Introduction of the study:

India is a developing country. Nowadays many people are interested to invest in financial
markets especially on equities to get high returns, and to save tax in honest way. Equities
are playing a major role in contribution of capital to the business from the beginning.
Since the introduction of shares concept, large numbers of investors are showing interest
to invest in stock market.
In an industry plagued with skepticism and a stock market increasingly difficult to predict
and contend with, if one looks hard enough there may still be a genuine aid for the Day
Trader and Short Term Investor.
The price of a security represents a consensus. It is the price at which one person agrees
to buy and another agrees to sell. The price at which an investor is willing to buy or sell
depends primarily on his expectations. If he expects the security's price to rise, he will
buy it; if the investor expects the price to fall, he will sell it. These simple statements are
the cause of a major challenge in forecasting security prices, because they refer to human
expectations. As we all know firsthand, humans expectations are neither easily
quantifiable nor predictable. If prices are based on investor expectations, then knowing
what a security should sell for (i.e., fundamental analysis) becomes less important than
knowing what other investors expect it to sell for.

CONCEPTUAL FRAMEWORK
Introduction to Investment
Investment may be defined as an activity that commits funds in any financial form in the
present with an expectation of receiving additional return in the future. The expectations
bring with it a probability that the quantum of return may vary from a minimum to a
maximum. This possibility of variation in the actual return is known as investment risk.
Thus every investment involves a return and risk.
Investment is an activity that is undertaken by those who have savings. Savings can be
defined as the excess of income over expenditure. An investor earns/expects to earn
additional monetary value from the mode of investment that could be in the form of
financial assets.
The three important characteristics of any financial asset are:

Return-the potential return possible from an asset.

Risk-the variability in returns of the asset form the chances of its value going
down/up.

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

Investment is the activity, which is made with the objective of earning some sort of
positive returns in the future. It is the commitment of the funds to earn future returns and
it involves sacrificing the present investment for the future return. Every person makes
the investment so that the funds he has increases as keeping cash with himself is not
going to help as it will not generate any returns and also with the passage of time the time
value of the money will come down. As the inflation will rise the purchasing power of
the money will come down and this will result that the investor who does not invest will
become more poor as he will not have any funds whose value have been increased. Thus
every person whether he is a businessman or a common man will make the investment
with the objective of getting future returns.
Types of Investments:There are basically three types of investments from which the investors can choose. The
three kinds of investment have their own risk and return profile and investor will decide
to invest taking into account his own risk appetite. The main types of investments are: -

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, delay in
repayment of capital, nonpayment of interest, or variability of returns. While some
investments like government securities & bank deposits are almost risk less, others are
more risky. The risk of an

investment depends on the following factors.

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

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

The risk varies with the nature of investment. Investments in ownership securities like
equity share carry higher risk compared to investments in

debt

instrument

like

debentures & bonds.

3. Safety: The safety of an investment implies the certainty of return of capital without loss of
money or time. Safety is another features which an investors desire for his investments.
Every investor expects to get back

his capital on maturity without loss & without

delay.
4. Liquidity: An investment, which is easily saleable, or marketable without loss of money & without
loss of time is said to possess liquidity. Some investments like company deposits, bank
deposits, P.O. deposits, NSC,

NSS etc. are not marketable. Some investment

instrument like preference shares & debentures are marketable, but there are no buyers in
many cases & hence their liquidity is negligible. Equity shares of companies listed on
stock exchanges are easily marketable through the stock exchanges.
An investor generally prefers liquidity for his investment, safety of his funds, a good
return with minimum risk or minimization of risk & maximization of return.
IMPORTANCE
In the current situation, investment is becomes necessary for everyone & it is important
& useful in the following ways:

1. Retirement planning: Investment decision has become significant as people retire between the

ages of 55 &

60. Also, the trend shows longer life expectancy. The earning from employment should,
therefore, be calculated in such a manner that a portion should be put away as a savings.
Savings by themselves do not increase wealth; these must be invested in such a way that
the principal & income will be adequate for a greater number of retirement years.
Increase in working population, proper planning for life

span

&

longevity

have

ensured the need for balanced investments.

2. Increasing rates of taxation: Taxation is one of the crucial factors in any country, which introduce an element of
compulsion, in a persons saving. In the form investments, there are various forms of
saving outlets in our country, which help in bringing down the tax level by offering
deductions in personal income.
For examples: Unit linked insurance plan,
Life insurance,
National saving certificates,
Development bonds,
Post office cumulative deposit schemes etc.
3. Rates of interest: It is also an important aspect for sound investment plan. It varies

between investment &

another. This may vary between risky & safe investment, they may also differ due
different benefits schemes offered by

the investments. These aspects must be

considered before actually investing. The investor has to include in his portfolio several
kinds of investments stability of interest is as important as receiving high rate of interest.
4. Inflation: Since the last decade, now a days inflation becomes a continuous problem.

In

these

years of rising prices, several problems are associated coupled with a falling standard of
living. Before funds are invested, erosion of the resource will have to be carefully
considered in order to make the right choice of investments. The investor will try &
search outlets, which gives him a high rate of return in form of interest to cover any

decrease due to inflation. He will also have to judge whether the interest or return will be
continuous or there is a likelihood of irregularity. Coupled with high rate of interest, he
will have to find an outlet, which will ensure safety of principal. Beside high rate of
interest & safety of principal an investor also has to always bear in mind the taxation
angle, the interest earned through investment should not

unduly increase his taxation

burden otherwise; the benefit derived from interest will be compensated by an increase
in taxation.
5. Income: For increasing in employment opportunities in India. Investment decisions have assumed
importance. After independence with the stage of development in the country a number
of organization & services came into being.
For example: The Indian administrative services.
Banking recruitment services.
Expansion in private corporate sector.
Public sector enterprises.
Establishing of financial institutions, tourism, hotels, and education.
More avenues for investment have led to the ability & willingness of working people to
save & invest their funds.
6. Investment channels: The growth & development of country leading to greater economic activity has led to the
introduction of a vast array of investment outlays. Apart from putting aside saving in
savings banks where interest is low, investor
instruments. The question to reason out is

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

UNSYSTEMATIC

i. Market Risk

i. Business Risk

ii. Interest Rate Risk

ii. Financial Risk

iii. Purchasing power Risk

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

(B) Interest rate risk

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

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.

DATA ANALYSIS AND INTTERPRETATION

ACC LTD EQUITY SHARE PRICES AS ON 2012
Month

Open

High

Low

Close

Jan-10

870

989.9

860

870.75

Feb-10

872

929

826

922.95

Mar-10

927

910.05

950.45

Apr-10

954.9

1,017.0
0
986.9

883

906.15

May-10

900

914

801

817

Jun-10

817

888.3

700

874.5

Jul-10

870

871.95

801.6

831.45

Aug-10

831.45

889

814

871.8

Sep-10

831

823.7

990.75

Oct-10

998.9

940

984.2

Nov-10

997.7

968.55

987.45

Dec-10

988

1,036.9
5
1,049.0
0
1,133.4
5
1,099.0
0

972.9

1,075.6
0

No. of
Shares
22,09,70
7
15,76,39
8
20,15,08
4
14,92,06
6
13,12,81
0
15,36,17
0
17,31,22
1
11,44,07
6
30,99,30
8
18,38,94
8
13,47,63
7
36,59,12
3

No. of
Trades
62,124

Total
Turnover
2,04,52,51,333

49,338

1,39,94,10,188

62,319

1,96,14,07,505

48,195

1,38,90,52,286

41,492

1,13,47,05,405

46,801

1,31,51,69,695

53,362

1,43,31,15,810

35,753

97,74,19,131

63,746

3,03,40,99,743

55,600

1,83,74,07,615

41,185

1,43,11,30,657

39,954

3,89,76,76,095

DETERMIANTION OF RISK AND RETURN OF ACC AS ON 2010

Month

BSE-500

ACC

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

6,509.90
6,518.38
6,919.55
7,042.68
6,782.37
7,092.20
7,205.22
7,289.74
7,984.45
8,036.88
7,722.05
7,961.06

870.75
922.95
950.45
906.15
817
874.5
831.45
871.8
990.75
984.2
987.45
1,075.6
0

INDEX
VARIA
NCE
0.0015
64

ACC
COVARI
VARIA ANCE
NCE
0.0045 0.00156
4

INDEX
RETURNS
-0.0013
-0.05798
-0.01748
0.03838
-0.04369
-0.01569
-0.01159
-0.08701
-0.00652
0.04077
-0.03002
-0.19213
BET
A

SDX

ACC
RETURNS
-0.05656
-0.02893
0.048888
0.109119
-0.06575
0.051777
-0.04628
-0.12006
0.006655
-0.00329
-0.08195
-0.18639
SDY

ALP
HA

0.997 0.037 0.067 0.00

001
751
459
516

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.001555
-0.44923
-0.18
0.44767

CO.OF
CORREL
ATION
0.673623

CO.OF
DETERMI
NATION
0.453768

ACC LTD EQUITY SHARE PRICES AS ON 2011

Month

Open

High

Low

Close

Jan-11

988.15

923.4

971.05

Mar-11

975.4

975.4

Apr-11

1,079.0
0
1,111.0
0
1,031.0
5
959.9

1,085.9
0
1,028.5
5
1,096.9
0
1,142.5
0
1,114.0
5
1,048.6
5
1,033.0
0
1,024.0
5
1,104.0
0
1,229.6
5
1,233.0
0
1,228.0
0

966.5

Feb-11

1,076.0
0
996

1,075.2
0
1,108.2
5
1,026.6
0
949.25

May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

1,010.0
0
1,030.0
0
1,090.0
0
1,200.0
0
1,159.9
0

1,071.0
0
963.1
917
939
948
995.15
1,077.0
0
1,100.0
0
1,084.7
5

1,012.0
5
1,002.5
5
1,098.1
5
1,195.2
5
1,145.0
5
1,136.3
5

No. of
Shares
7,74,299

No. of
Trades
30,933

Total
Turnover
79,48,09,486

26,26,22
4
9,47,224

41,326

2,60,83,51,972

25,104

96,72,78,228

6,08,428

25,819

67,65,91,066

5,08,285

24,433

51,30,40,367

3,79,436

18,496

37,48,42,648

4,70,442

21,882

46,15,21,798

6,86,534

20,962

68,66,49,630

7,49,458

32,356

79,56,99,560

7,07,227

31,143

80,44,28,614

6,02,914

30,629

70,98,92,214

5,15,657

28,215

59,70,64,325

DETERMIANTION OF RISK AND RETURN OF ACC AS ON 2011

Month

BSE-500

ACC

Jan-11
Feb-11
Mar-11

7,128.29
6,850.40
7,437.26

Apr-11

7,427.14

May-11

7,233.85

Jun-11
Jul-11

7,265.32
7,111.31

Aug-11

6,487.22

Sep-11

6,385.76

Oct-11

6,763.26

Nov-11

6,117.00

Dec-11

5,778.68

988.15
971.05
1,075.2
0
1,108.2
5
1,026.6
0
949.25
1,012.0
5
1,002.5
5
1,098.1
5
1,195.2
5
1,145.0
5
1,136.3
5

INDEX
VARIA
NCE
0.0031
58

ACC
COVARI
VARIA ANCE
NCE
0.0042 0.001847
39

INDEX
RETURNS
0.040566
-0.07891
0.001363

ACC
RETURNS
0.01761
-0.09687
-0.02982

0.02672

0.079534

-0.00433

0.081485

0.021657
0.096203

-0.06205
0.009476

0.015888

-0.08706

-0.05582

-0.08124

0.10565

0.043841

0.058546

0.007656

0.227537

-0.11743

BET
A

SDX

SDY ALP
HA

0.584 0.056 0.06

851
197
511

0.25
051

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.00108
-0.30408
-0.303
-0.11

CO.OF
CORREL
ATION
0.55527

CO.OF
DETERMIN
ATION
0.308324

ACC LTD EQUITY SHARE PRICES AS ON 2012

Month

Open

High

Low

Close

Jan-12

1,145.20

Feb-12

1,188.00

Mar-12

1,305.00

Apr-12

1,351.35

May-12

1,245.00

Jun-12

1,137.50

Jul-12

1,267.00

Aug-12

1,315.00

Sep-12

1,314.00

Oct-12

1,470.00

Nov-12

1,384.00

Dec-12

1,385.00

1,206.7
0
1,421.9
5
1,405.0
0
1,372.1
0
1,258.4
5
1,279.9
0
1,329.0
0
1,370.0
0
1,474.5
0
1,514.9
5
1,487.0
0
1,454.0
0

1,083.1
0
1,188.0
0
1,272.4
5
1,186.0
5
1,117.2
5
1,105.0
5
1,244.0
0
1,300.0
0
1,285.2
0
1,366.0
0
1,351.1
5
1,385.0
0

1,189.9
0
1,304.9
0
1,356.3
5
1,234.6
5
1,140.2
0
1,267.5
5
1,319.6
0
1,312.4
5
1,469.2
0
1,379.3
0
1,383.9
5
1,420.9
5

No. of
Shares
6,45,730

No. of
Trades
34,598

Total
Turnover
73,46,78,242

17,02,70
0
10,58,06
7
9,05,225

58,451

2,26,06,93,573

37,465

1,40,27,00,154

57,341

1,13,68,11,868

11,06,84
9
16,24,14
6
9,93,363

43,818

1,30,35,01,454

76,740

1,96,28,37,762

42,106

1,27,51,48,848

4,04,654

21,411

54,06,11,463

5,39,059

26,210

74,25,38,675

9,11,654

41,084

1,31,04,32,383

3,72,232

23,193

52,66,79,650

1,71,927

10,462

24,51,41,812

DETERMIANTION OF RISK AND RETURN OF ACC AS ON 2012

Month

BSE-500

ACC

Jan-12

6,549.31

Feb-12

6,857.28

Mar-12

6,759.63

Apr-12

6,698.51

May-12

6,280.04

Jun-12

6,682.47

Jul-12

6,605.70

Aug-12

6,632.34

Sep-12

7,206.51

Oct-12

7,118.77

Nov-12

7,472.45

Dec-12

7,535.92

1,189.9
0
1,304.9
0
1,356.3
5
1,234.6
5
1,140.2
0
1,267.5
5
1,319.6
0
1,312.4
5
1,469.2
0
1,379.3
0
1,383.9
5
1,420.9
5

INDEX
VARIA
NCE
0.0019
75

ACC
COVARI
VARIA ANCE
NCE
0.0057 0.002118
3

INDEX
ACC
RETURNS RETURNS
-0.04491
-0.08813
0.014446

-0.03793

0.009124

0.09857

0.066635

0.082836

-0.06022

-0.10047

0.011622

-0.03944

-0.00402

0.005448

-0.07967

-0.10669

0.012325

0.065178

-0.04733

-0.00336

-0.00842

-0.02604

-0.13042

-0.15003

BET
A

SDX SDY

1.072 0.04
396
218

ALP
HA

0.071 929
0.01
017

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.002272
-0.58418
-0.15
0.58191

CO.OF
CORREL
ATION
0.768059

CO.OF
DETERMIN
ATION
0.589915

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

Month

Open

High

Low

Close

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10

312
300
291.05
299.9
298
301
300.9
298.75
310.3

374.6
328
310.5
331.9
325
313.95
309.95
331.7
321.95

285.15
283
267.5
266
282.25
282.55
283
284
30.5

308.45
289.35
292.15
298.3
298.85
297
292.6
306.85
31.95

Oct-10
Nov-10
Dec-10

32.45
30.95
28.45

32.85
34.45
36

29.7
27.4
25

30.05
27.95
35.85

No. of
Shares
6,37,282
1,49,223
95,009
2,01,242
1,16,203
85,794
84,657
1,26,442
14,49,67
7
5,47,803
5,20,042
11,98,56
2

No. of
Trades
12,308
4,023
2,317
5,473
2,486
2,287
2,349
3,242
6,789

Total
Turnover
21,77,15,273
4,55,35,003
2,73,88,453
6,34,40,913
3,55,85,764
2,56,47,862
2,50,51,083
3,91,60,702
5,32,00,675

2,316
2,545
3,601

1,72,60,510
1,64,93,087
3,80,07,236

DETERMIANTIION OF RISK AND RETURN OF K.C.P AS ON 2010

Month

BSE500
Jan-10 6,509.9
0
Feb-10 6,518.3
8
Mar-10 6,919.5
5
Apr-10 7,042.6
8
May6,782.3
10
7
Jun-10 7,092.2
0
Jul-10
7,205.2
2
Aug-10 7,289.7
4
Sep-10 7,984.4
5
Oct-10 8,036.8
8
Nov-10 7,722.0
5
Dec-10 7,961.0
6
INDEX
VARIA
NCE
0.0014
25

K.C.P
308.45

INDEX
K.C.P
RETURNS RETURNS
-0.0013
0.06601

289.35

-0.05798

-0.00958

292.15

-0.01748

-0.02062

298.3

0.03838

-0.00184

298.85

-0.04369

0.006229

297

-0.01569

0.015038

292.6

-0.01159

-0.04644

306.85

-0.08701

8.604069

31.95

-0.00652

0.063228

30.05

0.04077

0.075134

27.95

-0.03002

-0.22036

35.85

-0.19213

8.530864

K.C.P
COVARI
VARIA ANCE
NCE
6.7479 -0.0536
54

BET
A

SDX

37.6
082

0.037 2.597 1.30

751
682
519

SYSTEMATIC UNSYSTEMATIC TOTAL

RISK
RISK
RISK
2.01567
6.386516
8.40218
6

SDY

ALP
HA

RETURNS
8.53

CO.OF
CORREL
ATION
-0.6012

CO.OF
DETERMIN
ATION
0.361437

K.C.P.LTD EQUITY SHARE PRICES AS ON 2011

Jan-11
Feb-11
Mar-11
Apr-11

36.5
26.1
27
26

36.6
30.25
27
28.9

26.15
24.3
24
26

27.35
26.45
25.6
26.7

May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11

26.4
25.25
26.2
26.95
26.85
25.3
26
24.2

27.3
26.5
28.9
30.6
26.9
26.5
28.9
26

24.05
24.05
24
24.3
24
24.15
23.8
22.4

25
24.85
26.7
25.85
25.1
26.3
25.35
23.7

3,47,307
2,20,268
2,34,324
10,30,95
0
1,65,475
1,52,435
4,26,618
4,67,114
1,78,276
1,02,740
2,32,864
1,39,073

1,579
1,520
981
1,106

1,08,45,691
59,32,375
59,83,468
2,72,89,413

846
774
2,112
2,327
1,043
781
1,654
1,012

41,65,246
38,21,702
1,15,01,590
1,24,17,844
45,42,267
25,82,106
59,94,044
33,55,776

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

Month

BSE500
Jan-11 7,128.2
9
Feb-11 6,850.4
0
Mar-11 7,437.2
6
Apr-11 7,427.1
4
May7,233.8
11
5
Jun-11 7,265.3
2
Jul-11
7,111.3
1
Aug-11 6,487.2
2
Sep-11 6,385.7
6
Oct-11 6,763.2
6
Nov-11 6,117.0
0
Dec-11 5,778.6
8
INDEX
VARIA
NCE
0.0031
58

K.C.P
27.35

INDEX
K.C.P
RETURNS RETURNS
0.040566
0.034026

26.45

-0.07891

0.033203

25.6

0.001363

-0.0412

26.7

0.02672

0.068

25

-0.00433

0.006036

24.85

0.021657

-0.06929

26.7

0.096203

0.032882

25.85

0.015888

0.02988

25.1

-0.05582

-0.04563

26.3

0.10565

0.037475

25.35

0.058546

0.06962

23.7

0.227537

0.15501

K.C.P
COVARI
VARIA ANCE
NCE
0.0021 0.00091
54

BET
A
0.28
809

SDX

SDY

ALP
HA

CO.OF
CORREL
ATION
0.056 0.046 0.089 0.383703
197
413
459

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.000262
-0.14507
0.15
0.14481

CO.OF
DETERMI
NATION
0.147228

K.C.P.LTD EQUITY SHARE PRICES AS ON 2012

Month

Open

High

Low

Close

Jan-12
Feb-12

23.25
28.2

28.95
37.1

23.25
28.2

26.9
33.5

Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12

32.3
32.6
32.95
30.25
31.2
35
32.45
34

36
34.8
32.95
33.3
37
37
35.1
46.95

29.6
32.1
27.4
29.7
31
30.15
30.6
33.9

32.5
32.5
30.05
31.45
35
32.5
33.85
41.05

Nov-12
Dec-12

40
39

41.45
39.95

36.05
36.45

38.8
37

No. of
Shares
1,29,946
21,12,04
5
6,14,998
2,52,031
1,32,867
1,11,433
3,92,344
4,68,427
3,29,134
23,10,97
8
3,60,759
2,14,573

No. of
Trades
1,183
10,036

Total
Turnover
33,93,882
7,12,51,187

2,333
1,116
1,341
832
2,161
1,611
2,018
16,081

2,02,79,879
84,28,478
40,40,556
34,31,870
1,31,76,589
1,60,38,054
1,08,99,062
9,46,14,429

4,081
1,008

1,42,45,047
80,20,424

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

Month

BSE-500

K.C.P

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

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

26.9
33.5
32.5
32.5
30.05
31.45
35
32.5
33.85
41.05
38.8
37

INDE
X
VARI
ANCE
0.0017
79

INDEX
RETURNS
-0.04491
0.014446
0.009124
0.066635
-0.06022
0.011622
-0.00402
-0.07967
0.012325
-0.04733
-0.00842
-0.13042

K.C.P
RETURNS
-0.19701
0.030769
0
0.081531
-0.04452
-0.10143
0.076923
-0.03988
-0.1754
0.05799
0.048649
-0.26237

K.C.PVA
RIANCE

COVARI BET
ANCE
A

SD
X

SDY

ALP CO.OF
HA CORREL
ATION

CO.OF
DETERMI
NATION

0.009642

0.00097

0.04
218

0.09
8194

0.19
127

0.066352

0.54
5144

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.000529
-0.05671
-0.26
0.05618

0.257588

ULTRATECH CEMENT LTD EQUITY SHARE PRICES AS ON 2010

Month

Open

High

Low

Close

Jan-10

915

860

929.4

Feb-10

913.15

913.15

Mar-10

May-10
Jun-10

1,040.0
0
1,152.0
0
992.7
917.05

Jul-10
Aug-10
Sep-10

865.15
860
904.1

Oct-10

1,067.9
0
1,090.2
5
1,115.1
0

1,059.4
0
1,061.0
0
1,161.7
0
1,172.2
0
992.7
1,000.0
0
881
972
1,098.0
0
1,146.9
0
1,174.9
0
1,154.5
0

Apr-10

Nov-10
Dec-10

No. of
Shares
9,42,555

No. of
Trades
17,765

Total
Turnover
92,36,33,274

9,78,724

12,719

1,01,17,21,337

1,028.0
5
924.8

1,038.1
0
1,156.3
0
972.35

7,54,355

9,784

83,13,63,227

4,17,837

9,747

45,72,83,467

902
862

922.9
878.1

4,69,098
2,38,839

12,960
8,019

44,39,18,316
22,41,83,611

820
855.1
900.7

864.35
904.3
1,066.9
0
1,096.0
5
1,125.9
0
1,082.1
5

8,13,400
4,54,655
7,77,789

9,989
11,106
23,386

67,89,76,365
41,85,34,449
78,83,68,511

3,43,572

13,059

37,86,09,733

10,12,71
7
3,03,323

29,220

1,14,67,16,812

10,267

32,79,06,119

1,055.5
0
1,052.6
5
1,039.0
0

DETERMINATION OF RISK AND RETURN OF ULTRATECH CEMENT AS ON

2010
Month

BSE-500

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

6,509.90
6,518.38
6,919.55
7,042.68
6,782.37
7,092.20
7,205.22
7,289.74
7,984.45
8,036.88
7,722.05
7,961.06

INDEX ULTRA
VARI
TECH
ANCE CEMEN
T
VARIA
NCE
0.0014 0.00901
25
2

ULTRATECH INDEX
ULTRATECH
CEMENT
RETURNS CEMENT
RETURNS
929.4
-0.0013
-0.10471
1,038.10
-0.05798
-0.10222
1,156.30
-0.01748
0.189181
972.35
0.03838
0.053581
922.9
-0.04369
0.051019
878.1
-0.01569
0.015908
864.35
-0.01159
-0.04418
904.3
-0.08701
-0.1524
1,066.90
-0.00652
-0.0266
1,096.05
0.04077
-0.02651
1,125.90
-0.03002
0.040429
1,082.15
-0.19213
-0.1065
COVARI
ANCE

BET SDX
A

0.001102

0.77
342

SDY

ALP
HA

CO.OF
CORREL
ATION

0.037 0.094 0.042 0.338313

751
933
092

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.000852
-0.10544
-0.1
0.10459

CO.OF
DETERMI
NATION

0.114456

ULTRATECH CEMENT LTD EQUITY SHARE PRICES AS ON 2011

Month

Open

High

Low

Close

Jan-11

1,086.0
0
1,019.0
0
929

1,099.7
0
1,035.0
0
1,145.0
0
1,135.9
0
1,095.0
0
1,054.9
0
1,038.0
0
1,084.7
0
1,188.0
0
1,190.0
0
1,204.0
0
1,228.0
0

966

999

890
929

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

1,134.0
0
1,095.0
0
1,034.9
0
938
1,036.9
5
1,085.0
0
1,125.1
0
1,140.0
0
1,164.9
0

989
999.1
916.4
928.9
941.05
1,044.0
0
1,056.9
5
1,093.9
0
1,103.1
5

No. of
Trades
7,912

Total
Turnover
26,39,51,150

929.7

No. of
Shares
2,51,19
8
83,362

6,180

7,92,44,125

1,133.8
0
1,086.8
0
1,026.2
0
933.5

4,00,39
3
1,88,16
7
1,02,78
6
99,459

10,852

41,65,05,616

9,092

20,15,50,706

5,992

10,68,16,195

7,116

9,91,65,980

1,028.8
0
1,070.4
0
1,137.6
0
1,152.4
5
1,143.9
0
1,160.4
5

1,31,29
0
2,63,59
9
1,85,51
7
1,37,74
4
2,77,64
4
3,78,73
3

6,780

13,10,17,085

7,790

26,75,32,955

9,767

21,03,73,137

8,356

15,53,08,509

10,532

32,04,37,009

13,493

44,84,96,986

DETERMINATION OF RISK AND RETURN OF ULTRATECH CEMENT AS ON

2011
Month

BSE-500

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

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

ULTRATECH INDEX
ULTRATECH
CEMENT
RETURNS CEMENT
RETURNS
999
0.040566
0.07454
929.7
-0.07891
-0.18001
1,133.80
0.001363
0.043246
1,086.80
0.02672
0.059053
1,026.20
-0.00433
0.099304
933.5
0.021657
-0.09263
1,028.80
0.096203
-0.03886
1,070.40
0.015888
-0.05907
1,137.60
-0.05582
-0.01289
1,152.45
0.10565
0.007474
1,143.90
0.058546
-0.01426
1,160.45
0.227537
-0.11411

INDEX ULTRA COVARI

VARI
TECH
ANCE
ANCE CEMEN
T
VARIA
NCE
0.0031 0.0066
0.001344
58

BET
A

SDX

SDY

ALP
HA

CO.OF
CORREL
ATION

CO.OF
DETERMI
NATION

0.425 0.056 0.081 619

197
242
0.21
096

0.323855

0.104882

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.000572
-0.09828
-0.11
0.09771

ULTRATECH CEMENT LTD EQUITY SHARE PRICES AS ON 2012

Month

Open

High

Low

Close

Jan-12

1,152.8
0
1,210.2
5
1,396.2
5
1,489.6
5
1,427.0
0
1,401.3
0
1,520.0
0
1,634.0
0
1,677.4
5
1,960.0
0
1,988.0
0
1,998.7
0

1,280.5
0
1,489.0
0
1,542.1
0
1,521.0
0
1,479.9
0
1,535.0
5
1,647.0
0
1,768.9
5
2,004.7
5
2,074.8
0
2,065.0
0
2,010.9
0

1,093.7
5
1,208.5
0
1,356.6
0
1,397.3
0
1,254.9
0
1,376.2
0
1,502.5
5
1,600.3
5
1,625.2
5
1,899.9
5
1,860.0
0
1,922.0
0

1,211.2
5
1,404.1
0
1,506.9
5
1,423.1
0
1,416.5
0
1,511.2
5
1,635.9
5
1,693.4
0
1,967.5
5
1,994.7
5
1,954.5
0
1,947.7
5

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

No. of
Shares
2,69,35
3
4,66,86
4
2,58,03
2
2,07,85
6
75,869

No. of
Trades
16,708

Total
Turnover
32,02,98,492

18,001

64,85,89,579

11,024

38,36,20,841

7,453

30,64,97,951

6,573

10,61,97,168

1,47,25
5
2,46,33
9
1,29,37
6
5,54,99
1
2,49,89
8
2,62,67
7
85,630

14,127

21,28,83,525

11,229

38,88,06,744

9,100

21,76,15,202

11,290

99,41,99,815

14,489

50,43,89,572

11,487

50,73,71,716

5,651

16,92,56,636

DETERMINATION OF RISK AND RETURN OF ULTRATECH CEMENT AS ON

2012
Month
BSE-500 ULTRATECH INDEX
ULTRATECH
CEMENT
RETURNS CEMENT
RETURNS
Jan-12
6,549.31
1,211.25
-0.04491
-0.13735
Feb-12
6,857.28
1,404.10
0.014446
-0.06825
Mar-12
6,759.63
1,506.95
0.009124
0.058921
Apr-12
6,698.51
1,423.10
0.066635
0.004659
May-12 6,280.04
1,416.50
-0.06022
-0.0627
Jun-12
6,682.47
1,511.25
0.011622
-0.07622
Jul-12
6,605.70
1,635.95
-0.00402
-0.03393
Aug-12
6,632.34
1,693.40
-0.07967
-0.13934
Sep-12
7,206.51
1,967.55
0.012325
-0.01364
Oct-12
7,118.77
1,994.75
-0.04733
0.020594
Nov-12
7,472.45
1,954.50
-0.00842
0.003466
Dec-12
7,535.92
1,947.75
-0.13042
-0.44378
INDEX ULTRA
VARI
TECH
ANCE CEMEN
T
VARIA
NCE
0.0017 0.00400
79
4

COVARI
ANCE

BET
A

SD
X

0.001248

0.701 0.04
268
218

SDY

ALP
HA

CO.OF
CORREL
ATION

CO.OF
DETERMI
NATION

0.063 278
0.35
232

0.514201

0.264402

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.000875
-0.2604
-0.44
0.25952

AMBUJA CEMENTS LTD EQUITY SHARE PRICES AS ON 2010

Month

Open

High

Low

Close

Jan-10
Feb-10
Mar-10
Apr-10
May-10

104.4
101.5
107
120.4
120.4

113.9
110.65
124
125.6
121.5

99.25
95.05
104.8
115
100

102.3
106.9
119.65
121.15
108.8

Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

109.45
113.95
119.45
126
140.7
141.5
140

121
121.25
128.2
150.25
146.35
166.5
146

106
107.55
113
122.75
134.5
133
131.05

114.55
117.5
125.15
140.7
139.75
140.5
143.05

No. of
Shares
72,74,466
52,18,009
83,98,122
53,25,272
1,22,22,35
2
60,37,419
48,35,233
59,10,799
97,64,636
60,96,981
67,48,793
36,67,526

Trades
37,737
29,579
42,856
26,374
27,489

Total
Turnover
78,10,06,421
54,49,01,507
97,38,74,887
64,06,54,075
1,31,55,03,206

25,355
31,015
38,178
57,818
33,976
50,397
31,864

69,16,94,485
55,69,90,251
70,78,67,939
1,35,69,82,106
85,79,13,780
1,02,76,26,698
51,36,07,955

DETERMINATION OF RISK AND RETURN OF AMBUJA CEMENTS AS ON 2010

Month

BSE-500

Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10

6,509.90
6,518.38
6,919.55
7,042.68
6,782.37
7,092.20
7,205.22
7,289.74
7,984.45
8,036.88
7,722.05
7,961.06

AMBUJA INDEX
AMBUJA
CEMENTS RETURNS CEMENTS
RETURNS
102.3
-0.0013
-0.04303
106.9
-0.05798
-0.10656
119.65
-0.01748
-0.01238
121.15
0.03838
0.113511
108.8
-0.04369
-0.0502
114.55
-0.01569
-0.02511
117.5
-0.01159
-0.06113
125.15
-0.08701
-0.11052
140.7
-0.00652
0.006798
139.75
0.04077
-0.00534
140.5
-0.03002
-0.01783
143.05
-0.19213
-0.31178

INDEX AMBU COVARI

VARIA JA
ANCE
NCE
CEME
NTS
VARIA
NCE
0.0014 0.0036 0.001686
25
9

BET
A

SDX

SDY

ALP
HA

CO.OF
CORREL
ATION

CO.OF
DETERMI
NATION

1.183 0.037 0.060 056

751
747
0.08
448

0.808729

0.654042

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.001995
-0.65035
-0.31
0.64836

AMBUJA CEMENTS LTD EQUITY SHARE PRICES AS ON 2011

Month

Open

High

Low

Close

Jan-11

143.05

146.65

124

126.55

Feb-11

127.9

129.9

112

118

Mar-11

119

152

118.7

147.05

Apr-11

147.1

159.7

145.05

155.4

May-11

156.5

156.5

127.1

138.7

Jun-11

139.1

144.95

124

133.1

Jul-11

133.5

134.6

120.65

129.3

Aug-11

131

137.8

119.9

133.1

Sep-11

135.4

152

131.45

148.6

Oct-11

146.1

161

142.6

155.4

Nov-11

155.9

164.8

141.35

148.4

Dec-11

152

165.5

148

155.4

No. of
Shares
32,97,67
4
37,84,99
7
38,11,47
8
92,36,43
0
35,57,89
5
35,18,92
2
63,22,96
4
33,91,23
4
45,53,04
0
40,55,76
8
41,01,02
5
52,64,43
1

Trades
34,126

Total
Turnover
43,49,15,489

40,100

46,19,74,719

37,340

51,42,45,340

44,476

1,40,33,17,029

35,380

49,00,83,755

27,899

46,38,63,653

31,486

80,39,41,336

25,367

44,36,57,370

47,009

65,65,64,893

29,841

61,49,83,171

35,525

63,08,80,774

58,896

82,84,53,645

DETERMINATION OF RISK AND RETURN OF AMBUJA CEMENTS AS ON 2011

Month

BSE500

Jan-11

7,128.2
9
Feb-11 6,850.4
0
Mar-11 7,437.2
6
Apr-11 7,427.1
4
May7,233.8
11
5
Jun-11 7,265.3
2
Jul-11
7,111.3
1
Aug-11 6,487.2
2
Sep-11 6,385.7
6
Oct-11 6,763.2
6
Nov-11 6,117.0
0
Dec-11 5,778.6
8
INDE
X
VARI
ANCE
0.0031
58

AMBUJA INDEX
AMBUJA
CEMENTS RETURNS CEMENTS
RETURNS
126.55
0.040566
0.072458
118

-0.07891

-0.19755

147.05

0.001363

-0.05373

155.4

0.02672

0.120404

138.7

-0.00433

0.042074

133.1

0.021657

0.029389

129.3

0.096203

-0.02855

133.1

0.015888

-0.10431

148.6

-0.05582

-0.04376

155.4

0.10565

0.04717

148.4

0.058546

-0.04505

155.4

0.227537

-0.16145

AMBUJA
CEMENTSV
ARIANCE

COVAR
IANCE

BET
A

SDX

0.007979

0.00235

0.74 0.05
4118 6197

SDY AL
PH
A

CO.OF
CO.OF
CORREL DETERMI
ATION
NATION

0.08 9325 0.33

076

0.514966

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.001749
-0.25721
-0.16
0.25546

0.26519

AMBUJA CEMENTS LTD EQUITY SHARE PRICES AS ON 2012

Month

Open

High

Low

Close

Jan-12
Feb-12

156.2
156.55

163.95
182

145.65
156.55

160.7
160.05

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

161.8
172.25
150.7
151.95
174
179.3
186.8
202.75
202.4
205.15

175.75
174.45
153.6
179.45
183.5
197.25
205.8
220.7
219.5
214.45

158.4
147.8
135.6
145.1
166.5
179.3
177.4
200
194.2
201.9

171.25
150.9
151.05
173.95
180.25
185.45
201.95
202.7
207.7
210.7

No. of
Shares
33,82,899
1,62,74,90
0
56,48,900
26,23,182
27,00,938
66,10,208
88,76,506
36,12,132
31,79,043
66,78,700
22,24,986
11,49,147

Trades
37,526
47,002

Total
Turnover
52,83,66,490
2,79,87,18,683

45,877
34,511
33,302
75,203
39,550
32,308
32,666
60,411
32,680
14,378

94,53,63,083
42,05,99,743
39,14,65,402
1,10,44,47,246
1,55,21,11,299
68,06,74,870
62,00,25,257
1,40,63,13,627
46,15,59,303
23,96,75,580

DETERMINATION OF RISK AND RETURN OF AMBUJA CEMENTS AS ON 2012

Month

BSE-500

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

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

AMBUJA INDEX
AMBUJA
CEMENTS RETURNS CEMENTS
RETURNS
160.7
-0.04491
0.004061
160.05
0.014446
-0.0654
171.25
0.009124
0.134858
150.9
0.066635
-0.00099
151.05
-0.06022
-0.13165
173.95
0.011622
-0.03495
180.25
-0.00402
-0.02804
185.45
-0.07967
-0.0817
201.95
0.012325
-0.0037
202.7
-0.04733
-0.02407
207.7
-0.00842
-0.01424
210.7
-0.13042
-0.24583

INDEX AMBU COVARI

VARIA JA
ANCE
NCE
CEME
NTS
VARIA
NCE
0.0017 0.0043 0.001135
79
8

BET
A

SDX SDY ALP

HA

CO.OF
CORREL
ATION

CO.OF
DETERMIN
ATION

0.637
694

0.04
218

0.447082

0.199882

0.06
618

0.16
266

SYSTEMATIC UNSYSTEMATIC TOTAL RETURNS

RISK
RISK
RISK
0.000724
-0.1955
-0.24
0.19478