Research Plan on It Sectr

1. EXECUTIVE SUMMARY

IT Sector in India

Information technology in India is an industry consisting of two major components: IT services and business process outsourcing (BPO). The sector has increased its contribution to India's GDP from 1.2% in 1998 to 7.5% in 2012. According to NASSCOM, the sector aggregated revenues of US$147 billion in 2015, where export revenue stood at US$99 billion and domestic at US$48 billion, growing by over 13%.India's Prime MinisterNarendraModi has started 'Digital India' project to give IT a secured position inside & outside India.

Information technology is playing an important role in India today and has transformed India's image from a slow moving bureaucratic economy to a land of innovative entrepreneurs.

The IT sector in India is generating 2.5 million direct employment. India is now one of the biggest IT capitals of the modern world and all the major players in the world IT sector are present in the country.

Bangalore is considered to be the Silicon Valley of India because it is the leading IT exporter. Exports dominate the industry and constitute about 77% of the total industry revenue. However, the domestic market is also significant with a robust revenue growth.[1] The industry’s share of total Indian exports (merchandise plus services) increased from less than 4% in FY1998 to about 25% in FY2012. According to Gartner, the "Top Five Indian IT Services Providers" are Tata Consultancy Services, Infosys, Cognizant, Wipro, and HCL Technologies.

S.K School of Business Management 1

https://en.wikipedia.org/wiki/Digital_India

https://en.wikipedia.org/wiki/Digital_India

https://en.wikipedia.org/wiki/NASSCOM

https://en.wikipedia.org/wiki/Business_process_outsourcing

https://en.wikipedia.org/wiki/IT_Services

https://en.wikipedia.org/wiki/IT_Services

Details of the Companies Studied:

Infosys

Infosys Limited (formerly Infosys Technologies Limited) is an Indian multinational corporation that provides business consulting, information technology, software engineering and outsourcing services. It is headquartered in Bangalore, Karnataka.

Infosys is the second-largest India-based IT services company by 2014 revenues, and the fifth largest employer of H-1B visa professionals in the United States in FY 2013. On 15 February 2015, its market capitalisation was ₹ 263,735 crores ($42.51 billion), making it India's sixth largest publicly traded company.

Infosys was co-founded in 1981 by Narayan Murthy, NandanNilekani, N. S. Raghavan, S. Gopalakrishnan, S. D. Shibulal, K. Dinesh and Ashok Arora after they resigned from Patni Computer Systems.The company was incorporated as "Infosys Consultants Pvt Ltd." with a capital of ₹10,000 or US$1,250 (about $3,243 in 2015) in Model Colony, Pune as the registered office.[12] It signed its first client, Data Basics Corporation, in New York. In 1983, the company's corporate headquarters was relocated from Pune to Bangalore.

Change in name: The company changed its name to "Infosys Technologies Private Limited" in April 1992 and to "Infosys Technologies Limited" when it became a public limited company in June 1992. It was later renamed to "Infosys Limited" in June 2011.

An initial public offer (IPO) in February 1993 with an offer price of ₹95 (equivalent to ₹350 or US$5.30 in 2015) per share against book value of ₹20 (equivalent to ₹74 or US$1.10 in 2015) per share. The Infosys IPO was under subscribed but it was "bailed out" by US investment bank Morgan Stanley which picked up 13% of equity at the offer price.[15] Its shares were listed in stock exchanges in June 1993 with trading opening at ₹145 (equivalent to ₹530 or US$8.00 in 2015) per share.

In October 1994, it made a private placement of 5,50,000 shares at ₹450 (equivalent to ₹1,500 or US$23 in 2015) each against book value of ₹10 (equivalent to ₹34 or 51¢ US in 2015) per share to Foreign Institutional Investors (FIIs), Financial Institutions (FIs) and Corporates.


HCL Technologies Limited

HCL Technologies Limited is a global IT services company, headquartered in Noida, UttarPradesh, India. Originally the research and development division of HCL Limited, it emerged as an independent company in 1991 when HCL Limited ventured into the software services business.[7] HCL Technologies (often called Hindustan Computers Limited) offers services including IT consulting, enterprise transformation, remote infrastructure management, engineering and R&D, and business process outsourcing (BPO).

The company has offices in 31 countries, and operates across a number of industry verticals including aerospace and defence, automotive, consumer electronics, energy and utilities, financial services, government, independent software vendors, industrial manufacturing, life sciences and healthcare, media and entertainment, mining and natural resources, oil and gas, public services, retail and consumer, semiconductor, server and storage, telecom, and travel, transportation, logistics and hospitality.

HCL Technologies is on the Forbes Global 2000 list and is one of Asia’s Fab 50 Companies. It is among the top 20 largest publically traded companies in India and had a market capitalization of $22.1 billion as of May 2015. HCL Technologies, along with its subsidiaries, had consolidated revenues of $6.0 billion as of August 2015.


Wipro Limited

Wipro Limited (Western India Products Limited) is an Indian multinationalIT Consulting and System Integration services company headquartered in Bangalore, India. As of March 2015, the company has 158,217 employees servicing over 900 of the Fortune 1000 corporations with a presence in 67 countries. On 31 March 2015, its market capitalization was approximately $ 35 Billion, making it one of India's largest publicly traded companies and seventh largest IT Services firm in the World.

To focus on core IT Business, it demerged its non-IT businesses into a separate company named Wipro Enterprises Limited with effect from 31 March 2013.The demerged companies are consumer care, lighting, healthcare and infrastructure engineering which contributed approximately 10% of the revenues of Wipro Limited in previous financial year.

In Later Part of 2014, Wipro's largest deal in its five decade of history and probably one of the largest deals in the history of the Information Technology services industry was the 10 year $ 1.2 billion contract with ATCO, a Canadian Energy & Utilities corporation based out of Calgary, Alberta. The contract was spearheaded by RishadPremji along with the Canadian Team and industry vertical teams based in India.

List of the project

1. We have undertaken this research to study the effects of parameters like net profit,EPS and Return on Equity on the overall profitability of the three companies-Infosys, Wipro, HCL.

2. The type of research conducted consists of the following: Analytical, Applied,Empirical, Longitudinal, Historical, Conclusion oriented.

3. The research approach is quantitative

4. The sample design consists of a finite universe of 512 units selected on the basisof simple random sampling and the financial information of 4 companies is taken.

5. Data was collected and segregated into different categories and tabulated. Thepercentages were calculated.

6. Statistical analysis was carried out through regression.

7. Then the financial analysis of the companies was carried out which gave an ideaabout the financial standing of the company in the market.

8. The analysis is presented in the form of charts and tables and the inferences therefrom are explained after that.


2. List of Tables and Figures

1. Research Process diagram

2. InfosysTable 1 Company dataTable 2 Changes in percentage parameterTable 3 Summary outputTable 4 Result-AnovaTable 5 Residual outputFigure 1: overall performance of infosys

3. WIPROTable 6 Company dataTable 7 Changes in percentage parameterTable 7 Summary outputTable 8 Result- AnovaTable 9 Residual outputFigure 2: overall performance of WIPRO

4. HCLTable 10 Company dataTable 11Changes in percentage parameterTable 12 Summary outputTable 13 Result- AnovaTable 14 Residual outputFigure 3: overall performance of WIPROTable 15: Overall comparison

5. Overall Impact of companies’ on CNX-IT INDEX


3. Objective of Study

The overarching goal of the project is to do comparative study of 3 different companies (Infosys, HCL, Wipro) in IT sector for last 5 years based on different parameters like net profit margin, EPS and ROE.

The research questions to be addressed are:

During last 5 years-1) How do different factors affect share prices of different companies?2) How do different parameters – EPS, ROE, NPM- vary over the period of time for a

particular company?3) What are the other factors which affect the share prices and why are these factors

different from company to company?

The main purpose of this research is to study and analyse the pattern of changing share prices, profitability, etc. and also to find the relation between company share prices and fundamental parameters and other factors affecting them. There are many studies done on the same topic but, major purpose of this study is to get knowledge.


4. Research Methodology

4.1 Type of Research

Analytical – Facts or information are already available and we are analyzing it tomake critical evaluation of material.

Applied – Research to identify economic trends which may affect a particular institution.

Empirical – The research relies on observation without due regard for system and theory. It is database research coming up with conclusions which are capable of being verified by observation.

Longitudinal- Here the research is carried on over several time periods.

Historical – It utilizes historical sources like documents, remains (annual reports) to study events of past.

Conclusion oriented – Researcher is free to pick up a problem, redesign the inquiry as he proceeds and is prepared to conceptualize as he wishes.

4.2 Research Approach

Quantitative approach- It involves generation of data in quantitative form whichcan be subjected to rigorous quantitative analysis in a formal and rigid fashion.

4.3 Research Method

Type Library research

Methods used Analysis of historical records Analysis of documents

Techniques used Recording of notes,content analysis Statistical compilation and manipulation, reference and abstractguides.


4.4 Research Process


4.5 Sample Design

Universe: FinitePopulation size:300Sample size: 3 IT companies.Type of sampling: Simple random sampling(chance sampling/probability sampling) Here each and every item in the population is given and equal chance of inclusion in the sample and each one of the possible sample has same probability of being selected.

4.6 Collection of Data

In dealing with this real life situation problem found was that data at hand are inadequate. So, it became necessary for us to collect the data that are appropriate for research. We have collected all the secondary data from available resources like annual reports, newspapers, internet and magazines. Also some specific tools are used to collect the data like ACE Equity software.


5. Data Analysis

After the data have been collected, we turned to the task of analyzing then. Here we haveclassified the raw data into some purposeful and usable categories. Coding operation is done through which categories of data are transformed into symbols which were tabulated.

Tabulation is the procedure wherein the classified data are put in the form of tables. Analysis work after tabulation has been done based on computation of various percentages, coefficients etc. by applying well defined statistical formula.

5.1 Statistical Analysis

Statistical analysis is done based on the results carried from regression.

Independent VariablesNet Profit Margin (NPM) – X1Return on Equity (ROE) – X2Earnings per share (EPS) – X3

Dependent VariableShare Price of the company – Y

By doing regression we can find the contribution in % of 3 factors NPM,EPS and ROE inshare price by observing the value of R square, remaining contribution by other factors like demand and supply of stock in the market, effects of news, market cap of the company, the performance of industry, take-over or merger, new product introduction, share buy-back, dividend, stock splits, insider trading, analyst upgrade/downgrades and other stock specific factors.

Also the predicted Y shows all the predicted values of share prices for respective years. The value of intercept shows what the share price should be if the effect of NPM, EPS and ROE is ignored or if these factors don’t affect the share price. Coefficients of X1,X2,X3 show the relationship (dependence in % value) between particular factor and share price of the company. –ve coefficient denotes inverse relationship.

5.2 Financial Analysis

Financial analysis of particular company will help to get general idea of financial strengths and weakness of the firm and reputation of the company. For Financial analysis, various ratios are calculated and compared.


Infosys Table 1: Company data of Infosys

Table 2: Changes in Percentage Parameter

YEAR SHARE PRICE NPM EPS ROE

2015

2014 -41.3131049 11.83123 -40.7662 7.03606

2013 32.28373702 -7.26099 12.62992 -7.89793

2012 0.872600349 -8.52399 7.627119 -9.36123

2011 -9.90566038 6.77699 31.43825 4.16826

Results:

Table 3: Summary output

Regression StatisticsMultiple R 0.942146R Square 0.88764Adjusted R Square 0.550559Standard Error 383.9771Observations 5


INFOSYS YEAR Share Price NPM EPS ROE Y x1 x2 x3

2015 2243.6 25.71 105.91 24.342014 3823 22.99 178.8 22.742013 2890 24.79 158.75 24.692012 2865 27.1 147.5 27.242011 3180 25.38 112.22 26.15

Table 4: Result 1: ANOVA

ANOVAdf SS MS F Significance F

Regression 3 1164756 388252 2.633317 0.418659Residual 1 147438.4 147438.4

Total 4 1312194

Coefficient

sStandard

Error t Stat P-valueLower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept 7646.907 4629.378

1.651822 0.34656 -51174.9

66468.73 -51174.9

66468.73

X Variable 1 -599.348 320.881 -1.86782

0.312932 -4676.53

3477.831 -4676.53

3477.831

X Variable 2 5.726606 7.604151

0.753089

0.589078 -90.8933

102.3465 -90.8933

102.3465

X Variable 3 385.4279 253.6314

1.519638

0.370522 -2837.27

3608.121 -2837.27

3608.121

Table 5: Residual Output

Observation Predicted Y Residuals1 2225.478 18.122032 3656.433 166.56663 3214.372 -324.3724 2748.294 116.70595 3157.022 22.97763


20152014

20132012

20110

1000

2000

3000

4000

Share Price Y

Share Price Y

2015 2014 2013 2012 2011202122232425262728

NPM x1

NPM x1

2015 2014 2013 2012 20110

20406080

100120140160180200

EPS x2

EPS x2

2015 2014 2013 2012 2011202122232425262728

ROE x3

ROE x3

Overall Performance of Infosys:

Interpretation:

In 2011 overall effect on Infosys Share price was constant. In this year the prices falls little down from the level of 3000 in Jan - 11 to the level of 2800 in Dec - 11 with some variations due to other factors.

In year 2012 EPS has been increased by 150, but the share prices of INFOSYS was decreased, increase in net profit and ROE were 24% and 27% respectively which shows the inverse relationship between the EPS and share prices.

In year 2013 due to Global Recession the values market price of the share fell- the same effect was seen in 2ndhalf of 2013-14 due to the global fear of recession and markets slowly started recovering from the recession phase and as a result market prices in next quarter started rising.

In 2014 the recovery from Global Recession helped company to gain its position again in the market and it lead to increased value of share prices. Also the positive outlook from market has reflected by the increase in the value of market. So in year 2014 all the independent variables are decreasing but at the same time there is 95% increase in the share prices which again shows that there is no relationship or inverse relationship between the share price and other variables. Also this depicts that some other factors also affect theshare prices of Infosys.


WIPRO

Table 6: Company data of WIPRO



2015

2014 10.02 4.302 10.78 -3.44

2013 42.86 12.12 30.56 5.221

2012 -3 15.02 20.42 11.38

2011 -1.59 -19.7 -3.45 -17.7

Results:

Table 8: Summary output

Regression Statistics

Multiple R 0.967324R Square 0.935715Adjusted R Square 0.742861Standard Error 56.44263Observations 5


WIPROYEAR Share Price NPM EPS ROE Y x1 x2 x3

2015 660.1 19.88 33.18 22.772014 600 19.06 29.95 23.582013 420 17 22.94 22.412012 433 14.78 19.05 20.122011 440 18.41 19.73 24.44


ANOVADf SS MS F Significance F

Regression 3 46371.32 15457.11 4.851921 0.31933Residual 1 3185.77 3185.77

Total 4 49557.09

CoefficientsStandard


Upper 95%

Lower 95.0%

Upper 95.0%

Intercept 300.6467 540.1834

0.556564 0.676681 -6563.03 7164.327 -6563.03 7164.327

X Variable 1 45.97894 84.20856

0.546013 0.681832 -1023.99 1115.95 -1023.99 1115.95

X Variable 2 8.066616 16.92616

0.476577 0.716873 -207.001 223.1339 -207.001 223.1339

X Variable 3 -35.7867 67.07649 -0.53352 0.68799 -888.074 816.5009 -888.074 816.5009


Observation Predicted Y Residuals1 667.4943 -7.394272 574.7491 25.250893 465.356 -45.3564 413.8552 19.144755 431.6454 8.35462


2015 2014 2013 2012 20110

100200300400500600700

Share Price Y

Share Price Y

2015 2014 2013 2012 20110

5

10

15

20

25

NPM x1

NPM x1

2015 2014 2013 2012 20110

5

10

15

20

25

30

35EPS x2

EPS x2

2015 2014 2013 2012 20110

5

10

15

20

25

30

ROE x3

ROE x3

Overall Performance of WIPRO:

From the given data searched it is found that company’s revenue grew by 6000% from 2011 to2015.

In year 2015 Wipro had beaten its arch rival Infosys by posting profit ahead of analyst’s estimates. Wipro won a large deal to provide next generation managed services to Pitney Bowes. Also with increase of employees, the company resulted with increase of 20%, 35% in NPM, EPS and some decrease 23% in ROE which had directly affected the share prices positively. In this year share prices was increased by 600%. This shows the company is growing well in this sector


HCL

Table 11: Company data of HCL



2015

2014 -39.9112 -50.8982 -13.8254 4.507257

2013 118.2523 255.3191 167.9666 206.5574

2012 50.12474 -304.348 -211.146 -213.263

2011 8.089888 -71.6049 -56.9907 -57.2077

Results:

Table 13: Summary Output

Regression Statistics

Multiple R 0.989306R Square 0.978727Adjusted R Square 0.914908Standard Error 134.6103Observations 5


HCLYEAR SHARE PRICE NPM EPS ROE Y x1 x2 x3

2015 947 -1.64 -8.29 -13.682014 1576 -3.34 -9.62 -13.092013 722.1 -0.94 -3.59 -4.272012 481 0.46 3.23 3.772011 445 1.62 7.51 8.81


ANOVADf SS MS F Significance F

Regression 3 833664.4 277888.1 15.33604 0.185045Residual 1 18119.94 18119.94

Total 4 851784.4

CoefficientsStandard


Upper 95%

Lower 95.0%

Upper 95.0%

Intercept 526.6302 105.2922

5.001606 0.125627 -811.234 1864.495 -811.234 1864.495

X Variable 1 -539.332 166.7692 -3.23401 0.190915 -2658.34 1579.671 -2658.34 1579.671X Variable 2 195.9186 123.9781

1.580267 0.359176 -1379.37 1771.21 -1379.37 1771.21

X Variable 3 -85.3194 70.2734 -1.21411 0.438629 -978.228 807.5888 -978.228 807.5888


Observation Predicted Y Residuals1 954.14 -7.139952 1560.095 15.904983 694.5689 27.53114 589.7001 -108.75 372.5961 72.40393


20152014

20132012

20110

200400600800

10001200140016001800

SHARE PRICE Y

SHARE PRICE Y2015 2014 2013 2012 2011

-4

-3

-2

-1

0

1

2

NPM x1

NPM x1

2015 2014 2013 2012 2011

-15

-10

-5

0

5

10

EPS x2

EPS x2

2015 2014 2013 2012 2011

-15

-10

-5

0

5

10

15

ROE x3

ROE x3

Overall Performance of HCL:

In 2011to 2104 Share price was positive. In this years the prices rise sharply from the level of 400 in Jan - 2011 to the level of 1600 in Dec - 14 with some variations due to other factors.

In year 2011 EPS has been decreased by 15%, but the share prices of HCL was increased by 400%, there was also decrease in NPM & ROE by 15% to 5 % which shows the inverse relationship between the EPS and share prices.

In year 2014 & 15 there was increase in EPS, ROE & NPM by 10 to 15% due to Global Recession the values market price of the share fell- the same effect was seen in 2ndhalf of 2104-15 due to the global fear of recession and markets slowly started recovering from the recession phase and as a result market prices in next quarter started rising.


Overall Performance

Fluctuations in Net ProfitYEAR Infosys Wipro HCL

2014 11.8312 4.302 -50.8982013 -7.261 12.12 255.3192012 -8.524 15.02 -304.352011 6.77699 -19.7 -71.605

Fluctuations in ROEYEAR Infosys Wipro HCL

2014 7.03606 -3.44 4.507262013 -7.8979 5.221 206.5572012 -9.3612 11.38 -213.262011 4.16826 -17.7 -57.208

Fluctuations in Share PriceYEAR Infosys Wipro HCL

2014 -41.313 10.02 -39.9112013 32.2837 42.86 118.2522012 0.8726 -3 50.12472011 -9.9057 -1.59 8.08989


Fluctuations in EPSYEAR Infosys Wipro HCL

2014 -40.766 10.78 -13.8252013 12.6299 30.56 167.9672012 7.62712 20.42 -211.152011 31.4383 -3.45 -56.991

Interpretation:

NPM measures the ability of the firm to turn each rupee sales into net profit. In case of HCL, fluctuations in NPM are inadequate for all the years which show that the company fails to achieve satisfactory return to share holders’ funds. Also this would be not favorable position of a company when share prices are going down. Declining NPM shows that operating expenses relative to sales have been increasing, so they should be identified and controlled. In case of Infosys, there are no major fluctuations in NPM, which shows favorable conditions for the company to accelerate its profits at a faster rate than the other companies. Also for Infosys it shows advantageous position to survive in adverse economic conditions like global recessions (2014-15).

EPS calculation indicates the firm’s earning power on per share basis which may or may not be changed over period. Here Wipro has comparatively less fluctuations which reflect higher per share profitability.

ROE indicates how well the firm has used the resources of owners. It revels relative performance and strength of the company in attracting future investments. In case of both Infosys and Wipro earning of a satisfactory return - the most desirable objective of a business – is satisfied.

In spite of fluctuations in different parameters, the share prices of Infosys have less variability means comparatively less fluctuations in share price (also during recession) which shows that the company share price is depended on other factors also. In case of HCLHigher the fluctuations lower the reputation and lower the stability.

Looking at the overall performance of the all four companies all fluctuations (%) in NPM, EPS and ROE are comparatively favourable for Infosys which shows higher stability, greater strength of the company. During year 2014 and 2015 because of global recession and recovering efforts IT index was also at bottom level. This was the main impact of decrease in above 3 parameters for most of the IT companies. So there is decrease in the share prices of companies in respective years


Impact of Company’s Share Price on CNX IT INDEX


6. Conclusion

Through this project report, we can conclude that the companies that we have studied- Infosys, Wipro, HCL have a very strong standing in the market. The fluctuations in the net profit, EPS and Return on Equity do not have a major effect on the share prices of the companies.

This also implies that there exist other factors which have a considerable effect on the fluctuations in the parameters in net profit, EPS and ROE. These factors can be: the demand and supply of the stock in the market, effect of news, the performance of the industry, takeover or merger etc.

In case of HCL there was major decrease in NPM, EPS & ROE in comparatively with Infosys & Wipro which shows that company is not meeting its revenue as well as profit for the shareholder but in last years 2014-15 it was slowly increasing its NPS, EPS & ROE.


7. Recommendations

People in general purchase the shares of any company on the basis of the share pricebut we would like recommend that before purchasing shares, one should take into consideration the result of the company, the current market position of the company. One should also not forget to consider other factors like the overall performance of the industry etc.

The details and portfolio of companies are available on web sites like:

www.money.rediff.comwww.equitymaster.comwww.religare.comwww.moneycontrol.comwww.gurufocus.com


http://www.gurufocus.com/

http://www.moneycontrol.com/

8. Bibliography and References

1. www.wipro.com2. www.infosys.com.3. www.hcl.com4. www.money.rediff.com5. www.economictimes.indiatimes.com6. www.moneycontrol.com7. www.wikipedia.org8. www.bseindia.com


http://www.wikipedia.org/

http://www.moneycontrol.com/

http://www.economictimes.indiatimes.com/

http://www.money.rediff.com/

http://www.hcl.com/

http://www.wipro.com/

9. Abbreviations

IT Information TechnologyNPM Net Profit MarginEPS Earning per ShareROE Return of EquityWIPRO (Western Indian Products Ltd.) Wipro Ltd.INFOSYS Infosys Technologies Ltd.HCL Technologies (Hindustan Computer Limited)SR Standard ResidualARS Adjusted R SquareDf Degree of freedom


10. Appendices

Share Price

A share price is the price of a single share of a number of saleable stocks of a company. Once the stock is purchased, the owner becomes a shareholder of the company that issued the share.

NPM- Net Profit Margin

Profit margin, net margin, net profit margin or net profit ratio all refer to a measure of profitability. It is calculated by finding the net profit as a percentage of the revenue.

The profit margin is mostly used for internal comparison. It is difficult to accurately compare the net profit ratio for different entities. Individual businesses' operating and financing arrangements vary so much that different entities are bound to have different levels of expenditure, so that comparison of one with another can have little meaning. A low profit margin indicates a low margin of safety: higher risk that a decline in sales will erase profits and result in a net loss, or a negative margin. Profit margin is an indicator of a company's pricing strategies and how well it controls costs. Differences in competitive strategy and product mix cause the profit margin to vary among different companies.

EPS - Earning Per Share

The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serve as an indicator of a company's profitability.

When calculating, it is more accurate to use a weighted average number of shares outstanding over the reporting term, because the number of shares outstanding can change over time. However, data sources sometimes simplify the calculation by using the number of shares outstanding at the end of the period.


ROE – Return on Equity

Return on equity (ROE) measures the rate of return on the ownership interest (shareholders' equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE shows how well a company uses investment funds to generate earnings growth. ROEs between 15% and 20% are considered desirable.

Regression

In statistics, linear regression is an approach to modeling the relationship between a scalar variable y and one or more variables denoted X. In linear regression, data are modeled using linear functions, and unknown model parameters are estimated from thedata.


Documents

Research Plan on It Sectr