A STUYDY ON EQUITY ANALYSIS IN AUTOMOBILE INDUSTRY WITH REFERENCE TO SHAREKHAN Introduction of the study: Over the decades, investors

have been presented with a number of products and a good equity portfolio can have a combination of all of them. When one thinks of aggressive investment option, equity is bound to top the list for many. While some think that equity allows them to earn quick returns in a short period of time, the reward is always higher over the long term. No doubt, markets do offer opportunities of doubling the capital at regular intervals as was the case in 2008-09, but it was a not a planned exercise for many. In fact, the turnaround in quick time was beyond everyone's expectation but it only proved the fact that equity has the ability to bounce back in quick time. As a matter of fact, the turnaround for most assets has come down in recent times and with economies getting globalised at a faster pace, the cycles are likely to get shorter going forward. For those looking at equity allocation in their portfolio, trading in stocks is not the only option. Today, there is a larger basket of products which allows investors to have equity allocation. These include direct stocks, mutual funds, futures and options, insurance and pension plans etc. The Indian Automobile industry is a success story providing employment for millions and ensuring that essential drugs at affordable prices are available to the vast population of this sub-continent. The Indian Automobile Industry today is in the front rank of Indias science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. It ranks very high in the third world, in terms of technology, quality and range of manufactured. Playing a key role in promoting and sustaining development in the vital field of Manifature, Indian Automobile Industry boasts of quality producers and many units approved by regulatory authorities in USA and UK. International companies associated with this sector have stimulated, assisted and spearheaded this dynamic development in the past 53 years and helped to put India on the Automobile map of the world.

The present study Performance analysis of equities in Automobile industry. Brings into surface the risk and return involved and the options for the various investments for the efficient management of the portfolio.

RESEARCH METHODOLOGY Need for the study: Companies need to invest in diverse areas in order to minimize their risk and get optimum returns. However, a company cannot blindly invest in everything in order to reduce its risk since it involves huge money and effort. So, it is important for a company to properly decide its portfolio and invest carefully. The present study gives an insight into this issue by analyzing the Equity Share Prices of the Automobile industry. Research problem: Equity shares belong to the high risk and high return category where the returns depend much on investors luck. Out of the total Automobile companies in India, only 25% are listed companies. Automobile industry requires heavy investments for research and development compared to any other industry. Inspite of this heavy investment, there is no guarantee for expected outcome. When such is the situation, the investor is highly affected. Whatever is the risk he beared does not become fruitful. Further, Automobile industry is the least affected industry even in case of recession. This is evident from the worlds recession in the year 2008. This means that Automobile companies seem to be immune to the economic ups and downs. Hence, investment in Automobile sector is rated as one of the most secure investments. The present study attempts to analyze the risk and return in the Automobile industry in the current scenario and attempts to give a well understanding to the investors regarding the investment in this industry. Objectives of the Study To observe the rate of fluctuations in Equity share prices of Automobile industry. To determine the amount of risk & returns involved in the securities of Automobile industry. To observe the degree of volatility in Automobile industry. To understand the price fluctuations & the factors influencing the fluctuations of Automobile industry.

Scope of the Study The study covers all the information related to the Equities it also covers the risk and returns in Automobile industry. The study is confined only one Sector i.e Automobile industry and the entire study is based upon their Stock prices for a period of last five years. Method of data collection: The data that is used in this project is of secondary nature. The data is to be collected from secondary sources such as Company reports and Annual records and various websites, journals, newspapers, books, etc. the analysis used in this project has been done using selective technical tools. In Equity market, risk is analyzed and trading decisions are taken on basis of technical analysis. It is collecting share prices of the company for a period of two years. Source of data Secondary data have been collected from the respective unit though manuals and annual reports of the company. Further the data collected from the historical/existing sources of data as databases, journals books, articles, research reports, websites and etc. Period of the study The study is done for a period of 60 days in the organization where the necessary guidance and the information required for the project is provided. Data analysis tools: Beta, Risk and return analysis, Equity Share Values are used to analyze the risk and return category of Automobile industry. Limitations of the Study The present project work has been undertaken to provide information regarding risk return on equity share prices of Automobile industry. The following are the limitations of the study. The study is based on the secondary data which is available from various. The study is limited to only one sector. The time taken to undertaken the project work is very short; hence only One sector was chosen for the study.

LITERATURE REVIEW According to Kevin Return and risk are two important characteristics of every investment. Investors base their investment decision on the expected return and risk of investments. Risk is measured by the variability in returns. Investors attempt to reduce the variability of returns through diversification of investment. This results in the creation of a portfolio. With a given set of securities, any number of portfolios may be created by altering the proportion of funds invested in each security. Among these portfolios some dominate others or some are more efficient than the vast majority of portfolios because of lower risk or higher returns. Diversification helps to reduce risk, but even a well diversified portfolio does not become risk free. If we construct a portfolio including all the securities in the stock market, that would be the most diversified portfolio. Even such a portfolio would be subject to considerable variability. This variability is undiversifiable and is known as the market risk or systematic risk because it affects all he securities in the market. The real risk of a security is the market risk which cannot be eliminated through diversification. This is indicated by the sensitivity of a security to the movements of the market and is measured by the beta coefficient of the security. A rational investor would expect the return on a security to be commensurate with its risk. The higher the risk of security, the higher would be the return expected from it. And since the relevant risk of a security is its market risk or systematic risk, the return is correlated with this risk only. The capital asset pricing model gives the nature of the relationship between the expected return and the systematic risk of a security. According to Charles investment of funds in various assets is only part of the overall financial decision making and planning that most individuals must do. Before investing, each individual should develop an overall financial plan. Such a plan should include the decision on whether to purchase a house, which for most individuals represents a major investment. Investors should expect a risk premium for buying a risky asset such as a stock. The greater the riskiness of that stock, the higher the risk premium should be. If investors hold well-diversified portfolios, they should be interested in portfolio risk rather than individual security risk. Different stocks will affect a well diversified portfolio

differently. The relevant risk for an individual stock is its contribution to the riskiness of a well diversified portfolio is market risk, or systematic risk, which is non diversifiable.

CONCEPTUAL FRAME WORK Investment is the activity, which is made with the objective of earning some sort of positive returns in the future. It is the commitment of the funds to earn future returns and it involves sacrificing the present investment for the future return. Every person makes the investment so that the funds he has increases as keeping cash with himself is not going to help as it will not generate any returns and also with the passage of time the time value of the money will come down. As the inflation will rise the purchasing power of the money will come down and this will result that the investor who does not invest will become more poor as he will not have any funds whose value have been increased. Thus every person whether he is a businessman or a common man will make the investment with the objective of getting future returns. Types of Investments:There are basically three types of investments from which the investors can choose. The three kinds of investment have their own risk and return profile and investor will decide to invest taking into account his own risk appetite. The main types of investments are: Economic investments:These investments refer to the net addition to the capital stock of the society. The capital stock of the society refers to the investments made in plant, building, land and machinery which are used for the further production of the goods. This type of investments are very important for the development of the economy because if the investment are not made in the plant and machinery the industrial production will come down and which will bring down the overall growth of the economy. Financial Investments:This type of investments refers to the investments made in the marketable securities which are of tradable nature. It includes the shares, debentures, bonds and units of the mutual funds and any other securities which is covered under the ambit of the Securities Contract Regulations Act definition of the word security. The investments made in the capital market instruments are of vital important for the country economic growth as the stock market index is called as the barometer of the economy.

General Investments:These investments refer to the investments made by the common investor in his own small assets like the television, car, house, motor cycle. These types of investments are termed as the household investments. Such types of investment are important for the domestic economy of the country. When the demand in the domestic economy boost the overall productions and the manufacturing in the industrial sectors also goes up and this causes rise in the employment activity and thus boost up the GDP growth rate of the country. The organizations like the Central Statistical Organization (CSO) regularly takes the study of the investments made in the household sector which shows that the level of consumptions in the domestic markets. Characteristics of Investment Certain features characterize all investments. The following are the main characteristic features if investments: 1. Return: All investments are characterized by the expectation of a return. In fact, investments are made with the primary objective of deriving a return. The return may be received in the form of yield plus capital appreciation. The difference between the sale price & the purchase price is capital appreciation. The dividend or interest received from the investment is the yield. Different types of investments promise different rates of return. The return from an investment depends upon the nature of investment, the maturity period & a host of other factors. 2. Risk: Risk is inherent in any investment. The risk may relate to loss of capital, repayment of capital, nonpayment of interest, or variability of more risky. The risk of an delay in returns. While some

investments like government securities & bank deposits are almost risk less, others are investment depends on the following factors. The longer the maturity period, the longer is the risk. The lower the creditworthiness of the borrower, the higher is the risk. securities like like debt instrument

The risk varies with the nature of investment. Investments in ownership equity share carry higher risk compared to investments in debentures & bonds.

3. Safety: The safety of an investment implies the certainty of return of capital without loss of money or time. Safety is another features which an investors desire for his investments. Every investor expects to get back delay. 4. Liquidity: An investment, which is easily saleable, or marketable without loss of money & without loss of time is said to possess liquidity. Some investments like company deposits, bank deposits, P.O. deposits, NSC, NSS etc. are not marketable. Some investment instrument like preference shares & debentures are marketable, but there are no buyers in many cases & hence their liquidity is negligible. Equity shares of companies listed on stock exchanges are easily marketable through the stock exchanges. An investor generally prefers liquidity for his investment, safety of his funds, a good return with minimum risk or minimization of risk & maximization of return. IMPORTANCE In the current situation, investment is becomes necessary for everyone & it is important & useful in the following ways: 1. Retirement planning: Investment decision has become significant as people retire between the 60. Also, the trend shows longer life expectancy. The earning from ages of 55 & employment his capital on maturity without loss & without

should, therefore, be calculated in such a manner that a portion should be put away as a savings. Savings by themselves do not increase wealth; these must be invested in such a way that the principal & income will be adequate for a greater number of retirement span & longevity years. Increase in working population, proper planning for life have ensured the need for balanced investments. 2. Increasing rates of taxation: Taxation is one of the crucial factors in any country, which introduce an element of compulsion, in a persons saving. In the form investments, there are various forms of saving outlets in our country, which help in bringing down the tax level by offering deductions in personal income.

For examples: Unit linked insurance plan, Life insurance, National saving certificates, Development bonds, Post office cumulative deposit schemes etc. 3. Rates of interest: It is also an important aspect for sound investment plan. It varies differ due different benefits schemes offered by between investment & another. This may vary between risky & safe investment, they may also the investments. These aspects must be considered before actually investing. The investor has to include in his portfolio several kinds of investments stability of interest is as important as receiving high rate of interest. 4. Inflation: Since the last decade, now a days inflation becomes a continuous problem. In these years of rising prices, several problems are associated coupled with a falling standard of living. Before funds are invested, erosion of the resource will have to be carefully considered in order to make the right choice of investments. The investor will try & search outlets, which gives him a high rate of return in form of interest to cover any decrease due to inflation. He will also have to judge whether the interest or return will be continuous or there is a likelihood of irregularity. Coupled with high rate of interest, he will have to find an outlet, which will ensure safety of principal. Beside high rate of interest & safety of principal an investor also has to always bear in mind the taxation angle, the interest earned through investment should not in taxation. 5. Income: For increasing in employment opportunities in India. Investment decisions number of organization & services came into being. have assumed importance. After independence with the stage of development in the country a unduly increase his taxation burden otherwise; the benefit derived from interest will be compensated by an increase

For example: The Indian administrative services. Banking recruitment services. Expansion in private corporate sector. Public sector enterprises. Establishing of financial institutions, tourism, hotels, and education. More avenues for investment have led to the ability & willingness of working people to save & invest their funds. 6. Investment channels: The growth & development of country leading to greater economic activity has led to the introduction of a vast array of investment outlays. Apart from instruments. The question to reason out is putting aside saving in savings banks where interest is low, investor has the choice of a variety of which is the most suitable channel? Which media will give a balanced growth & stability of return? The investor in his choice of investment will give a balanced growth & stability of return? The investor in his choice of investment will have try & achieve a proper mix between high rates of return to reap the benefits of both. For example: Fixed deposit in corporate sector Unit trust schemes.

RISK RETURN OF VARIOUS INVESTMENT AVENUES The risk/return relationship is a fundamental concept in not only financial analysis, but in every aspect of life. If decisions are to lead to benefit maximization, it is necessary that individuals/institutions consider the combined influence on expected (future) return or benefit as well as on risk/cost. The requirement that expected return/benefit be commensurate with risk/cost is known as the "risk/return trade-off" in finance. This session discusses the trade-off and, using conventional statistical tools, provides a method for quantifying risk. Two categories of risk borne by the firm's stockholders, business risk and financial risk, are discussed and demonstrated, as is the concept of leverage. The session also examines risk reduction via portfolio diversification and what requirements need to be met for firms to experience the benefits of diversification. The Capital Asset Pricing Model (CAPM) is used to demonstrate the risk/return trade-off by relating the required return on the firm's investments to its beta (or market) risk. Every investment is characterized by return & risk. Investors intuitively understand the concept of risk. A person making an investment expects to get some return from the investment in the future. But, as future is uncertain, so is the future expected return. It is this uncertainty associated with the returns from an investment that introduces risk into

an investment. Risk arises where there is a possibility of variation between expectation and realization with regard to an investment. Meaning of Risk Risk & uncertainty are an integrate part of an investment decision. Technically risk can be defined as situation where the possible consequences of the decision that is to be taken are known. Uncertainty is generally defined to apply to situations where the probabilities cannot be estimated. However, risk & uncertainty are used interchangeably. Types of risks 1. Systematic risk: Systematic risk is non diversifiable & is associated with the securities market as well as the economic, sociological, political, & legal considerations of prices of all securities in the economy. The affect of these factors is to put pressure on all securities in such a way that the prices of all stocks will more in the same direction. Example: During a boom period prices of all securities will rise & indicate that the economy is moving towards prosperity. Market risk, interest rate risk & purchasing power risk are grouped under systematic risk. RISK

SYSTEMATIC i. Market Risk ii. Interest Rate Risk iii. Purchasing power Risk 1. Systematic Risk (A) Market risk

UNSYSTEMATIC i. Business Risk ii. Financial Risk

Market risk is referred to as stock variability due to changes in investors attitudes & expectations. The investor reaction towards tangible and intangible events is the chief cause affecting market risk. (B) Interest rate risk

There are four types of movements in prices of stocks in the markets. These may termed as (1) long term, (2) cyclical (bull and bear markets), (3) intermediate or within the cycle, and (4) short term. The prices of all securities rise or fall depending on the change in interest rates. The longer the maturity period of a security the higher the yield on an investment & lower the fluctuations in prices. (C) Purchasing Power risk Purchasing power risk is also known as inflation risk. This risk arises out of change in the prices of goods & services and technically it covers both inflation and deflation periods. During the last two decades it has been seen that inflationary pressures have been continuously affecting the Indian economy. Therefore, in India purchasing power risk is associated with inflation and rising prices in the economy. 2. Unsystematic Risk: The importance of unsystematic risk arises out of the uncertainty surrounding of particular firm or industry due to factors like labour strike, consumer preferences and management policies. These uncertainties directly affect the financing and operating environment of the firm. Unsystematic risks can owing to these considerations be said to complement the systematic risk forces. (A) Business risk Every corporate organization has its own objectives and goals and aims at a particular gross profit & operating income & also accepts to provide a certain level of dividend income to its shareholders. It also hopes to plough back some profits. Once it identifies its operating level of earnings, the degree of variation from this operating level would measure business risk. (B) Financial Risk: Financial risk in a company is associated with the method through which it plans its financial structure. If the capital structure of a company tends to make earning unstable, the company may fail financially. How a company raises funds to finance its needs and growth will have an impact on its future earnings and consequently on the stability of earnings. Debt financing provides a low cost source of funds to a company, at the same time providing financial leverage for the common stock holders. As long as the earnings of the company are higher than the cost of borrowed funds, the earning per share of

common stock is increased. Unfortunately, a large amount of debt financing also increases the variability of the returns of the common stock holder & thus increases their risk. It is found that variation in returns for shareholders in levered firms (borrowed funds company) is higher than in unlevered firms. The variance in returns is the financial risk. PHASES OF PORTFOLIO MANAGEMENT Five phases can be identified in this process: 1. Security analysis 2. Portfolio analysis 3. Portfolio selection 4. Portfolio revision 5. Portfolio evaluation Phase I: Security Analysis An examination and evaluation of the various factors affecting the value of a security. Security Analysis stands for the proposition that a well-disciplined investor can determine a rough value for a company from all of its financial statements, make purchases when the market inevitably under-prices some of them, earn a satisfactory return, and never be in real danger of permanent loss. Phase II: Portfolio Analysis Analysis phase of portfolio management consists of identifying the range of possible portfolios that can be constituted from a given set of securities and calculating their return and risk for further analysis. Phase III: Portfolio Selection The proper goal of portfolio construction is to generate a portfolio that provides the highest returns at a given level of risk. A portfolio having this characteristic is known as an efficient portfolio. The inputs from portfolio analysis can be used to identify the set of efficient portfolios. From this set of efficient portfolios, the optimal portfolio has to be selected for investment. Harry Markowitz portfolio theory provides both the conceptual framework and analytical tools for determining the optimal portfolio in a disciplined and objective way.

Phase IV: Portfolio Revision Having constructed the optimal portfolio, the investor has to constantly monitor the portfolio to ensure that it continues to be optimal. Portfolio revision is as important as portfolio analysis and selection. Phase V: Portfolio Evaluation It is the process, which is concerned with assessing the performance of the portfolio over a selected period of time in terms of returns and risk. This involves quantitative measurement of actual return realized and the risk born by the portfolio over the period of investment. It provides a feedback mechanism for improving the entire portfolio management process. MODELS Some of the financial models used in the process of Valuation, stock selection, and management of portfolios include:

Maximizing return, given an acceptable level of risk. Modern portfolio theorya model proposed by Harry Markowitz among others. The single-index model of portfolio variance. Capital asset pricing model. Arbitrage pricing theory. The Jensen Index. The Treynor Index. The Sharpe Diagonal (or Index) model. Value at risk model.

BETA: The Beta coefficient, in terms of finance and investing, is a measure of a stock (or portfolio)s volatility in relation to the rest of the market. Beta is calculated for individual companies using regression analysis. The beta coefficient is a key parameter in the capital asset pricing model (CAPM). It measures the part of the asset's statistical variance that cannot be mitigated by the diversification provided by the portfolio of many risky assets, because it is correlated with the return of the other assets that are in the portfolio.

For example, if every stock in the New York Stock Exchange was uncorrelated with every other stock, then every stock would have a Beta of zero, and it would be possible to create a portfolio that was nearly risk free, simply by diversifying it sufficiently so that the variations in the individual stocks' prices averaged out. In reality, investments tend to be correlated, more so within an industry, or when considering a single asset class (such as equities). This correlated risk, measured by Beta, is what actually creates almost all of the risk in a diversified portfolio. The formula for the Beta of an asset within a portfolio is

Where ra measures the rate of return of the asset, rp measures the rate of return of the portfolio of which the asset is a part And Cov (ra, rp) is the covariance between the rates of return. Formulas: 1. 2. 3. = Square root ((mean return -expected return)^2/N) 4. Covariance: COV (X, Y)=1/N[(RX-RX)(RY-RY)]

AUTOMOBILE INDUSTRY PROFILE Driving the most luxurious car has been made possible by the stiff competition in the automobile industry in India, with overseas players gathering the same momentum as the domestic participants. Every other day, we have been hearing about some new launches, some low cost cars all customized in a manner such that the common man is not left behind. In 2009, the automobile industry is expected to see a growth rate of around 9%, with the disclaimer that the auto industry in India has been hit badly by the ongoing global financial crisis. The automobile industry in India happens to be the ninth largest in the world. Following Japan, South Korea and Thailand, in 2009, India emerged as the fourth largest exporter of automobiles. Several Indian automobile manufacturers have spread their operations globally as well, asking for more investments in the Indian automobile sector by the MNCs. Potential of the Automobile industry in 2008, Hyundai Motors alone exported 240,000 cars made in India. Nissan Motors plans to export 250,000 vehicles manufactured in its India plant by 2011. Similar plans are for General Motors. Segmentation of market share of automobile industry in India

Passenger Vehicle: 15.96% Commercial Vehicle: 3.95% Three wheelers: 3.60% Two wheelers: 76.49%

Top Automobile Companies in India Tata Motors Tata Motors is the largest automobile manufacturing companies in India. Established way back in 1945 Tata Motors is a multinational automobile company with its headquarters in Mumbai. Previously known as Telco TATA Engineering and Locomotive Company Tata Motors belongs to Tata Group. This company manufactures compact medium sized utility vehicles. Over the last few decades it has stood as the undisputed leader in the commercial vehicles segment. It is also the third largest producer of passenger cars in India. This automobile company in India is listed on both the Bombay Stock Exchange and the New York Stock Exchange. The revenues earned by Tata Morts in 2010 accounted to $20.572 billion. Some of the well known cars manufactured by Tata Motors are: Tata Indigo, Tata Indica, Tata Sumo Tata Indigo Marina and Tata safari. Hindustan Motors Limited Hindustan Motors Limited was founded in the year 1942 by B.M Birla. It is an operative subsidy of the Birla Technical Services group. This company held the title of the biggest manufacturer of cars in India before Maruti Udyog. Hindustan Motors was the pioneer in manufacturing automobiles in India. The company accounted for a sales turnover of Rs 150.66 crore in 2010. Some of the important cars and multi utility vehicles manufactured by Hindustan Motors Limited include; Mitsubishi Lancer, Trekker, Contessa, Ambassador, Porter, Pushpak and the Mitsubishi. Ashoke Leyland Ashoke Leyland is a leading commercial vehicle manufacturer in India. It was established in 1948. The company over the years has become synonymous with the production of trucks, passenger buses and emergency military vehicles. It happens to be the second largest commercial vehicle producer in India holding a market share of almost 30 percent. The company holds a record for selling almost 60, 000 vehicles and almost 7000 engines per years. Ashok Leyland accounted for consolidated revenues of US$ 1.4 billion in 2009. Some of the popular products by this company are; Panther BS-II Mutiaxle Vehicles, Cheetah Bus-III, Tractors and Ecomet, Lynx BS-II, Diesel and Natural Gas gensets from 15KVA to 250KVA.

Maruti Suzuki India Limited Maruti Suzuki India Limited was established in 1981. A part of this company is owned by Suzuki Motor Corporation of Japan. It is the country's largest passenger car manufacturing company. Credited for having brought in the automobile revolution in the country Maruti Suzuki India Limited was known as Maruti Udyog Limited till 2007. With its headquarters in Delhi this automobile company in India happens to be the largest producer and market share holder of cars. The company accounted for consolidated revenues of US$4.8 billion in 2010. Maruti Suzuki India Limited is credited for manufactures a variety of passenger cars SUVs, and Sedans. Some of Maruti's most popular cars are: Alto, Gypsy, Omni, Wagon R, Maruti 800, Versa, Zen, Esteem, Baleno and Swift. Hyundai Motor India Limited Hyundai Motor India Limited (HMIL) is owned entirely by Hyundai Motors of South Korea. Hyundai Motors happens to be the largest car manufacturer in South Korea and the sixth largest in the world. This automobile company in India is also the largest passenger cars exporter in India. Established on May 6 1996 this company in a short span of time has taken the Indian automobile industry by storm. Some of the popular cars manufactured by this company are; Santro, Getz Prime, Hyundai i10, Hyundai i20 Accent and the Verna and Sonata Bajaj Auto Bajaj Auto is another important automobile manufacturing company in India. It is one of the India's most trusted car manufacturers. It is an operative subsidy of the Bajaj Group. Bajaj Auto happens to be the largest two and three wheeler manufacturer in India and also ranks in this field across the globe. This automobile company was established on 2 November 1945. The company was then known as M/s Bachraj Trading Corporation Private Limited. The company made a modest beginning by importing and then selling two and three wheelers in India. Today Bajaj Auto has become synonymous with two and three wheelers in the country. Some of its popular two wheelers are; Pulsar 220DTS and Kawasaki Ninja 250R.

Indian Automobile Industry SWOT Analysis Strengths

Domestic Market is large Government provides monetary assistance for manufacturing units Reduced Labor cost Infrastructural setbacks Low productivity Too many taxes levied by government increase the cost of production Low investments in Research and Development Reduction in Excise duty Rural demand is rising Income level is at a constant increase Increasing rates of interest Too much competition Rising cost of raw materials

Weaknesses

Opportunities

Threats

COMPANIES PROFILES Ashok Leyland Company profile Ashok Leyland Ltd is an India-based company. The company is engaged in the manufacturing of commercial vehicles and related components. The company's products include buses, trucks, engines, defense and special vehicles. From 18 seater to 82 seater double-decker buses, from 7.5 ton to 49 ton in haulage vehicles, from numerous special application vehicles to diesel engines for industrial, marine and genset applications, Ashok Leyland offers a range of products. The company is the flagship of the Hinduja Group, one of the largest commercial vehicle manufacturers in India. The company is headquartered in Chennai, India. Their manufacturing footprint is pan-India with two facilities in Prague (Czech Republic) and Ras Al Khaimah (UAE). Ashok Leyland Ltd was incorporated in the year 1948 with the name Ashok Motors. The company was set up in collaboration with Austin Motor Company, England for the assembly of Austin cars. In The year 1949, they commenced production at the factory situated at Ennore, south of Madras. Also, they rolled out the first indigenously assembled A40 Austin car. In they ear 1950, the company made an agreement with Leyland, UK in which Ashok Motors got sole rights to import, assemble and progressively manufacture Leyland trucks for seven years. In the year 1954, the Government approved the progressive manufacture of Leyland commercial vehicles and a license was granted for the manufacture of 1,000 Comets a year. In the year 1955, the company name was changed to Ashok Leyland Ltd with equity participation from Leyland Motors Ltd. In the year 1967, the company launched 'Titan', the first Indian-made double decker with 50% indigenous components. In the year 1970, the company designed and delivered 1,000 numbers of the 6x4 'Hippo' Tipper to the Indian Army based on their specific requirements. In the year 1972, the license was granted to manufacture 10,000 vehicles a year. In the year 1976, the company introduced the 'Viking', the first ever bus with an alternator and a unique front overhang that facilitated front entry. In the year 1978, they introduced India's first rear-engine bus, 'Cheetah'. In the year 1980, the company inaugurated their second plant, Hosur I in Hosur. They launched India's first 13-ton truck, 'Tusker' with a

125 hp engine. Also, they launched country's first multi-axle truck, 'Taurus'. In the year 1982, they introduced India's first vestibule or the articulated bus. They inaugurated two new manufacturing facilities at Bhandara (Maharashtra) and Alwar (Rajasthan) in March 1982 and August 1982 respectively. In the year 1993, the company received ISO 9002 certification. In the year 1995, they received ISO 9001 Certification. Aslo, they set a driver training facility at Namakkal. In the year 1996, the company set up their second plant at Hosur. In the year 1997, they launched the Stallion, an all-terrain logistic vehicle. Also, they launched India's first CNG-powered bus. In the year 2002, the company developed the country's first Hybrid Electric Vehicle and showcased at Auto Expo 2002. In the year 2006, the company acquired the truck business of Czech Republic-based AVIA. They entered into an agreement with Ras Al Khaimah Investment Authority For the setting up of a bus assembly plant in the UAE. In the year 2007, the company entered into a joint venture with Nissan Motor Company, Japan for manufacture and marketing of Light Commercial Vehicles. They entered into a joint venture with Continental AG, Germany for the development of automotive infronics. Also, they entered into a joint venture with Alteams Group, Finland for the production of HPDC (High Pressure Die Casting) extruded aluminum components. In the year 2008, the company entered into a joint venture with John Deere, USA for the manufacture of construction equipment products. They established Albonair, GmbH for development of vehicle emission treatment / control systems and products. In March 2010, the company inaugurated a plant at Pantnagar in Uttarakhand. This is the company's modern, technologically world-class and largest plant with a capacity to touch 75,000 vehicles. They introduced the new, future-ready U-Truck platform with the promise of a holistically superior level of trucking. The company bought 26% stake in Optare plc, a well-known bus maker in the UK. In order to cater to the emerging markets in China and India, Albonair (India) Pvt Ltd was incorporated during the year. During they ear 2010-11, the company acquired 26% in the equity share capital of Optare plc, U.K., a leading bus manufacturer in U.K., which will benefit the company in their

endeavour to address new markets, and to accelerate technology development. In December 16, 2010, the company inaugurated the state-of-the-art factory built as a venture between the company and Ras Al Khaimah Investment Authority (RAKIA), at Ras Al Khaimah. This facility will cater to the needs of the African/Middle East markets and also facilitate launching of AVIA range of trucks manufactured by Avia Ashok Leyland Motors s.r.o. to these markets. In the year 2011, the company entered into the LCV segment with the launch of Dost. In September 2011, the company entered into into the Tanzanian market by bagging an order for 723 trucks, buses and special application vehicles. In October 2011, the company entered into the construction equipment space with the launch of a new brand, LEYLAND DEERE. In November 2011, the company received the contact to supply 700 cluster CNG buses to Delhi. In the year 2012, the company launched Jan Bus, world's first single step entry, front engine, fully flat floor bus. They introduced U-3723, India's first 37-tonne haulage truck with the highest payload of up to 27 tonnes. In January 2012, the company increased their stake in Optare plc to 75.1%.

Bajaj Auto Ltd Company profile

Bajaj Auto Ltd is one of the leading two & three wheeler manufacturers in India. The company is well known for their R&D, product development, process engineering and low-cost manufacturing skills. The company is the largest exported of two and threewheelers in the country with exports forming 18% of its total sales. The company has two subsidiaries, namely Bajaj Auto International Holdings BV and PT Bajaj Indonesia. The company was incorporated on April 30, 2007 as a wholly owned subsidiary of erstwhile Bajaj Auto Ltd (the holding company) with the name Bajaj Investment & Holding Ltd. The company received the certificate of commencement of business on May 7, 2007. The holding company operated in the segments, such as automotive, insurance and investment, and others. Considering the growth opportunities in the auto, wind-energy, insurance and finance sectors, and the holding company de-merged their activities into three separate entities, each of which can focus on their core businesses and strengthen competencies. The auto business of the holding company along with all assets and liabilities pertaining thereto including investments in PT Bajaj Auto Indonesia and in a few vendor companies transferred to Bajaj Investment & Holding Ltd. In addition a total of Rs 15,000 million in cash and cash equivalents also transferred to Bajaj Investment & Holding Ltd. As the part of the scheme, Bajaj Holdings and Investment Ltd were renamed as Bajaj Auto Ltd. The appointed date of this de-merger was closing hours of business on March 31, 2007. In April 9, 2007, the company inaugurated their green field plant at Pantnagar in Uttarakhand. In the first year of operations, the plant produced over 275,000 vehicles. The company's vehicle assembly plant at Akurdi was shut down from September 3, 2007 due to higher cost of production. In November 2007, Bajaj Auto International Holdings BV, a wholly owned subsidiary company acquired 14.51% equity stake in KTM Power Sports AG of Austria, Europe's second largest sport motorcycle manufacturer for Rs 345 crore. During the year 2007-08, the company launched XCD 125 DTS-Si and the Threewheeler Direct Injected auto rickshaw. The Chakan plant completed the cumulative production of over 2 million Pulsar. During the year 2009-10, the company expanded the

production capacity of Motorised Two & Three Wheelers by 300,000 Nos to 4,260,000 Nos. The company launched Pulsar 220 F, Pulsar 180 UG, Pulsar 150 UG, Pulsar 135 LS and Discover DTS-si in the market. During the year 2010-11, the company expanded the production capacity of Motorised Two & Three Wheelers by 780,000 Nos to 5,040,000 Nos. The company launched Avenger 220 DTS-i, KTM Duke 125, Discover 150 and Discover 125 in the market. The company plans to maintain the capacity of two and three-wheelers at the current level of 5,040,000 numbers per annum during the year ending 31 March 2012. The 4 wheel vehicle development work is under progress and commercial launch of the first product from this platform is scheduled for 2012.

TVS Motor Company Profile

TVS Motor Company Ltd, the flagship company of TVS Group is the third largest twowheeler manufacturer in India. The company manufactures a wide range of two-wheelers from mopeds to racing inspired motorcycles. The company is having their manufacturing plants at Hosur in Tamilnadu, Mysore in Karnataka and Solan in Himachal Pradesh. They are also having one unit located at Indonesia. Their subsidiaries include Sundaram Auto Components Ltd, TVS Motor Company (Europe) BV, TVS Motor (Singapore) Pte Ltd, PT TVS Motor Company, Indonesia, TVS Energy Ltd and TVS Housing Ltd. TVS Motor Company Ltd is a part of Sundaram Clayton group in TVS group of companies. In the year 1979, Sundaram-Clayton Ltd started Moped Division at Hosur to manufacture TVS 50 mopeds. In the year 1982, the company entered into a technical know-how and assistance agreement with Suzuki Motor Co Ltd of Japan and in the year 1985, they incorporated a new company Lakshmi Auto Components Pvt Ltd for the manufacture of critical engines and transmission parts. In the year 1986, the company acquired the assets of the moped division from Sundaram Clayton Ltd. Also, the name of the company was changed from Indo Suzuki Motorcycles Ltd to TVS Suzuki Ltd. In the year 1992, they launched two modes of motor cycles namely, Samurai and Shogun and in the year 1993, they launched TVS Scooty. During 1999-2000, TVS Suzuki Ltd was amalgamated with Sundaram Auto Engineers Ltd, an unlisted group company which was incorporated in the year 1992. As per the scheme, all the assets and liabilities of erstwhile TVS Suzuki Ltd together with all obligations and contingent liabilities were vested in Sundaram Auto Engineers (India) Ltd with effect from April 22, 1999. This merged entity was later renamed TVS Suzuki Ltd. The TVS group and Suzuki Motor Corporation parted ways from their 15-year-old joint venture on September 27, 2001. The shares held by the Suzuki Motor Corporation were acquired by Anusha Investments Ltd, a wholly owned subsidiary of Sundaram-Clayton Ltd for Rs 9 crore. Thus, the company became a subsidiary of Sundaram-Clayton Ltd with effect from November 15, 2001. Since, Suzuki Motor Corporation ceased to be a shareholder of the company, the company cannot use the word 'Suzuki' as the part of their name and hence the name of the company was changed to TVS Motor Company Ltd. During the year 2002-03, the new

stylish TVS Scooty Pep and the upgraded version of Fiero was launched in the market. In April 1, 2003, the subsidiary company namely, Lakshmi Auto Components Ltd acquired the entire paid up capital of Sundaram Auto Components Ltd. Consequently, Sundaram Auto Components Ltd became a subsidiary company with effect from April 1, 2003. In October 2003, the company entered into a scheme of arrangement with Lakshmi Auto Components Ltd and Sundaram Auto Components Ltd. As per the scheme, all the assets and liabilities of the rubber and plastic businesses of Lakshmi Auto Components Ltd were transferred to Sundaram Auto Components Ltd on slump sale basis on April 1, 2003 for a consideration of 12.25 crores. The remaining business of Lakshmi Auto Components Ltd, namely engine components division together with their investments in other bodies corporate was transferred to the company with effect from April 2, 2003. During the year 2003-04, the company launched new products such as TVS Centra, New Victor GL, Fiero F2 & Fx and Scooty Pep. During the year 2004-05, they launched new products such as TVS Star, New Victor GLX, New Victor GX and Scooty Pep 'Splash' series. During the year 2005-06, the company entered into a joint venture with Columbian party for exploring opportunities in Columbian market with an equity investment of Rs 5 million. The company incorporated TVS Motor Company (Europe) B V in Netherlands as a wholly owned subsidiary of the company with an investment of Rs 91.63 crore. During the year, TVS Motor Singapore Pte Ltd, Singapore became a wholly owned subsidiary of the company with an investment of Rs 30.51 crore. PT TVS Motor Company Indonesia was incorporated in Indonesia to manufacture motorcycles and parts with an investment of USD 27.60 million and became subsidiary of the company in view of it being the subsidiary of TVS Motor Company (Europe) B V, which holds 75% of the share capital. The remaining 25% was held by TVS Motor Singapore Pte Ltd. PT TVS Motor Company Indonesia has acquired lands in Indonesia for setting up a facility for manufacturing two wheelers. During the year 2006-07, the company has established a new plant in Himachal Pradesh with an annual production capacity of 4,00,000 units scalable to 6,00,000 units. PT TVS Motor Company Indonesia, a subsidiary of the company, established a manufacturing

facility at Karawang, near Jakarta in Indonesia with production capacity of 3 lakh vehicles per annum. During the year, the company launched multiple new products and variants such as, StaR City ES, StaR Sport, Scooty Teenz and 99 Colors on Scooty PEP. During the year 2007-08, the company commenced commercial production from its Nalagarh Plant located in Himachal Pradesh. They commenced their commercial production from their state-of-the art plant located at Karawang in Indonesia and launched TVS Neo, which is exclusively developed for the Indonesian market. During the year, the company launched various new products and variants such as TVS Flame, Apache RTR, StaR Sport, StaR City 110 cc, Scooty TeenZ Electric, TVS Tru4 Oil. In March 2008, the company launched their three wheeler, TVS King in two variants, namely two stroke petrol and two stroke LPG. The company won the Team Tech 2007 Award of Excellence for Integrated use of Advanced Computer Aided Engineering Technologies in product development. They also won the prestigious SAP ACE 2007 Awards for Customer Excellence in the Most Innovative Netweaver Category for several SAP implementations that are put in place. In June 2008, the company entered into a contract manufacturing arrangement with Mahabharat Motors Manufacturing Pvt Ltd whereby TVS motor cycles will be manufactured at the latter's two-wheeler manufacturing facility that is located on the outskirts of Kolkata. TVS would help Mahabharat Motors to set up the factory and provides engineering support to them. The production would commence from June 2009. During the year 2008-09, the company launched Scooty Streak, a tough and trendy variant of Scooty Pep+ and Apache RTR RD, premium segment motorcycle. Also, they launched their three-wheeler, TVS King in six states. In June 2009, T V Sundram Iyengar & Sons Ltd and their subsidiaries acquired the holding of foreign collaborators, Clayton Dewandre Holdings Ltd in Sundaram-Clayton Ltd. Thus, Sundaram-Clayton Ltd became a subsidiary of T V Sundram Iyengar & Sons Ltd. Consequent to this acquisition, the company also became the subsidiary of TVS with effect from June 3, 2009. During the year 2009-10, the company launched TVS JIVE and TVS Wego in the market. They also launched a four stroke three-wheeler with superior features. They commenced export of TVS Apache to Brazil. Also, they developed a pan India presence in three-wheelers.

In December 2009, the company acquired the entire shareholding of TVS Energy Ltd. Thus, TVS Energy became a wholly owned subsidiary of the company. In June 2010, they acquired the entire paid up capital of TVS Housing Ltd and thus, TVS Housing Ltd became a wholly owned subsidiary of the company. In October 2010, the company won the SAP ACE Award for Consumer Excellence 2010 in 'Best Run Award in Automotive' category. They also won the Silver EDGE award from Information Week, a leading IT magazine for in house design and development of Data Acquisition System for improving shop floor productivity. Information Week annually recognize enterprises driving growth and excellence through IT. In November 2010, the company launched TVS TRU4 Premium, a semi-synthetic 4T Engine Oil. In February 2011, Indian Bank signed an MoU with the company for financing three wheelers manufactured by the company. In March 2011, the company introduced ABS (Anti-lock Braking System) in their premium segment motorcycle TVS Apache RTR 180, giving the bike formidable stopping power and superior braking control that compliments its high performance capability.

ABOUT MAHINDRA & MAHINDRA: Mahindra & Mahindra Ltd is an India-based company. The company operates in nine segments: automotive segment comprises of sales of automobiles, spare parts and related services; farm equipment segment comprises of sales of tractors, spare parts and related services; information technology (IT) services comprises of services rendered for IT and telecom; financial services comprise of services relating to financing, leasing and hire purchase of automobiles and tractors; steel trading and processing comprises of trading and processing of steel; infrastructure comprise of operating of commercial complexes, project management and development; hospitality segment comprises of sale of timeshare; Systech segment comprises of automotive components and other related products and services, and its others segment comprise of logistics, after-market, two wheelers and investment. Mahindra & Mahindra Ltd was incorporated on October 2, 1945 with the name Mahindra & Mohammed Ltd. The company was renamed as Mahindra & Mahindra Ltd in the year 1948. The steel trading business was commenced in association with suppliers in UK. In the year 1950, the company commenced the first business with Mitsubishi Corporation and 5000 tons of wagon building plates from Yawata Iron & Steel were supplied. In the year 1953 Otis Elevator Company (India) was established. A joint venture was made with Rubery Owen & Company Limited, UK and established a company under the name of Mahindra Owen. The company's Machine Tools Division was commenced its operations in the year 1958. In the year 1960, Mahindra Sintered Products Limited was established based on a joint venture with Bir Field (GKN Group, UK). In the year 1962, Mahindra Ugine Steel Company was established as a joint venture between the company and Ugine Kuhlmann, France. In the year 1963, International Tractor Company of India was established as a joint venture with International Harvester Company, USA. In the year 1965, the company entered into light commercial vehicles segment. They established Vickers Sperry of India Ltd, a joint venture with Sperry Rand Corporation, USA. In the year 1969, the company entered the world market with export of utility vehicles and spare parts. In the year 1977, International Tractor Company of India merged with the company and became its Tractor Division. In the year 1982, Mahindra brand of tractors were launched

and also became the market leader in the Indian tractor market. In the year 1991, the company introduced commander range of vehicles in the market. Also, they established Mahindra Financial Services Ltd as a wholesale fund provider. In the year 1995, Mahindra Holding & Finance Limited became a subsidiary of the company to carry out business as an investment company. The company made a technical collaboration with Mitsubishi / Samcor to manufacture the Mitsubishi L300. In the year 1996, Mahindra Ford India Limited was established, a joint venture with Ford Motor Company, USA, to manufacture passenger cars. In the year 1999, the company acquired a major stake in Gujarat Tractors and renamed it Mahindra Gujarat Tractors Ltd. Also, Mahindra & Mahindra Financial Services Ltd became a subsidiary of the company. In the year 2000, the company set up their first satellite tractor plant at Rudrapur. They launched a new age tractor, Mahindra Arjun 605 DI (60 HP) in the market. Also, they launched Bolero GLX (a utility vehicle) launched in response to the needs of urban consumers. In the year 2001, the company launched Champion, a 3-wheeler diesel vehicle. They launched Mahindra MaXX, a multi-utility vehicle positioned with the caption 'Maximum Space, Maximum Comfort'. They made a tie up with Renault for Petrol Engines. In the year 2002, the company launched Scorpio, a new generation, world-class sports utility vehicle. In the year 2003, they launched Invader, a sporty open top vehicle and MaXX Pik Up. They set up second tractor assembly plant in USA. They ventured into Industrial engine business. Also, they launched India's first Turbo tractor, Mahindra Sarpanch 595 DI Super Turbo. In the year 2004, the company launched Bolero and Scorpio in Latin American, Middle East and South African markets. They signed an MoU to enter into joint venture with Jiangling Motor Company Group (JMCG) of China, to acquire tractor manufacturing assets from Jiangling Tractor Company, a subsidiary of Jiangling Motor Company Group. In the year 2005, the company acquired 51% stake in SAR Transmission Private Limited, a company engaged in manufacture of gears and transmission shafts. The company became the became the first Indian auto manufacturer to launch the Common Rail Diesel Engine (CRDe), offering it in the Scorpio. They acquired 80% stake in the

joint venture with Jiangling Motors i.e. in Mahindra (China) Tractor Company. They established Mahindra Renault Ltd, a joint venture with Renault to manufacture and market Logan, a mid-sized sedan, in India. Also, they established Mahindra International Ltd, a joint venture with International Truck and Engine Corporation to manufacture trucks & buses in India. In the year 2006, the company acquired the Stokes Group of UK, the largest automotive forgings company in the UK. They launched the Scorpio V-series. In July 2007, the company launched the Mahindra Pik-Up (double cab) in Chile. In November 1, 2007, a wholly owned affiliate of Navistar International Corporation signed a joint venture agreement with the company to produce diesel engines for medium and heavy commercial trucks and buses in India. In the year 2008, the company introduced FuelSmart system in Bolero and Scorpio SUVs. They entered into JV with TMI Pacific in Australia. In the year 2009, the company launched Xylo. Also, they launched New, Mighty Muscular Scorpio in the market. During the year 2009-10, the company hived off Mahindra Defence Systems Division into a wholly owned subsidiary, Mahindra Defence Land Systems Pvt Ltd (now rechristened as Defence Land Systems India Pvt Ltd) with effect from July 1, 2009. Also, the company signed a joint venture agreement on November 30, 2009 with BAE Systems Plc. to form a 74:26 Joint Venture for defence land systems products. The company divested 46.66% of the equity share capital in Mahindra Gears & Transmissions Pvt Ltd in favour of ICICI Venture Fund. As per the scheme of arrangement between the company and Mahindra Shubhlabh Services Ltd, the Agri Inputs Business of along with other common assets and liabilities of MSSL was de-merged and transferred into the company. During the year 2010-11, the company acquired SYMC, a premier manufacturer of sports utility vehicles and recreational vehicles in Korea. Also, the company acquired 38% of the paid-up equity share capital through a Preferential Allotment in EPC Industrie' Ltd (EPC), a company listed on the Bombay Stock Exchange Limited. In February, 2010, the company had launched Maxximo in a very competitive small 4wheeler cargo segment (0.75 Ton).

In June 2011, Bristlecone International AG became a subsidiary of the company. Today, the company's operations span 18 key industries that form the foundation of every modern economy: aerospace, aftermarket, agribusiness, automotive, components, construction equipment, consulting services, defense, energy, farm equipment, finance and insurance, industrial equipment, information technology, leisure and hospitality, logistics, real estate, retail, and two wheelers.

Tata Motors Ltd Company Profile

Tata Motors Ltd is India's largest automobile company. The company is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. They are the world's fourth largest truck manufacturer, and the world's second largest bus manufacturer. The company is engaged in the development, designing, manufacturing, assembling and sale of vehicles, including financing thereof, as well as sale of related parts and accessories. They manufacture commercial vehicle, three passenger vehicle, truck and bus. They have a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight (GVW), trucks (including pickup trucks) and from small, medium, and large buses and coaches to passenger cars, including the car, the Tata Nano. The company's segments include automotive, and others, which include information technology (IT) services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business. The company's passenger cars include the Indica, the Indica Vista, the Indigo and the Indigo Marina. Jaguar produces four car lines: XK, XF, XJ and X-Type. They manufacture a number of utility vehicles (UV), including the Sumo, and the sports utility vehicle (SUV), Tata Safari. Also, they manufacture a variety of light commercial vehicles (LCVs), including pickup trucks, trucks and buses with GVW of between 0.7 ton and 7.5 tons. This also includes the Ace, a mini-truck with a 0.7 ton payload, the Magic, a passenger variant for commercial transportation and the Winger. They also manufacture a variety of medium and heavy commercial vehicles (M&HCVs), which include trucks, buses, dumpers and multi-axled vehicles with GVW of between 9 tons to 49 tons. The company's manufacturing plants are situated at Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka) and Sanand (Gujarat). Through their subsidiaries and associate companies, the company has operations in the UK, South Korea, Thailand and Spain. Tata Motors Ltd was incorporated in the year 1945 with the name Tata Engineering and Locomotive Co Ltd

for manufacturing locomotives and other engineering products. In the year 1948, the company introduced steam road roller in collaboration with Marshall Sons (UK). In the year 1954, they made collaboration with Daimler Benz AG, West Germany for manufacturing medium commercial vehicles. In the year 1959, they set up a Research and Development Centre at Jamshedpur. In the year 1961, they started to export their products and the fist truck being shipped to Sri Lanka. In the year 1966, the company set up the Engineering Research Centre at Pune to provide impetus to automobile Research and Development. In the year 1977, they manufactured first commercial vehicle in Pune. In the year 1983, they commenced manufacturing of Heavy Commercial Vehicle. In the year 1985, the company produced first hydraulic excavator in collaboration with Hitachi. In the year 1986, they produced the indigenously designed light commercial vehicle Tata 407 followed by 608. In the year 1989, they introduced third LCV model, Tatamobile 206. In the year 1991, the company launched first indigenous passenger car, Tata Sierra and in the next year, they launched Tata Estate. In the year 1993, the company signed a joint venture agreement with Cummins Engine Co. Inc. for the manufacture of high horsepower and emission friendly diesel engines. In the year 1994, the company launched Tata Sumo and LPT 709. During the year, the company signed a joint venture agreement with Daimler - Benz / Mercedes Benz for manufacture of Mercedes Benz passenger cars in India. Also, they singed a joint venture agreement with Tata Holset Ltd, UK for manufacturing turbochargers to be used on Cummins engines. In the year 1995, they launched Mercedes Benz car E220 and in the next year, they launched Tata Sumo deluxe. In the year 1997, the company launched Tata Sierra Turbo and in the next year, they launched Tata Safari and Indica in the market. In the year 2000, they launched Indica 2000 and CNG buses. In the year 2001, they launched Indica V2, CNG Indica and Tata Safari EX. In the year 2002, the company signed a product agreement with MG Rover of the UK. Also, they launched Petrol version of Indica V2, EX series in Commercial vehicles, Tata Sumo+ Series and Tata Indigo. In the year 2003, they launched Tata Safari Limited Edition CityRover, 135 PS Tata Safari EXi Petrol and Tata SFC 407 EX Turbo

in the market. In July 29, 2003, the name of the company was changed from Tata Engineering Co Ltd to Tata Motors Ltd. In the year 2004, the company acquired Daewoo Commercial Vehicle Company and renamed it as Tata Daewoo Commercial Vehicle Co. Ltd. This company launched the heavy duty truck 'NOVUS' in Korea. Also, the company launched Tata Indica V2, Tata LPT 909 EX, Sumo Victa and Indigo Marina during the year. In the year 2005, the company acquired 21% stake in Hispano Carrocera SA, Spanish bus manufacturing Company. The company launched branded buses and coaches, namely Starbus and Globus in the market. Also, they launched Tata Ace, Indigo SX series, Indica V2 Turbo Diesel, Tata TL 4X4 and Tata Novus. During the year, the company inaugurated a new factory at Jamshedpur for Novus. Also, they unveiled Tata Xover at the 75th Geneva Motor Show. In the year 2006, the company made a joint venture with Marcopolo, Brazil for manufacturing fully built buses & coaches for India & markets abroad. They launched Indica V2 Xeta and new Indigo range. Also, they unveiled new long wheel base premium Indigo & X-over concept at Auto Expo 2006. In the year 2007, the company and Thonburi Automotive Assembly Plant Co. (Thonburi) formed a joint venture company in Thailand to manufacture, assemble and market pickup trucks. They inaugurated Tata-Fiat plant at Ranjangaon. They launched long wheel base Indigo XL, Tata Spacio, Magic, Winger, Sumo Victa Turbo DI, Indica V2 Turbo with dual airbags & ABS and Safari DICOR 2.2 VTT range. During the year 2007-08, the company unveiled the TATA Nano, the world's least expensive car at the Auto Expo 2008 in New Delhi. Subsequently, the car was also unveiled at the Geneva Motor Show and received international acclaim. They commenced production of TATA Ace from their manufacturing facility at Uttarakhand during the year. During the year, the company developed new products for the M&HCV passenger carrier sub-segment and displayed in the Auto Expo 2008, a 28 seater bus and an air conditioned low floor bus developed through their joint venture - Tata Marcopolo Motors Ltd. In the LCV segment, the company introduced two new products - Magic and Winger, which hold a strong potential to shape the future of commercial passenger transportation in India. Further, the company unveiled the 1 Ton and CNG variant of Ace, Cargo Panel van, Xenon XT - a lifestyle pickup truck and Winger Executive office

concept vehicle in the Auto Expo 2008. They showcased their new range of tactical and armoured vehicles for military and para-military forces in the Defence Expo 2008. These include Tata Light Specialist Vehicle, Light Armoured Troop Carrier, Tata 8x8 HMV and the armoured Tata Safari. During the year 2007-08, the company signed an agreement with Flat Group automobiles SpA Italy and Flat India Automobiles Pvt Ltd (FIAPL) for establishment of joint venture to manufacture passenger cars engines and transmissions at Ranjangaon in India. They sold 15% stake each, in their subsidiary companies, HV Axles Ltd (HVAL) and HV Transmissions Ltd (HVTL). In March 2008, the Company introduced Tata Xenon- 1 Ton pickup truck in Thailand through its subsidiary Tata Motors (Thailand) Ltd. In June 2, 2008, the company acquired the businesses of Jaguar and Land Rover (a part of Premier Automotive Group of Ford Motor Co.) for USD 2.3 billion. Jaguar and Land Rover are in the business of development, manufacture and sale of high end luxury cars and SUVs respectively. The acquisition includes the ownership of three major manufacturing plants, two advanced design centres in UK a worldwide sales network, Intellectual Property Rights (including perpetual royalty free licenses) and Brands and Trade marks. During the year 2008-09, the company partially divested their stake in Tata AutoComp Systems Ltd an associate company, from 50% to 26%. Also, they sold their investment in Tata Tele Services Ltd. During the year, the company launched 28 new commercial vehicles. Among the new products launched during the year were LPT 3118 - a truck with lift axle, CNG variants of the Ace, Magic and Xenon, new range of LCV buses manufactured by Tata Marcopolo Motors and the ICV 909 bus. The company also completed the execution of their first order of 650 low floor buses to Delhi Transport Corporation (DTC). They have also bagged a second order of 1625 similar buses from DTC to be executed in financial year 2009-10, the total order value of which is over Rs 2200 crore. In May 2009, they also unveiled the World Truck range of their next generation heavy trucks. During the year 2009-10, the company acquired 79% shares in Hispano Carrocera, S A by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S. A., Spain, for a consideration of Euro

2 million (Rs 1371 lakh). Consequently, Hispano Carrocera, S A has become a 100% subsidiary of the company. Also, the company sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co Ltd. The company now holds 39.75% stake in Telcon. During the year, the company launched the new heavy truck range Prima. Also, they launched the new range of buses (based on the Prima platform with bodies being made by Tata Marcopolo displayed at the Delhi Auto Expo in January 2010). In small commercial vehicles, they launched the Ace EX and Super Ace. In June 2010, the company inaugurated the factory for the Nano mini car at Sanand, in the western state of Gujarat. The factory is having an initial capacity of producing 250,000 cars per year. During the year 2010-11, the company launched the Aria, a premium crossover with high-end features such as 4x4, Torque on Demand, ESP, six airbags. They launched BS IV compliant variants of the Indica and the Indigo CS, the Indica eV2 and Indigo eCS with segment leading fuel efficiencies. These vehicles are powered by the Companys 1.4L CRAIL engine. The company Elan, a high end variant of the Indigo Manza sedan. They launched Venture, a Multi Purpose Vehicle (MPV) on the Ace platform. The company expanded the Prima range launched during the previous year with the introduction of the Prima Construck range of tippers in the market. Also, the company launched the all new Jaguar XJ, the new 4.4 V8 diesel Range Rover and the new 2.2 diesel Land Rover. In September 2010, the company acquired 80% stake in Trilix Srl., Turin (Italy), a design and engineering company. The company increased their shareholdingin Tata Precision Industries Pte. Ltd from 49.99% to 78.39% by subscribing to an additional 28.4% share of Tata Precision Industries Pte Ltd, Singapore on February 15, 2011. Tata Precision Industries Pte Ltd holds 100% shares of Tata Engineering Services Pte Ltd, hence Tata Engineering Services Pte Ltd also became a subsidiary.

Maruti Suzuki India Ltd Company Profile

Maruti Suzuki India Ltd (formerly Maruti Udyog Ltd) is India's largest passenger car company, accounting for over 50 per cent of the domestic car market. The company offers full range of cars from entry level Maruti 800 & Alto to stylish hatchback Ritz, Astar, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility vehicle Grand Vitara. The company is a subsidiary of Suzuki Motor Corporation of Japan. The company is engaged in the business of manufacturing, purchase and sale of motor vehicles and spare parts (automobiles). The other activities of the company include facilitation of preowned car sales, fleet management and car financing. They have four plants, three located at Palam Gurgaon Road, Gurgaon, Haryana and one located at Manesar Industrial Town, Gurgaon, Haryana. The company has seven subsidiary companies, namely Maruti Insurance Business Agency Ltd, Maruti Insurance Distribution Services Ltd, Maruti Insurance Agency Solutions Ltd, Maruti Insurance Agency Network Ltd, Maruti Insurance Agency Services Ltd, Maruti Insurance Agency Logistics Ltd and True Value Solutions Ltd. The first six subsidiaries are engaged in the business of selling motor insurance policies to owners of Maruti Suzuki vehicles and seventh subsidiary, True Value Solutions Ltd is engaged in the business of sale of certified pre-owned cars under the brand 'Maruti True Value'. Maruti Suzuki India Ltd was incorporated on February 24, 1981 with the name Maruti Udyog Ltd. The company was formed as a government company, with Suzuki as a minor partner, to make a people's car for middle class India. Over the years, the company's product range has widened, ownership has changed hands and the customer has evolved. In October 2, 1982, the company signed the license and joint venture agreement with Suzuki Motor Corporation, Japan. In the year 1983, the company started their productions and launched Maruti 800. In the year 1984, they introduced Maruti Omni and during the next year, they launched Maruti Gypsy in the market. In the year 1987, the company forayed into the foreign market by exporting first lot of 500 cars to Hungary. In the year 1990, the company launched India's first three-box car, Sedan. In the year 1992, Suzuki Motor Corporation, Japan increased their stake in the company to 50%. In the year 1993, they introduced the Maruti Zen and in the next year they launched Maruti Esteem in the

market. In the year 1995, the company commenced their second plant. In the year 1997, they started Maruti Service Master as model workshop in India to look after sales services. In the year 1999, the third plant with new press, paint and assembly shops became operational. In the year 2000, the company launched Maruti Alto in the market. In the year 2002, Suzuki Motor Corporation increased their stake in the company to 54.2%. In January 2002, the company introduced 10 finance companies (8 + 2JVs) in Mumbai. Also, they found one new business segment, Maruti True Value for sales, purchase and trade of preowned cars in India. In the year 2005, the company launched the first world strategic model from Suzuki Motor Corporation 'the SWIFT' in India. In the year 2006, they launched WaganR Duo with LPG and also the New Zen Estillo. During the year 2006-07, the company commenced operations in the new car plant and the diesel engine facility at Manesar, Haryana. In November 2006, they inaugurated a new institute of Driving Training and Research (IDTR), which was set up as a collaborative project with Delhi Government at Sarai Kale Khan in South Delhi. During the year 2007-08, the company signed an agreement with the Adani group for exporting 200,000 units annually through the Mundra port in Gujarat. They launched Swift Diesel and SX4- Luxury Sedan with Tag line 'MEN ARE BACK' during the year. In July 2007, the company launched the new Grand Vitara, a stylish, muscular and 5seater in the MUV segment. The company changed their name from Maruti Udyog Ltd to Maruti Suzuki India Ltd with effect from September 17, 2007. During the year, the company entered into a joint venture agreement with Magneti Marelli Powertrain SpA and formed Magneti Marelli Powertrain India Pvt Ltd for manufacturing Electric Control Units. Also they entered into another joint venture agreement with Futaba Industrial Co Ltd and formed FMI Automotive Components Ltd for manufacturing Exhaust Systems Components. During the year, the company made pact with Shriram City Union Finance Ltd, a part of Shriram Group, Chennai, to offer easy, transparent and hassle-free car finance to their customers, particularly in semi urban and rural markets. The agreement is a joint initiative of the two companies for providing competitive car finance to people in

Tier-II and Tier-III cities across the country. During the year 2008-09, the company launched a new A2 segment car, branded the A-star in India and in Europe as the new Alto. They raised their production capacity to a landmark 1 million cars. In June 2008, the company launched Maruti 800 Duo, which is a dual fuel (LPG-cum- petrol) model car. In March 2009, the company launched A-star or Suzuki Alto at Geneva Motor Show sales begin at EU. In April 2009, the company revealed new Ritz K12M engine at Gurgaon plant. During the year 2009-10, the company raised the capacity of their next generation Kseries engine plant to more than 500,000 units per annum. They started work on an additional plant of 250,000 cars per annum capacity at Manesar. The company launched their fifth world strategic model, the Ritz. They also came out with the spacious multi purpose van, Eeco and the all new WagonR with a K-series engine. During the year 2010-11, the company launched refreshed variants of WagonR and Alto with the new Kseries engines. SX4 was offered with a Super Turbo Diesel engine. The Company launched the Suzuki Kizashi, India's first sports luxury sedan. It sports a 2.4 litre engine and is endowed with best-in-class features. The Company developed in-house i-GPI (Integrated Gas Port Injection) Technology and launched factory-fitted CNG variants for five of its models: Alto, WagonR, Eeco, Estilo and SX4. Apart from launching new products, the company added 131 new sales outlets to reach 933 outlets in 668 cities and increased its service reach to 1,395 cities with 2,946 outlets. The company's network is now servicing about 1.2 million vehicles every month. The company plans to establish Plant C at Manesar, which will have an installed capacity of 250,000 units per annum. The plant is likely to be ready by end of fiscal 2012/ early 2013. The company plans to set up Rs 1700 crore diesel engine plant at Gurgaon. They are going to double the diesel engine capacity at their Gurgaon facility to six lakh units by 2014. Of this, Rs 950 crore is being invested for the first phase of 1.5 diesel engines by mid-2013.

DATA ANALYSIS AND INTERPRETATION TATA MOTORS LTD EQUITYNSHARE PRICES AS ON 2011 Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Open 1,321.0 0 1,153.0 0 1,097.0 0 1,244.0 0 1,240.0 0 1,095.7 0 1,006.0 0 954 751 154.3 195.3 181 High 1,334.3 0 1,258.0 0 1,260.0 0 1,301.9 0 1,243.9 0 1,097.0 0 1,077.0 0 966.75 792.4 207.9 202.45 195.6 Low 1,113.0 0 1,043.2 0 1,097.0 0 1,188.5 0 1,075.1 0 925 941.75 695 137.65 145.4 160.2 167.75 Close 1,148.2 5 1,081.8 0 1,247.5 0 1,229.1 0 1,092.5 0 993.5 947.4 741.7 156.1 198.45 172.45 178.4 No. of Shares Trades 95,07,436 2,88,24 5 1,47,83,186 4,48,50 6 89,90,876 2,78,88 0 44,88,031 1,48,87 1 81,29,852 2,79,36 0 90,77,883 2,94,52 0 50,64,329 1,72,86 7 1,04,03,186 3,05,42 8 3,95,94,376 4,41,94 0 4,84,52,466 4,51,62 7 5,90,23,249 5,23,88 1 4,54,79,837 4,41,42 7 Total Turnover 11,46,05,68,259 16,82,11,60,141 10,45,37,61,078 5,60,33,11,125 9,33,66,12,121 9,05,70,98,253 5,10,11,08,638 8,16,42,93,797 7,86,65,11,397 8,64,41,69,079 10,68,71,79,278 8,26,37,55,913

Interpretation: In the year 2011, the Equity share price values are decreased compared to the starting month and finally stood at 178.4 in the month of December.

DETERMINATION OF RISK AND RETURN OF TATA MOTORS AS ON 2011 TATA TATA MOTORS INDEX MOTORS LTD RETURNS RETURNS 1,148.25 0.040566 0.061425 1,081.80 -0.07891 -0.13283 1,247.50 0.001363 0.01497 1,229.10 0.02672 0.125034 1,092.50 -0.00433 0.099648 993.5 0.021657 0.048659 947.4 0.096203 0.277336 741.7 0.015888 3.751441 156.1 -0.05582 -0.2134 198.45 0.10565 0.150768 172.45 0.058546 -0.03335 178.4 0.227537 4.149701

Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

BSE-500 7,128.29 6,850.40 7,437.26 7,427.14 7,233.85 7,265.32 7,111.31 6,487.22 6,385.76 6,763.26 6,117.00 5,778.68

TATA MOTOR INDEX S CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 1.2461 0.0561 1.1271 3.8661 0.003158 1.270373 0.003936 74 97 08 51 0.068347 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.004904 1.265701 1.270606 4.14

CO.OF DETERMINA TION 0.004671

Interpretation: From the above table, it is understood that the - value of TATA MOTORS is around 1.24 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of TATA MOTORS are 1.27 and 1.14 respectively.

TATA MOTORS LTD EQUITYNSHARE PRICES AS ON 2012 Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Open 182 244.8 269.75 280 312.95 235 239.9 224.5 237 267.3 257 273.2 High 244.8 292 297.25 320.6 313 251.85 248.15 249.75 289.3 283.65 285.5 287.45 Low 178.65 240.6 262.4 273.85 230.2 217 202.95 216.25 225.15 245.35 256.2 269.3 Close 243.6 270.8 275.7 316.75 233.2 242.05 225.9 233.75 267.45 254.65 274.25 278.05 No. of Shares 4,88,36,247 5,13,73,748 3,33,81,894 2,50,43,607 3,74,13,229 4,67,38,975 3,15,75,184 2,93,62,600 2,58,96,096 1,85,02,941 2,24,57,418 94,61,947 Trades 4,26,12 7 4,70,96 3 3,43,17 1 2,79,23 3 4,71,62 3 6,12,53 2 3,72,14 4 3,54,06 9 3,00,49 2 2,28,16 1 2,63,81 8 81,747 Total Turnover 10,39,14,93,440 13,52,54,61,119 9,22,98,48,961 7,46,46,22,585 10,06,26,91,202 11,05,49,77,251 7,25,56,87,651 6,96,00,21,924 6,73,99,85,981 4,96,20,15,308 6,11,60,77,420 2,63,22,96,594

Interpretation: In the year 2012, the Equity share price values are increased compared to the starting month and finally stood at 278.05 in the month of December.

DETERMINATION OF RISK AND RETURN OF TATA MOTORS AS ON 2012 TATA MOTORS INDEX LTD RETURNS 243.6 -0.04491 270.8 0.014446 275.7 0.009124 316.75 0.066635 233.2 -0.06022 242.05 0.011622 225.9 -0.00402 233.75 -0.07967 267.45 0.012325 254.65 -0.04733 274.25 -0.00842 278.05 -0.13042 TATA MOTORS RETURNS -0.10044 -0.01777 -0.1296 0.358276 -0.03656 0.071492 -0.03358 -0.126 0.050265 -0.07147 -0.01367 -0.04907

Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

BSE-500 6,549.31 6,857.28 6,759.63 6,698.51 6,280.04 6,682.47 6,605.70 6,632.34 7,206.51 7,118.77 7,472.45 7,535.92

TATA MOTOR INDEX S CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 2.0105 0.0421 0.1366 0.2131 0.001975 0.020725 0.003972 39 8 08 59 0.75819 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.007985 -0.55413 -0.54614 -0.049 Interpretation:

CO.OF DETERMINA TION 0.574852

From the above table, it is understood that the - value of TATA MOTORS is around 2.01 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of TATA MOTORS are -0.54 and -0.049 respectively.

MARUTI SUZUKI INDIA LTD EQUITYNSHARE PRICES AS ON 2011 Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Open 1,430.0 0 1,270.0 0 1,215.7 0 1,248.0 0 1,320.0 0 1,227.0 0 1,155.0 0 1,210.1 0 1,080.0 0 1,084.9 0 1,121.0 0 985 High 1,452.2 0 1,271.9 0 1,345.0 0 1,335.0 0 1,333.9 0 1,259.0 0 1,224.9 0 1,287.0 0 1,161.0 0 1,178.0 0 1,152.0 0 1,015.5 0 Low 1,170.0 0 1,145.5 0 1,125.9 0 1,216.8 0 1,188.6 0 1,087.1 5 1,130.1 0 1,048.0 0 1,045.0 0 1,010.4 5 910 905.55 Close 1,252.8 0 1,206.7 0 1,263.5 5 1,319.7 5 1,227.5 0 1,158.4 5 1,207.9 0 1,092.3 5 1,081.4 0 1,125.6 5 968.65 920.05 No. of Shares 9,17,296 7,49,252 18,99,25 2 12,13,47 9 7,85,478 16,30,07 2 9,43,003 19,47,31 1 18,77,45 8 22,45,52 0 17,77,24 6 15,34,77 9 No. of Trades 38,523 40,185 83,460 59,527 39,265 81,845 51,338 59,962 1,05,82 0 1,17,16 4 92,546 75,480 Total Turnover 1,21,68,90,307 90,08,51,117 2,33,11,50,874 1,57,09,51,588 97,33,63,919 1,94,04,61,927 1,11,03,09,606 2,31,70,01,268 2,06,95,08,938 2,44,05,39,341 1,79,69,58,393 1,48,11,89,065

Interpretation: In the year 2011, the Equity share price values are decreased compared to the starting month and finally stood at 920.05 in the month of December.

DETERMINATION OF RISK AND RETURN OF MARUTI SUZUKI AS ON 2011 MARUTI SUZUKI MARUTI INDIA INDEX SUZUKI LTD RETURNS RETURNS 1,252.80 0.040566 0.038203 1,206.70 -0.07891 -0.04499 1,263.55 0.001363 -0.04258 1,319.75 0.02672 0.075153 1,227.50 -0.00433 0.059606 1,158.45 0.021657 -0.04094 1,207.90 0.096203 0.105781 1,092.35 0.015888 0.010126 1,081.40 -0.05582 -0.03931 1,125.65 0.10565 0.162081 968.65 0.058546 0.052823 920.05 0.227537 0.335947

Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

BSE-500 7,128.29 6,850.40 7,437.26 7,427.14 7,233.85 7,265.32 7,111.31 6,487.22 6,385.76 6,763.26 6,117.00 5,778.68

MARUT I INDEX SUZUKI CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 0.9126 0.0561 0.0691 0.1282 0.003158 0.004781 0.002882 21 97 46 92 0.815889 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.00263 -0.66089 -0.65826 0.335 Interpretation:

CO.OF DETERMINA TION 0.665674

From the above table, it is understood that the - value of MARUTI SUZUKI is around 0.91 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of MARUTI SUZUKI are -0.66 and 0.335 respectively.

MARUTI SUZUKI INDIA LTD EQUITYNSHARE PRICES AS ON 2012 Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Open 930 1,195.0 0 1,268.0 0 1,354.0 0 1,375.0 0 1,116.5 0 1,175.1 5 1,131.4 0 1,138.0 0 1,355.5 0 1,440.0 0 1,482.0 0 High 1,224.80 1,375.00 1,428.20 1,415.00 1,380.05 1,176.00 1,249.70 1,206.00 1,368.70 1,443.75 1,514.95 1,537.00 Low 916.85 1,182.0 0 1,249.7 0 1,262.1 0 1,098.3 0 1,052.0 0 1,075.0 0 1,109.2 0 1,128.0 5 1,335.0 0 1,434.5 0 1,459.6 0 Close 1,187.5 5 1,256.2 5 1,349.1 0 1,369.9 0 1,106.4 5 1,169.7 5 1,133.0 5 1,138.5 5 1,349.9 0 1,436.2 5 1,473.5 5 1,475.8 5 No. of Shares 30,62,75 6 16,00,31 6 16,17,15 3 9,67,935 15,37,37 4 17,82,39 9 36,35,64 0 10,70,71 4 16,17,26 3 15,01,35 7 14,42,35 3 2,89,793 No. of Trades 1,59,68 8 83,734 85,930 50,067 75,896 91,939 1,69,96 4 58,043 50,873 72,821 64,235 16,469 Total Turnover 3,34,58,07,874 2,03,89,50,105 2,15,67,10,411 1,30,65,92,103 1,82,62,68,105 1,97,70,02,444 4,13,75,48,406 1,24,47,30,947 2,00,07,04,385 2,07,96,72,471 2,12,28,85,208 43,41,10,016

Interpretation: In the year 2012, the Equity share price values are increased compared to the starting month and finally stood at 1475.85 in the month of December.

DETERMINATION OF RISK AND RETURN OF MARUTI SUZUKI AS ON 2012 MARUTI SUZUKI MARUTI INDIA INDEX SUZUKI LTD RETURNS RETURNS 1,187.55 -0.04491 -0.05469 1,256.25 0.014446 -0.06882 1,349.10 0.009124 -0.01518 1,369.90 0.066635 0.238104 1,106.45 -0.06022 -0.05411 1,169.75 0.011622 0.03239 1,133.05 -0.00402 -0.00483 1,138.55 -0.07967 -0.15657 1,349.90 0.012325 -0.06012 1,436.25 -0.04733 -0.02531 1,473.55 -0.00842 -0.00156 1,475.85 -0.13042 -0.1707

Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

BSE-500 6,549.31 6,857.28 6,759.63 6,698.51 6,280.04 6,682.47 6,605.70 6,632.34 7,206.51 7,118.77 7,472.45 7,535.92

MARUT I INDEX SUZUKI CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 1.6230 0.0421 0.0973 0.0409 0.001779 0.009477 0.002888 56 8 52 82 0.773551 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.004687 -0.5889 -0.58422 -0.17 Interpretation:

CO.OF DETERMINA TION 0.598382

From the above table, it is understood that the - value of MARUTI SUZUKI is high and that explains high volatility in the stock price. This high volatility in the stock price indicates the high risk in the investments.

ASHOK LEYLAND LTD EQUITY SHARE PRICES AS ON 2011 Month Jan-11 Feb-11 Mar-11 Apr-11 Open 64.6 59.45 46.7 57.85 High 68.7 59.45 57.9 59.8 53.25 55.65 53.3 52.4 27.9 27.35 29.9 27.05 Low 52.25 45.1 46.7 52.5 45 45.35 47.9 22.75 24.35 23.2 24.2 20.05 Close 58.95 46.7 56.9 53.05 51.1 48.65 51.05 24.85 26.1 27.25 24.6 22.75 No. of Shares 1,51,93,09 8 1,44,79,83 3 1,73,45,63 1 1,43,01,44 4 1,53,93,35 2 1,45,54,88 1 1,23,30,39 0 1,47,13,49 8 1,91,94,92 3 1,63,81,42 7 1,15,55,34 8 1,40,24,40 2 No. of Total Trades Turnover 92,64,26,76 87,237 9 75,59,59,64 66,222 6 92,49,53,00 71,032 1 79,43,08,05 58,801 3 76,36,90,98 74,381 6 71,91,98,00 56,174 7 63,05,49,93 60,932 1 38,19,94,70 56,542 5 49,76,43,64 48,017 5 40,68,65,45 29,508 6 30,70,67,11 38,486 9 33,21,80,01 41,533 7

May-11 53.25 Jun-11 Jul-11 51.2 48.7

Aug-11 51.7 Sep-11 Oct-11 25 26.5

Nov-11 27 Dec-11 25.15

Interpretation: In the year 2011, the Equity share price values are drastically decreased compared to the starting month and finally stood at 22.75 in the month of December.

DETERMINATION OF RISK AND RETURN OF ASHOK LEYLAND AS ON 2011 ASHOK ASHOK LEYLAND LEYLAND INDEX LTD LTD RETURNS RETURNS 58.95 0.040566 0.262313 46.7 -0.07891 -0.17926 56.9 0.001363 0.072573 53.05 0.02672 0.03816 51.1 -0.00433 0.05036 48.65 0.021657 -0.04701 51.05 0.096203 1.054326 24.85 0.015888 -0.04789 26.1 -0.05582 -0.0422 27.25 0.10565 0.107724 24.6 0.058546 0.081319 22.75 0.227537 1.350405 CO.OF DETERMINA TION 0.393645

Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

BSE-500 7,128.29 6,850.40 7,437.26 7,427.14 7,233.85 7,265.32 7,111.31 6,487.22 6,385.76 6,763.26 6,117.00 5,778.68

ASHOK INDEX LEYLA CO.OF VARIA ND COVARIA ALPH CORRELA NCE LTD NCE BETA SDX SDY A TION 0.10805 3.3362 0.0561 0.3287 0.5912 0.003158 3 0.010536 68 97 14 81 0.627411 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.035152 -0.28559 -0.25044 1.35 Interpretation:

From the above table, it is understood that the - value of ASHOK LEYLAND is around 3.3 and that explains high volatility in the stock price. This high volatility in the stock price indicates the high risk in the investments. Also the risk and returns values of ASHOK LEYLAND are -0.25 and 1.35 respectively.

ASHOK LEYLAND LTD EQUITYNSHARE PRICES AS ON 2012 Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Open 23 28.4 28.05 30.6 32.5 24.7 25.25 22.4 21.1 24 23.45 28.35 High 27.9 30.5 30.4 32.55 32.9 29 26.15 23.5 24.85 25 28.65 28.7 Low 22.1 25.6 26.9 28.7 23.7 24.3 21.15 20.25 20.55 22.9 23.3 26.45 Close 27.4 28.3 30.3 32.25 25 24.95 22.3 20.7 24.05 23.45 28.35 26.7 No. of Shares 1,22,27,07 2 3,03,25,58 5 1,90,19,11 6 1,48,59,35 9 2,17,57,57 2 1,21,33,08 9 2,76,18,26 5 1,79,74,19 5 1,36,18,69 8 90,94,808 2,97,04,90 7 98,87,818 No. of Trades 33,286 65,529 40,329 38,828 40,796 29,719 52,961 39,026 31,719 27,137 60,181 13,595 Total Turnover 31,13,86,324 86,07,27,013 54,55,80,321 45,63,56,906 58,51,47,455 31,06,21,173 66,40,99,556 39,74,17,277 30,70,24,428 21,81,18,872 77,04,79,907 27,49,29,557

Interpretation: In the year 2012, the Equity share price values are drastically decreased compared to the starting month and finally stood at 26.7 in the month of December.

DETERMINATION OF RISK AND RETURN OF ASHOK LEYLAND AS ON 2012 ASHOK ASHOK LEYLAND LEYLAND INDEX LTD LTD RETURNS RETURNS 27.4 -0.04491 -0.0318 28.3 0.014446 -0.06601 30.3 0.009124 -0.06047 32.25 0.066635 0.29 25 -0.06022 0.002004 24.95 0.011622 0.118834 22.3 -0.00402 0.077295 20.7 -0.07967 -0.13929 24.05 0.012325 0.025586 23.45 -0.04733 -0.17284 28.35 -0.00842 0.061798 26.7 -0.13042 0.10511

Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

BSE-500 6,549.31 6,857.28 6,759.63 6,698.51 6,280.04 6,682.47 6,605.70 6,632.34 7,206.51 7,118.77 7,472.45 7,535.92

ASHOK LEYLA INDEX ND CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 2.0702 0.0421 0.1288 0.3751 0.001779 0.016597 0.003683 76 8 29 26 0.745615 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.007626 -0.53934 -0.53172 0.105 Interpretation:

CO.OF DETERMINA TION 0.555941

From the above table, it is understood that the - value of ASHOK LEYLAND NS is around 2.07 and that explains high volatility in the stock price. This high volatility in the stock price indicates the high risk in the investments. Also the risk and returns values of ASHOK LEYLAND are -0.53 and 0.105 respectively.

BAJAJ AUTO LTD EQUITYNSHARE PRICES AS ON 2011 Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Open 1,559.9 5 1,270.0 0 1,275.0 0 1,470.0 0 1,482.5 0 1,344.3 5 1,420.0 0 1,470.0 0 1,589.0 0 1,532.0 0 1,726.7 0 1,696.0 0 High 1,564.9 5 1,364.0 0 1,473.0 0 1,496.0 0 1,489.4 0 1,439.9 0 1,476.8 5 1,615.3 5 1,694.9 0 1,822.1 5 1,773.8 0 1,738.9 5 Low 1,214.1 0 1,189.6 0 1,275.0 0 1,364.0 0 1,260.0 5 1,293.2 5 1,405.2 5 1,351.2 5 1,486.0 0 1,478.2 0 1,566.2 5 1,567.8 0 Close 1,248.6 5 1,268.3 0 1,459.8 0 1,462.8 0 1,344.3 5 1,405.9 0 1,464.8 5 1,573.0 0 1,534.3 5 1,733.1 5 1,672.8 5 1,592.8 0 No. of Shares 29,75,65 1 10,90,46 0 7,95,662 5,63,198 15,72,30 4 10,53,26 0 7,17,275 8,06,799 7,96,298 8,40,758 8,32,069 8,77,068 No. of Trades 1,26,07 0 47,941 36,130 30,062 84,401 31,478 32,420 49,172 50,172 54,555 52,300 55,637 Total Turnover 3,93,54,27,050 1,38,02,49,022 1,09,57,50,751 81,74,47,783 2,06,14,98,367 1,43,35,69,168 1,02,76,59,534 1,19,90,20,303 1,27,17,97,321 1,36,51,42,998 1,39,81,24,979 1,45,27,59,366

Interpretation: In the year 2011, the Equity share price values are increased and finally stood at 1592.80 in the month of December.

DETERMINATION OF RISK AND RETURN OF BAJAJ AUTO AS ON 2011 BAJAJ AUTO LTD 1,248.65 1,268.30 1,459.80 1,462.80 1,344.35 1,405.90 1,464.85 1,573.00 1,534.35 1,733.15 1,672.85 1,592.80 BAJAJ INDEX AUTO RETURNS RETURNS 0.040566 -0.01549 -0.07891 -0.13118 0.001363 -0.00205 0.02672 0.088109 -0.00433 -0.04378 0.021657 -0.04024 0.096203 -0.06875 0.015888 0.02519 -0.05582 -0.1147 0.10565 0.036046 0.058546 0.050257 0.227537 -0.2166 CO.OF DETERMINA TION 0.351848

Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

BSE-500 7,128.29 6,850.40 7,437.26 7,427.14 7,233.85 7,265.32 7,111.31 6,487.22 6,385.76 6,763.26 6,117.00 5,778.68

BAJAJ INDEX AUTO CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 0.6566 0.0561 0.0684 0.3660 0.003158 0.004683 0.002074 53 97 33 2 0.593168 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.001362 -0.34716 -0.3458 -0.216 Interpretation:

From the above table, it is understood that the - value of BAJAJ AUTO is around 0.65 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of BAJAJ AUTO are -0.34 and -0.21respectively.

BAJAJ AUTO LTD EQUITYNSHARE PRICES AS ON 2012 Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Open 1,595.00 1,620.00 1,820.00 1,685.00 1,622.00 1,505.00 1,572.10 1,598.00 1,620.00 1,837.00 1,810.80 1,925.10 High 1,608.5 0 1,839.0 0 1,820.0 0 1,757.0 0 1,638.5 0 1,590.0 0 1,617.0 0 1,735.5 0 1,850.0 0 1,837.0 0 1,977.0 0 2,013.7 5 Low 1,410.0 0 1,586.0 0 1,610.0 0 1,578.3 0 1,456.5 5 1,454.0 0 1,423.1 0 1,590.0 0 1,618.9 0 1,705.0 0 1,800.0 0 1,915.1 0 Close 1,600.9 5 1,798.9 5 1,677.9 0 1,623.1 0 1,513.0 0 1,572.0 0 1,601.3 5 1,615.4 0 1,832.5 0 1,813.9 5 1,930.5 5 2,003.9 5 No. of Shares 22,37,67 7 8,46,535 7,31,953 5,55,915 11,92,92 5 9,11,167 13,05,43 7 5,96,732 4,34,414 4,78,673 5,55,457 3,15,474 No. of Trades 1,42,14 9 54,207 37,289 27,677 66,902 39,279 75,444 32,487 24,479 23,369 26,261 11,428 Total Turnover 3,31,31,66,958 1,45,08,74,625 1,27,21,48,518 91,86,81,264 1,84,12,48,661 1,40,18,90,874 1,99,06,82,582 99,24,71,431 75,22,50,111 84,74,13,962 1,03,70,41,504 61,61,76,686

Interpretation: In the year 2012, the Equity share price values are increased compared to the starting month and finally stood at 2003.95 in the month of December.

DETERMINATION OF RISK AND RETURN OF BAJAJ AUTO AS ON 2012 BAJAJ AUTO LTD 1,600.95 1,798.95 1,677.90 1,623.10 1,513.00 1,572.00 1,601.35 1,615.40 1,832.50 1,813.95 1,930.55 2,003.95 BAJAJ INDEX AUTO RETURNS RETURNS -0.04491 -0.11006 0.014446 0.072144 0.009124 0.033763 0.066635 0.072769 -0.06022 -0.03753 0.011622 -0.01833 -0.00402 -0.0087 -0.07967 -0.11847 0.012325 0.010226 -0.04733 -0.0604 -0.00842 -0.03663 -0.13042 -0.20122 CO.OF DETERMINA TION 0.761225

Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

BSE-500 6,549.31 6,857.28 6,759.63 6,698.51 6,280.04 6,682.47 6,605.70 6,632.34 7,206.51 7,118.77 7,472.45 7,535.92

BAJAJ INDEX AUTO CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 0.0421 0.0640 0.0441 0.001779 0.004102 0.002143 1.2044 8 49 3 0.872482 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.002581 -0.75712 -0.75454 -0.201

Interpretation: From the above table, it is understood that the - value of BAJAJ AUTO is around 1.2 and that explains high volatility in the stock price. This high volatility in the stock price indicates the high risk in the investments. Also the risk and returns values of BAJAJ AUTO are -0.75 and -0.201 respectively

TVS MOTOR COMPANY LTD EQUITYNSHARE PRICES AS ON 2011 Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Open 73.1 55.25 51 60.5 57.5 54.85 55 50.6 56.5 61 69.1 63 High 74.5 60 61.15 63 57.9 56.75 55.1 57.65 66.25 70.3 69.4 63.4 Low 50.5 43.7 51 54.7 50.1 50.15 48.6 48.35 56 57.55 58.25 46.15 Close 54.45 50.75 60 56.35 54.15 53.65 49.35 55.3 61 68.8 59.25 51.9 No. of Shares 1,46,42,00 6 1,14,89,49 9 1,28,85,05 6 1,38,97,51 2 90,45,470 40,46,822 50,17,362 81,70,211 83,91,545 72,18,538 90,66,421 50,95,050 No. Total of Trades Turnover 88,809 91,32,26,013 75,120 77,931 78,829 60,663 37,765 29,434 50,078 58,291 47,423 64,672 38,919 59,22,92,927 72,74,29,395 82,22,17,352 48,38,56,855 21,82,31,446 25,89,49,917 43,58,12,869 51,01,16,418 46,09,88,059 59,25,40,537 27,54,39,383

Interpretation: In the year 2011, the Equity share price values are increased and decreased compared to the starting month and finally stood at 51.9 in the month of December.

DETERMINATION OF RISK AND RETURN OF TVS MOTOR AS ON 2011 TVS MOTOR TVS COMPANY INDEX MOTOR LTD RETURNS RETURNS 54.45 0.040566 0.072906 50.75 -0.07891 -0.15417 60 0.001363 0.064774 56.35 0.02672 0.040628 54.15 -0.00433 0.00932 53.65 0.021657 0.087133 49.35 0.096203 -0.10759 55.3 0.015888 -0.09344 61 -0.05582 -0.11337 68.8 0.10565 0.161181 59.25 0.058546 0.141618 51.9 0.227537 0.108984 CO.OF DETERMINA TION 0.334297

Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

BSE-500 7,128.29 6,850.40 7,437.26 7,427.14 7,233.85 7,265.32 7,111.31 6,487.22 6,385.76 6,763.26 6,117.00 5,778.68

INDEX TVS CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 1.0276 0.0561 0.1098 0.1248 0.003158 0.012072 0.003246 75 97 75 5 0.578185 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.003335 -0.32222 -0.31889 0.108 Interpretation:

From the above table, it is understood that the - value of TVS MOTOR is around 1.02 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of TVS MOTOR are -0.31and 0.108 respectively.

TVS MOTOR COMPANY LTD EQUITYNSHARE PRICES AS ON 2012 Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Open 52.5 52.4 47.9 41.95 42.05 33.95 36.55 37.9 38.6 42.45 38.75 39 High 55.2 55.5 48.5 43.95 42.05 36.6 42.05 41 43.9 46.95 40.2 41.4 Low 46.05 46.5 37 38.1 32.1 31.9 34.8 37.4 35.65 38.1 36.6 38.35 Close 52.4 47.2 41 41 34 36.45 37.9 39.15 42.25 38.8 38.95 38.55 No. of Shares 99,94,675 1,22,75,15 0 89,87,510 76,25,286 69,06,301 61,28,302 1,05,59,03 3 24,04,563 57,50,930 46,73,389 27,25,223 19,20,736 No. of Trades 66,275 73,250 46,067 38,915 41,618 28,358 51,059 16,668 27,806 30,958 16,296 8,382 Total Turnover 50,42,95,974 63,46,42,581 38,38,30,504 31,38,31,329 24,68,60,171 20,63,75,664 40,81,33,985 9,41,86,046 23,32,11,505 19,69,70,465 10,47,15,609 7,67,35,178

Interpretation: In the year 2012, the Equity share price values are decreased compared to the starting month and finally stood at 38.35in the month of December.

DETERMINATION OF RISK AND RETURN OF TVS MOTOR AS ON 2012 TVS MOTOR TVS COMPANY INDEX MOTOR LTD RETURNS RETURNS 52.4 -0.04491 0.110169 47.2 0.014446 0.15122 41 0.009124 0 41 0.066635 0.205882 34 -0.06022 -0.06722 36.45 0.011622 -0.03826 37.9 -0.00402 -0.03193 39.15 -0.07967 -0.07337 42.25 0.012325 0.088918 38.8 -0.04733 -0.00385 38.95 -0.00842 0.010376 38.55 -0.13042 0.351939 CO.OF DETERMINA TION 0.435538

Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

BSE-500 6,549.31 6,857.28 6,759.63 6,698.51 6,280.04 6,682.47 6,605.70 6,632.34 7,206.51 7,118.77 7,472.45 7,535.92

TVS INDEX MOTOR CO.OF VARIA VARIA COVARIA ALPH CORRELA NCE NCE NCE BETA SDX SDY A TION 1.3232 0.0421 0.0930 0.5245 0.001779 0.008655 0.002354 28 8 3 2 0.659953 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.003115 -0.42688 -0.42377 0.35 Interpretation:

From the above table, it is understood that the - value of TVS MOTOR is around 1.32 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of TVS MOTOR are -0.42 and 0.35 respectively.

MAHINDRA & MAHINDRA LTD EQUITYNSHARE PRICES AS ON 2011 Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Open 792 720 622.9 701 761 676 702 723.2 740 800 855 743.1 High 801.9 721 811.5 778.25 765 705 752 746.1 820.8 874.75 862.95 762.55 Low 677.2 585.1 622.9 697.05 649.25 617 688.1 633 740 775 681.7 633.4 Close 712.05 614.1 698.6 753.8 672.15 701.3 718.25 737.55 802.55 863.2 723.85 683.05 No. of Shares 41,81,00 9 60,18,30 3 50,75,32 0 26,65,52 6 40,95,25 2 31,82,71 1 22,35,31 5 45,69,21 4 52,51,27 7 26,87,10 2 52,74,00 2 49,13,25 1 No. of Trades 98,612 1,66,83 5 1,25,78 2 71,682 1,13,65 4 86,786 65,540 1,33,04 9 1,24,04 0 70,909 1,51,25 9 1,50,94 3 Total Turnover 3,09,88,98,806 3,90,35,48,034 3,38,00,01,026 1,97,65,66,498 2,81,62,03,222 2,12,19,83,088 1,60,08,07,867 3,22,52,86,326 4,17,08,13,515 2,18,71,02,904 4,04,80,40,888 3,40,87,22,475

Interpretation: In the year 2011, the Equity share price values are increased and decreased compared to the starting month and finally stood at 683.05 in the month of December.

DETERMINATION OF RISK AND RETURN OF MAHINDRA & MAHINDRA LTD AS ON 2011 MAHINDR MAHINDR A & A & MAHINDR MAHINDR INDEX A A LTD RETURNS RETURNS 712.05 0.040566 0.159502 614.1 -0.07891 -0.12096 698.6 0.001363 -0.07323 753.8 0.02672 0.121476 672.15 -0.00433 -0.04157 701.3 0.021657 -0.0236 718.25 0.096203 -0.02617 737.55 0.015888 -0.08099 802.55 -0.05582 -0.07026 863.2 0.10565 0.192512 723.85 0.058546 0.059732 683.05 0.227537 0.096451

Month Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11

BSE-500 7,128.29 6,850.40 7,437.26 7,427.14 7,233.85 7,265.32 7,111.31 6,487.22 6,385.76 6,763.26 6,117.00 5,778.68

INDEX CO.OF CO.OF VARIA COVARIA ALPH CORRELAT DETERMINA NCE M&M NCE BETA SDX SDY A ION TION 0.0114 1.1741 0.0561 0.1069 0.003158 44 0.003708 09 97 76 0.1707 0.678469 0.460321 SYSTEMATIC UNSYSTEMATIC TOTAL RISK RISK RISK RETURNS 0.004354 -0.44888 -0.44452 0.09 Interpretation: From the above table, it is understood that the - value of MAHINDRA & MAHINDRA is around 1.17 and that explains high volatility in the stock price. This high volatility in the stock price indicates the high risk in the investments. Also the risk and returns value of MAHINDRA & MAHINDRA is -0.44 and 0.09 respectively.

MAHINDRA & MAHINDRA LTD EQUITYNSHARE PRICES AS ON 2012 Month Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Open 691 672.2 709.9 708 713.8 650 710.5 703 772 864.5 885 950 High 710 766.85 709.9 734 721 712.75 738.5 790 871.5 899.1 960.95 964.45 Low 628.2 672.2 650 679.05 621.75 636.2 675.1 681.55 741.2 819 880 913.75 Close 672.85 707.65 696.9 710.15 651.7 706.9 700.45 765.15 864.5 884.25 944.85 927.95 No. of Shares 72,91,75 5 61,17,33 7 48,04,29 5 24,85,39 8 29,36,07 7 21,22,50 7 18,24,79 3 21,65,68 1 23,95,62 3 26,03,51 0 25,01,82 5 9,34,783 No. of Trades 2,01,55 8 1,84,25 0 1,43,28 8 67,905 95,443 61,943 46,588 66,823 70,093 62,966 70,162 19,931 Total Turnover 4,88,03,01,800 4,36,76,57,404 3,26,45,79,335 1,75,27,47,000 1,93,60,38,919 1,44,84,48,328 1,30,52,76,030 1,60,87,97,456 1,93,71,47,334 2,22,64,78,236 2,31,29,49,773 87,27,29,952

Interpretation: In the year 2012, the Equity share price values are increased compared to the starting month and finally stood at 927.95 in the month of December.

DETERMINATION OF RISK AND RETURN OF MAHINDRA & MAHINDRA LTD AS ON 2012 Month BSE-500 MAHINDR A & MAHINDR A LTD 672.85 707.65 696.9 710.15 651.7 706.9 700.45 765.15 864.5 884.25 944.85 927.95 BET A 1.10 373 INDEX MAHINDRA RETURNS & MAHINDRA RETURNS -0.04491 -0.04918 0.014446 0.015425 0.009124 -0.01866 0.066635 0.089689 -0.06022 -0.07809 0.011622 0.009208 -0.00402 -0.08456 -0.07967 -0.11492 0.012325 -0.02234 -0.04733 -0.06414 -0.00842 0.018212 -0.13042 -0.29934 SDX 0.04 218 SDY 0.05 864 ALP HA 0.15 539 CO.OF CORREL ATION 0.873314 CO.OF DETERMIN ATION 0.762677

Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 INDEX VARIA NCE 0.00177 9

6,549.31 6,857.28 6,759.63 6,698.51 6,280.04 6,682.47 6,605.70 6,632.34 7,206.51 7,118.77 7,472.45 7,535.92 M& M 0.003 439

COVARI ANCE 0.001964

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS RISK RISK RISK 0.002167 -0.75924 -0.29 0.75707 Interpretation: From the above table, it is understood that the - value of MAHINDRA & MAHINDRA is around 1.1 and that explains low volatility in the stock price. This low volatility in the stock price indicates the low risk in the investments. Also the risk and returns values of MAHINDRA & MAHINDRA are -0.75 and -0.29 respectively.

FINDINGS: The values of Beta, Risk and Returns of Automobile industry in the year 2011 in the following table COMPANIES TATA MOTORS MARUTI SUZUKI ASHOK LEYLAND BAJAJ AUTO TVS MOTOR MAHINDRA & MAHINDRA BETA 1.2 0.91 3.3 0.65 1.02 1.17 RISK 1.27 -0.65 -0.25 -0.34 -0.31 -0.44 RETURNS 4.14 0.33 1.35 0.21 0.18 0.09

The sensitivity of a security to market movements is called Beta. Here, the beta values of MARUTI SUZUKI, BAJAJ AUTO and TVS MOTOR are less than and equal to 1, it is considered to be as safety fund. That means these types of funds have more protection in the case of market slow down. And the beta value of TATA MOTORS, ASHOK LEYLAND, and MAHINDRA & MAHINDRA is greater than 1 which represents the fund returns are more than the market and also fall more than the market. The values of Beta, Risk and Returns of Automobile industry in the year 2012 in the following table

COMPANIES TATA MOTORS MARUTI SUZUKI ASHOK LEYLAND BAJAJ AUTO

BETA 2.01 1.62 2.07 1.2

RISK -0.54 -0.58 -0.53 -0.75

RETURNS -0.04 -0.17 0.1 -0.2

TVS MOTOR MAHINDRA & MAHINDRA

1.32 1.1

-0.42 -0.75

0.35 -0.29

The sensitivity of a security to market movements is called Beta. Here, the beta values MARUTI SUZUKI, BAJAJ AUTO and TVS MOTOR are equal to 1, it is considered to be as safety fund. That means these types of funds have more protection in the case of market slow down. And the beta value of TATA MOTORS, ASHOK LEYLAND, and MAHINDRA & MAHINDRA is greater than 1 which represents the fund returns are more than the market and also fall more than the market.

Suggestions: 1. It is suggested to the investors to choose MARUTI SUZUKI, BAJAJ AUTO and TVS MOTOR to safe their investments even in market loss. 2. If investors want to get more returns bearing more risk he is suggested to choose TATA MOTORS, ASHOK LEYLAND, and MAHINDRA & MAHINDRA. 3. The stock market is characterized by the tradeoff between risk and return. The higher the risk the investor is willing and able to take, the higher the potential rewards from the investment. Therefore, if a particular investment offers you high returns, it is an indication that it will come with a high risk burden. 4. As part of the selection process, investor should determine the risk level of the stock as well as their risk tolerance. If they are looking for high returns they should be able to meet high potential losses as well. 5. There is no safe investment that will provide investors with high returns over a short period of time. Therefore, investor should direct their resources toward long term investment that are more likely to reward you for the patience with high returns.

Conclusion: The Study on Performance Analysis of equity shares in Automobile industries was undertaken with an objective of getting an insight into the concept of investments, the risks and the returns involved. The study aims to determine the risk involved in the investments and the factors affecting the risk. The other objectives of the study are to observe the rate of fluctuations and the degree of volatility of the Automobile industry. The study is confined to the Automobile sector and analyzed six companies MARUTI SUZUKI, BAJAJ AUTO, TVS MOTOR, TATA MOTORS, ASHOK LEYLAND, and MAHINDRA & MAHINDRA. The study is done using the NIFTY values and other related data from the Stock Exchanges. The data of the only one sector MARUTI SUZUKI, BAJAJ AUTO, TVS MOTOR, TATA MOTORS, ASHOK LEYLAND and MAHINDRA & MAHINDR are collected. The entire study is based on the secondary data only. The analytical tools used for the study are risk and return analysis. The study is done at Hyderabad for a period of 60days. The study had few limitations which were taken care of. The information collected was analyzed using appropriate techniques risk and return analysis. From the analysis, it was found that the risk of TATA MOTORS, ASHOK LEYLAND and MAHINDRA & MAHINDRA are very high. That means the returns for the investment in these companies is very high. The remaining three companies have beta values less than 1 and it is suggested to the investors to invest in these companies to protect their money even in the market losses.

Bibliography 1. S. Kelvin, Security analysis and portfolio management, Prentice-Hall of India, 1st edition, 2009. 2. Rohini singh, Security analysis and portfolio management, Excel books, 1st edition, 2009 3. Dr. Maheswari S.N, Management Accounting and Financial control, sultan chand and sons, 1992. Webliography 1. www.indiainfoline.com 2. www.bse.com 3. www.nse.com 4. www.moneycontrol.com 5. www.wikipedia.com 6. www.investopedia.com