09687Mar-11 7,437.26 1,075.2

0

0.001363 -0.02982

Apr-11 7,427.14 1,108.2

5

0.02672 0.079534

May-11 7,233.85 1,026.6

0

-0.00433 0.081485

Jun-11 7,265.32 949.25 0.021657 -0.06205

Jul-11 7,111.31 1,012.05

0.096203 0.009476

Aug-11 6,487.22 1,002.5

5

0.015888 -0.08706

Sep-11 6,385.76 1,098.1

5

-0.05582 -0.08124

Oct-11 6,763.26 1,195.2

5

0.10565 0.043841

Nov-11 6,117.00 1,145.0

5

0.058546 0.007656

Dec-11 5,778.68 1,136.3

5

0.227537 -0.11743

INDEX

VARIANCE

ACC

VARIANCE

COVARI

ANCE

BET

A

SDX SDY ALP

HA

CO.OF

CORRELATION

CO.OF

DETERMINATION

0.0031

58

0.0042

39

0.001847 0.584

851

0.056

197

0.06

511

-

0.25

051

0.55527 0.308324

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.00108 -0.30408 -0.303 -0.11


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Shares

No. of

Trades

Total

Turnover

Jan-12 1,145.20 1,206.7

0

1,083.1

0

1,189.9

0

6,45,730 34,598 73,46,78,242

Feb-12 1,188.00 1,421.9

5

1,188.0

0

1,304.9

0

17,02,70

0

58,451 2,26,06,93,573

Mar-12 1,305.00 1,405.0

0

1,272.4

5

1,356.3

5

10,58,06

7

37,465 1,40,27,00,154

Apr-12 1,351.35 1,372.10

1,186.05

1,234.65

9,05,225 57,341 1,13,68,11,868

May-12 1,245.00 1,258.45

1,117.25

1,140.20

11,06,849

43,818 1,30,35,01,454

Jun-12 1,137.50 1,279.90

1,105.05

1,267.55

16,24,146

76,740 1,96,28,37,762

Jul-12 1,267.00 1,329.00

1,244.00

1,319.60

9,93,363 42,106 1,27,51,48,848

Aug-12 1,315.00 1,370.0

0

1,300.0

0

1,312.4

5

4,04,654 21,411 54,06,11,463

Sep-12 1,314.00 1,474.5

0

1,285.2

0

1,469.2

0

5,39,059 26,210 74,25,38,675

Oct-12 1,470.00 1,514.9

5

1,366.0

0

1,379.3

0

9,11,654 41,084 1,31,04,32,383

Nov-12 1,384.00 1,487.0

0

1,351.1

5

1,383.9

5

3,72,232 23,193 52,66,79,650

Dec-12 1,385.00 1,454.0

0

1,385.0

0

1,420.9

5

1,71,927 10,462 24,51,41,812


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RETURNS

ACC

RETURNS

Jan-12 6,549.31 1,189.90

-0.04491 -0.08813

Feb-12 6,857.28 1,304.9

0

0.014446 -0.03793

Mar-12 6,759.63 1,356.3

5

0.009124 0.09857

Apr-12 6,698.51 1,234.6

5

0.066635 0.082836

May-12 6,280.04 1,140.2

0

-0.06022 -0.10047

Jun-12 6,682.47 1,267.5

5

0.011622 -0.03944

Jul-12 6,605.70 1,319.6

0

-0.00402 0.005448

Aug-12 6,632.34 1,312.45

-0.07967 -0.10669

Sep-12 7,206.51 1,469.20

0.012325 0.065178

Oct-12 7,118.77 1,379.30

-0.04733 -0.00336

Nov-12 7,472.45 1,383.95

-0.00842 -0.02604

Dec-12 7,535.92 1,420.95

-0.13042 -0.15003

INDEX

VARIA

NCE

ACC

VARIA

NCE

COVARI

ANCE

BET

A

SDX SDY ALP

HA

CO.OF

CORREL

ATION

CO.OF

DETERMIN

ATION

0.0019

75

0.0057

3

0.002118 1.072

396

0.04

218

0.071

929

-

0.01017

0.768059 0.589915

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.002272 -0.58418 -

0.58191

-0.15


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K.C.P.LTD EQUITY SHARE PRICES AS ON 2010


Shares

No. of

Trades

Total

Turnover

Jan-10 312 374.6 285.15 308.45 6,37,282 12,308 21,77,15,273

Feb-10 300 328 283 289.35 1,49,223 4,023 4,55,35,003Mar-10 291.05 310.5 267.5 292.15 95,009 2,317 2,73,88,453

Apr-10 299.9 331.9 266 298.3 2,01,242 5,473 6,34,40,913

May-10 298 325 282.25 298.85 1,16,203 2,486 3,55,85,764

Jun-10 301 313.95 282.55 297 85,794 2,287 2,56,47,862

Jul-10 300.9 309.95 283 292.6 84,657 2,349 2,50,51,083

Aug-10 298.75 331.7 284 306.85 1,26,442 3,242 3,91,60,702

Sep-10 310.3 321.95 30.5 31.95 14,49,67

7

6,789 5,32,00,675

Oct-10 32.45 32.85 29.7 30.05 5,47,803 2,316 1,72,60,510

Nov-10 30.95 34.45 27.4 27.95 5,20,042 2,545 1,64,93,087

Dec-10 28.45 36 25 35.85 11,98,562

3,601 3,80,07,236


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Jan-11 36.5 36.6 26.15 27.35 3,47,307 1,579 1,08,45,691

Feb-11 26.1 30.25 24.3 26.45 2,20,268 1,520 59,32,375

Mar-11 27 27 24 25.6 2,34,324 981 59,83,468Apr-11 26 28.9 26 26.7 10,30,95

0

1,106 2,72,89,413

May-11 26.4 27.3 24.05 25 1,65,475 846 41,65,246

Jun-11 25.25 26.5 24.05 24.85 1,52,435 774 38,21,702

Jul-11 26.2 28.9 24 26.7 4,26,618 2,112 1,15,01,590

Aug-11 26.95 30.6 24.3 25.85 4,67,114 2,327 1,24,17,844

Sep-11 26.85 26.9 24 25.1 1,78,276 1,043 45,42,267

Oct-11 25.3 26.5 24.15 26.3 1,02,740 781 25,82,106

Nov-11 26 28.9 23.8 25.35 2,32,864 1,654 59,94,044

Dec-11 24.2 26 22.4 23.7 1,39,073 1,012 33,55,776


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DETERMIANTIION OF RISK AND RETURN OF K.C.P AS ON 2011

Month BSE-

500

K.C.P INDEX

RETURNS

K.C.P

RETURNS

Jan-11 7,128.2

9

27.35 0.040566 0.034026

Feb-11 6,850.4

0

26.45 -0.07891 0.033203

Mar-11 7,437.2

6

25.6 0.001363 -0.0412

Apr-11 7,427.14

26.7 0.02672 0.068

May-11

7,233.85

25 -0.00433 0.006036

Jun-11 7,265.32

24.85 0.021657 -0.06929

Jul-11 7,111.31

26.7 0.096203 0.032882

Aug-11 6,487.2

2

25.85 0.015888 0.02988

Sep-11 6,385.7

6

25.1 -0.05582 -0.04563

Oct-11 6,763.2

6

26.3 0.10565 0.037475

Nov-11 6,117.0

0

25.35 0.058546 0.06962

Dec-11 5,778.6

8

23.7 0.227537 0.15501

INDEXVARIA

NCE

K.C.PVARIA

NCE

COVARIANCE

BETA

SDX SDY ALPHA

CO.OFCORREL

ATION

CO.OFDETERMI

NATION

0.0031

58

0.0021

54

0.00091 0.28

809

0.056

197

0.046

413

0.089

459

0.383703 0.147228

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.000262 -0.14507 -

0.14481

0.15


22/35



Shares

No. of

Trades

Total

Turnover

Jan-12 23.25 28.95 23.25 26.9 1,29,946 1,183 33,93,882

Feb-12 28.2 37.1 28.2 33.5 21,12,045

10,036 7,12,51,187

Mar-12 32.3 36 29.6 32.5 6,14,998 2,333 2,02,79,879

Apr-12 32.6 34.8 32.1 32.5 2,52,031 1,116 84,28,478

May-12 32.95 32.95 27.4 30.05 1,32,867 1,341 40,40,556

Jun-12 30.25 33.3 29.7 31.45 1,11,433 832 34,31,870

Jul-12 31.2 37 31 35 3,92,344 2,161 1,31,76,589

Aug-12 35 37 30.15 32.5 4,68,427 1,611 1,60,38,054

Sep-12 32.45 35.1 30.6 33.85 3,29,134 2,018 1,08,99,062

Oct-12 34 46.95 33.9 41.05 23,10,97

8

16,081 9,46,14,429

Nov-12 40 41.45 36.05 38.8 3,60,759 4,081 1,42,45,047Dec-12 39 39.95 36.45 37 2,14,573 1,008 80,20,424


23/35

DETERMIANTIION OF RISK AND RETURN OF K.C.P AS ON 2012

Month BSE-500 K.C.P INDEX

RETURNS

K.C.P

RETURNS

Jan-12 6,549.31 26.9 -0.04491 -0.19701

Feb-12 6,857.28 33.5 0.014446 0.030769Mar-12 6,759.63 32.5 0.009124 0

Apr-12 6,698.51 32.5 0.066635 0.081531

May-12 6,280.04 30.05 -0.06022 -0.04452

Jun-12 6,682.47 31.45 0.011622 -0.10143

Jul-12 6,605.70 35 -0.00402 0.076923

Aug-12 6,632.34 32.5 -0.07967 -0.03988

Sep-12 7,206.51 33.85 0.012325 -0.1754

Oct-12 7,118.77 41.05 -0.04733 0.05799

Nov-12 7,472.45 38.8 -0.00842 0.048649

Dec-12 7,535.92 37 -0.13042 -0.26237

INDE

X

VARIANCE

K.C.PVA

RIANCE

COVARI

ANCE

BET

A

SD

X

SDY ALP

HA

CO.OF

CORREL

ATION

CO.OF

DETERMI

NATION

0.001779

0.009642 0.00097 0.545144

0.04218

0.098194

-0.19

127

0.257588 0.066352

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.000529 -0.05671 -0.05618

-0.26


24/35


25/35

DETERMINATION OF RISK AND RETURN OF ULTRATECH CEMENT AS ON

2010

Month BSE-500 ULTRATECH

CEMENT

INDEX

RETURNS

ULTRATECH

CEMENT

RETURNSJan-10 6,509.90 929.4 -0.0013 -0.10471

Feb-10 6,518.38 1,038.10 -0.05798 -0.10222

Mar-10 6,919.55 1,156.30 -0.01748 0.189181

Apr-10 7,042.68 972.35 0.03838 0.053581

May-10 6,782.37 922.9 -0.04369 0.051019

Jun-10 7,092.20 878.1 -0.01569 0.015908

Jul-10 7,205.22 864.35 -0.01159 -0.04418

Aug-10 7,289.74 904.3 -0.08701 -0.1524

Sep-10 7,984.45 1,066.90 -0.00652 -0.0266

Oct-10 8,036.88 1,096.05 0.04077 -0.02651

Nov-10 7,722.05 1,125.90 -0.03002 0.040429Dec-10 7,961.06 1,082.15 -0.19213 -0.1065

INDEXVARI

ANCE

ULTRATECH

CEMEN

TVARIA

NCE

COVARIANCE

BETA

SDX SDY ALPHA

CO.OFCORREL

ATION

CO.OFDETERMI

NATION

0.001425

0.009012

0.001102 0.77342

0.037751

0.094933

0.042092

0.338313 0.114456

SYSTEMATICRISK

UNSYSTEMATICRISK

TOTALRISK

RETURNS

0.000852 -0.10544 -0.10459

-0.1


26/35

ULTRATECH CEMENT LTD EQUITY SHARE PRICES AS ON 2011


Shares

No. of

Trades

Total

Turnover

Jan-11 1,086.0

0

1,099.7

0

966 999 2,51,19

8

7,912 26,39,51,150

Feb-11 1,019.0

0

1,035.0

0

890 929.7 83,362 6,180 7,92,44,125

Mar-11 929 1,145.0

0

929 1,133.8

0

4,00,39

3

10,852 41,65,05,616

Apr-11 1,134.00

1,135.90

989 1,086.80

1,88,167

9,092 20,15,50,706

May-11 1,095.00

1,095.00

999.1 1,026.20

1,02,786

5,992 10,68,16,195

Jun-11 1,034.90

1,054.90

916.4 933.5 99,459 7,116 9,91,65,980

Jul-11 938 1,038.00

928.9 1,028.80

1,31,290

6,780 13,10,17,085

Aug-11 1,036.9

5

1,084.7

0

941.05 1,070.4

0

2,63,59

9

7,790 26,75,32,955

Sep-11 1,085.0

0

1,188.0

0

1,044.0

0

1,137.6

0

1,85,51

7

9,767 21,03,73,137

Oct-11 1,125.1

0

1,190.0

0

1,056.9

5

1,152.4

5

1,37,74

4

8,356 15,53,08,509

Nov-11 1,140.0

0

1,204.0

0

1,093.9

0

1,143.9

0

2,77,64

4

10,532 32,04,37,009

Dec-11 1,164.9

0

1,228.0

0

1,103.1

5

1,160.4

5

3,78,73

3

13,493 44,84,96,986


27/35


28/35


29/35


30/35


31/35

DETERMINATION OF RISK AND RETURN OF AMBUJA CEMENTS AS ON 2010

Month BSE-500 AMBUJA

CEMENTS

INDEX

RETURNS

AMBUJA

CEMENTS

RETURNSJan-10 6,509.90 102.3 -0.0013 -0.04303

Feb-10 6,518.38 106.9 -0.05798 -0.10656

Mar-10 6,919.55 119.65 -0.01748 -0.01238

Apr-10 7,042.68 121.15 0.03838 0.113511

May-10 6,782.37 108.8 -0.04369 -0.0502

Jun-10 7,092.20 114.55 -0.01569 -0.02511

Jul-10 7,205.22 117.5 -0.01159 -0.06113

Aug-10 7,289.74 125.15 -0.08701 -0.11052

Sep-10 7,984.45 140.7 -0.00652 0.006798

Oct-10 8,036.88 139.75 0.04077 -0.00534

Nov-10 7,722.05 140.5 -0.03002 -0.01783Dec-10 7,961.06 143.05 -0.19213 -0.31178

INDEXVARIA

NCE

AMBUJA

CEME

NTSVARIA

NCE

COVARIANCE

BETA

SDX SDY ALPHA

CO.OFCORREL

ATION

CO.OFDETERMI

NATION

0.001425

0.00369

0.001686 1.183056

0.037751

0.060747

-0.08

448

0.808729 0.654042

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.001995 -0.65035 -

0.64836

-0.31


32/35

AMBUJA CEMENTS LTD EQUITY SHARE PRICES AS ON 2011


Shares

Trades Total

Turnover

Jan-11 143.05 146.65 124 126.55 32,97,67

4

34,126 43,49,15,489

Feb-11 127.9 129.9 112 118 37,84,99

7

40,100 46,19,74,719

Mar-11 119 152 118.7 147.05 38,11,47

8

37,340 51,42,45,340

Apr-11 147.1 159.7 145.05 155.4 92,36,430

44,476 1,40,33,17,029

May-11 156.5 156.5 127.1 138.7 35,57,895

35,380 49,00,83,755

Jun-11 139.1 144.95 124 133.1 35,18,922

27,899 46,38,63,653

Jul-11 133.5 134.6 120.65 129.3 63,22,964

31,486 80,39,41,336

Aug-11 131 137.8 119.9 133.1 33,91,23

4

25,367 44,36,57,370

Sep-11 135.4 152 131.45 148.6 45,53,04

0

47,009 65,65,64,893

Oct-11 146.1 161 142.6 155.4 40,55,76

8

29,841 61,49,83,171

Nov-11 155.9 164.8 141.35 148.4 41,01,02

5

35,525 63,08,80,774

Dec-11 152 165.5 148 155.4 52,64,43

1

58,896 82,84,53,645


33/35


Month BSE-

500

AMBUJA

CEMENTS

INDEX

RETURNS

AMBUJA

CEMENTS

RETURNSJan-11 7,128.2

9126.55 0.040566 0.072458

Feb-11 6,850.40

118 -0.07891 -0.19755

Mar-11 7,437.2

6

147.05 0.001363 -0.05373

Apr-11 7,427.1

4

155.4 0.02672 0.120404

May-

11

7,233.8

5

138.7 -0.00433 0.042074

Jun-11 7,265.32

133.1 0.021657 0.029389

Jul-11 7,111.3

1

129.3 0.096203 -0.02855

Aug-11 6,487.2

2

133.1 0.015888 -0.10431

Sep-11 6,385.7

6

148.6 -0.05582 -0.04376

Oct-11 6,763.2

6

155.4 0.10565 0.04717

Nov-11 6,117.0

0

148.4 0.058546 -0.04505

Dec-11 5,778.68

155.4 0.227537 -0.16145

INDE

XVARI

ANCE

AMBUJA

CEMENTSVARIANCE

COVAR

IANCE

BET

A

SDX SDY AL

PHA

CO.OF

CORRELATION

CO.OF

DETERMINATION

0.0031

58

0.007979 0.00235 0.74

4118

0.05

6197

0.08

9325

-

0.33

076

0.514966 0.26519

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.001749 -0.25721 -

0.25546

-0.16


34/35


35/35


Month BSE-500 AMBUJA

CEMENTS

INDEX

RETURNS

AMBUJA

CEMENTS

RETURNS

Jan-12 6,549.31 160.7 -0.04491 0.004061Feb-12 6,857.28 160.05 0.014446 -0.0654

Mar-12 6,759.63 171.25 0.009124 0.134858

Apr-12 6,698.51 150.9 0.066635 -0.00099

May-12 6,280.04 151.05 -0.06022 -0.13165

Jun-12 6,682.47 173.95 0.011622 -0.03495

Jul-12 6,605.70 180.25 -0.00402 -0.02804

Aug-12 6,632.34 185.45 -0.07967 -0.0817

Sep-12 7,206.51 201.95 0.012325 -0.0037

Oct-12 7,118.77 202.7 -0.04733 -0.02407

Nov-12 7,472.45 207.7 -0.00842 -0.01424

Dec-12 7,535.92 210.7 -0.13042 -0.24583

INDEX

VARIANCE

AMBU

JACEME

NTS

VARIANCE

COVARI

ANCE

BET

A

SDX SDY ALP

HA

CO.OF

CORRELATION

CO.OF

DETERMINATION

0.0017

79

0.0043

8

0.001135 0.637

694

0.04

218

0.06

618

-

0.16266

0.447082 0.199882

SYSTEMATIC

RISK

UNSYSTEMATIC

RISK

TOTAL

RISK

RETURNS

0.000724 -0.1955 -

0.19478

-0.24

Documents

226011672002 Cement Industry Data Analysis and Interpretation