A

Project Report
On
Security Analysis of selected companies

Submitted To:
S. K. School of Business Management,
Hemchandracharya North Gujarat University, Patan.

Under the Guidance of:

Mr.Govind V Soni
S. K. School of Business Management
M.B.A SEM – 4

Submitted By:
(09) Jyoti Maheshwari
(13) Mayur Modi
(15) Yaxu Modi
(26) Kishan Prajapati

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S.K.S.B.M, H.N.G.U, PATAN
 Index

Particulars Page no
Title page
Index

ABOUT SECURITY ANALYSIS 5

Fundamental Analysis 6
Technical Analysis 11

About companies
1.Asian Paints Ltd. 14
2.Bharti airtle ltd 18
3.Cipla ltd 22
4.Dabur india ltd 26
5.Excel crop care ltd 30
6.Federalbank ltd 34
7. Gail LTD. 39
8.HDFC bank 43
9. Itc ltd 47
10. jindal steel & power LTD. 51
11. kotak mahindra bank LTD. 55
12. lupin LTD. 59
13. maruti suzuki LTD. 63
14. ongc LTD. 67
15. P&G 71

Refrences 75

List of tables and charts

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 No Company name Particulars Table page Chart page
no no
1.1 Asian Paints Ltd. Open close price 14 14
1.2 High low average 15 16
price
1.3 Key ratio 17 17
2.1 Bharti airtle ltd Open close price 18 19
2.2 High low average 19 20
price
2.3 Key ratio 21 21
3.1 Cipla ltd Open close price 22 23
3.2 High low average 23 24
price
3.3 Key ratio 25 25
4.1 Dabur india ltd Open close price 26 27
4.2 High low average 27 28
price
4.3 Key ratio 29 29
5.1 Excel crop care ltd Open close price 30 31
5.2 High low average 32 32
price
5.3 Key ratio 33 33
6.1 Federalbank ltd Open close price 34 35
6.2 High low average 36 36
price
6.3 Key ratio 37 37
7.1 Gail LTD. Open close price 39 40
7.2 High low average 41 41
price
7.3 Key ratio 42 42
8.1 HDFC bank Open close price 43 43
8.2 High low average 44 44
price
8.3 Key ratio 45 46
9.1 Itc ltd Open close price 47 48
9.2 High low average 49 49
price

9.3 Key ratio 50 50

10.1 jindal steel & power LTD. Open close price 51 52

10.2 High low average 53 53

price

10.3 Key ratio 54 54

11.1 Open close price 55 56

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 11.2 kotak mahindra bank LTD. High low average 57 57
price

11.3 Key ratio 58 58

12.1 lupin LTD. Open close price 59 60

12.2 High low average 60 61
price

12.3 Key ratio 62 62

13.1 maruti suzuki LTD. Open close price 63 64

13.2 High low average 65 65

price

13.3 Key ratio 66 66

14.1 ongc LTD. Open close price 67 68

14.2 High low average 68 69

price

14.3 Key ratio 70 70

15.1 P&G Open close price 71 72

15.2 High low average 73 73
price

15.3 Key ratio 74 74

 ABOUT SECURITY ANALYSIS

Security analysis is the analysis of tradeable financial instruments called securities. It deals
with finding the proper value of individual securities (i.e., stocks and bonds). These are
usually classified into debt securities, equities, or some hybrid of the two. Tradeable credit
derivatives are also securities. Commodities or futures contracts are not securities. They are
distinguished from securities by the fact that their performance is not dependent on the
management or activities of an outside or third party. Options on these contracts are however
considered securities, since performance is now dependent on the activities of a third party.

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The definition of what is and what is not a security comes directly from the language of a
United States Supreme Court decision in the case of SEC v. W. J. Howey Co.. Security
analysis is typically divided into fundamental analysis, which relies upon the examination of
fundamental business factors such as financial statements, and technical analysis, which
focuses upon price trends and momentum. Quantitative analysis may use indicators from both
areas.

Security analysis in both traditional sense and modern sense involves the projection of future
dividend or ensuring flows, forecast of the share price in the future and estimating the
intrinsic value of a security based on the forecast of earnings or dividend. Security analysis in
traditional sense is essentially on analysis of the fundamental value of shares and its forecast
for the future through the calculation of its intrinsic worth of share.

Modern security analysis relies on the fundamental analysis of the security, leading to its
intrinsic worth and also rise return analysis depending on the variability of the returns,
covariance, safety of funds and the projection of the future returns. If the security analysis
based on fundamental factors of the company, then the forecast of the share price has to take
into account inevitably the trends and the scenario in the economy, in the industry to which
the company belongs and finally the strengths and weaknesses of the company itself. Its
management, promoters backward, financial results, projection of expansion, term planning
etc. Approaches to Security Analysis:

• Fundamental Analysis

• Technical Analysis

 FUNDAMENTAL ANALYSIS

Fundamental analysis is the examination of the underlying forces that affect the well being of
the economy, industry groups and companies. As with most analysis, the goal is to develop a
forecast of future price movement and profit from it. At the company level, fundamental
analysis may involve examination of financial data, management, business concept and
competition. At the industry level, there might be an examination of supply and demand
forces of the products. For the national economy, fundamental analysis might focus on
economic data to assess the present and future growth of the economy. To forecast future

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stock prices, fundamental analysis combines economic, industry, and company analysis to
derive a stock’s fair value called intrinsic value. If fair value is not equal to the current stock
price, fundamental analysts believe that the stock is either over or under valued. As the
current market price will ultimately gravitate towards fair value, the fair value should be
estimated to decide whether to buy the security or not. By believing that prices do not
accurately reflect all available information, fundamental analysts look to capitalize on
perceived price discrepancies.

 Objectives Of Fundamental Analysis

 To predict the direction of national economy because economic activity affects the
corporate profit, investor attitudes and expectation and ultimately security prices.

 To estimate the stock price changes by studying the forces operating in the overall
economy, as well as influences peculiar to industries and companies.

 To select the right time and right securities for the investment

 Three Phases Of Fundamental Analysis

1) Understanding of the macro-economic environment and developments (Economic

Analysis)

2) Analyzing the prospects of the industry to which the firm belongs (Industry
Analysis)

3) Assessing the projected performance of the company (Company Analysis)

 TOOLS OF FUNDAMENTAL ANALYSIS

‫ﺩ‬ Earnings per Share (EPS)

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 How much of a company's profit is assigned to each share of stock? Earnings per
share is calculated as net income fewer dividends on preferred stock divided by the
number of outstanding shares.

‫ﺩ‬ Price to Earnings Ratio (P/E)

This ratio compares the current sales price of a company's stock to its per-share
earnings.

‫ﺩ‬ Projected Earnings Growth (PEG)

PEG anticipates the one-year earnings growth rate of the stock.

‫ﺩ‬ Price to Sales Ratio (P/S)

The price to sales ratio values a company's stock price as compared to its revenues.
It's also sometimes called the PSR, revenue multiple, or sales multiple. 6

‫ﺩ‬ Price to Book Ratio (P/B)

This ratio, also known as the price to equity ratio, compares a stock's book value to its
market value. You can arrive at it by dividing the stock's most recent closing price by
last quarter's book value per share. Book value is the value of an asset as it appears in
the company's books. It's equal to the cost of each asset less cumulative depreciation.

‫ﺩ‬ Dividend Payout Ratio

This compares dividends paid out to the stockholders to the company's total net
income. It accounts for retained earnings, income that is not paid out but rather
retained for potential growth.

‫ﺩ‬ Dividend Yield

This, too, is a ratio: yearly dividends compared to share price. It's expressed as a
percentage. Divide dividends paid in a one-year period per share by the value of a
share.

‫ﺩ‬ Return on Equity

Divide the company's net income by shareholders' equity to find its return on equity.
You might also hear this expressed as the company's return on net worth.

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 FACTORS OF FUNDAMENTAL ANALYSIS

There are 5 main factors which are affecting fundamental analysis.

1. Earning

The key element all investors look after is earnings. Before investing in a company
you want to know how much the company is making in profits. Future earnings are a
key factor as the future prospects of the company's business and potential growth
opportunities are determinants of the stock price.

Factors determining earnings of the company are such as sales, costs, assets and
liabilities. A simplified view of the earnings is earnings per share (EPS). This is a
figure of the earnings which denotes the amount of earnings for each outstanding
share.

2. Profit Margins

Amount of earnings do not tell the full story, increasing earnings are good but if the
cost increases more than revenues then the profit margin is not improving. The profit
margin measures how much the company keeps in earnings out of every dollar of
their revenues. This measure is therefore very useful for comparing similar
companies, within the same industry.

Higher profit margin indicates that the company has better control over its costs than
its competitors. Profit margin is displayed in percentages and a 10 percent profit
margin denotes that the company has a net income of 10 cents for each dollar of their
revenues. To get better understanding of profit margins it is good to compare two
companies with alternative margins, see table below.

3. Return on Equity (ROE)

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 Return of equity (ROE) is a financial ratio that does not account for the stock price.
Since it ignores the price entirely it is by many thought of as the most important
financial measure. It can basically be thought of as the parent ratio that always needs
to be considered.

This ratio is a measure of how efficient a company is in generating its profits. It is a

ratio of revenue and profits to owners' equity (shareholders are the owners).
Specifically it is: An easy example of this is that if company A and company B both
generate net profits of $1 Million but company A has equity of $10 Million but
company B has equity of $100 Million. Their ROE would be 10% and 1%
respectively meaning that company A is more efficient as it was able to produce the
same amount of earnings with 10 times less equity.

4. Price-to-Earnings (P/E)

When taking the current market price into consideration, the most popular ratio is the
Price-to-Earnings (P/E) ratio. As the name suggest it is the current market price
divided by its earnings per share (EPS). It is an easy way to get a quick look of a
stock's value.

A high P/E indicates that the stock is priced relatively high to its earnings, and
companies with higher P/E therefore seem more expensive. However, this measure, as
well as other financial ratios, needs to be compared to similar companies within the
same sector or to its own historical P/E. This is due to different characteristics in
different sectors and changing markets conditions.

This ratio does not tell the full story since it does not account for growth. Normally,
companies with high earnings growth are traded at higher P/E values than companies
with more moderate growth rate. Accordingly, if the company is growing rapidly and
is expected to maintain its growth in the future this current market price might not
seem so expensive. This is the reasoning for the existence of different investment
styles; Value vs. Growth stocks.

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 5. Price-to-Book (P/B)

A price-to-book (P/B) ratio is used to compare a stock's market value to its book
value. It can be calculated as the current share price divided to the book value per
share, according to previous financial statement. In a broader sense, it can also be
calculated as the total market capitalization of the company divided by all the
shareholders equity.

This ratio gives certain idea of whether you are paying too high price for the stock as
it denotes what would be the residual value if the company went bankrupt today.

A higher P/B ratio than 1 denotes that the share price is higher than what the
company's assed would be sold for. The difference indicates what investors think
about the future growth potential of the company.

 TECHNICAL ANALYSIS

Technical analysis is a methodology that makes buy and sell decisions using market statistics.
It primarily involves studying charts showing the trading history and statistics for whatever
security is being analyzed.

To perform technical analysis, investors start with charts that show the price and trading
volume history of a particular security or index (for example, the Dow Jones Industrial
Average) as well as host of other statistical measures such as moving averages, maximums
and minimums, and percentage changes. The idea is to use the charts to identify trends and
changes in those trends. There are several kinds of trends and patterns, some with unusual

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names: rectangles, triangles, Bollinger bands, inverted heads and shoulders, candlesticks, the
MACD histogram, stochastic, and so forth. Some technical analysts also use indicators and
oscillators to interpret trading data.

 BENEFITS OF TECHNICAL ANALYSIS

 When trading stocks on technical data, all fundamental factors affecting a stock's value are
supposedly already figured into the charts so an investor can quickly discern trends of a
stock's value without having to research all types of fundamental data affecting that stock.

 Technical programmable mathematical algorithmic formulas can be created and utilized

that give an investor the needed edge over investors who do not use such formulas. This
works fairly well for trading firms, banks, broker-dealers and in aggressive professional day
trading and swing trading strategies. Such programs are especially helpful for trading
medium to larger cap stocks.

 The identifying technical historical trading patterns on the charts that includes trading
volume and buy vs. sell trader activity all allow the trader to predict a new trend, a trend
reversal, and the strength of such trends. In this way timely entry and exit points can
potentially be predicted for the greatest potential profit.

 When basic technical data reveals potential trends that coincide with fundamentals, a
significant double confirmation of a future trend or trend reversal for buying or selling is
established. Such technical confirmations of fundamental data is highly valued by
extraordinary investors for trading penny stocks for explosive profits.

 Technical indicators and triggers are useful to track and figure in the historical price and
volume buy and sell movements of a stock (history repeats itself) which reveals patterns of

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trading thresholds for given time frames so as to obtain a stock's average price movement in
the present and potential price movement for the future.

 Regarding future price movement, technical data can then be used, along with various
technical formulas, to potentially predict future share price movement or trends and the
potential length of time and extent of such trends.

 Only the most basic technical tools - the basic chart/graph patterns of trader buy/sell
activity/volume data and historical prices and quotes along with basic indicators and
knowledge/use of basic chart patterns and triggers are required to successfully trade rocket
stocks, but only when used as an aid to fundamental data.

 These are the major technical analysis benefits that I have observed, and are listed to give
you an example of the potential of technical analysis in locating, tracking, and conducting
profitable trades on most forms of securities.

Technical analysis is directed towards predicting the price of a security. The price at which a
buyer and seller settle a deal is considered to be the one precise figure which synthesis,
weighs and finally expresses all factors, rational and irrational, quantifiable and non-
quantifiable and is the only figure that counts.

Thus, the technical analysis provides a simplified and comprehensive picture of what is
happening to the price of a security. Like a shadow or reflection it shows the broad outline of
the whole situation and it actually works in practice.

 ASSUMPTIONS OF TECHNICAL ANALYSIS

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 The market value of a security is solely determined by the interaction of demand and
supply factors operating in the market.

 The demand and supply factors of a security are surrounded by numerous factors; these
factors are both rational as well as irrational.

 The security prices move in trends or waves which can be both upward or downward
depending upon the sentiments, psychology and emotions of operators or traders.

 The present trends are influenced by the past trends and the projection of future trends is
possible by an analysis of past price trends.

 Except minor variations, stock prices tend to move in trends which continue to persist for
an appreciable length of time.

 Changes in trends in stock prices are caused whenever there is a shift in the demand and
supply factors.

 About companies

1. ASIAN PAINTS LTD.

Asian Paints is a paint company headquartered in Mumbai. Asian

Paints operates in 16 countries and has 25 paint manufacturing facilities in the world
servicing consumers in over 65 countries. Asian Paints manufactures a wide range of paints
for decorative and industrial use. Asian Paints has diversified into chemical products such as
Phthalic Anhydride and Pentaerythritol, which are used in the paint manufacturing process.

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Asian Paints shares are traded with symbol ASIANPAINT on stock exchanges BSE and
NSE.( BSE: 500820 NSE: ASIANPAINT SECTOR: PAINTS & VARNISHES)

Table 1.1 (open close price)

Month Open Price Close price
Jan-14 493.75 472.25
Jan-15 750 857.45
Jan-16 882.95 868.85
Jan-17 895 970.8
Jan-18 1160 1131.05

Chart .1.1(Open-Close price)

Interpretation:-

Asian Paints is the market leader in the decorative segment. Demand for decorative paints
arises from household painting, architectural and other display purposes. Demand in the
festive season (September-December) is significant, as compared to other periods. This
segment is price sensitive and is a higher margin business as compared to industrial segment.
User industries for industrial paints include automobiles engineering and consumer durables.

The industrial paints segment is far more technology intensive than the decorative segment.
Although the demand for industrial paints is lukewarm it is expected to increase going

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forward. This is on account of increasing investments in infrastructure. Domestic and global
auto majors have long term plans for the Indian market.

Increased industrial paint demand, especially powder coatings and high performance coatings
will also propel topline growth of paint majors in the medium term. In the above chart we can
shown that demand is very high and year by year the price of the stock is high. In the year
2014 open price is 493.75 which is increase and become 895 in the year 2017. As well as the
close price is more higher than open price in last years so this is good indication for the
company.

Table 1.2 (High-Low- avg price)

Month High Price Low Price Average price
Jan-14 505.75 464.75 485.25
Jan-15 922.8 747.25 835.025
Jan-16 912 825 868.5
Jan-17 989 882.8 935.9
Jan-18 1206.3 1124 1165

Chart No 1. 2( High- Low-Average price)

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Interpretation:-

Decorative paints segment is expected to witness higher growth going forward. The fiscal
incentives given by the government to the housing sector have immensely benefited the
housing sector. This will benefit key players in the long term. With the economy poised to
grow at a rate of 7.5%, consumer spending will get a huge boost, resulting in higher demand
for paints. India's young population represents a huge opportunity as more and more young
Indians join the workforce and will have disposable income available.

The trend toward nuclear family augurs well for the paint industry. Just like GST, the
Government is expected to continue with its reforms agenda, with policy decisions to come in
sectors like infrastructure and power. These reforms would provide great impetus to the
economy as well as to the paint industry. In the above chart we can show that highest price in
the year 2018 is 1206 due high demand of decorative paints and average price is also
fluctuate year by year. Competition is the major factor for the price high day by day.

Table no 1.3 key ratio of Asian paints ltd.

Asian paints ltd. 2014 2015 2016 2017 2018

Eps 12.7 14.5 18.8 20.8 21.1
Dividend pay-out 41.7 41.9 39.9 49.6 41.2
Current ratio 1.4 1.5 1.8 1.8 1.6
Debt -Equity 0 0 0 0 0
Dividend yield 1.1 0.9 0.9 1 0.8

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Interpretation:-
Above charts shows main ratios of Asian paint ltd. Higher earnings per share is always better
than a lower ratio because this means the company is more profitable and the company has
more profits to distribute to its shareholders. In the above chart the Eps ratio in year 2014 was
12.7 and after with the changing year it become 18.8 in year next 2 years and stand 21.1 in
the year 2018. Eps is the amount of money each share of stock would receive if all of the
profits were distributed to the outstanding shares at the end of the year. There is the less
changes in last 5 year of dividend yield ratio. The current ratio also sheds light on the overall
debt burden of the company. If a company is weighted down with a current debt, its cash
flow will suffer. Current ratio is 0 in the Asian paint ltd. Dividend yield ratio is the 1.1 in year
2014 again 0.8 in the year 2018. dividend yield is a financial ratio that measures the amount
of cash dividends distributed to common shareholders
relative to the market value per share. So in the
conclusion we can said that the good dividend payout
ratio in the Asian paints ltd.

2. Bharti Airtel Ltd.

Bharti Airtel Limited is a leading global telecommunications company with operations in 16

countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks

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amongst the top 3 mobile service providers globally in terms of subscribers. In India, the
company's product offerings include 2G, 3G and 4G wireless services, mobile commerce,
fixed line services, high speed home broadband, DTH, enterprise services including national
& international long distance services to carriers. In the rest of the geographies, it offers 2G,
3G, 4G wireless services and mobile commerce.

Bharti Airtel had over 413 million customers across its operations at the end of March 2018.
The group offers high-speed broadband with the best in class network. With fixed line
services in 87 cities, we help you stay in touch with your friends & family and keep you
updated round the clock. Bharti airtel offers GSM mobile services in all the 22-telecom
circles of India and is the largest mobile service provider in the country, based on the number
of customers.

Bharti Airtel is in the Telecommunications - Service sector. The current market capitalisation
stands at Rs 144,905.75 crore. It is listed on the BSE with a BSE Code of 532454 and the
NSE with an NSE Code of BHARTIARTL.

Table.2.1 (Open-Close Price)

Month Open Price Close Price
Jan-14 332 315.15
Jan-15 358 372.75
Jan-16 338 289.7
Jan-17 305.25 347.9
Jan-18 531.5 439.65

Chart No 2. 1(
Open-Close
price)

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Interpretation:

India is the world's second-largest telecommunications market, with over 1.418 billion
subscribers as of April 2018. During FY07-18, wireless subscriptions witnessed a CAGR of
19.62 per cent to reach 1,183.41 million. Within the Telecom sector, the top gainer is
BHARTI INFRATEL (up 1.6%). On the other hand, RELIANCE COMMUNICATIONS
(down 12.4%) and HIMACHAL FUTURISTIC (down 9.7%) are among the top losers. In the
above graph we can shown that due to high competition from reliance jio the market price is
down. slowly and gradually by reducing rate and offer different offers to the customer bharti
airtel up in the market again. Now Bharti Airtel Limited has got some good news that they
are going to increase the network towers. And they are going to reduce the call cost too.

Table .2.2 (High-Low-Average Price)

Month High Price Low Price Average price
Jan-14 339.7 291.25 315.48
Jan-15 394.45 339.3 366.88
Jan-16 343.9 282.3 313.1
Jan-17 370 299.55 334.78
Jan-18 542.25 422.2 482.23
Chart No 2.
2( High- Low-Average price)

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Interpretation:-

India’s telecommunications market is expected to experience further growth, fuelled by

increased non-voice revenues and higher penetration in rural market. Telecom penetration in
the nation's rural market reached 56.68 per cent in April 2018. The emergence of an affluent
middle class is triggering demand for the mobile and internet segments.

some news was telecasting in TV that Mukesh Ambani is going to launch their new Telecom
Network called JIO. And he announced that “All voice calls are free for life time” &
“Internet is free for 3 months”. After hearing this news people will obviously get attracted to
JIO. So people start thinking that it’s time to switch to JIO. As an investor, you will feel that
JIO might do well in future and you start selling your Bharti Airtel Limited shares. As per the
table 2.1 open and close price is low in year 2016 so same the drop in the prices jan 2016.

Table no 2.3 Key ratio of bharti airtel ltd.

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 Bharti Airtel 2014 2015 2016 2017 2018
Eps 6.9 13 17.2 10.6 5.5
Dividend pay-out 26 17.1 7.9 9.4 45.8
Current ratio 0.4 0.4 0.4 0.3 0.4
Debt -Equity 0.9 0.9 1.3 1.3 1.2
Dividend yield 0.6 0.6 0.4 0.3 0.6

Interpretation:-
The above chart present various financial ratio of the bharti airtel ltd from the year 2014 to
2018. The firstly the Eps was fluctuated 6.9 to 5.5 in the last 5 years and highest in the year
2016 was 17.2. the high eps represents the more profit earning and company have good
financial position. The dividend pay out ratio is 26 times in the year 2014 and become high in
the year 2018. The current ratio is 0.4 in starting year. The current ideal ratio is 1.2. the
average ratio in last 5 year is 0.4 which is lower ratio so company have to improve it due
competition and improve the financial position in the company. The debt equity ratio was 1.3
in the year 2016 against 1.2 in the year 2018. There are the few changes in the last 5 years.
Investors invest their money in stocks to earn a return either by dividends or stock
appreciation. Some companies choose to pay dividends on a regular basis to spur investors’
interest. Dividend yield ratio is too low in the bharti airtel ltd. The lowest ratio stood in the
year 0.3 because of the less profit and high competition.

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3. CIPLA LTD.

Cipla Limited (“Cipla” or the “Company“) has well diversified pharma product portfolio that
includes Over the Counter (OTC) products, prescription products, flavors and fragrances, and
pesticides. Cipla exports to more than 180 countries, exports contributed 61% to the total
turnover in FY2015, with Africa, US and Latin America constituting more than ~60% of total
exports. In the U.S., Cipla has a strong product pipeline of 147 Abbreviated New Drug
Application (ANDA), out of which, 79 are approved. Intense Competition Competes with
various pharmaceutical companies that have similar products in the same market but
manufactured at facilities which have been approved by the highest regulatory authorities in
the United States and Europe.

Cipla is in the Pharmaceuticals sector. The current market capitalisation stands at Rs

53,193.35 crore. It is listed on the BSE with a BSE Code of 500087 and the NSE with an
NSE Code of CIPLA. Cipla Ltd. key Products/Revenue Segments include Tablets &
Capsules Injections/Sterile Solution), Aerosols), Bulk Drugs, Liquids, Creams.

Table 3 1. (Open-Close Price)

Month Open Price Close Price
Jan-14 403 410.65
Jan-15 627.1 696.05
Jan-16 651 585.7
Jan-17 569.1 574.25
Jan-18 606 587.45

Table 3 1. (Open-Close Price) Open Price

Table 3 1. (Open-Close Price) Close Price

696.05
585.7 587.45
574.25
Chart
410.65 no.3.1 (Open-
627.1 651
606 Close Price)
569.1
403
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Jan/14 Jan/15 Jan/16 Jan/17 Jan/18

Interpretation

The Indian Pharmaceutical market (IPM) accounts for approx.1.5% of the global
pharmaceutical industry in value terms and 20% in the volume terms. The IPM is valued at
Rs 1.11 trillion for the year ending March 2017 MAT (Moving Annual Total) by All India
Organisation of Chemists and Druggists (AIOCD). The growth in 2017 stood at 10% over the
same period last year. Owing to robust historical growth, many MNC companies have active
presence in the Indian pharma space. In the above graph we can shown the hike in the open
price as well as in the close price from year 2014. Demand and supply is main affecting
factor for booming price. There are many competitors also in the market which affects the
prices of the different products. The bargaining power of the supply is different from various
product.

Table .3.2 (High-Low-Average Price)

Month High Price Low Price Average Price
Jan-14 425 386.65 405.83
Jan-15 711.45 604.8 658.13
Jan-16 658 574 616 Chart No 3. 2( High-
Jan-17 595 562.65 578.83 Low-Average price)
Jan-18 630.6 587.1 608.85

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S.K.S.B.M, H.N.G.U, PATAN
Interpretation

The Indian pharmaceuticals market witnessed growth at a CAGR of 5.64 per cent, during
FY11-16, with the market increasing from US$ 20.95 billion in FY11 to US$ 27.57 billion in
FY16. The industry’s revenues are estimated to have grown by 7.4 per cent in FY17. Besides
the domestic market, Indian pharma companies also have a large chunk of their revenues
coming from exports. Major companies have revenues coming in from the sale of
intermediates, active pharmaceutical ingredients (APIs), and formulations in various global
markets. Varies from market to market For instance, consolidation in US has led to pricing
war in generics, In India, distributors are increasingly pushing branded products in a bid to
earn higher margins. There are upward prices in high low and average price in cipla
company.

Table no 3.3 key ratio of cipla ltd.

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S.K.S.B.M, H.N.G.U, PATAN
 cipla ltd 2014 2015 2016 2017 2018
Eps 17.3 14.7 17.2 12.9 17.6
Dividend pay-out 11.6 13.6 11.6 15.5 17.1
Current ratio 2.2 2 1.1 2.6 2.8
Debt -Equity Chart No 3.3.
0 Key ratio
0 of cipla ltd
0 0.3 0.3
Dividend yield 0.5 0.4 0.3 0.4 0.5
Eps Dividend pay-out Current ratio
Debt -Equity Dividend yield
17.3 17.2 17.6
17.1
15.5
14.7
13.6 12.9
11.6 11.6

2.2 2.6 2.8

2
1.1
0 0.5 0 0.4 0 0.3 0.30.4 0.30.5

2014 2015 2016 2017 2018

Interpretation:-

The above chart present various financial ratio of the cipla ltd from the year 2014 to 2018. a
higher earnings per share ratio often makes the stock price of a company rise. Since so many
things can manipulate this ratio, investors tend to look at it but don’t let it influence their
decisions drastically. In the starting the ratio is 17.3 and become 17.6 in the year 2018. The
dividend pay out ratio of the company showing the 11.6 in the average to 2014 to 2016 and
after that it becomes 17.1 in the year 2018. The eps ratio same as the dividend pay out ratio in
the year 2018. The current ratio is higher than ideal ratio so its dangerous for the cipla ltd.
The debt equity ratio is the lower through the last 5 years the average of it 0.1. the Investors
invest their money in stocks to earn a return either by dividends or stock appreciation. Some
companies choose to pay dividends on a regular basis to spur investors’ interest. the lower
ratio of dividend yield in the cipla ltd. In the year 2018 it is 0.5
same as the year 2014.

4.DABUR INDIA LTD.

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S.K.S.B.M, H.N.G.U, PATAN
Dabur India is in the Personal Care sector. The current market capitalisation stands at Rs
80,559.32 crore. It is listed on the BSE with a BSE Code of 500096 and the NSE with an
NSE Code of DABUR. Dabur India, that made its beginnings with a small pharmacy, but has
continued to learn and grow to a commanding status in the industry is now the fourth largest
FMCG company of the country with a turnover of Rs2,396 crore. It was established over 100
years ago presently catering to health care, personal care & food segment. Products Under
health care products it has brands like Hajmola, Pudin Hara, Dabur Chyawanprash, Glucose
D, Dabur Lal tail,etc.

In home care range consist of product like Odinil, Odomos, odopic,etc. Under personal care
range it has product like Vatika, Gulabri, Dabur Red Toothpaste,etc. In food range it has
brands like Real Active, HOMMADE–range of readymade pastes, soups, coconut milk &
tomato puree

Table no.4.1 (Open – Close price)

Month Open Price Close Price
Jan-14 171 172
Jan-15 234.75 256.15
Jan-16 277 250.05
Jan-17 276.75 276.25
Jan-18 352 354.35

26
S.K.S.B.M, H.N.G.U, PATAN
Chart No 4. 1( Open-Close price)

Interpretation
Dabur reported volume-led growth, marked by market share gains in key categories. While
reduced competitive intensity is a key positive, improving rural demand and recovery in
international business is expected to keep volume growth in a high single-digit trajectory.
Strong like-for-like growth Consolidated stock prices are hike from 2014 to 2018 .The
domestic FMCG business on the back of cost optimisation, lower promotional cost and better
product mix, offsetting the surge in raw material prices. Dabur has mainly competition from
other fmcg products.

Table no.4.2 (High- low- average price)

Month High Price Low Price Average Price
Jan-14 175.25 159.6 167.43
Jan-15 262.6 222.2 242.4
Jan-16 281 231.3 256.15
Jan-17 288 272.6 280.3
Jan-18 368 346.95 357.48

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S.K.S.B.M, H.N.G.U, PATAN
Chart No 4. 2( High- Low-Average price)

Interpretation

The company’s quarterly result has been above expectation. We are particularly enthused by
improvements in the competitive landscape, except for the juices category). The management
expects high single-digit volume growth in the medium-term. Rural growth is expected to be
main growth driver as its distribution strategy is in place. Additionally, recovery in its
international business, particular in the West Asia North Africa region, diversifies growth.
Rural recovery faster than urban Competitive intensity from Patanjali fading In the oral care
(17 percent of sales) as well, the company continues to improve its market share with 13.7
percent growth in the tooth paste category. The hair oil category (23 percent of sales) grew
8.8 percent backed by market share gains for coconut oils. Sales in shampoos surged 31.3
percent driven by restaging of Vatika shampoo

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S.K.S.B.M, H.N.G.U, PATAN
 Table no 4.3 key ratio dabur india ltd.

Dabur India ltd 2014 2015 2016 2017 2018

Eps 5.2 6.1 7.1 7.3 7.7
Dividend pay-out 33.4 33 31.6 31 97.3
Current ratio 1.6 1.2 1.4 1.4 1.4
Debt -Equity 0.1 0.1 0.1 0.1 0.1
Dividend yield 1.1 0.9 0.8 0.8 2.4

Chart no 4.3 . key ratio of Dabur india ltd

100
90
80
70 Eps
Dividend pay-out
60
Current ratio
50 Debt -Equity
40 Dividend yield
30
20
10
0
2014 2015 2016 2017 2018

Interpretation:-

The various ratio of dabur india ltd shows through above charts in last 5 years. The eps ratio
is the 5.2 in the year 2014 and increase year by year and less incerement in the upcoming 5
years and stood 7.7 in the year 2018. A consistent trend in this ratio is usually more important
than a high or low ratio. The high dividend pay out ratio in the year 2018 was 97.3. current
ratio is near to ideal ratio which shows good position of the company. The average of the last
5 year is also near the ideal ratio. The current ratio in the year 2016 was 1.4. Each industry
has different debt to equity ratio benchmarks, as some industries tend to use more debt
financing than others. A debt ratio of .5 means that there are half as many liabilities than
there is equity. The debt to equity ratio is 0.1 in all 5 years from 2014 t0 2018. The dividend
yield ratio was 1.1 in the year 2014 and decrease to 0.8 in the
year 2016 and after increase in the year 2018.

5. EXCEL CROP CARE LTD.

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S.K.S.B.M, H.N.G.U, PATAN
Excel Crop Care is in the Pesticides & Agro Chemicals sector. The current market
capitalisation stands at Rs 4,523.86 crore. It is listed on the BSE with a BSE Code of 532511
and the NSE with an NSE Code of EXCELCROP.

Excel Crop Care Limited (Excel) was incorporated in the year 2003 from a demerger of the
agricultural inputs portfolio of Excel Industries Limited with the strength of three
manufacturing units at Bhavnagar, Gajod and Silvassa. Excel Industries Limited has
pioneered the field of Agricultural inputs as well as Industrial and performance chemicals
since 1941.

Currently, Excel is powered with, over 1200 dedicated employees, a range of market leading
brands, a distribution network of 4500 Distributors, 40000+ dealers, a customer base running
into millions. Excel exports agrochemicals to more than 70 countries. Excel has a turnover of
around Rs.10,000 Million.

Table No.5.1 (Open-Close Price)

Month Open Price Close Price
Jan-14 432.2 453.1
Jan-15 1146 917.9
Jan-16 1139.25 1119.75
Jan-17 1684.05 1726.45
Jan-18 2010 3581.4

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S.K.S.B.M, H.N.G.U, PATAN
Chart No 5. 1( Open-Close price)

Interpretation

The agrochemicals market is considered to be one of the most important segments of agri-
inputs, due to the expanding commercial cultivation of high value crops to meet the rising
diversified food demand. Agrochemicals are consequently seen as those products, which
improves the return on investment and also aid in meeting farmer’s as well as consumer
demands, from the economical and health perspective with increasing per hectare production
of quality agricultural products. The adoption of new technologies that increases crop
production through the optimal use of scarce resources such as land, water, and fertilizers is
gaining attention in the field of agriculture. The high growth potential in emerging markets
and untapped regions, provides new growth opportunities for the market players. The growth
of this market is driven by growing farmer’s attention towards superior quality
agrochemicals, which should be balanced and nutritive.

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S.K.S.B.M, H.N.G.U, PATAN
Table 5.2. (High low Average price)
Month High Price Low Price Average price
Jan-14 475.9 375 425.45
Jan-15 1249 903 1076
Jan-16 1247.75 1020.75 1134.25
Jan-17 1840 1670 1755
Jan-18 3940 2001 2970.5

Chart No 5. 2( High- Low-Average price)

Interpretation

Moreover growth of horticulture & floriculture, increasing literacy rate among farmers
coupled with the increasing awareness towards use of fertilizers and pesticides in major crop
producing countries is further boosting the global agrochemicals market. The increasing
research and development (R&D) in the fields of bio-pesticides in order to compete with
organic farming and integrated pest management (IPM) is one of the most recent trends in
global agrochemicals market. Growing population and declining arable land to feed the
resultant population are driving the overall agrochemicals market. Increasing pest concerns
and emergence of a variety of agrochemicals are expected to drive the demand for
agrochemicals in the near future.

The agrochemicals market is also driven by factors such as rigorous research & sharing of
intellectual property rights and shifting R&D investments. Expansion in crops such as
oilseeds and sugarcane is mainly expected due to the widening applications such as food,

32
S.K.S.B.M, H.N.G.U, PATAN
feed, fuel, and other industrial uses, which in turn drive the agrochemicals market.
Development of safe alternatives such as bio-farming and organic pesticides is restraining the
growth of the agrochemicals market.

Table no 5.3 key ratio of excel crop care ltd.

Excel crop care ltd 2014 2015 2016 2017 2018

Eps 60 57.4 55.7 68.4 73.7
Dividend pay-out 20.8 21.8 22.4 16.8 11.9
Current ratio 1.6 1.7 2 2 2
Debt -Equity 0 0 0 0 0
Dividend yield 3.5 1.4 1.3 0.7 0.3

Interpretation:-

The various ratio of excel crop ltd shows through above charts in last 5 years. The eps ratio is
the 60 in the year 2014 and increase and decrease year by year and less incerement in the
upcoming 5 years and stood 73.7 in the year 2018. A consistent trend in this ratio is usually
more important than a high or low ratio. The high dividend pay out ratio in the year 2018 was
11.9. current ratio is near to ideal ratio which shows good position of the company. The
average of the last 5 year is also near the ideal ratio. The current ratio in the year 2016 was 2.
Each industry has different debt to equity ratio benchmarks, as some industries tend to use
more debt financing than others. A debt ratio of .5 means that there are half as many
liabilities than there is equity. The debt to equity ratio is 0 in all 5 years from 2014 to 2018.
The dividend yield ratio was 3.5 in the year 2014 and decrease to 1.3 in the year 2016 and
after decrease in the year 2018.

33
S.K.S.B.M, H.N.G.U, PATAN
6.FEDERAL BANK LTD.

Federal Bank is in the Banks - Private Sector sector. The current market capitalisation stands
at Rs 14,567.33 crore. It is listed on the BSE with a BSE Code of 500469 and the NSE with
an NSE Code of FEDERALBNK.

Table No.6.1 (Open-Close Price)

Month Open Price Close Price
Jan-14 84.6 79.25
Jan-15 152 142.05
Jan-16 56 46.15
Jan-17 66.9 76.05
Jan-18 108.2 100.45

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S.K.S.B.M, H.N.G.U, PATAN
Chart No 6. 1( Open-Close price)

Interpretation

The banking sector, being the barometer of the economy, is reflective of the weak macro-
economic variables. The Indian banking system continued to battle falling asset quality issues
and the need to maintain capital adequacy in the light of piling bad loans. Post
demonetization and transition to goods and service tax (GST), the Indian economy has
slowed down in FY 2017. The gross domestic product (GDP) grew by 7.1% in FY17, way
lower than the 8% growth registered in FY 2016. The macro situation in India has
deteriorated slightly on account of a spurt in the oil prices, a higher inflation then the
expectation and more importantly fiscal slippages on account of lower than anticipated GST
revenues. After a last interest rate cut in August 2017, the Reserve Bank of India (RBI) has
maintained a status quo on interest rates. The repo rate in February 2018 stood at 6%. Given
the increasing inflation, it is highly unlikely that the RBI reduces interest rates from hereon.

The repo rates stand at 6%. Although banks have reduced base rates but not to the same
extent. For the full transmission of rates, the RBI has asked banks to follow the marginal cost
of funds while setting the base rate.

35
S.K.S.B.M, H.N.G.U, PATAN
Table No.6.2. (high-low-Avg. Price)
Month High Price Low Price Avg. price
Jan-14 89.4 75.15 82.58
Jan-15 153.6 141 147.3
Jan-16 57.05 45.65 51.35
Jan-17 80 65.5 72.75
Jan-18 116.75 97.5 107.13

Chart No 6. 2( High- Low-Average price)

Interpretation

The government's plan to recapitalize public sector bank by Rs 2.11 trillion, will aid these
banks to make provisions for bad loans, lend money to the corporate and retail sector and
would help them in maintaining their Capital Adequacy Ratio (CAR) above the statutory
minimum. In FY17, the private sector banks continued to perform better than the public
sector banks. The banking sector continued to report high slippages on account of farm loan
waivers and default in their corporate loan portfolio.

36
S.K.S.B.M, H.N.G.U, PATAN
A high and rising proportion of banks stressed loans, particularly those of public sector banks
(PSBs) and a consequent increase in provisioning for non-performing assets (NPAs)
continued to weigh on credit growth reflecting their lower risk appetite and stressed financial
position. The ownership in the banking sector remained predominantly in the public sector
despite a gradual decline in their share.

Table no 6.3 key ratio of federal bank

Federal bank LTD. 2014 2015 2016 2017 2018

Eps 9.9 12.3 2.8 5 4.7
Dividend pay-out 20.1 17.8 24.7 17.9 21.1
Current ratio 0 0 0 0 0
Debt -Equity 9.5 9.5 10.5 11.6 10.1
Dividend yield 2.8 1.8 1.2 1.3 0.9

37
S.K.S.B.M, H.N.G.U, PATAN
Interpretation:-

The various key ratio of federal bank ltd shows through above charts in last 5 years. Earning
per share is the same as any profitability or market prospect ratio. Higher earnings per share
is always better than a lower ratio because this means the company is more profitable and the
company has more profits to distribute to its shareholders. The eps ratio was decrease upto
4.7 in the year 2018. The dividend pay out ratio is the 20.1 in the year 2014, 24.7 in the year
2016 and 21.1 in the year 2018. The current ratio is the 0 from last 5 years. Debt equity ratio
was 9.5 in the year 2014 and 2015 and 10.1 in the year 2018. The dividend yield ratio is 2.8
the year 2014 and decrease year by year and becoming 0.9 in the year 2018.

38
S.K.S.B.M, H.N.G.U, PATAN
7.GAIL (INDIA) LTD.

GAIL is in the Oil Drilling And Exploration sector. The current market capitalisation stands
at Rs 87,823.74 crore. It is listed on the BSE with a BSE Code of 532155 and the NSE with
an NSE Code of GAIL.

The company was initially given the responsibility of construction, operation and
maintenance of the Hazira-Vijaypur-Jagdishpur (HVJ) pipeline project. It was one of the
largest cross-country natural gas pipeline projects in the world. Originally this 1,800 Km long
pipeline was built at a cost of Rs 1,700 crores (US$ 268.72 million) and it laid the foundation
for development of market for natural gas in India.

GAIL Gas Ltd (GGL) to exclusively focus on city gas distribution business. GGL has been
authorized for implementation of CGD projects in four cities namely Kota, Dewas, Sonepat
and Meerut in the first round of bidding by Petroleum and Natural Gas Regulatory Board
(PNGRB).

Table No.7.1. (Open-Close price)

Month Open Price Close Price
Jan-14 344 358.95
Jan-15 441 424.25
Jan-16 377 367.1
Jan-17 438 467.2
Jan-18 500.25 478.3

39
S.K.S.B.M, H.N.G.U, PATAN
Chart No 7. 1 ( Open-Close price)

Interpretation

The Oil and Gas Extraction industry has been challenged in recent years by a decline in oil
and natural gas prices, and revenue contracted over the past five years due to steep price
drops in 2015 and 2016. However, domestic production of oil and gas steadily increased over
the five years to 2017, and industry operators positioned themselves to perform strongly as
prices rise over the five years to 2022. When the crude oil export ban was lifted in January
2016, many broadly viewed it as good for the industry and free trade but were not quite sure
about its impact. 2017 was the year the United States confirmed its growing status as an
energy exporter. Some may see our newfound energy strength as allowing us to go further
down an isolationist path as we seek the dream of energy independence. Another view might
be that our strength as an energy supplier simply gives us more leverage in the global, free
trade economy that the United States has historically supported

Table 7.2. (high low Avg. Price)

Month High Price Low Price Avg. price
Jan-14 361.95 332.3 347.13
Jan-15 451 413.1 432.05
40
Jan-16 380.9
S.K.S.B.M, H.N.G.U, PATAN
329.45 355.18
Jan-17 493.8 434.1 463.95
Jan-18 506.2 447.3 476.75
Chart No 7. 2( High- Low-Average price)

Interpretation

Over the five years to 2017, market concentration decreased slightly as formerly integrated
companies, such as ConocoPhillips and Hess, divested downstream segments to maximize
efficiency . there are the some factors for changes in the prices like The future of the industry
is expected to increasingly hinge on improvements in drilling technology, This industry is
highly dependent on global trends in energy demand and China is expected to continue
driving industry demand over the next five years, along with India. the exploration and
production of crude petroleum; the mining and extraction of oil from oil shale and oil sands;
the exploration and production of natural gas; sulfur recovery from natural gas; and recovery
of hydrocarbon liquids. Companies may operate oil and gas wells on their own account or for
others on a contract or fee basis.

Table no 7.3 key ratio of GAIL Ltd

41
S.K.S.B.M, H.N.G.U, PATAN
Gail LTD. 2014 2015 2016 2017 2018
Eps 37.7 -0.7 14.8 20 21.3
Dividend pay-out 27.6 -38.1 37.2 42.6 33.7
Current ratio 1.1 2.7 0.9 1 1
Debt -Equity 0.5 0 0.2 0.1 0
Dividend yield 3.1 1.8 1.6 2 1.7

Interpretation:-

The above chart present various financial ratio of the GAIL ltd from the year 2014 to 2018. a
higher earnings per share ratio often makes the stock price of a company rise. Since so many
things can manipulate this ratio, investors tend to look at it but don’t let it influence their
decisions drastically. In the starting the ratio is 37.7 and become 21.3 in the year 2018. The
dividend pay out ratio of the company showing the 27.6 in the year 2014 and the negatie
effect of it in the nest year becoming (38.1). The current ratio is near than ideal ratio so its
good financial position for the gail. The debt equity ratio is the lower through the last 5 years
the average of it 0.1. the Investors invest their money in stocks to earn a return either by
dividends or stock appreciation. Some companies choose to pay dividends on a regular basis
to spur investors’ interest. the lower ratio of dividend yield in the gail ltd. In the year 2018
stood 1.7 which is lower compare to year 2014 in 3.1.

8. HDFC BANK LTD.

42
S.K.S.B.M, H.N.G.U, PATAN
HDFC Bank is in the Banks - Private Sector sector. The current market capitalisation stands

at Rs 534,530.67 crore. It is listed on the BSE with a BSE Code of 500180 and the NSE with

an NSE Code of HDFCBANK.

Table 8.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 666.75 628.9
Jan-15 952 1076
Jan-16 1084.9 1048.95
Jan-17 1205 1286.95
Jan-18 1873 2006.35

Chart No 8. 1 ( Open-Close price)

Interpretation

HDFC Bank stock price ended the last trading day at $93.69. HDFC Bank market
capitalization is $80.7B and it represents the total market value of HDB stock. Investors can

43
S.K.S.B.M, H.N.G.U, PATAN
use valuation multiples like the P/E ratio, price to sales ratio etc. for performing HDFC Bank
stock analysis. The stock price movement of a company indicates what investors are willing
to pay. For Ex: if investors feel that HDFC Bank is worth a lot, it will most likely be reflected
in an inflated HDFC Bank stock quote, and vice versa. However, it must be noted that a
company's value must not be equated to its share price. 1,043,482

HDB shares were traded yesterday, and HDFC Bank stock chart shows that the HDB stock
quote hit a day high of $94.74 and day low of $93.17. HDFC Bank paid 0.55 stock dividends
to its shareholders during last quarter. HDFC Bank stock price history, gives the entire
historical data for HDB stock.

Table 8.2. (high- low-Avg. price)

Month High Price Low Price Avg. Price
Jan-14 685 625.2 655.1
Jan-15 1099.7 932 1015.85
Jan-16 1090 1008.35 1049.18
Jan-17 1300 1181.75 1240.88
Jan-18 2011.9 1832.95 1922.43

Chart No 8. 2 ( High-Low Average price)

Interpretation

44
S.K.S.B.M, H.N.G.U, PATAN
The banking sector, being the barometer of the economy, is reflective of the weak macro-
economic variables. The Indian banking system continued to battle falling asset quality issues
and the need to maintain capital adequacy in the light of piling bad loans.

The government's plan to recapitalize public sector bank by Rs 2.11 trillion, will aid these
banks to make provisions for bad loans, lend money to the corporate and retail sector and
would help them in maintaining their Capital Adequacy Ratio (CAR) above the statutory
minimum. In FY17, the private sector banks continued to perform better than the public
sector banks. The banking sector continued to report high slippages on account of farm loan
waivers and default in their corporate loan portfolio. In the graph reflects the upward trend in
the prices.

Table no 8.3 key ratio of hdfc bank ltd

Hdfc bank LTD. 2014 2015 2016 2017 2018

Eps 36.4 42.6 50.6 59.5 71.3
Dividend pay-out 1.1 0.9 0.9 0.9 0.8
p/e ratio 17.7 21.3 20.3 21.2 24.1
Debt -Equity 9.4 8.1 8.7 8.1 8.6
Dividend yield 1.1 0.9 0.9 0.9 0.8

45
S.K.S.B.M, H.N.G.U, PATAN
Interpretation:-

The above charts shows main 5 key ratio of Hdfc bank ltd. Firstly the ratio Eps in year 2014
was 36.4 and become higher in last 5th year 71.3 in the year 2018. if a company’s ratio has
fallen a percentage each year for the last five years might indicate that the company can no
longer afford to pay such high dividends. a company that has a downward trend of payouts is
alarming to investors. For example, if a company’s ratio has fallen a percentage each year for
the last five years might indicate that the company can no longer afford to pay such high
dividends. This could be an indication of poor operating performance. This could be an
indication of poor operating performance. The dividend pay out ratio stood 0.8 in the year
2018. The price to earing ratio 17.7 in the year 2014 and its increase year by year and after
that become 24.1 in the year 2018. The debt to equity ratio was 8.6 in the year 2018 which
lower to 2014. The lower dividend yield ratio going in the Hdfc bank ltd.

46
S.K.S.B.M, H.N.G.U, PATAN
9. ITC LTD.

ITC is in the Cigarettes sector. The current market capitalisation stands at Rs 371,657.47

crore. It is listed on the BSE with a BSE Code of 500875 and the NSE with an NSE Code of

ITC.

Table 9.1. (Open- Close price)

Month Open Price Close Price
Jan-14 323.3 325.1
Jan-15 368 368.6
Jan-16 327.6 319.5
Jan-17 241.95 258.05
Jan-18 263.3 271.25

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S.K.S.B.M, H.N.G.U, PATAN
Chart No 9. 1 ( Open-Close price)

Interpretation

An investor needs to spend $45.5 to buy ITC stock, as the closing ITC Holdings stock price is
$45.5. Looking at ITC Holdings market capitalization, which currently stands at $6.98B, we
can say that ITC stock is a Mid Cap stock. ITC Holdings valuation can be different from its
intrinsic stock price when viewed from a value investors perspective. The terms stocks and
shares mean the same thing. For Ex: ITC Holdings stock price and ITC Holdings share price
mean the same thing. The volume number in ITC Holdings stock quote data shows the
number of shares traded. For Ex: 31,080,598 ITC Holdings shares were traded as of last
trading day, as seen from ITC Holdings stock chart. A dividend is a cash payment made from
a company's earnings and is distributed among shareholders. ITC Holdings does pay
dividends. ITC Holdings stock price history has details about historical stock quotes, P/E
ratios and price to sales ratios.

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S.K.S.B.M, H.N.G.U, PATAN
Table 9.2. (High-low Avg. price)
Month High Price Low Price Avg. Price
Jan-14 332.3 311 321.65
Jan-15 373.6 346.1 359.85
Jan-16 328.5 302.9 315.7
Jan-17 266.7 238.55 252.625
Jan-18 283.1 259.6 271.35

Chart No 9. 2 ( High-Low Average price)

Interpretation

ITC has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers,
Packaging, Agri-Business, Packaged Foods & Confectionery, Information Technology,
Branded Apparel, Personal Care, Stationery, Safety Matches and other FMCG products.
While ITC is an outstanding market leader in its traditional businesses of Cigarettes, Hotels,
Paperboards, Packaging and Agri-Exports, it is rapidly gaining market share even in its
nascent businesses of Packaged Foods & Confectionery, Branded Apparel, Personal Care and
Stationery. As one of India's most valuable and respected corporations, ITC is widely
perceived to be dedicatedly nation-oriented. From the above chart we can show shat in the
year 2015 high upward so people are more interested to invest money but the situation are
change in the year 2017 and there are fall in the prices.

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 Table no 9.3 key ratio of ITC ltd

Itc LTD. 2014 2015 2016 2017 2018

Eps 11.2 12.1 11.8 86.3 94.2
Dividend pay-out 53.7 51.8 72 5.5 5.5
Current ratio 1.9 4 3.7 3.7 2.9
Debt -Equity 0 0 0 0 0
Dividend yield 1.8 1.7 2.7 1.9 1.7

Interpretation:-

The charts shows the key ratio of itc ltd. The eps ratio was 11.2 in the year 2014 and too
much hike in the year 2017 and stands at 94.2 in the year 2018. a higher earnings per share
ratio often makes the stock price of a company rise. Since so many things can manipulate this
ratio, investors tend to look at it but don’t let it influence their decisions drastically. Firstly
year the dividend pay out ratio was higher but after that suddenly low. The current ratio is
near to ideal ratio. In year it was 1.9 that shows good strength of the ITC Ltd. The no position
of the debt to equity ratio. The dividend yield ratio was the 1.8 in the year 2014 after that hike

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to 2.7 in the year 2016 and again down in the
dividend of the company and it stand to 1.7 in the
year 2018.

10 Jindal Steel & Power Ltd.

Jindal Steel is in the Steel - Sponge Iron sector. The current market capitalisation stands at Rs

22,683.82 crore. It is listed on the BSE with a BSE Code of 532286 and the NSE with an

NSE Code of JINDALSTEL.

Table 10.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 262.15 250.25
Jan-15 152.1 158.75
Jan-16 96.2 64.25
Jan-17 69.6 80.05
Jan-18 205.05 266.3

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Chart No 10. 1 ( Open-Close price)

Interpretation

Global Sponge Iron market competition by top manufacturers/players, with Sponge Iron sales
volume, Price (USD/Unit), revenue (Million USD), Players/Suppliers Profiles and Sales
Data, Company Basic Information, Manufacturing Base and Competitors and market share
for each manufacturer/player. On the basis of product type, Sponge Iron market report
displays the production, revenue, price, Market Size (Sales) Market Share by Type (Product
Category) and growth rate of each type (2012-2022), primarily split into: Gas Based
Technology, Coal-Based Technology. There are vey down market in the starting of the year
2016. After the demonetarisation the price of the jindal steel ltd is less. The less demand
affects the prices so there are gap between the open close prices. And there after in the year
2018 boom in market.

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Table 10.2. (High-Low Avg. Price)
Month High Price Low Price Avg. Price
Jan-14 269.25 248 258.625
Jan-15 166.8 145.45 156.125
Jan-16 97.3 57.1 77.2
Jan-17 84.3 68.85 76.575
Jan-18 294.15 199.9 247.025

Chart No 10. 2
( High-Low Average price)

Interpretation

Sponge Iron market report focuses on the status and outlook for major applications/end users,
sales volume, market share and growth rate for each application, including Metallurgical
Industry, Steel Industry, Achitechive. A huge amount of coking coal is required for blast
furnace and as coking coal is scarce, the alternate route is preferred. Today, sponge iron has
become the preferred raw material for steel manufacturers due to uninterrupted domestic
availability and relative stability in prices. Due to an increase in the demand for steel and
scarcity of coking coal for the blast furnace route, Indian sponge iron production has been
increasing over the last decade. Resource consumption in The sector uses various resources
like land, energy, coal, iron ore, dolomite, water, etc. Iron ore Requirement Sponge iron is a
rapidly growing industry in India. Undoubtedly, it has brought economic enrichment to the
private entrepreneurs; but at the same time it has also brought the curse of environmental

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S.K.S.B.M, H.N.G.U, PATAN
degradation in the form of air pollution, pressure on local resources, degradation of land and
adverse health impact.

Table no 10.3 key ratio of Jindal steel

Jindal steel & power LTD. 2014 2015 2016 2017 2018
Eps 20.9 -14 -33.7 -27.7 -16.7
Dividend pay-out 7.2 0 0 0 0
Current ratio 0.8 1 0.8 0.6 0.7
Debt -Equity 1.1 1 1.1 1.1 1.1
Dividend yield 0.6 0 0 0 0

Interpretation:-

The charts shows the key ratio of Jindal steel and power ltd from the year 2014 to 2018. The
eps ratio was going to negative in year 2015 to 2018. That was bad effect on the company.
The company also stop dividend to investors because of the loss and not good financial
position. A lower debt to equity ratio usually implies a more financially stable business.
Companies with a higher debt to equity ratio are considered more risky to creditors and
investors than companies with a lower ratio. The current ratio is lower that the ideal ratio.
That also reflects company having no good position of the current assets to current liabilities
to financial performance. The debt equity ratio was the 1.1 average in the last 5 years.

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11. KOTAK MAHINDRA BANK LTD.

Kotak Mahindra is in the Banks - Private sector. The current market capitalisation stands at
Rs 224,936.46 crore. It is listed on the BSE with a BSE Code of 500247 and the NSE with
an NSE Code of KOTAKBANK.

Table 11.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 729.65 656.95
Jan-15 1253.3 1320.85
Jan-16 715 682.4
Jan-17 719.05 772.55
Jan-18 1003 1109.75

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Chart No 11. 1 ( Open-Close price)

Interpretation

The S&P BSE BANKEX Index was at 28,702.0 (down 3.1%). The index is down 10.2% over
the last 30 days. And over the last 1 year, it has gained 2.8%. Within the Banks Private Sector
(PVT), the top gainer was HDFC BANK (up 0.4%). On the other hand, YES BANK (down
28.7%) and J&K BANK (down 7.4%) were among the top losers. Meanwhile, the benchmark
S&P BSE SENSEX was at 36,841.6 (down 0.8%). A high and rising proportion of banks
stressed loans, particularly those of public sector banks (PSBs) and a consequent increase in
provisioning for non-performing assets (NPAs) continued to weigh on credit growth
reflecting their lower risk appetite and stressed financial position. Competition High- There
are public sector banks, private sector and foreign banks along with non banking finance
companies competing in similar business segments. Additionally, the RBI has approved for
small finance banks and payment banks which will further increase competition in the
industry.

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Table 11.2. (High-Low Avg. Price)
Month High Price Low Price Avg. Price
Jan-14 739 645 692
Jan-15 1440 1234.05 1337.03
Jan-16 727 651 689
Jan-17 802.5 692.4 747.45
Jan-18 1128.7 992.5 1060.6

Chart No 11. 2 ( High-Low Average price)

Interpretation

The year gone by signified the beginning of the end of the easy money era. Federal Reserve
hiked interest rates thrice in 2017 and the same now stands in a range of 1.25% to 1.5%. The
Fed has forecasted another three rate hikes in 2018 and two hikes in 2019. The rate hike is on
account of an improving economy and labour market in the US. The unemployment rate has
dropped to lowest in seventeen years and now stands at 4.1%. With the US raising rates, the
European Central Bank (ECB) is expected to soon follow suit.

The crude prices over the year arrested its slide and saw some stability but oversupply issues
remained an anchor on the global oil prices. Recently, the International Monetary Fund (IMF)
revised upwards its global growth forecast. The IMF expects the global economy to grow by
3.9% in 2018 and 2019.

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Table no 11.3 key ratio of Kotak Mahindra bank

kotak mahindra bank LTD. 2014 2015 2016 2017 2018

Eps 32 39.4 18.9 26.8 32.5
Dividend pay-out 2.5 2.3 2.7 2.2 2.2
P/E 21.7 27.5 36 28.7 30.7
Debt -Equity 4.5 4.7 5.4 5.3 4.9
Dividend yield 0.1 0.1 0.1 0.1 0.1

Interpretation:-

The charts shows the key ratio of Jindal steel and power ltd from the year 2014 to 2018.
Earning per share is the same as any profitability or market prospect ratio. Higher earnings
per share is always better than a lower ratio because this means the company is more
profitable and the company has more profits to distribute to its shareholders. The eps ratio
was 32.5 in the year 2018. The dividend payout ratio was the like same in the last 5 years.
The price to earning ratio was compare to higher the 21.7 in the year 2014 and become 30.7
in the year 2018. The debt to equity ratio was 4.5 in the year 2014 and 5.4 in the year 2016
and 4.9 in the year 2018. The lower dividend yield ratio reflects in the kotak Mahindra bank
and same in all the 5 years.

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12. LUPIN LTD.

About Company

Lupin is in the Pharmaceuticals sector. The current market capitalisation stands at Rs

40,232.05 crore. It is listed on the BSE with a BSE Code of 500257 and the NSE with an
NSE Code of LUPIN.

Table 12.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 915 882.05
Jan-15 1433.9 1584.35
Jan-16 1833 1710.25
Jan-17 1495.9 1474.25
Jan-18 886.5 883.65

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Chart No 12.1 (Open-Close price)

Interpretation

Lupin Limited is a company which is based in Mumbai. Once, Lupin was the world’s biggest
manufacturer of Tuberculosis drugs. Lupin has manufacturing facility in Anklaeshwar,
Tarapur, Mandideep, Indore, and Vishakapatnam. Short Term Price Trend of Lupin Ltd. It is
very interesting for me to analyse short term price trend of my stocks. Hence I like to create
my own Simple Moving Average (SMA) graph for my stocks. For long term investors, long
term trends are more valuable. But it is also essential that the investor should not miss noting
the short term trends. If in short term term, the income, earnings are falling, it poses a risk.

Table 12.2. (High- Low Avg. price)

Month High Price Low Price Avg. Price
Jan-14 951 855 903
Jan-15 1589.4 1364.6 1477
Jan-16 1858.15 1635.35 1746.75
Jan-17 1527.1 1450.75 1488.93
Jan-18 968.15 870.1 919.125

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S.K.S.B.M, H.N.G.U, PATAN
Chart No 12. 2 ( High-Low Average price)

Interpretation

Lupin has presence in over 100 countries across the globe. It is one of the India’s most
renowned and respected global MNC’s. Before investing, it is important to look at a few
indicators that gives a rough idea about the current position of the stocks price. Lupin Ltd
has scored just 66.3%, but I still considered it as a good stocks. We are aware that the whole
Pharma Sector is facing a crisis due to USFDA. This is the reason why, since couple of years
a stock like Lupin is underperforming. I believe that stocks like Lupin will eventually get out
of the problem created by USFDA. But it may take some time. Till then Lupin will remain
weak. This stocks is ideal for long term investors. Sure, there is a risk. But Lupin is a prime
company. Current price compared to its 52W high and Low price.

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Table no 12.3 key ratio of Lupin ltd

lupin LTD. 2014 2015 2016 2017 2018

Eps 41 53.5 50.2 56.6 5.6
Dividend pay-out 14.6 14 14.9 13.2 90
Current ratio 2.3 2.3 2 2 2.4
Debt -Equity 0 0 0.5 0.4 0.5
Dividend yield 0.7 0.5 0.4 0.5 0.5

Interpretation:-

The above charts shows main 5 key ratio of lupin ltd. Firstly the ratio Eps in year 2014 was
41 and become higher in last 5th year 56.6 in the year 2017. if a company’s ratio has high a
percentage each year for the last five years might indicate that the company can no longer
afford to pay such high dividends. This could be an indication of good operating
performance. The dividend pay out ratio stood 90 in the year 2018. The current ratio is higher
than ideal ratio which is indicate danger position of the company name lupin ltd. The average
in last 5 year above 2.and 2.4 in the year 2018. The debt to equity ratio was 0.5 in the year
2018 and o in the year 2014. The lower dividend yield ratio going in lupin ld.

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S.K.S.B.M, H.N.G.U, PATAN
13. MARUTI SUZUKI LTD.

About Company

Maruti Suzuki is in the Auto - Cars & Jeeps sector. The current market capitalisation stands
at Rs 242,858.77 crore. It is listed on the BSE with a BSE Code of 532500 and the NSE with
an NSE Code of MARUTI.

Table 13.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 1764.1 1635.35
Jan-15 3330 3645.25
Jan-16 4630.5 4097.45
Jan-17 5348.85 5896.5
Jan-18 9749 9514.15

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S.K.S.B.M, H.N.G.U, PATAN
Chart No 13.1(Open-Close price)

Interpretation

Maruti Suzuki (MSIL) is India’s largest passenger vehicle (PV) manufacturer with ~47.4%
market share. The company is a key player in the mini and compact cars segment with
dominant market share. Suzuki Motor Corporation (Suzuki) of Japan holds 56% stake in the
company. MSIL offers the widest product range in passenger cars with special focus on
compact car segment. MARUTI SUZUKI last traded price was down 2.0% to Rs 8,039.6
on the BSE. On the NSE, MARUTI SUZUKI last traded price was down 2.1% to Rs 8,040.2.
The total volume of shares traded was 1.8 m. Overall, the broader S&P BSE AUTO Index
was down by 1.2%. And the benchmark S&P BSE SENSEX was at 36,841.6 (down 0.8%).
Over the last 30 days, the MARUTI SUZUKI share price is down 11.7%. And over the last
one year, MARUTI SUZUKI share price is down 1.1%.

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Table 13.2. (high-lowAvg. Price)
Month High Price Low Price Avg. Price
Jan-14 1864 1541.25 1702.63
Jan-15 3758 3321.05 3539.53
Jan-16 4665 3871.15 4268.08
Jan-17 5936.5 5270 5603.25
Jan-18 9790 9236.45 9513.23

Chart No 13. 2 ( High-Low Average price)

Interpretation

Maruti Suzuki (NS:MRTI) is a a rather popular equity in the Indian market but as of now I
expect it to tumble down by upto 220 points in the near future. Naturally there shall be a few
bullish days on the way but the end target is 220 points below. Firstly, we see that the buyer
demand in the equity has dried up. Currently the Accumulation/Distribution rating of the
equity is denoting that there is only a low level of professional buying in Maruti Suzuki India.
This is important as the professional level of buying wields a huge level of influence over an
equity’s price thus it is important to short the equities that the professionals are dumping
instead of buying. Furthermore, the price strength of the equity currently is also mediocre
showing that the equity has lost the sense of price leadership it once commanded.

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Table no 13. 3 key ratio of Maruti Suzuki ltd

maruti suzuki LTD. 2014 2015 2016 2017 2018

Eps 94.4 126 182 248.6 260.9
Dividend pay-out 12.7 19.8 19.2 30.2 30.7
Current ratio 1.8 1 0.7 0.7 0.5
Debt -Equity 0 0 0 0 0
Dividend yield 0.8 0.9 0.9 1.6 1

Interpretation:-

The charts shows last 5 year the key ratio of maruti suzuki ltd. The eps ratio was 9.4 in the
year 2014 and too much hike in the year 2017 and stands at 260.9 in the year 2018. a higher
earnings per share ratio often makes the stock price of a company rise. Since so many things
can manipulate this ratio, investors tend to look at it but don’t let it influence their decisions
drastically. Firstly year the dividend pay out ratio was low but after that suddenly high. The
current ratio is near to ideal ratio. In year 2014 it was 1.8 that shows good strength of the
maruti Suzuki Ltd. The no position of the debt to equity ratio. The dividend yield ratio was
the 0.8 in the year 2014 after that 0/9 in the year 2016 and again hike in the dividend of the
company and it stand to 1 in the year 2018.

14 ONGC LTD.

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About Company

ONGC is in the Oil Drilling And Exploration sector. The current market capitalisation stands
at Rs 231,126.57 crore. It is listed on the BSE with a BSE Code of 500312 and the NSE with
an NSE Code of ONGC.

Table 14.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 288.1 275.5
Jan-15 340 351.45
Jan-16 240 226.1
Jan-17 191.45 202.15
Jan-18 194 203.35

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Chart No 14. 1 ( Open-Close price)

Interpretation

The oil and gas industry remains the primary source of the world’s energy despite efforts to
enhance the viability and acceptability of alternative sources. The growth potential for this
industry is stable provided oil and gas risk analysis is deployed at strategic phases. The
challenges faced by this sector span various aspects, including financial, strategic, operational
and regulatory compliance. The Oil and Gas Extraction industry has been challenged in
recent years by a decline in oil and natural gas prices, and revenue contracted over the past
five years due to steep price drops in 2015 and 2016. However, domestic production of oil
and gas steadily increased over the five years to 2017, and industry operators positioned
themselves to perform strongly as prices rise over the five years to 2022.

Table 14.2. (high-low-Avg. Price)

Month High Price Low Price Avg. Price
Jan-14 294.45 270.2 282.325
Jan-15 357.8 328.6 343.2
Jan-16 244.85 206.25 225.55
Jan-17 212 191.1 201.55
Jan-18 212.9 191.65 202.275

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Chart No 14. 2 ( High-Low Average price)

Interpretation

Oil and gas experts are involved in frequent testing to ensure that estimates of accessible
reserves approximate actual values, but geological risk also includes challenges with
extraction, cost containment issues and ensuring safe conditions as drilling has moved to less
hospitable environments. Compliance Issues as Regulatory compliance has exacerbated
operational and financial challenges. As safety regulations and environmental guidelines are
tightened, the oil and gas sector is pressured to add substantial investments to ensure
compliance. Significant risks faced by the oil and gas industry coupled with massive
investments involved to sustain operations have driven the need to deploy leading-edge
methodologies to evaluate projects and measure risks. Mitigation strategies are most effective
when oil and gas risk assessment involves an in-depth study of risks involved, including
detailed determination and quantitative evaluation of risks involved to optimize investment
returns.

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Table no 14.3 key ratio of ONGC Ltd

ongc LTD. 2014 2015 2016 2017 2018

Eps 31 21.4 15.3 22.7 20.3
Dividend pay-out 30.7 44.3 55.5 39.9 32.5
Current ratio 0.9 1.2 1.1 0.6 0.6
Debt -Equity 0.2 0.2 0.2 0.3 0.3
Dividend yield 3.2 3 3.2 5.2 3.6

Interpretation:-

The above charts shows main 5 key ratio of ONGC ltd. Firstly the ratio Eps in year 2014 was
31 and become lower in last 5th year 20.3 in the year 2018. if a company’s ratio has fallen a
percentage each year for the last five years might indicate that the company can no longer
afford to pay such high dividends. This could be an indication of poor operating performance.
The dividend pay out ratio stood 32.5 in the year 2018. The current ratio in the year 2016 was
1.1. which is ideal so shows the strength for the ongc ltd. The debt to equity ratio was 0.3 in
the year 2018 . A lower debt to equity ratio usually implies a more financially stable business.
Companies with a higher debt to equity ratio are considered more risky to creditors and
investors than companies with a lower ratio. The dividend yield ratio was 3.2 in the year 2014
and no changes in the upcoming year as to dividend payout ratio.

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15. Procter & Gamble (P&G)

About Company

P and G is in the Personal Care sector. The current market capitalisation stands at Rs
31,302.05 crore. It is listed on the BSE with a BSE Code of 500459 and the NSE with an
NSE Code of PGHH.

Procter & Gamble Co. engages in the provision of branded consumer packaged goods. It
operates through the following segments: Beauty; Grooming; Health Care; Fabric & Home
Care; and Baby, Feminine & Family Care. The Beauty segment offers hair, skin, and personal
care. The Grooming segment comprises of shave care like female and male blades and razors,
pre and post shave products, and appliances. The Health Care segment includes oral care
products like toothbrushes, toothpaste, and personal health care such as gastrointestinal, rapid
diagnostics, respiratory, and vitamins, minerals, and supplements.

The Fabric and Home Care segment consist of fabric enhancers, laundry additives and
detergents, and air, dish, and surface care. The Baby, Feminine and Family Care segment
sells baby wipes, diapers, and pants, adult incontinence, feminine care, paper towels, tissues,
and toilet paper. The company was founded by William Procter and James Gamble in 1837
and is headquartered in Cincinnati, OH.

Table 15.1. (Open-Close Price)

Month Open Price Close Price
Jan-14 3050 3087
Jan-15 5799 6241
Jan-16 5623 5563
Jan-17 7061 6920
Jan-18 9447 9244.1

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Chart No 15. 1 ( Open-Close price)

Interpretation

P&G had a healthy average operating margin of 21.06 over the last 4 quarters. Net margins
came in at average 15.2% for P&G over the last twelve months. PG stock is trading at an
earnings multiple of 19.8 which is better than the sector average of 21.8. P&G has an
attractive ROIC (Return on Invested Capital) of 12.4P&G has a healthy FCF (Free Cash
Flow) margin of 15.3. Sales declined by -4.5 annually over the last 5 years.

PG stock is trading at a PS multiple of 3.2, which is a negative when compared to the

Consumer Staples sector average multiple of 1.6. The Annual Dividend Yield is 3.43%.
Procter & Gamble Co is one of the few S&P 500 Dividend Aristocrats stocks. The Dividend
Aristocrats are S&P 500 constituents that have increased their dividend payouts for 25
consecutive years. The companies that make up the Dividend Aristocrats span ten different
business sectors with both growth and value holdings.

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Table 15.2. (high-lowAvg. Price)
Month High Price Low Price Avg. Price
Jan-14 3240 3000 4740
Jan-15 6439 5755 9316
Jan-16 5710 5171 8295
Jan-17 7073 6667 10407
Jan-18 9559 9182 14150

Chart No 15. 2 ( High-Low Average price)

Interpretation

Relative valuation technique determine the value of Procter & Gamble Co. by comparing it to
similar entities (like industry or sector) on the basis of several relative ratios that compare its
stock price to relevant variables that affect the stock's value, such as earnings, book value,
and sales. The P/E ratio tells analyst how much an investor in common stock pays per dollar
of current earnings. Procter & Gamble Co.'s price declined from 2016 to 2017 but then
increased from 2017 to 2018 not reaching 2016 level. Procter & Gamble Co.'s P/OP ratio
declined from 2016 to 2017 and from 2017 to 2018. An rationale for the P/S ratio is that
sales, as the top line in an income statement, are generally less subject to distortion or
manipulation than other fundamentals such as EPS or book value. Sales are also more stable
than earnings and never negative.

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 Table 15.3 key ratio of P&G

P&G 2014 2015 2016 2017 2018

Eps 106.63 130.37 133.31 115.4 115.4
Dividend pay-out 28.36 27.61 298.55 23.39 0
Current ratio 1.9 2.51 1.04 1.54 1.54
Debt -Equity 0.2 0.2 0.2 0.3 0.3
Dividend yield 0.02 0.02 0.02 0.01 0.01

Interpretation:-

The various ratio of P&G shows through above charts in last 5 years. The eps ratio is the
106.63 in the year 2014 and increase and decrease year by year and less incerement in the
upcoming 5 years and stood 115.4 in the year 2018. A consistent trend in this ratio is usually
more important than a high or low ratio. The high dividend pay out ratio in the year 2018 was
0. current ratio is near to ideal ratio which shows good position of the company. The average
of the last 5 year is also near the ideal ratio. The current ratio in the year 2016 was 1.04. Each
industry has different debt to equity ratio benchmarks, as some industries tend to use more
debt financing than others. A debt ratio of .5 means that there are half as many liabilities than
there is equity. The debt to equity ratio is 0.25 in all 5 years from 2014 to 2018. The dividend
yield ratio was 0.02 in the year 2014 and 0.01 in the year 2018.

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  REFERENCES

www.moneycontrol.com

www.equitymaster.com

https://www.thebalance.com/tools-of-fundamental-analysis-3140772

www.ndtvprofit.com

www.economictimes.com

https://www.sanasecurities.com/cipla-equity-research/

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

http://indianresearchjournals.com/pdf/IJMFSMR/2013/May/6.pdf

https://www.myaccountingcourse.com/financial-ratios/dividend-yield

https://www.sanasecurities.com/asian-paints-equity-research/

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