A STUDY ON

INVESTMENT MANAGMENT WITH REFERENCE TO

SELECTIVE SECTOR
(KARVY LTD, HYD)

CHAPTER-I

INTRODUCTION

1
INTRODUCTION:

Traditional security analysis emphasis the projection of prices and dividends

accordingly the potential price the firms common stock and the future dividend seem were to
be forecast and the discount allowed 10%

The traditional views are on the intensive and current market price of security if the
current market price security was the above value the analysis recommended same conversely.
If the Current market price of the security below the entrance value the customer advise
to purchase these traditional view’s have shifted their emphasis to a modern approach
which analysis risk and return off a common stock rather than relevant price and
dividend esteems

Security Analysis:

For making proper investment involving both risk and return, the investor has to make identify
undervalues securities for buying and overvalues securities for selling is both an art and a study
of the alternative avenues of the investment-their risk and return characteristics, and make a
proper projection or expectation of the risk and return of the alternative investments under
consideration.

Investor has to tune the expectations to this preference of the risk and return for making a proper
investment choice. The process of analyzing the individual securities and the market as a whole
and estimating the risk and return expected from each of the investments called as security
analysis.

Security analysis in both traditional sense and modern sense involves the projection of future
dividend or ensuring flows, forecast of the share price in the future and estimating the intrinsic
value of a security based on the forecast of earnings or dividend.

2
Once the investment policy, has known the securities to be bought have to be scrutinized
through either Fundamental analysis or Technical analysis or Efficient Market Hypothesis
theory.

Fundamental Analysis:
Fundamental analysis is really a logical and systematic approach to estimating the future
dividend and share price it is based on the basic premise that share price is determined by a
number of fundamental factors relating to the economy, industry and company.

Technical Analysis:
According to technical analysis the investors believe that share prices are determined by the
demand and supply forces operating in the market. These demand and supply forces in turn are
influenced by a number of fundamental factors as well as certain psychological or emotional
factors. Many of these factors cannot be quantified. The technical analyst therefore concentrates
on the movement of share prices. He claims that by examining past share price movements future
share prices can be accurately predicted. Technical analysis is the name given to forecasting
techniques that utilize historical share price data. The rationale behind technical analysis is that
share price behavior repeats itself over time and the analyst attempts to drive methods to predict
this repetition.

3
PORTFOLIO MANAGEMENT:
To understand the term investment we need to have the knowledge on Portfolio’s are
combination of assets traditional portfolio management was The selection of security to suit
the particular requirement of an invested The modern portfolio theories is based on a
scientific approach and has The scientific obligation based on the estimates of risk and
return. The Portfolio attitudes of the investor toward a risk return trade-off through analysis and
screening of individual security.
Time factor
Return
Risk and relationship
Hence to understand the essence of investment analysis this study is undertake

ASSUMPTIONS OF THE STUDY:

This study assumes than an investor purchases the share at the beginning of the month and he
sells the share at the end of the month.

Investors make the decision on the basis of previous returns and risks that are unsystematic
risks.

for calculating the returns of each industry this study assumes that the indexes are taken in to
consideration.

The investors give preference to the securities that have given positive returns previously.

4
OBJECTIVES OF STUDY:

1. The basic objective is to minimize risk.

2. To measure the risk and return of portfolio of companies
3. To determine standard deviation and co-efficient of correlation of portfolio’s.
4. To help the investors regarding selection of securities to construct good portfolio.

5
SCOPE OF THE STUDY:

This scope of study is limited to 5 firms /companies of selected industry. Pharmaceutical,

Information Technologies, Automobile, & 12 companies / banks from Banking Industry.

This study is analysis of previous twelve months (Jan-2017 to Dec-2017) data relating to prices
of shares in National Stock Exchange only.

6
RESEARCH METHODOLOGY:

A system of collecting data for research projects is known as research methodology. The data
may be collected for either theoretical or practical research.Research methodology is a way to
systematically solve the research problem. It may be understood as a science of studying how
research is done scientifically. In it we study the various steps that are generally adopted by a
researcher in studying his research problem along with the logic behind them.

Secondary Data

The secondary data, on the other hand are those which already have been collected by else and
which have already been passed though the statistically process.

The secondary data include the information from the company annual reports which include
financial statement like balance sheet and income statement and such other information from
books of financial management, journals and magazine also been collected. The methodology
using for the study for the completion of the project is secondary data.

Statistical Tools

1. Average returns = ∑R /N
Where R = returns
N = number of time periods
2. Standard Deviation = (√ variance)
3. Variance = 1 /n-1(∑d2)
4. Covariance(covab) = 1 /n-1(∑dx.dy)
5. Correlation of coefficient = covab / σa*σb

7
RESEARCH DESIGN:

Task of defining the research problem is the preparation of the research project, popularly known
as the “research design”. Decisions regarding what, where, when, how much, by what means
concerning an inquiry or a research study constitute a research design.

A research design is the arrangement of conditions for collection and analysis of data in a
manner that aims to combine relevance to the research purpose with economy in procedure. It is
a framework or blueprint for conducting the marketing research project.

8
 CHAPTER-II

REVIEW OF LITERATURE

9
REVIEW OF LITERATURE

According to Adam.Y.C.Lei & Huihua.li (2012), Motivated by an obvious gap between the
widespread use of Bloomberg terminals in the finance industry and the scant resources available
to an instructor on how to incorporate the available information through the terminal into a
finance course, we illustrate our experience using the terminal in an equity-focused security
analysis and portfolio management course.

According to Ali Asghary Karahroudy (2011), Security Analysis and Framework of Cloud
computing offers massive scalability, immediate availability, and low cost services as major
benefits, but as with most new technologies, it introduces new risks and vulnerabilities too.
Despite the fact that different cloud structures and services are expanding, the cloud computing
penetration has not been as envisioned. Some specific concerns have stopped enterprises from
completely joining the cloud..

According to Ran Canetti & IBM Research (2008), Composable Formal Security Analysis, a
security property of a protocol is composable if it remains intact even when the protocol runs
alongside other protocols in the same system. We describe a method for asserting composable
security properties, and demonstrate its usefulness. In particular,
According to, Hari P. Sharma, Dinesh K. Sharma, Princess Anne, R.K. Jana, (2008), The
focus of this research paper is to develop a model for security analysis and investment decisions
using multi objective chance constrained programming (CCP). Using relevant variables and
constraints a deterministic nonlinear programming model is derived using CCP technique.

According to Stanis – aw – Gasik (2007) portfolio management, What is a project portfolio?

May it contain a set of investment project only? But in project-based organizations just
commercial projects and their sets are much more important than investment projects. Moreover,
in such organizations you may not easily strictly partition projects into investment and
commercial.

10
According to keyser, leonid & jonathan W.Lewellen (2005), The Capital Asset Pricing Model
(CAPM), which relates the risk of an individual security to its expected return, is frequently cited
in investments textbooks and the academic literature as a centerpiece of modem finance theory.
The main prediction of the CAPM is that investors are compensated in the form of expected
return only for bearing systematic or market risk, which is the portion of a security's risk that
cannot be diversified away

According to John T.Harvey, (2001) security analysis Psychological and Institutional Forces
and the Determination of Exchange Rates, Neoclassical economists, by their own admission,
have had a terrible time explaining foreign-currency prices. In large part, this is due to the fact
that they assume "economic" behavior to be independent of social and cultural influences. But
markets are social institutions. They "organize and guide human social behavior through
sanctions (formal and informal, negative and positive), mores, norms, status, and shared
worldviews".

According to Alex Kane, Alan J. Marcus, and Robert R. Trippi (1999), Active portfolio
management is commonly partitioned into two types of activities: market timing, which requires
forecasts of broad-based market movements, and security analysis, which requires the selection
of individual stocks that are perceived to be underpriced by the market. Robert Merton and
others have provided an insightful and easily implemented means to place a value on market
timing and fundamental analysis skills. While a normative theory of stock selection was outlined
in 1973 by Jack Treynor and Fischer Black, no convenient means of valuing potential selection
ability has yet been devised.

11
 CHAPTER-III

INDUSTRY AND COMPANY PROFILE

12
INDUSTRY PROFILE

The emergence of stock market can be traced back to 1830. In Bombay, business passed
in the shares of banks like the commercial bank, the chartered mercantile bank, the
chartered bank, the oriental bank and the old bank of Bombay and shares of cotton
presses. In Calcutta, Englishman reported the quotations of 4%, 5%, and 6% loans of East
India Company as well as the shares of the bank of Bengal in 1836. This list was a further
broadened in 1839 when the Calcutta newspaper printed the quotations of banks like
union bank and Agra bank. It also quoted the prices of business ventures like the Bengal
bonded warehouse, the Docking Company and the storm tug company.

Between 1840 and 1850, only half a dozen brokers existed for the limited business. But
during the share mania of 1860-65, the number of brokers increased considerably. By
1860, the number of brokers was about 60 and during the exciting period of the American
Civil war, their number increased to about 200 to 250. The end of American Civil war
brought disillusionment and many failures and the brokers decreased in number and
prosperity. It was in those troublesome times between 1868 and 1875 that brokers
organized an informal association and finally as recited in the Indenture constituting the
“Articles of Association of the Exchange”. On or about 9th day of July, 1875, a few native
brokers doing brokerage business in shares and stocks resolved upon forming in Bombay
an association for protecting the character, status and interest of native share and stock
brokers and providing a hall or building for the use of the members of such associatio

13
The entrance fee for new member was Re.1 and there were 318 members on the list,
when the exchange was constituted. The numbers of members increased to 333 in 1896,
362 in 1916and 478 in 1920 and the entrance fee was raised to Rs.5 in 1877, Rs.1000 in
1896, Rs.2500 in 1916 and Rs. 48,000 in 1920. At present there are 23 recognized stock
exchanges with about 6000 stock brokers. Organization structure of stock exchange
varies.

14 stock exchanges are organized as public limited companies, 6 as companies limited by

guarantee and 3 are non-profit voluntary organization. Of the total of 23, only 9 stock
exchanges have been permanent recognition. Others have to seek recognition on annual
basis.

These exchange do not work of its own, rather, these are run by some persons and with
the help of some persons and institution. All these are down as functionaries on stock
exchange. These are

1. Stockbrokers
2. sub-broker
3. market makers
4. Portfolio consultants

1.) Stockbrokers

Stock brokers are the members of stock exchanges. These are the persons who buy, sell
or deal in securities. A certificate of registration from SEBI is mandatory to act as a
broker. SEBI can impose certain conditions while granting the certificate of registrations.
It is obligatory for the person to abide by the rules, regulations and the buy-law. Stock
brokers are commission broker, floor broker, arbitrageur etc.

14
 Detail of registered brokers

Total no. Of Total no. of sub-

registered brokers brokers as on

as on 31.03.2016 31.03.2016

29000 2,24,000

2.) Sub-broker

A sub-broker acts as agent of stock broker. He is not a member of a stock exchange. He

assists the investors in buying, selling or dealing in securities through stockbroker. The
broker and sub-broker should enter into an agreement in which obligations of both should
be specified. Sub-broker must be registered SEBI for a dealing in securities. For getting
registered with SEBI, he must fulfill certain rules and regulation.

3.) Market Makers

Market maker is a designated specialist in the specified securities. They make both bid
and offer at the same time. A market maker has to abide by bye-laws, rules regulations of
the concerned stock exchange. He is exempt from the margin requirements. As per the
listing requirements, a company where the paid-up capital is Rs. 3 crore but not more
than Rs. 5 crore and having a commercial operation for less than 2 years should appoint a
market maker at the time of issue of securities.

15
4.) Portfolio consultants

A combination of securities such as stocks, bonds and money market instruments is

collectively called as portfolio. Whereas the portfolio consultants are the persons, firms
or companies who advise, direct or undertake the management or administration of
securities or funds on behalf of their clients.

MAJOR PLAYERS IN THE REGION

1. Karvy
2. ICICI direct
3. Indiainfoline
4. HDFC security
5. India bulls
MARKET SHARE

India bulls is the market leader; about 37% of the investors are using the services of India
bulls, followed by ICICI Direct with 32% customer’s base. According to various studies
ICICI Direct is the major competitive of India bulls. Reliance Money is gaining its share
which is currently at 3.9% market share.

16
COMPANY PROFILE

KARVY, is one of the best important financial services contributor, and

stood among the top five in the nation in all its business sectors, services over
16 million individual investors in various capacities, and includes investor
services to over 300 corporate, having the who is who of commercial India.
KARVY in the business of many financial services such as share trading etc
among others. Karvy has a dominance and expert power in executing
financial services management panel and stands in the list of top companies
in the contribution of the best in technology, operations and research of
various industrial sectors.

The beginning of Karvy was on a unpretentious balance in 1981. It initiated

with the aim and endeavor of a small group of active Chartered Accountants
who established the state of the art technology company Karvy Consultants
Limited. It working initiated with consulting and financial automation software,
and inroads into the business of registry of companies and share accounting by
1985.From the last 20 years Karvy has tchanged the success route, in the
journey in building a repute as an integrated financial services maker,
contribution a wide range of services.

It challenges and goal of reaching sustainable total competence in our

servicing has served as the emerging block for making a great financial
organization, which stands firm on our fortresses of financial potency - our
various companies.

Karvy Computershare Private Limited is formed a joint venture with its allied companies of
Karvy Consultants Limited and Computershare Limited, Australia. Computershare Limited is
world's biggest and only global -- share registry, and a foremost financial market services
contributor to the global securities industry. The joint project with Computershare, consider as
the major registrar in the world, servicing over 60 million investor accounts for over

17
 CHAPTER-IV

DATA ANALYSIS
&
INTERITTION

18
Return-risk of Aurobindo Pharma Ltd.

Table No: 1

Sl.
Date Price (Rs) Return (R) r R-r (R-r)2
No.
1 12 /25 /2017 687.95 0.98 0.13 0.84 0.71
2 12 /18 /2017 681.30 2.05 0.13 1.92 3.69
3 12 /11 /2017 667.60 -0.73 0.13 -0.86 0.74
4 12 /4 /2017 672.50 0.01 0.13 -0.12 0.01
5 11 /27 /2017 672.40 -5.97 0.13 -6.10 37.25
6 11 /20 /2017 715.10 0.89 0.13 0.76 0.57
7 11 /13 /2017 708.80 -4.23 0.13 -4.36 19.02
8 11 /6 /2017 740.10 -6.07 0.13 -6.21 38.50
9 10 /30 /2017 787.95 3.40 0.13 3.27 10.67
10 10 /23 /2017 762.05 1.06 0.13 0.93 0.86
11 10 /16 /2017 754.05 1.15 0.13 1.01 1.03
12 10 /9 /2017 745.50 -0.07 0.13 -0.20 0.04
13 10 /2 /2017 746.00 7.86 0.13 7.73 59.69
14 9 /25 /2017 691.65 -4.49 0.13 -4.63 21.41
15 9 /18 /2017 724.20 -4.50 0.13 -4.63 21.43
16 9 /11 /2017 758.30 2.60 0.13 2.47 6.11
17 9 /4 /2017 739.05 -2.58 0.13 -2.71 7.34
18 8 /28 /2017 758.60 3.61 0.13 3.48 12.11
19 8 /21 /2017 732.15 3.89 0.13 3.76 14.10
20 8 /14 /2017 704.75 -0.04 0.13 -0.17 0.03
21 8 /7 /2017 705.00 -2.80 0.13 -2.93 8.59
22 7 /31 /2017 725.30 0.19 0.13 0.06 0.00
23 7 /24 /2017 723.90 -3.25 0.13 -3.39 11.47
24 7 /17 /2017 748.25 0.23 0.13 0.10 0.01
25 7 /10 /2017 746.55 7.10 0.13 6.97 48.57
26 7 /3 /2017 697.05 1.82 0.13 1.69 2.84
27 6 /26 /2017 684.60 1.84 0.13 1.70 2.91
28 6 /19 /2017 672.25 2.84 0.13 2.71 7.32
29 6 /12 /2017 653.70 7.41 0.13 7.28 52.97

19
 30 6 /5 /2017 608.60 2.56 0.13 2.43 5.90
31 5 /29 /2017 593.40 11.44 0.13 11.30 127.79
32 5 /22 /2017 532.50 -10.55 0.13 -10.68 114.10
33 5 /15 /2017 595.30 -4.55 0.13 -4.69 21.96
34 5 /8 /2017 623.70 5.89 0.13 5.76 33.17
35 5 /1 /2017 589.00 -2.93 0.13 -3.06 9.35
36 4 /24 /2017 606.75 -4.18 0.13 -4.31 18.57
37 4 /17 /2017 633.20 -3.78 0.13 -3.91 15.28
38 4 /10 /2017 658.05 0.00 0.13 -0.13 0.02
39 4 /3 /2017 658.05 -2.54 0.13 -2.67 7.14
40 3 /27 /2017 675.20 -1.97 0.13 -2.11 4.44
41 3 /20 /2017 688.80 0.18 0.13 0.05 0.00
42 3 /13 /2017 687.55 5.37 0.13 5.24 27.45
43 3 /6 /2017 652.50 -3.32 0.13 -3.45 11.91
44 2 /27 /2017 674.90 1.30 0.13 1.17 1.36
45 2 /20 /2017 666.25 0.24 0.13 0.11 0.01
46 2 /13 /2017 664.65 -2.16 0.13 -2.29 5.24
47 2 /6 /2017 679.30 -0.79 0.13 -0.92 0.85
48 1 /30 /2017 684.70 -4.05 0.13 -4.18 17.49
49 1 /23 /2017 713.60 2.23 0.13 2.10 4.39
50 1 /16 /2017 698.05 -0.91 0.13 -1.04 1.08
51 1 /9 /2017 704.45 1.74 0.13 1.61 2.59
52 1 /2 /2017 692.40 3.45 0.13 3.32 11.02
www.in.finance.yahoo.com 831.10

r 0.13
Return 3.18%
S. D. 4.00

20
Return-risk of Cipla Ltd.

Table No: 2

Sl.
Date Price (Rs) Return (R) r R-r (R-r)^2
No.
1 12 /25 /2017 608.50 1.21 0.18 1.03 1.06
2 12 /18 /2017 601.20 4.29 0.18 4.11 16.89
3 12 /11 /2017 576.45 -4.42 0.18 -4.60 21.19
4 12 /4 /2017 603.10 0.84 0.18 0.65 0.43
5 11 /27 /2017 598.10 -2.86 0.18 -3.04 9.26
6 11 /20 /2017 615.70 1.17 0.18 0.99 0.98
7 11 /13 /2017 608.55 -0.12 0.18 -0.31 0.09
8 11 /6 /2017 609.30 -4.81 0.18 -5.00 24.96
9 10 /30 /2017 640.10 2.41 0.18 2.22 4.95
10 10 /23 /2017 625.05 2.84 0.18 2.65 7.04
11 10 /16 /2017 607.80 2.52 0.18 2.34 5.47
12 10 /9 /2017 592.85 1.27 0.18 1.09 1.19
13 10 /2 /2017 585.40 -0.12 0.18 -0.30 0.09
14 9 /25 /2017 586.10 0.13 0.18 -0.06 0.00
15 9 /18 /2017 585.35 4.27 0.18 4.08 16.66
16 9 /11 /2017 561.40 1.70 0.18 1.52 2.31
17 9 /4 /2017 552.00 -2.89 0.18 -3.07 9.42
18 8 /28 /2017 568.40 -0.98 0.18 -1.17 1.36
19 8 /21 /2017 574.05 1.55 0.18 1.36 1.86
20 8 /14 /2017 565.30 4.41 0.18 4.23 17.90
21 8 /7 /2017 541.40 -4.80 0.18 -4.98 24.84
22 7 /31 /2017 568.70 0.46 0.18 0.28 0.08
23 7 /24 /2017 566.10 -0.02 0.18 -0.20 0.04
24 7 /17 /2017 566.20 3.31 0.18 3.13 9.78
25 7 /10 /2017 548.05 0.16 0.18 -0.02 0.00
26 7 /3 /2017 547.15 -1.52 0.18 -1.70 2.91
27 6 /26 /2017 555.60 2.67 0.18 2.49 6.18
28 6 /19 /2017 541.15 0.82 0.18 0.64 0.40
29 6 /12 /2017 536.75 -2.60 0.18 -2.79 7.77

21
 30 6 /5 /2017 551.10 3.97 0.18 3.79 14.34
31 5 /29 /2017 530.05 8.42 0.18 8.23 67.78
32 5 /22 /2017 488.90 -13.46 0.18 -13.65 186.19
33 5 /15 /2017 564.95 -0.53 0.18 -0.71 0.51
34 5 /8 /2017 567.95 3.27 0.18 3.09 9.54
35 5 /1 /2017 549.95 -1.35 0.18 -1.53 2.34
36 4 /24 /2017 557.45 -1.24 0.18 -1.42 2.03
37 4 /17 /2017 564.45 -2.22 0.18 -2.40 5.77
38 4 /10 /2017 577.25 -2.16 0.18 -2.34 5.50
39 4 /3 /2017 590.00 -0.50 0.18 -0.68 0.46
40 3 /27 /2017 592.95 -0.17 0.18 -0.35 0.12
41 3 /20 /2017 593.95 -0.56 0.18 -0.74 0.55
42 3 /13 /2017 597.30 1.39 0.18 1.21 1.46
43 3 /6 /2017 589.10 0.08 0.18 -0.10 0.01
44 2 /27 /2017 588.60 -0.64 0.18 -0.83 0.68
45 2 /20 /2017 592.40 -0.14 0.18 -0.33 0.11
46 2 /13 /2017 593.25 2.29 0.18 2.11 4.45
47 2 /6 /2017 579.95 -4.60 0.18 -4.78 22.86
48 1 /30 /2017 607.90 4.78 0.18 4.60 21.15
49 1 /23 /2017 580.15 0.44 0.18 0.26 0.07
50 1 /16 /2017 577.60 -0.99 0.18 -1.18 1.39
51 1 /9 /2017 583.40 0.09 0.18 -0.09 0.01
52 1 /2 /2017 582.85 2.47 0.18 2.29 5.23
www.in.finance.yahoo.com 547.67

r 0.18
Return 4.74
S. D. 3.25

22
Return-risk of HCL Tech Ltd.

Table No: 3

Price Return
Sl. No. Date r R-r (R-r)2
(Rs) (R)
1 12 /25 /2017 890.50 0.41 0.17 0.24 0.06
2 12 /18 /2017 886.90 -0.55 0.17 -0.72 0.52
3 12 /11 /2017 891.80 2.45 0.17 2.28 5.22
4 12 /4 /2017 870.45 4.87 0.17 4.71 22.14
5 11 /27 /2017 830.00 -3.31 0.17 -3.48 12.09
6 11 /20 /2017 858.40 2.19 0.17 2.02 4.09
7 11 /13 /2017 840.00 -3.12 0.17 -3.29 10.81
8 11 /6 /2017 867.05 2.35 0.17 2.18 4.76
9 10 /30 /2017 847.15 -0.91 0.17 -1.08 1.17
10 10 /23 /2017 854.95 -7.30 0.17 -7.47 55.81
11 10 /16 /2017 922.30 -0.45 0.17 -0.62 0.39
12 10 /9 /2017 926.50 2.05 0.17 1.88 3.54
13 10 /2 /2017 907.90 3.78 0.17 3.62 13.07
14 9 /25 /2017 874.80 -1.09 0.17 -1.26 1.59
15 9 /18 /2017 884.45 -0.29 0.17 -0.46 0.21
16 9 /11 /2017 887.05 3.21 0.17 3.04 9.22
17 9 /4 /2017 859.50 -0.72 0.17 -0.89 0.79
18 8 /28 /2017 865.75 -0.20 0.17 -0.37 0.14
19 8 /21 /2017 867.50 -1.00 0.17 -1.17 1.36
20 8 /14 /2017 876.25 0.45 0.17 0.28 0.08
21 8 /7 /2017 872.30 -2.06 0.17 -2.23 4.97
22 7 /31 /2017 890.65 -0.27 0.17 -0.44 0.20
23 7 /24 /2017 893.10 -1.31 0.17 -1.48 2.18
24 7 /17 /2017 904.95 6.42 0.17 6.25 39.10
25 7 /10 /2017 850.35 2.22 0.17 2.05 4.20
26 7 /3 /2017 831.90 -2.23 0.17 -2.40 5.77
27 6 /26 /2017 850.90 -0.11 0.17 -0.28 0.08
28 6 /19 /2017 851.85 1.53 0.17 1.36 1.86
29 6 /12 /2017 839.00 -2.53 0.17 -2.70 7.26
30 6 /5 /2017 860.75 0.33 0.17 0.16 0.03
31 5 /29 /2017 857.90 -0.14 0.17 -0.31 0.09
32 5 /22 /2017 859.10 1.70 0.17 1.54 2.36
33 5 /15 /2017 844.70 -0.35 0.17 -0.52 0.27

23
 34 5 /8 /2017 847.65 2.18 0.17 2.01 4.03
35 5 /1 /2017 829.60 1.90 0.17 1.74 3.01
36 4 /24 /2017 814.10 0.17 0.17 0.00 0.00
37 4 /17 /2017 812.75 0.45 0.17 0.28 0.08
38 4 /10 /2017 809.10 -4.73 0.17 -4.90 24.03
39 4 /3 /2017 849.30 -2.91 0.17 -3.08 9.47
40 3 /27 /2017 874.75 0.19 0.17 0.03 0.00
41 3 /20 /2017 873.05 0.84 0.17 0.67 0.46
42 3 /13 /2017 865.75 2.29 0.17 2.12 4.51
43 3 /6 /2017 846.35 -0.77 0.17 -0.94 0.88
44 2 /27 /2017 852.90 1.19 0.17 1.02 1.05
45 2 /20 /2017 842.85 0.43 0.17 0.26 0.07
46 2 /13 /2017 839.25 1.31 0.17 1.14 1.30
47 2 /6 /2017 828.40 -0.28 0.17 -0.45 0.20
48 1 /30 /2017 830.75 -1.59 0.17 -1.76 3.10
49 1 /23 /2017 844.20 0.65 0.17 0.48 0.23
50 1 /16 /2017 838.75 -1.35 0.17 -1.52 2.31
51 1 /9 /2017 850.25 4.40 0.17 4.23 17.92
52 1 /2 /2017 814.40 -1.64 0.17 -1.80 3.26
www.in.finance.yahoo.com 291.31

r 0.17
Return 11.31
S. D. 2.37

24
Return-risk of Infosys Ltd.

Table No: 4

Sl. No. Date Price (Rs) Return (R) r R-r (R-r)^2

1 12 /25 /2017 504.27 0.26 0.21 0.05 0.00
2 12 /18 /2017 502.96 1.61 0.21 1.40 1.97
3 12 /11 /2017 495.00 2.10 0.21 1.90 3.59
4 12 /4 /2017 484.81 4.49 0.21 4.28 18.35
5 11 /27 /2017 463.98 -5.03 0.21 -5.23 27.39
6 11 /20 /2017 488.54 3.98 0.21 3.77 14.21
7 11 /13 /2017 469.86 0.93 0.21 0.72 0.52
8 11 /6 /2017 465.55 6.76 0.21 6.55 42.96
9 10 /30 /2017 436.07 -2.08 0.21 -2.29 5.23
10 10 /23 /2017 445.34 2.09 0.21 1.88 3.55
11 10 /16 /2017 436.22 -0.34 0.21 -0.54 0.30
12 10 /9 /2017 437.70 1.08 0.21 0.87 0.76
13 10 /2 /2017 433.02 2.25 0.21 2.04 4.18
14 9 /25 /2017 423.49 0.18 0.21 -0.03 0.00
15 9 /18 /2017 422.73 -1.10 0.21 -1.30 1.70
16 9 /11 /2017 427.42 2.71 0.21 2.50 6.27
17 9 /4 /2017 416.14 -3.88 0.21 -4.08 16.66
18 8 /28 /2017 432.92 0.85 0.21 0.65 0.42
19 8 /21 /2017 429.25 -1.20 0.21 -1.41 1.98
20 8 /14 /2017 434.47 -6.53 0.21 -6.73 45.31
21 8 /7 /2017 464.80 0.40 0.21 0.19 0.04
22 7 /31 /2017 462.95 -1.36 0.21 -1.57 2.46
23 7 /24 /2017 469.35 1.76 0.21 1.55 2.42
24 7 /17 /2017 461.23 0.83 0.21 0.62 0.39
25 7 /10 /2017 457.44 3.92 0.21 3.71 13.78
26 7 /3 /2017 440.19 -0.02 0.21 -0.22 0.05
27 6 /26 /2017 440.26 -0.82 0.21 -1.02 1.05
28 6 /19 /2017 443.89 0.32 0.21 0.11 0.01
29 6 /12 /2017 442.47 -0.88 0.21 -1.09 1.18
30 6 /5 /2017 446.40 0.90 0.21 0.69 0.47
31 5 /29 /2017 442.44 -2.64 0.21 -2.84 8.08

25
 32 5 /22 /2017 454.42 3.94 0.21 3.73 13.95
33 5 /15 /2017 437.19 -0.65 0.21 -0.86 0.74
34 5 /8 /2017 440.07 3.52 0.21 3.31 10.96
35 5 /1 /2017 425.12 1.37 0.21 1.16 1.35
36 4 /24 /2017 419.39 -0.51 0.21 -0.72 0.52
37 4 /17 /2017 421.56 -0.83 0.21 -1.03 1.07
38 4 /10 /2017 425.08 -5.11 0.21 -5.31 28.24
39 4 /3 /2017 447.96 -3.98 0.21 -4.19 17.54
40 3 /27 /2017 466.54 -0.89 0.21 -1.09 1.19
41 3 /20 /2017 470.71 -0.86 0.21 -1.06 1.13
42 3 /13 /2017 474.78 1.81 0.21 1.60 2.56
43 3 /6 /2017 466.36 -0.91 0.21 -1.11 1.24
44 2 /27 /2017 470.62 2.22 0.21 2.01 4.04
45 2 /20 /2017 460.42 0.87 0.21 0.67 0.45
46 2 /13 /2017 456.43 3.28 0.21 3.08 9.47
47 2 /6 /2017 441.92 3.44 0.21 3.23 10.46
48 1 /30 /2017 427.22 -0.64 0.21 -0.85 0.72
49 1 /23 /2017 429.98 -0.69 0.21 -0.90 0.80
50 1 /16 /2017 432.97 -2.78 0.21 -2.98 8.90
51 1 /9 /2017 445.34 0.37 0.21 0.16 0.03
52 1 /2 /2017 443.72 -3.79 0.21 -4.00 16.00
www.in.finance.yahoo.com 356.65

r 0.21
Return 19.84
S. D. 2.62

26
Return-risk of HDFC Bank Limited

Table No: 5

Sl. No. Date Price (Rs) Return (R) r R-r (R-r)2

1 12 /25 /2017 1,872.40 -0.23 0.86 -1.09 1.19
2 12 /18 /2017 1,876.65 0.17 0.86 -0.69 0.48
3 12 /11 /2017 1,873.45 1.80 0.86 0.93 0.87
4 12 /4 /2017 1,840.40 -0.42 0.86 -1.29 1.66
5 11 /27 /2017 1,848.20 -0.17 0.86 -1.04 1.08
6 11 /20 /2017 1,851.40 1.42 0.86 0.55 0.30
7 11 /13 /2017 1,825.55 0.19 0.86 -0.67 0.45
8 11 /6 /2017 1,822.00 -0.48 0.86 -1.34 1.80
9 10 /30 /2017 1,830.70 2.21 0.86 1.35 1.82
10 10 /23 /2017 1,791.05 -3.10 0.86 -3.97 15.74
11 10 /16 /2017 1,848.40 -0.13 0.86 -0.99 0.99
12 10 /9 /2017 1,850.80 2.82 0.86 1.95 3.81
13 10 /2 /2017 1,800.10 -0.31 0.86 -1.18 1.38
14 9 /25 /2017 1,805.70 -1.01 0.86 -1.87 3.51
15 9 /18 /2017 1,824.10 -1.34 0.86 -2.21 4.88
16 9 /11 /2017 1,848.95 3.43 0.86 2.56 6.57
17 9 /4 /2017 1,787.65 1.13 0.86 0.27 0.07
18 8 /28 /2017 1,767.60 0.29 0.86 -0.58 0.33
19 8 /21 /2017 1,762.50 0.59 0.86 -0.27 0.08
20 8 /14 /2017 1,752.15 0.18 0.86 -0.69 0.47
21 8 /7 /2017 1,749.05 -2.30 0.86 -3.17 10.03
22 7 /31 /2017 1,790.25 0.66 0.86 -0.20 0.04
23 7 /24 /2017 1,778.50 4.43 0.86 3.57 12.71
24 7 /17 /2017 1,703.05 1.38 0.86 0.51 0.26
25 7 /10 /2017 1,679.95 0.76 0.86 -0.10 0.01
26 7 /3 /2017 1,667.20 0.92 0.86 0.05 0.00
27 6 /26 /2017 1,652.05 -1.58 0.86 -2.45 6.00
28 6 /19 /2017 1,678.65 0.56 0.86 -0.30 0.09
29 6 /12 /2017 1,669.25 0.15 0.86 -0.72 0.52
30 6 /5 /2017 1,666.80 1.99 0.86 1.13 1.27
31 5 /29 /2017 1,634.25 0.51 0.86 -0.36 0.13

27
 32 5 /22 /2017 1,626.00 4.15 0.86 3.28 10.77
33 5 /15 /2017 1,561.25 0.62 0.86 -0.25 0.06
34 5 /8 /2017 1,551.65 1.27 0.86 0.40 0.16
35 5 /1 /2017 1,532.20 -0.92 0.86 -1.79 3.20
36 4 /24 /2017 1,546.50 3.33 0.86 2.47 6.10
37 4 /17 /2017 1,496.60 3.91 0.86 3.04 9.27
38 4 /10 /2017 1,440.30 0.10 0.86 -0.76 0.58
39 4 /3 /2017 1,438.85 -0.26 0.86 -1.12 1.26
40 3 /27 /2017 1,442.55 1.28 0.86 0.41 0.17
41 3 /20 /2017 1,424.35 -0.11 0.86 -0.97 0.94
42 3 /13 /2017 1,425.85 1.84 0.86 0.97 0.95
43 3 /6 /2017 1,400.10 1.68 0.86 0.81 0.66
44 2 /27 /2017 1,377.00 -1.24 0.86 -2.11 4.43
45 2 /20 /2017 1,394.30 1.25 0.86 0.39 0.15
46 2 /13 /2017 1,377.05 5.63 0.86 4.77 22.75
47 2 /6 /2017 1,303.60 -0.57 0.86 -1.43 2.05
48 1 /30 /2017 1,311.05 1.48 0.86 0.62 0.38
49 1 /23 /2017 1,291.90 4.49 0.86 3.63 13.16
50 1 /16 /2017 1,236.35 0.31 0.86 -0.55 0.31
51 1 /9 /2017 1,232.50 3.25 0.86 2.39 5.71
52 1 /2 /2017 1,193.65 -1.04 0.86 -1.91 3.63
www.in.finance.yahoo.com 165.24

r 0.86
Return 57.78
S. D. 1.78

28
Return-risk of Axis Bank Ltd.

Table No: 6

Sl. No. Date Price (Rs) Return (R) r R-r (R-r)2

1 12 /25 /2017 563.95 1.87 0.50 1.36 1.86
2 12 /18 /2017 553.60 1.03 0.50 0.53 0.28
3 12 /11 /2017 547.95 1.00 0.50 0.50 0.25
4 12 /4 /2017 542.50 1.62 0.50 1.12 1.24
5 11 /27 /2017 533.85 -2.14 0.50 -2.64 6.97
6 11 /20 /2017 545.50 0.57 0.50 0.07 0.00
7 11 /13 /2017 542.40 -0.44 0.50 -0.95 0.89
8 11 /6 /2017 544.80 0.87 0.50 0.37 0.13
9 10 /30 /2017 540.10 11.14 0.50 10.64 113.17
10 10 /23 /2017 485.95 5.57 0.50 5.07 25.68
11 10 /16 /2017 460.30 -13.06 0.50 -13.57 184.02
12 10 /9 /2017 529.45 5.19 0.50 4.68 21.91
13 10 /2 /2017 503.35 -1.14 0.50 -1.64 2.70
14 9 /25 /2017 509.15 0.76 0.50 0.26 0.07
15 9 /18 /2017 505.30 -2.10 0.50 -2.61 6.80
16 9 /11 /2017 516.15 4.48 0.50 3.98 15.83
17 9 /4 /2017 494.00 -2.67 0.50 -3.17 10.08
18 8 /28 /2017 507.55 0.14 0.50 -0.37 0.13
19 8 /21 /2017 506.85 3.35 0.50 2.85 8.12
20 8 /14 /2017 490.40 0.14 0.50 -0.36 0.13
21 8 /7 /2017 489.70 -3.62 0.50 -4.13 17.03
22 7 /31 /2017 508.10 -1.36 0.50 -1.86 3.47
23 7 /24 /2017 515.10 -4.75 0.50 -5.26 27.64
24 7 /17 /2017 540.80 5.43 0.50 4.92 24.25
25 7 /10 /2017 512.95 1.95 0.50 1.44 2.08
26 7 /3 /2017 503.15 -2.74 0.50 -3.25 10.56
27 6 /26 /2017 517.35 2.52 0.50 2.01 4.05
28 6 /19 /2017 504.65 -1.14 0.50 -1.64 2.69
29 6 /12 /2017 510.45 -0.62 0.50 -1.13 1.27
30 6 /5 /2017 513.65 1.10 0.50 0.60 0.36
31 5 /29 /2017 508.05 -0.66 0.50 -1.17 1.37

29
 32 5 /22 /2017 511.45 1.94 0.50 1.44 2.07
33 5 /15 /2017 501.70 -0.26 0.50 -0.76 0.58
34 5 /8 /2017 503.00 -0.30 0.50 -0.80 0.64
35 5 /1 /2017 504.50 -1.01 0.50 -1.52 2.30
36 4 /24 /2017 509.65 4.81 0.50 4.31 18.55
37 4 /17 /2017 486.25 -4.20 0.50 -4.70 22.10
38 4 /10 /2017 507.55 0.66 0.50 0.16 0.03
39 4 /3 /2017 504.20 2.73 0.50 2.23 4.95
40 3 /27 /2017 490.80 0.30 0.50 -0.21 0.04
41 3 /20 /2017 489.35 -5.38 0.50 -5.88 34.58
42 3 /13 /2017 517.15 0.24 0.50 -0.26 0.07
43 3 /6 /2017 515.90 0.58 0.50 0.08 0.01
44 2 /27 /2017 512.90 -2.89 0.50 -3.39 11.51
45 2 /20 /2017 528.15 7.98 0.50 7.48 55.94
46 2 /13 /2017 489.10 0.04 0.50 -0.46 0.22
47 2 /6 /2017 488.90 -0.37 0.50 -0.87 0.76
48 1 /30 /2017 490.70 3.77 0.50 3.27 10.69
49 1 /23 /2017 472.85 4.90 0.50 4.40 19.34
50 1 /16 /2017 450.75 -4.66 0.50 -5.17 26.71
51 1 /9 /2017 472.80 3.87 0.50 3.36 11.30
52 1 /2 /2017 455.20 1.17 0.50 0.66 0.44
www.in.finance.yahoo.com 717.89

r 0.50
Return 24.99
S. D. 3.72

30
Return-risk of Bajaj Auto Limited

Table No: 7

Sl. No. Date Price (Rs) Return (R) r R-r (R-r)2

1 12 /25 /2017 3,333.60 0.14 0.48 -0.34 0.12
2 12 /18 /2017 3,328.95 4.07 0.48 3.59 12.88
3 12 /11 /2017 3,198.80 -0.43 0.48 -0.91 0.83
4 12 /4 /2017 3,212.65 -0.13 0.48 -0.61 0.38
5 11 /27 /2017 3,216.90 -2.17 0.48 -2.65 7.03
6 11 /20 /2017 3,288.30 2.54 0.48 2.06 4.24
7 11 /13 /2017 3,206.85 -1.43 0.48 -1.91 3.65
8 11 /6 /2017 3,253.35 1.12 0.48 0.64 0.40
9 10 /30 /2017 3,217.45 -2.51 0.48 -2.99 8.92
10 10 /23 /2017 3,300.15 2.55 0.48 2.07 4.30
11 10 /16 /2017 3,217.95 1.81 0.48 1.33 1.76
12 10 /9 /2017 3,160.85 0.61 0.48 0.13 0.02
13 10 /2 /2017 3,141.55 1.03 0.48 0.55 0.31
14 9 /25 /2017 3,109.40 2.20 0.48 1.72 2.96
15 9 /18 /2017 3,042.45 0.56 0.48 0.08 0.01
16 9 /11 /2017 3,025.60 3.78 0.48 3.30 10.88
17 9 /4 /2017 2,915.45 -0.03 0.48 -0.51 0.26
18 8 /28 /2017 2,916.35 6.88 0.48 6.40 40.99
19 8 /21 /2017 2,728.55 -2.95 0.48 -3.43 11.73
20 8 /14 /2017 2,811.35 0.83 0.48 0.35 0.12
21 8 /7 /2017 2,788.20 -3.01 0.48 -3.49 12.16
22 7 /31 /2017 2,874.65 1.64 0.48 1.16 1.35
23 7 /24 /2017 2,828.15 0.44 0.48 -0.04 0.00
24 7 /17 /2017 2,815.80 0.21 0.48 -0.27 0.07
25 7 /10 /2017 2,809.80 3.75 0.48 3.27 10.69
26 7 /3 /2017 2,708.25 -2.97 0.48 -3.45 11.92
27 6 /26 /2017 2,791.20 -1.17 0.48 -1.65 2.73
28 6 /19 /2017 2,824.30 0.52 0.48 0.04 0.00
29 6 /12 /2017 2,809.80 -1.95 0.48 -2.43 5.93
30 6 /5 /2017 2,865.80 0.45 0.48 -0.03 0.00
31 5 /29 /2017 2,852.85 1.38 0.48 0.90 0.80

31
 32 5 /22 /2017 2,814.10 -5.33 0.48 -5.81 33.80
33 5 /15 /2017 2,972.65 -1.07 0.48 -1.55 2.40
34 5 /8 /2017 3,004.80 4.06 0.48 3.58 12.79
35 5 /1 /2017 2,887.65 0.83 0.48 0.35 0.12
36 4 /24 /2017 2,864.00 1.41 0.48 0.93 0.86
37 4 /17 /2017 2,824.30 -0.84 0.48 -1.32 1.74
38 4 /10 /2017 2,848.15 0.63 0.48 0.14 0.02
39 4 /3 /2017 2,830.45 0.89 0.48 0.41 0.17
40 3 /27 /2017 2,805.45 -1.32 0.48 -1.80 3.24
41 3 /20 /2017 2,843.00 -2.39 0.48 -2.87 8.22
42 3 /13 /2017 2,912.50 1.67 0.48 1.19 1.42
43 3 /6 /2017 2,864.55 1.12 0.48 0.64 0.41
44 2 /27 /2017 2,832.80 0.66 0.48 0.18 0.03
45 2 /20 /2017 2,814.10 1.27 0.48 0.79 0.62
46 2 /13 /2017 2,778.90 -0.78 0.48 -1.26 1.59
47 2 /6 /2017 2,800.80 -0.26 0.48 -0.74 0.55
48 1 /30 /2017 2,808.10 -1.61 0.48 -2.09 4.38
49 1 /23 /2017 2,854.10 5.67 0.48 5.19 26.89
50 1 /16 /2017 2,701.05 -0.28 0.48 -0.76 0.57
51 1 /9 /2017 2,708.55 0.04 0.48 -0.44 0.19
52 1 /2 /2017 2,707.35 2.86 0.48 2.37 5.64
www.in.finance.yahoo.com 263.10

r 0.48
Return 25.16
S. D. 2.25

32
Return-risk of Hero MotoCorp Limited

Table No: 8

Sl. No. Date Price (Rs) Return (R) r R-r (R-r)^2

1 12 /25 /2017 3,785.15 -0.20 0.46 -0.66 0.44
2 12 /18 /2017 3,792.80 8.27 0.46 7.81 61.01
3 12 /11 /2017 3,503.00 -0.47 0.46 -0.93 0.87
4 12 /4 /2017 3,519.55 -2.34 0.46 -2.81 7.88
5 11 /27 /2017 3,604.05 -1.35 0.46 -1.81 3.27
6 11 /20 /2017 3,653.25 0.61 0.46 0.15 0.02
7 11 /13 /2017 3,631.15 0.72 0.46 0.26 0.07
8 11 /6 /2017 3,605.10 -2.28 0.46 -2.74 7.50
9 10 /30 /2017 3,689.05 -2.58 0.46 -3.04 9.24
10 10 /23 /2017 3,786.65 1.37 0.46 0.90 0.82
11 10 /16 /2017 3,735.60 -0.75 0.46 -1.21 1.47
12 10 /9 /2017 3,763.85 1.62 0.46 1.16 1.33
13 10 /2 /2017 3,703.95 -1.87 0.46 -2.33 5.44
14 9 /25 /2017 3,774.55 -0.44 0.46 -0.90 0.81
15 9 /18 /2017 3,791.15 -2.49 0.46 -2.95 8.72
16 9 /11 /2017 3,888.00 -1.72 0.46 -2.18 4.76
17 9 /4 /2017 3,956.05 -2.29 0.46 -2.76 7.60
18 8 /28 /2017 4,048.95 4.28 0.46 3.82 14.60
19 8 /21 /2017 3,882.65 -2.61 0.46 -3.07 9.44
20 8 /14 /2017 3,986.70 3.80 0.46 3.33 11.11
21 8 /7 /2017 3,840.90 -2.92 0.46 -3.39 11.46
22 7 /31 /2017 3,956.55 8.99 0.46 8.52 72.67
23 7 /24 /2017 3,630.30 -1.40 0.46 -1.87 3.48
24 7 /17 /2017 3,682.00 -2.02 0.46 -2.49 6.18
25 7 /10 /2017 3,758.05 2.08 0.46 1.61 2.60
26 7 /3 /2017 3,681.65 -0.53 0.46 -0.99 0.99
27 6 /26 /2017 3,701.35 1.13 0.46 0.66 0.44
28 6 /19 /2017 3,660.10 -3.26 0.46 -3.72 13.88
29 6 /12 /2017 3,783.55 0.09 0.46 -0.37 0.14
30 6 /5 /2017 3,780.10 -1.81 0.46 -2.27 5.16
31 5 /29 /2017 3,849.75 6.39 0.46 5.93 35.18

33
 32 5 /22 /2017 3,618.40 1.31 0.46 0.85 0.72
33 5 /15 /2017 3,571.65 0.85 0.46 0.39 0.15
34 5 /8 /2017 3,541.50 4.89 0.46 4.42 19.56
35 5 /1 /2017 3,376.55 1.75 0.46 1.28 1.65
36 4 /24 /2017 3,318.60 3.60 0.46 3.14 9.86
37 4 /17 /2017 3,203.20 -0.66 0.46 -1.12 1.26
38 4 /10 /2017 3,224.50 0.29 0.46 -0.18 0.03
39 4 /3 /2017 3,215.30 -0.21 0.46 -0.67 0.45
40 3 /27 /2017 3,221.95 -4.54 0.46 -5.00 25.04
41 3 /20 /2017 3,375.25 0.87 0.46 0.41 0.17
42 3 /13 /2017 3,346.10 1.06 0.46 0.60 0.36
43 3 /6 /2017 3,311.05 1.17 0.46 0.71 0.50
44 2 /27 /2017 3,272.85 3.03 0.46 2.56 6.57
45 2 /20 /2017 3,176.75 2.90 0.46 2.44 5.95
46 2 /13 /2017 3,087.20 -5.55 0.46 -6.01 36.14
47 2 /6 /2017 3,268.60 1.70 0.46 1.24 1.53
48 1 /30 /2017 3,214.00 -0.06 0.46 -0.52 0.27
49 1 /23 /2017 3,215.85 5.42 0.46 4.95 24.55
50 1 /16 /2017 3,050.60 0.13 0.46 -0.33 0.11
51 1 /9 /2017 3,046.55 -0.68 0.46 -1.15 1.31
52 1 /2 /2017 3,067.55 0.79 0.46 0.32 0.10
www.in.finance.yahoo.com 444.86

r 0.46
Return 26.16
S. D. 2.92

34
Return-risk of Asian Paints Ltd.

Table No: 9

Sl.
Date Price (Rs) Return (R) r R-r (R-r)2
No.
1 12 /25 /2017 1,158.50 1.80 0.54 1.27 1.60
2 12 /18 /2017 1,138.00 1.73 0.54 1.19 1.42
3 12 /11 /2017 1,118.70 -1.48 0.54 -2.01 4.06
4 12 /4 /2017 1,135.50 0.15 0.54 -0.38 0.15
5 11 /27 /2017 1,133.75 -2.23 0.54 -2.76 7.64
6 11 /20 /2017 1,159.60 -1.00 0.54 -1.53 2.35
7 11 /13 /2017 1,171.30 -0.62 0.54 -1.15 1.33
8 11 /6 /2017 1,178.60 0.52 0.54 -0.01 0.00
9 10 /30 /2017 1,172.45 -1.02 0.54 -1.56 2.42
10 10 /23 /2017 1,184.55 0.51 0.54 -0.02 0.00
11 10 /16 /2017 1,178.50 0.36 0.54 -0.17 0.03
12 10 /9 /2017 1,174.25 1.46 0.54 0.93 0.86
13 10 /2 /2017 1,157.30 2.26 0.54 1.73 2.98
14 9 /25 /2017 1,131.70 -6.72 0.54 -7.26 52.66
15 9 /18 /2017 1,213.25 -2.59 0.54 -3.12 9.76
16 9 /11 /2017 1,245.50 3.45 0.54 2.92 8.50
17 9 /4 /2017 1,203.95 -0.98 0.54 -1.52 2.30
18 8 /28 /2017 1,215.90 7.07 0.54 6.54 42.72
19 8 /21 /2017 1,135.60 -0.39 0.54 -0.92 0.85
20 8 /14 /2017 1,140.00 -0.34 0.54 -0.88 0.77
21 8 /7 /2017 1,143.90 -1.16 0.54 -1.69 2.87
22 7 /31 /2017 1,157.30 0.35 0.54 -0.18 0.03
23 7 /24 /2017 1,153.25 -0.25 0.54 -0.78 0.61
24 7 /17 /2017 1,156.10 3.47 0.54 2.93 8.60
25 7 /10 /2017 1,117.35 0.17 0.54 -0.36 0.13
26 7 /3 /2017 1,115.45 1.13 0.54 0.60 0.36
27 6 /26 /2017 1,102.95 -4.39 0.54 -4.93 24.30
28 6 /19 /2017 1,153.65 0.72 0.54 0.19 0.03
29 6 /12 /2017 1,145.40 -0.90 0.54 -1.43 2.05
30 6 /5 /2017 1,155.75 -0.73 0.54 -1.27 1.61

35
 31 5 /29 /2017 1,164.30 2.81 0.54 2.28 5.19
32 5 /22 /2017 1,132.45 0.83 0.54 0.29 0.09
33 5 /15 /2017 1,123.15 -0.86 0.54 -1.40 1.96
34 5 /8 /2017 1,132.95 -1.21 0.54 -1.74 3.04
35 5 /1 /2017 1,146.80 2.35 0.54 1.82 3.30
36 4 /24 /2017 1,120.45 5.16 0.54 4.63 21.41
37 4 /17 /2017 1,065.45 -1.19 0.54 -1.73 2.98
38 4 /10 /2017 1,078.30 -0.43 0.54 -0.96 0.93
39 4 /3 /2017 1,082.95 0.88 0.54 0.35 0.12
40 3 /27 /2017 1,073.50 0.87 0.54 0.33 0.11
41 3 /20 /2017 1,064.25 -1.41 0.54 -1.94 3.78
42 3 /13 /2017 1,079.45 4.78 0.54 4.24 17.98
43 3 /6 /2017 1,030.25 1.63 0.54 1.10 1.20
44 2 /27 /2017 1,013.70 0.47 0.54 -0.07 0.00
45 2 /20 /2017 1,009.00 5.02 0.54 4.48 20.08
46 2 /13 /2017 960.80 -3.25 0.54 -3.78 14.31
47 2 /6 /2017 993.05 0.73 0.54 0.19 0.04
48 1 /30 /2017 985.90 1.68 0.54 1.15 1.31
49 1 /23 /2017 969.60 0.25 0.54 -0.29 0.08
50 1 /16 /2017 967.20 3.64 0.54 3.10 9.63
51 1 /9 /2017 933.25 0.40 0.54 -0.13 0.02
52 1 /2 /2017 929.50 4.32 0.54 3.78 14.29
www.in.finance.yahoo.com 304.86

r 0.54
Return 25.53
S. D. 2.42

36
Return-risk of Berger Paints Ltd.

Table No: 10

Sl.
Date Price (Rs) Return (R) r R-r (R-r)^2
No.
1 12 /25 /2017 273.75 5.29 0.55 4.74 22.47
2 12 /18 /2017 260.00 3.69 0.55 3.14 9.86
3 12 /11 /2017 250.75 -0.40 0.55 -0.95 0.89
4 12 /4 /2017 251.75 -1.79 0.55 -2.34 5.49
5 11 /27 /2017 256.35 -0.21 0.55 -0.76 0.58
6 11 /20 /2017 256.90 0.31 0.55 -0.24 0.06
7 11 /13 /2017 256.10 1.59 0.55 1.04 1.08
8 11 /6 /2017 252.10 -3.41 0.55 -3.96 15.67
9 10 /30 /2017 261.00 -4.50 0.55 -5.05 25.49
10 10 /23 /2017 273.30 4.35 0.55 3.80 14.47
11 10 /16 /2017 261.90 2.20 0.55 1.66 2.74
12 10 /9 /2017 256.25 -0.62 0.55 -1.17 1.37
13 10 /2 /2017 257.85 5.20 0.55 4.65 21.65
14 9 /25 /2017 245.10 -3.05 0.55 -3.59 12.92
15 9 /18 /2017 252.80 -4.41 0.55 -4.95 24.54
16 9 /11 /2017 264.45 3.16 0.55 2.61 6.82
17 9 /4 /2017 256.35 2.56 0.55 2.01 4.05
18 8 /28 /2017 249.95 3.91 0.55 3.36 11.28
19 8 /21 /2017 240.55 0.00 0.55 -0.55 0.30
20 8 /14 /2017 240.55 0.99 0.55 0.44 0.19
21 8 /7 /2017 238.20 -1.31 0.55 -1.85 3.44
22 7 /31 /2017 241.35 -4.00 0.55 -4.55 20.67
23 7 /24 /2017 251.40 -0.38 0.55 -0.93 0.86
24 7 /17 /2017 252.35 -0.36 0.55 -0.90 0.82
25 7 /10 /2017 253.25 3.30 0.55 2.76 7.59
26 7 /3 /2017 245.15 -0.45 0.55 -1.00 0.99
27 6 /26 /2017 246.25 0.35 0.55 -0.20 0.04
28 6 /19 /2017 245.40 -2.08 0.55 -2.62 6.88
29 6 /12 /2017 250.60 -0.26 0.55 -0.81 0.65
30 6 /5 /2017 251.25 -1.06 0.55 -1.61 2.60

37
 31 5 /29 /2017 253.95 -1.57 0.55 -2.12 4.49
32 5 /22 /2017 258.00 4.12 0.55 3.57 12.73
33 5 /15 /2017 247.80 -3.34 0.55 -3.88 15.08
34 5 /8 /2017 256.35 -0.97 0.55 -1.51 2.29
35 5 /1 /2017 258.85 -0.92 0.55 -1.47 2.15
36 4 /24 /2017 261.25 5.66 0.55 5.11 26.15
37 4 /17 /2017 247.25 4.70 0.55 4.15 17.24
38 4 /10 /2017 236.15 -0.67 0.55 -1.22 1.49
39 4 /3 /2017 237.75 -1.80 0.55 -2.35 5.50
40 3 /27 /2017 242.10 5.95 0.55 5.40 29.20
41 3 /20 /2017 228.50 -1.47 0.55 -2.01 4.06
42 3 /13 /2017 231.90 3.78 0.55 3.23 10.45
43 3 /6 /2017 223.45 -0.73 0.55 -1.28 1.64
44 2 /27 /2017 225.10 -2.74 0.55 -3.29 10.84
45 2 /20 /2017 231.45 3.30 0.55 2.75 7.59
46 2 /13 /2017 224.05 -2.50 0.55 -3.05 9.31
47 2 /6 /2017 229.80 3.00 0.55 2.45 6.02
48 1 /30 /2017 223.10 5.66 0.55 5.11 26.12
49 1 /23 /2017 211.15 0.36 0.55 -0.19 0.04
50 1 /16 /2017 210.40 -1.66 0.55 -2.21 4.87
51 1 /9 /2017 213.95 -2.51 0.55 -3.05 9.33
52 1 /2 /2017 219.45 4.23 0.55 3.68 13.53
www.in.finance.yahoo.com 446.59

r 0.55
Return 25.54
S. D. 2.93

38
Return – Risk of ACC Ltd.

Table No: 11

Sl.
Date Price (Rs) Return (R) r R-r (R-r)2
No.
1 12 /25 /2017 1,758.40 2.13 0.58 1.55 2.41
2 12 /18 /2017 1,721.65 1.48 0.58 0.90 0.81
3 12 /11 /2017 1,696.50 -2.89 0.58 -3.47 12.05
4 12 /4 /2017 1,746.95 4.19 0.58 3.61 13.03
5 11 /27 /2017 1,676.65 -1.24 0.58 -1.82 3.33
6 11 /20 /2017 1,697.70 -3.71 0.58 -4.29 18.41
7 11 /13 /2017 1,763.05 0.50 0.58 -0.08 0.01
8 11 /6 /2017 1,754.30 -2.82 0.58 -3.40 11.58
9 10 /30 /2017 1,805.20 1.24 0.58 0.65 0.43
10 10 /23 /2017 1,783.15 1.02 0.58 0.44 0.19
11 10 /16 /2017 1,765.15 -0.28 0.58 -0.86 0.74
12 10 /9 /2017 1,770.05 1.75 0.58 1.17 1.36
13 10 /2 /2017 1,739.60 4.99 0.58 4.41 19.43
14 9 /25 /2017 1,656.90 -1.86 0.58 -2.44 5.97
15 9 /18 /2017 1,688.30 -7.27 0.58 -7.86 61.71
16 9 /11 /2017 1,820.70 1.64 0.58 1.06 1.12
17 9 /4 /2017 1,791.25 -1.47 0.58 -2.06 4.23
18 8 /28 /2017 1,818.05 2.05 0.58 1.47 2.15
19 8 /21 /2017 1,781.50 -0.71 0.58 -1.30 1.68
20 8 /14 /2017 1,794.30 1.92 0.58 1.33 1.78
21 8 /7 /2017 1,760.55 -2.91 0.58 -3.50 12.22
22 7 /31 /2017 1,813.35 4.75 0.58 4.16 17.32
23 7 /24 /2017 1,731.20 1.32 0.58 0.74 0.55
24 7 /17 /2017 1,708.60 -2.65 0.58 -3.23 10.45
25 7 /10 /2017 1,755.10 9.06 0.58 8.47 71.79
26 7 /3 /2017 1,609.35 2.63 0.58 2.05 4.20
27 6 /26 /2017 1,568.05 -4.19 0.58 -4.78 22.83
28 6 /19 /2017 1,636.70 -0.12 0.58 -0.70 0.49
29 6 /12 /2017 1,638.60 1.23 0.58 0.64 0.41
30 6 /5 /2017 1,618.75 -1.48 0.58 -2.06 4.24

39
 31 5 /29 /2017 1,643.00 0.65 0.58 0.07 0.00
32 5 /22 /2017 1,632.35 -2.57 0.58 -3.15 9.94
33 5 /15 /2017 1,675.40 -0.26 0.58 -0.85 0.72
34 5 /8 /2017 1,679.85 1.19 0.58 0.60 0.36
35 5 /1 /2017 1,660.15 2.07 0.58 1.48 2.20
36 4 /24 /2017 1,626.55 8.77 0.58 8.18 66.96
37 4 /17 /2017 1,495.45 0.09 0.58 -0.50 0.25
38 4 /10 /2017 1,494.15 1.77 0.58 1.19 1.42
39 4 /3 /2017 1,468.10 1.52 0.58 0.94 0.89
40 3 /27 /2017 1,446.05 3.55 0.58 2.97 8.81
41 3 /20 /2017 1,396.45 -1.07 0.58 -1.65 2.72
42 3 /13 /2017 1,411.50 0.82 0.58 0.24 0.06
43 3 /6 /2017 1,400.00 0.45 0.58 -0.13 0.02
44 2 /27 /2017 1,393.70 -3.09 0.58 -3.67 13.48
45 2 /20 /2017 1,438.10 -1.88 0.58 -2.47 6.09
46 2 /13 /2017 1,465.70 -1.43 0.58 -2.01 4.05
47 2 /6 /2017 1,486.95 4.43 0.58 3.84 14.78
48 1 /30 /2017 1,423.90 -0.47 0.58 -1.06 1.11
49 1 /23 /2017 1,430.65 7.86 0.58 7.27 52.88
50 1 /16 /2017 1,326.45 -0.23 0.58 -0.81 0.66
51 1 /9 /2017 1,329.50 -0.33 0.58 -0.91 0.83
52 1 /2 /2017 1,333.90 0.21 0.58 -0.37 0.14
Source: www.in.finance.yahoo.com 495.28

r 0.58
Return 33.55%
S. D. 3.09

40
Return-risk of Ambuja Cement Ltd.

Table No: 12

Sl.
Date Price (Rs) Return (R) r R-r (R-r)^2
No.
1 12 /25 /2017 272.05 1.66 0.57 1.09 1.19
2 12 /18 /2017 267.60 1.21 0.57 0.64 0.41
3 12 /11 /2017 264.40 -1.38 0.57 -1.95 3.80
4 12 /4 /2017 268.10 1.73 0.57 1.16 1.34
5 11 /27 /2017 263.55 -0.53 0.57 -1.10 1.21
6 11 /20 /2017 264.95 -3.48 0.57 -4.05 16.40
7 11 /13 /2017 274.50 1.63 0.57 1.06 1.12
8 11 /6 /2017 270.10 -4.42 0.57 -4.99 24.94
9 10 /30 /2017 282.60 1.33 0.57 0.76 0.57
10 10 /23 /2017 278.90 1.77 0.57 1.20 1.44
11 10 /16 /2017 274.05 -1.26 0.57 -1.83 3.35
12 10 /9 /2017 277.55 -0.43 0.57 -1.00 1.00
13 10 /2 /2017 278.75 4.62 0.57 4.05 16.37
14 9 /25 /2017 266.45 -1.28 0.57 -1.85 3.42
15 9 /18 /2017 269.90 -5.08 0.57 -5.65 31.95
16 9 /11 /2017 284.35 0.64 0.57 0.07 0.00
17 9 /4 /2017 282.55 -0.02 0.57 -0.59 0.35
18 8 /28 /2017 282.60 2.61 0.57 2.04 4.18
19 8 /21 /2017 275.40 0.16 0.57 -0.41 0.17
20 8 /14 /2017 274.95 4.40 0.57 3.83 14.70
21 8 /7 /2017 263.35 -5.08 0.57 -5.65 31.95
22 7 /31 /2017 277.45 5.65 0.57 5.08 25.85
23 7 /24 /2017 262.60 -1.32 0.57 -1.89 3.56
24 7 /17 /2017 266.10 1.60 0.57 1.03 1.07
25 7 /10 /2017 261.90 3.33 0.57 2.76 7.64
26 7 /3 /2017 253.45 2.80 0.57 2.23 4.96
27 6 /26 /2017 246.55 1.34 0.57 0.77 0.59
28 6 /19 /2017 243.30 2.55 0.57 1.98 3.92
29 6 /12 /2017 237.25 0.94 0.57 0.37 0.13
30 6 /5 /2017 235.05 -2.25 0.57 -2.82 7.93

41
 31 5 /29 /2017 240.45 0.02 0.57 -0.55 0.30
32 5 /22 /2017 240.40 -4.32 0.57 -4.89 23.90
33 5 /15 /2017 251.25 -2.77 0.57 -3.34 11.14
34 5 /8 /2017 258.40 4.81 0.57 4.24 17.94
35 5 /1 /2017 246.55 0.26 0.57 -0.31 0.09
36 4 /24 /2017 245.90 2.72 0.57 2.14 4.60
37 4 /17 /2017 239.40 -2.37 0.57 -2.94 8.62
38 4 /10 /2017 245.20 1.13 0.57 0.56 0.32
39 4 /3 /2017 242.45 2.45 0.57 1.88 3.54
40 3 /27 /2017 236.65 2.94 0.57 2.37 5.60
41 3 /20 /2017 229.90 -1.79 0.57 -2.36 5.59
42 3 /13 /2017 234.10 2.20 0.57 1.63 2.67
43 3 /6 /2017 229.05 1.62 0.57 1.05 1.10
44 2 /27 /2017 225.40 -2.84 0.57 -3.42 11.66
45 2 /20 /2017 232.00 -2.60 0.57 -3.17 10.07
46 2 /13 /2017 238.20 0.27 0.57 -0.30 0.09
47 2 /6 /2017 237.55 3.62 0.57 3.05 9.30
48 1 /30 /2017 229.25 -1.52 0.57 -2.10 4.39
49 1 /23 /2017 232.80 6.94 0.57 6.37 40.52
50 1 /16 /2017 217.70 2.09 0.57 1.52 2.30
51 1 /9 /2017 213.25 0.31 0.57 -0.26 0.07
52 1 /2 /2017 212.60 3.05 0.57 2.48 6.17
www.in.finance.yahoo.com 385.48

r 0.57
Return 29.28
S. D. 2.72

42
 Return:

Table: 13
Return
Sector Company Name
(%)
Aurobindo Pharma
Parma Ltd. 3.18
Cipla Ltd. 4.74
HCL Tech Ltd. 11.31
IT
Infosys Ltd. 19.84
HDFC Bank Limited 57.78
Banking
Axis Bank Ltd. 24.99
Bajaj Auto Limited 25.16
Automobile Hero MotoCorp
Limited 26.16
Asian Paints Ltd. 25.53
Paint
Berger Paints Ltd. 25.54
ACC Ltd. 33.55
Cement
Ambuja Cement Ltd. 29.28

Graph: 1

Return (%)
70
57.78
60
50
40 33.55
29.28
30 24.99 25.16 26.16 25.53 25.54
19.84
20 11.31
10 3.18 4.74
0

43
Risk:

Table:14

Sector Company Name Risk

Aurobindo Pharma
3.25
Pharma Ltd.
Cipla Ltd. 4.00
HCL Tech Ltd. 2.37
IT
Infosys Ltd. 2.62
HDFC Bank Limited 1.78
Banking
Axis Bank Ltd. 3.72
Bajaj Auto Limited 2.25
Automobile Hero MotoCorp
2.92
Limited
Asian Paints Ltd. 2.42
Paint
Berger Paints Ltd. 2.93
ACC Ltd. 3.09
Cement
Ambuja Cement Ltd. 2.72

Graph: 2

Risk
4.50 4.00
4.00 3.72
3.25
3.50 2.92 2.93 3.09 2.72
3.00 2.37 2.62 2.25 2.42
2.50 1.78
2.00
1.50
1.00
0.50
0.00

44
Risk- return:

Table:15

Return
Sector Company Name Risk
(%)
Aurobindo Pharma
3.25
Pharma Ltd. 3.18
Cipla Ltd. 4.74 4.00
HCL Tech Ltd. 11.31 2.37
IT
Infosys Ltd. 19.84 2.62
HDFC Bank Limited 57.78 1.78
Banking
Axis Bank Ltd. 24.99 3.72
Bajaj Auto Limited 25.16 2.25
Automobile Hero MotoCorp
2.92
Limited 26.16
Asian Paints Ltd. 25.53 2.42
Paint
Berger Paints Ltd. 25.54 2.93
ACC Ltd. 33.55 3.09
Cement
Ambuja Cement Ltd. 29.28 2.72

Graph: 3

70
57.78
60
50
40 33.55
29.28
30 2 6.16
24.9925.16 25.5325.54
19.84
20 11.31 Return (%)
10 3.18 4.74
Risk
0

45
Coefficient of correlation between Aurobindo Pharma Ltd & Cipla Ltd.

Table:16

Price Price
Sl No Date X-x (X-x)2 Y-y (Y-y)2 (X-x)(Y-y)
(Rs) (Rs)
1 12 /25 /2017 687.95 -0.27 0.07 608.50 30.86 952.38 -8.37
2 12 /18 /2017 681.30 -6.92 47.90 601.20 23.56 555.10 -163.07
3 12 /11 /2017 667.60 -20.62 425.23 576.45 -1.19 1.41 24.53
4 12 /4 /2017 672.50 -15.72 247.15 603.10 25.46 648.24 -400.27
5 11 /27 /2017 672.40 -15.82 250.31 598.10 20.46 418.64 -323.71
6 11 /20 /2017 715.10 26.88 722.47 615.70 38.06 1448.61 1023.02
7 11 /13 /2017 708.80 20.58 423.49 608.55 30.91 955.46 636.10
8 11 /6 /2017 740.10 51.88 2691.41 609.30 31.66 1002.39 1642.51
9 10 /30 /2017 787.95 99.73 9945.84 640.10 62.46 3901.32 6229.12
10 10 /23 /2017 762.05 73.83 5450.70 625.05 47.41 2247.76 3500.27
11 10 /16 /2017 754.05 65.83 4333.44 607.80 30.16 909.66 1985.44
12 10 /9 /2017 745.50 57.28 3280.87 592.85 15.21 231.36 871.24
13 10 /2 /2017 746.00 57.78 3338.40 585.40 7.76 60.23 448.40
14 9 /25 /2017 691.65 3.43 11.76 586.10 8.46 71.58 29.01
15 9 /18 /2017 724.20 35.98 1294.48 585.35 7.71 59.45 277.42
16 9 /11 /2017 758.30 70.08 4911.04 561.40 -16.24 263.72 -1138.04
17 9 /4 /2017 739.05 50.83 2583.57 552.00 -25.64 657.38 -1303.22
18 8 /28 /2017 758.60 70.38 4953.18 568.40 -9.24 85.37 -650.26
19 8 /21 /2017 732.15 43.93 1929.74 574.05 -3.59 12.88 -157.68
20 8 /14 /2017 704.75 16.53 273.20 565.30 -12.34 152.26 -203.96
21 8 /7 /2017 705.00 16.78 281.53 541.40 -36.24 1313.30 -608.06
22 7 /31 /2017 725.30 37.08 1374.84 568.70 -8.94 79.91 -331.46
23 7 /24 /2017 723.90 35.68 1272.98 566.10 -11.54 133.16 -411.71
24 7 /17 /2017 748.25 60.03 3603.46 566.20 -11.44 130.86 -686.70
25 7 /10 /2017 746.55 58.33 3402.25 548.05 -29.59 875.53 -1725.92
26 7 /3 /2017 697.05 8.83 77.95 547.15 -30.49 929.60 -269.19
27 6 /26 /2017 684.60 -3.62 13.11 555.60 -22.04 485.74 79.81
28 6 /19 /2017 672.25 -15.97 255.08 541.15 -36.49 1331.48 582.78
29 6 /12 /2017 653.70 -34.52 1191.71 536.75 -40.89 1671.94 1411.55
30 6 /5 /2017 608.60 -79.62 6339.53 551.10 -26.54 704.34 2113.10

46
 31 5 /29 /2017 593.40 -94.82 8991.05 530.05 -47.59 2264.75 4512.48
32 5 /22 /2017 532.50 -155.72 24249.08 488.90 -88.74 7874.69 13818.61
33 5 /15 /2017 595.30 -92.92 8634.34 564.95 -12.69 161.02 1179.12
34 5 /8 /2017 623.70 -64.52 4162.98 567.95 -9.69 93.88 625.17
35 5 /1 /2017 589.00 -99.22 9844.84 549.95 -27.69 766.70 2747.38
36 4 /24 /2017 606.75 -81.47 6637.55 557.45 -20.19 407.61 1644.86
37 4 /17 /2017 633.20 -55.02 3027.33 564.45 -13.19 173.96 725.70
38 4 /10 /2017 658.05 -30.17 910.30 577.25 -0.39 0.15 11.75
39 4 /3 /2017 658.05 -30.17 910.30 590.00 12.36 152.78 -372.93
40 3 /27 /2017 675.20 -13.02 169.55 592.95 15.31 234.41 -199.36
41 3 /20 /2017 688.80 0.58 0.34 593.95 16.31 266.03 9.44
42 3 /13 /2017 687.55 -0.67 0.45 597.30 19.66 386.54 -13.20
43 3 /6 /2017 652.50 -35.72 1276.00 589.10 11.46 131.34 -409.39
44 2 /27 /2017 674.90 -13.32 177.45 588.60 10.96 120.13 -146.01
45 2 /20 /2017 666.25 -21.97 482.73 592.40 14.76 217.87 -324.31
46 2 /13 /2017 664.65 -23.57 555.60 593.25 15.61 243.69 -367.96
47 2 /6 /2017 679.30 -8.92 79.59 579.95 2.31 5.34 -20.61
48 1 /30 /2017 684.70 -3.52 12.40 607.90 30.26 915.70 -106.55
49 1 /23 /2017 713.60 25.38 644.09 580.15 2.51 6.30 63.72
50 1 /16 /2017 698.05 9.83 96.61 577.60 -0.04 0.00 -0.39
51 1 /9 /2017 704.45 16.23 263.38 583.40 5.76 33.18 93.49
52 1 /2 /2017 692.40 4.18 17.46 582.85 5.21 27.15 21.77
Source: primary data 136070.11 36774.35 35965.47

Correlation Coefficient: 0.51

47
Coefficient of correlation between HCL Tech Ltd & Infosys Ltd.

Table:17

Price Price
Sl No Date X-x (X-x)2 Y-y (Y-y)2 (X-x)(Y-y)
(Rs) (Rs)
1 12 /25 /2017 890.50 31.25 976.80 504.27 54.67 2989.31 1708.79
2 12 /18 /2017 886.90 27.65 764.74 502.96 53.36 2847.78 1475.74
3 12 /11 /2017 891.80 32.55 1059.75 495.00 45.40 2061.58 1478.09
4 12 /4 /2017 870.45 11.20 125.53 484.81 35.21 1240.07 394.54
5 11 /27 /2017 830.00 -29.25 855.34 463.98 14.38 206.92 -420.69
6 11 /20 /2017 858.40 -0.85 0.72 488.54 38.94 1516.68 -32.95
7 11 /13 /2017 840.00 -19.25 370.41 469.86 20.26 410.65 -390.02
8 11 /6 /2017 867.05 7.80 60.90 465.55 15.95 254.55 124.51
9 10 /30 /2017 847.15 -12.10 146.32 436.07 -13.53 182.94 163.61
10 10 /23 /2017 854.95 -4.30 18.46 445.34 -4.26 18.11 18.28
11 10 /16 /2017 922.30 63.05 3975.79 436.22 -13.38 178.90 -843.37
12 10 /9 /2017 926.50 67.25 4523.08 437.70 -11.90 141.50 -800.01
13 10 /2 /2017 907.90 48.65 2367.20 433.02 -16.58 274.74 -806.46
14 9 /25 /2017 874.80 15.55 241.92 423.49 -26.11 681.49 -406.04
15 9 /18 /2017 884.45 25.20 635.23 422.73 -26.87 721.75 -677.11
16 9 /11 /2017 887.05 27.80 773.05 427.42 -22.18 491.75 -616.56
17 9 /4 /2017 859.50 0.25 0.06 416.14 -33.46 1119.26 -8.49
18 8 /28 /2017 865.75 6.50 42.30 432.92 -16.68 278.07 -108.45
19 8 /21 /2017 867.50 8.25 68.13 429.25 -20.35 413.93 -167.93
20 8 /14 /2017 876.25 17.00 289.13 434.47 -15.13 228.78 -257.19
21 8 /7 /2017 872.30 13.05 170.40 464.80 15.20 231.18 198.48
22 7 /31 /2017 890.65 31.40 986.20 462.95 13.35 178.35 419.39
23 7 /24 /2017 893.10 33.85 1146.08 469.35 19.75 390.24 668.77
24 7 /17 /2017 904.95 45.70 2088.84 461.23 11.63 135.36 531.75
25 7 /10 /2017 850.35 -8.90 79.14 457.44 7.84 61.54 -69.79
26 7 /3 /2017 831.90 -27.35 747.81 440.19 -9.41 88.46 257.20
27 6 /26 /2017 850.90 -8.35 69.66 440.26 -9.34 87.15 77.91
28 6 /19 /2017 851.85 -7.40 54.70 443.89 -5.71 32.55 42.20
29 6 /12 /2017 839.00 -20.25 409.91 442.47 -7.13 50.77 144.26
30 6 /5 /2017 860.75 1.50 2.26 446.40 -3.20 10.21 -4.81

48
 31 5 /29 /2017 857.90 -1.35 1.81 442.44 -7.16 51.20 9.63
32 5 /22 /2017 859.10 -0.15 0.02 454.42 4.82 23.28 -0.71
33 5 /15 /2017 844.70 -14.55 211.59 437.19 -12.41 153.89 180.45
34 5 /8 /2017 847.65 -11.60 134.47 440.07 -9.53 90.73 110.46
35 5 /1 /2017 829.60 -29.65 878.89 425.12 -24.48 599.04 725.60
36 4 /24 /2017 814.10 -45.15 2038.18 419.39 -30.21 912.37 1363.66
37 4 /17 /2017 812.75 -46.50 2161.89 421.56 -28.04 785.98 1303.54
38 4 /10 /2017 809.10 -50.15 2514.64 425.08 -24.52 601.00 1229.35
39 4 /3 /2017 849.30 -9.95 98.93 447.96 -1.64 2.67 16.27
40 3 /27 /2017 874.75 15.50 240.37 466.54 16.94 287.12 262.71
41 3 /20 /2017 873.05 13.80 190.55 470.71 21.11 445.83 291.46
42 3 /13 /2017 865.75 6.50 42.30 474.78 25.18 634.26 163.80
43 3 /6 /2017 846.35 -12.90 166.31 466.36 16.76 281.05 -216.20
44 2 /27 /2017 852.90 -6.35 40.27 470.62 21.02 442.03 -133.43
45 2 /20 /2017 842.85 -16.40 268.83 460.42 10.82 117.17 -177.48
46 2 /13 /2017 839.25 -20.00 399.85 456.43 6.83 46.71 -136.67
47 2 /6 /2017 828.40 -30.85 951.49 441.92 -7.68 58.91 236.76
48 1 /30 /2017 830.75 -28.50 812.03 427.22 -22.38 500.66 637.61
49 1 /23 /2017 844.20 -15.05 226.39 429.98 -19.62 384.76 295.14
50 1 /16 /2017 838.75 -20.50 420.09 432.97 -16.63 276.40 340.76
51 1 /9 /2017 850.25 -9.00 80.93 445.34 -4.26 18.11 38.28
52 1 /2 /2017 814.40 -44.85 2011.18 443.72 -5.88 34.52 263.49
Source: primary data 36940.87 24272.31 8898.12

Correlation Coefficient: 0.30

49
Coefficient of correlation between HDFC Bank Limited & Axis Bank Ltd.

Table:18

Price Price
Sl No Date X-x (X-x)2 Y-y (Y-y)2 (X-x)(Y-y)
(Rs) (Rs)
1 12 /25 /2017 1,872.40 242.55 58829.10 563.95 55.30 3057.88 13412.39
2 12 /18 /2017 1,876.65 246.80 60908.82 553.60 44.95 2020.33 11093.06
3 12 /11 /2017 1,873.45 243.60 59339.55 547.95 39.30 1544.34 9572.90
4 12 /4 /2017 1,840.40 210.55 44330.09 542.50 33.85 1145.69 7126.61
5 11 /27 /2017 1,848.20 218.35 47675.46 533.85 25.20 634.94 5501.93
6 11 /20 /2017 1,851.40 221.55 49083.12 545.50 36.85 1357.78 8163.59
7 11 /13 /2017 1,825.55 195.70 38297.36 542.40 33.75 1138.93 6604.40
8 11 /6 /2017 1,822.00 192.15 36920.51 544.80 36.15 1306.68 6945.75
9 10 /30 /2017 1,830.70 200.85 40339.56 540.10 31.45 988.98 6316.26
10 10 /23 /2017 1,791.05 161.20 25984.51 485.95 -22.70 515.38 -3659.48
11 10 /16 /2017 1,848.40 218.55 47762.84 460.30 -48.35 2337.91 -10567.17
12 10 /9 /2017 1,850.80 220.95 48817.63 529.45 20.80 432.56 4595.28
13 10 /2 /2017 1,800.10 170.25 28984.08 503.35 -5.30 28.11 -902.64
14 9 /25 /2017 1,805.70 175.85 30922.21 509.15 0.50 0.25 87.59
15 9 /18 /2017 1,824.10 194.25 37731.94 505.30 -3.35 11.24 -651.10
16 9 /11 /2017 1,848.95 219.10 48003.55 516.15 7.50 56.22 1642.81
17 9 /4 /2017 1,787.65 157.80 24899.93 494.00 -14.65 214.68 -2312.03
18 8 /28 /2017 1,767.60 137.75 18974.27 507.55 -1.10 1.21 -151.79
19 8 /21 /2017 1,762.50 132.65 17595.26 506.85 -1.80 3.25 -239.02
20 8 /14 /2017 1,752.15 122.30 14956.58 490.40 -18.25 333.13 -2232.16
21 8 /7 /2017 1,749.05 119.20 14207.95 489.70 -18.95 359.18 -2259.01
22 7 /31 /2017 1,790.25 160.40 25727.23 508.10 -0.55 0.30 -88.53
23 7 /24 /2017 1,778.50 148.65 22095.96 515.10 6.45 41.58 958.49
24 7 /17 /2017 1,703.05 73.20 5357.82 540.80 32.15 1033.50 2353.15
25 7 /10 /2017 1,679.95 50.10 2509.72 512.95 4.30 18.47 215.32
26 7 /3 /2017 1,667.20 37.35 1394.81 503.15 -5.50 30.27 -205.48
27 6 /26 /2017 1,652.05 22.20 492.71 517.35 8.70 75.66 193.07
28 6 /19 /2017 1,678.65 48.80 2381.16 504.65 -4.00 16.02 -195.28
29 6 /12 /2017 1,669.25 39.40 1552.13 510.45 1.80 3.23 70.84
30 6 /5 /2017 1,666.80 36.95 1365.09 513.65 5.00 24.98 184.66

50
 31 5 /29 /2017 1,634.25 4.40 19.33 508.05 -0.60 0.36 -2.65
32 5 /22 /2017 1,626.00 -3.85 14.84 511.45 2.80 7.83 -10.78
33 5 /15 /2017 1,561.25 -68.60 4706.36 501.70 -6.95 48.33 476.92
34 5 /8 /2017 1,551.65 -78.20 6115.69 503.00 -5.65 31.94 442.00
35 5 /1 /2017 1,532.20 -97.65 9536.09 504.50 -4.15 17.24 405.45
36 4 /24 /2017 1,546.50 -83.35 6947.70 509.65 1.00 1.00 -83.19
37 4 /17 /2017 1,496.60 -133.25 17756.33 486.25 -22.40 501.85 2985.12
38 4 /10 /2017 1,440.30 -189.55 35930.30 507.55 -1.10 1.21 208.87
39 4 /3 /2017 1,438.85 -191.00 36482.10 504.20 -4.45 19.82 850.33
40 3 /27 /2017 1,442.55 -187.30 35082.37 490.80 -17.85 318.69 3343.72
41 3 /20 /2017 1,424.35 -205.50 42231.44 489.35 -19.30 372.56 3966.60
42 3 /13 /2017 1,425.85 -204.00 41617.18 517.15 8.50 72.22 -1733.63
43 3 /6 /2017 1,400.10 -229.75 52786.39 515.90 7.25 52.53 -1665.27
44 2 /27 /2017 1,377.00 -252.85 63934.58 512.90 4.25 18.05 -1074.14
45 2 /20 /2017 1,394.30 -235.55 55485.16 528.15 19.50 380.18 -4592.83
46 2 /13 /2017 1,377.05 -252.80 63909.30 489.10 -19.55 382.28 4942.78
47 2 /6 /2017 1,303.60 -326.25 106440.94 488.90 -19.75 390.14 6444.12
48 1 /30 /2017 1,311.05 -318.80 101635.28 490.70 -17.95 322.27 5723.12
49 1 /23 /2017 1,291.90 -337.95 114212.15 472.85 -35.80 1281.78 12099.36
50 1 /16 /2017 1,236.35 -393.50 154844.52 450.75 -57.90 3352.63 22784.57
51 1 /9 /2017 1,232.50 -397.35 157889.31 472.80 -35.85 1285.36 14245.87
52 1 /2 /2017 1,193.65 -436.20 190272.96 455.20 -53.45 2857.11 23315.88
Source: primary data 2155291.30 30448.05 154646.61

Correlation Coefficient: 0.60

51
Coefficient of correlation between Bajaj Auto Limited & Hero MotoCorp Limited

Table:19

Price Price
Sl No Date X-x (X-x)2 Y-y (Y-y)2 (X-x)(Y-y)
(Rs) (Rs)
1 12 /25 /2017 3,333.60 389.90 152018.26 3785.15 224.58 50437.39 87563.71
2 12 /18 /2017 3,328.95 385.25 148413.86 3792.80 232.23 53932.02 89466.53
3 12 /11 /2017 3,198.80 255.10 65073.56 3503.00 -57.57 3313.99 -14685.14
4 12 /4 /2017 3,212.65 268.95 72331.52 3519.55 -41.02 1682.42 -11031.41
5 11 /27 /2017 3,216.90 273.20 74635.61 3604.05 43.48 1890.74 11879.26
6 11 /20 /2017 3,288.30 344.60 118745.85 3653.25 92.68 8590.08 31938.01
7 11 /13 /2017 3,206.85 263.15 69245.39 3631.15 70.58 4981.92 18573.50
8 11 /6 /2017 3,253.35 309.65 95880.15 3605.10 44.53 1983.16 13789.33
9 10 /30 /2017 3,217.45 273.75 74936.43 3689.05 128.48 16507.80 35171.52
10 10 /23 /2017 3,300.15 356.45 127053.18 3786.65 226.08 51113.38 80586.09
11 10 /16 /2017 3,217.95 274.25 75210.43 3735.60 175.03 30636.44 48001.87
12 10 /9 /2017 3,160.85 217.15 47152.03 3763.85 203.28 41323.85 44141.86
13 10 /2 /2017 3,141.55 197.85 39142.72 3703.95 143.38 20558.60 28367.58
14 9 /25 /2017 3,109.40 165.70 27454.90 3774.55 213.98 45788.59 35455.90
15 9 /18 /2017 3,042.45 98.75 9750.61 3791.15 230.58 53168.38 22768.93
16 9 /11 /2017 3,025.60 81.90 6706.82 3888.00 327.43 107212.17 26815.16
17 9 /4 /2017 2,915.45 -28.25 798.33 3956.05 395.48 156406.56 -11174.29
18 8 /28 /2017 2,916.35 -27.35 748.29 4048.95 488.38 238517.65 -13359.61
19 8 /21 /2017 2,728.55 -215.15 46291.59 3882.65 322.08 103737.26 -69297.64
20 8 /14 /2017 2,811.35 -132.35 17517.80 3986.70 426.13 181589.07 -56400.71
21 8 /7 /2017 2,788.20 -155.50 24181.75 3840.90 280.33 78586.42 -43593.08
22 7 /31 /2017 2,874.65 -69.05 4768.57 3956.55 395.98 156802.29 -27344.51
23 7 /24 /2017 2,828.15 -115.55 13352.91 3630.30 69.73 4862.65 -8057.95
24 7 /17 /2017 2,815.80 -127.90 16359.64 3682.00 121.43 14745.90 -15531.83
25 7 /10 /2017 2,809.80 -133.90 17930.50 3758.05 197.48 38999.41 -26443.88
26 7 /3 /2017 2,708.25 -235.45 55438.97 3681.65 121.08 14661.02 -28509.50
27 6 /26 /2017 2,791.20 -152.50 23257.72 3701.35 140.78 19819.77 -21470.04
28 6 /19 /2017 2,824.30 -119.40 14257.51 3660.10 99.53 9906.76 -11884.68
29 6 /12 /2017 2,809.80 -133.90 17930.50 3783.55 222.98 49721.28 -29858.45
30 6 /5 /2017 2,865.80 -77.90 6069.16 3780.10 219.53 48194.60 -17102.65

52
 31 5 /29 /2017 2,852.85 -90.85 8254.60 3849.75 289.18 83626.63 -26273.64
32 5 /22 /2017 2,814.10 -129.60 16797.41 3618.40 57.83 3344.62 -7495.39
33 5 /15 /2017 2,972.65 28.95 837.82 3571.65 11.08 122.83 320.79
34 5 /8 /2017 3,004.80 61.10 3732.62 3541.50 -19.07 363.56 -1164.92
35 5 /1 /2017 2,887.65 -56.05 3142.14 3376.55 -184.02 33862.37 10315.05
36 4 /24 /2017 2,864.00 -79.70 6352.86 3318.60 -241.97 58548.18 19285.96
37 4 /17 /2017 2,824.30 -119.40 14257.51 3203.20 -357.37 127711.39 42671.37
38 4 /10 /2017 2,848.15 -95.55 9130.72 3224.50 -336.07 112941.24 32112.85
39 4 /3 /2017 2,830.45 -113.25 12826.65 3215.30 -345.27 119209.51 39103.18
40 3 /27 /2017 2,805.45 -138.25 19114.39 3221.95 -338.62 114661.68 46815.47
41 3 /20 /2017 2,843.00 -100.70 10141.46 3375.25 -185.32 34342.50 18662.34
42 3 /13 /2017 2,912.50 -31.20 973.74 3346.10 -214.47 45996.23 6692.41
43 3 /6 /2017 2,864.55 -79.15 6265.48 3311.05 -249.52 62258.89 19750.49
44 2 /27 /2017 2,832.80 -110.90 12299.88 3272.85 -287.72 82781.25 31909.23
45 2 /20 /2017 2,814.10 -129.60 16797.41 3176.75 -383.82 147315.73 49744.57
46 2 /13 /2017 2,778.90 -164.80 27160.62 3087.20 -473.37 224076.61 78013.21
47 2 /6 /2017 2,800.80 -142.90 20421.78 3268.60 -291.97 85244.91 41723.53
48 1 /30 /2017 2,808.10 -135.60 18388.66 3214.00 -346.57 120108.90 46996.19
49 1 /23 /2017 2,854.10 -89.60 8029.02 3215.85 -344.72 118830.02 30888.33
50 1 /16 /2017 2,701.05 -242.65 58881.36 3050.60 -509.97 260066.65 123746.02
51 1 /9 /2017 2,708.55 -235.15 55297.78 3046.55 -514.02 264213.79 120873.64
52 1 /2 /2017 2,707.35 -236.35 55863.60 3067.55 -493.02 243066.07 116527.01
Source: primary data 1847622.04 3952365.14 1009991.59

Correlation Coefficient: 0.37

53
Coefficient of correlation between Asian Paints Ltd & Berger Paints Ltd.

Table:20

Sl Price Price
Date X-x (X-x)2 Y-y (Y-y)2 (X-x)(Y-y)
No (Rs) (Rs)
1 12 /25 /2017 1,158.50 46.88 2197.72 273.75 28.27 799.48 1325.53
2 12 /18 /2017 1,138.00 26.38 695.89 260.00 14.52 210.98 383.17
3 12 /11 /2017 1,118.70 7.08 50.12 250.75 5.27 27.83 37.35
4 12 /4 /2017 1,135.50 23.88 570.25 251.75 6.27 39.38 149.85
5 11 /27 /2017 1,133.75 22.13 489.73 256.35 10.88 118.27 240.66
6 11 /20 /2017 1,159.60 47.98 2302.06 256.90 11.42 130.53 548.17
7 11 /13 /2017 1,171.30 59.68 3561.68 256.10 10.63 112.89 634.10
8 11 /6 /2017 1,178.60 66.98 4486.29 252.10 6.62 43.89 443.74
9 10 /30 /2017 1,172.45 60.83 3700.27 261.00 15.52 241.03 944.38
10 10 /23 /2017 1,184.55 72.93 5318.76 273.30 27.83 774.23 2029.27
11 10 /16 /2017 1,178.50 66.88 4472.91 261.90 16.42 269.78 1098.50
12 10 /9 /2017 1,174.25 62.63 3922.49 256.25 10.77 116.10 674.84
13 10 /2 /2017 1,157.30 45.68 2086.64 257.85 12.38 153.14 565.29
14 9 /25 /2017 1,131.70 20.08 403.20 245.10 -0.38 0.14 -7.53
15 9 /18 /2017 1,213.25 101.63 10328.62 252.80 7.32 53.66 744.44
16 9 /11 /2017 1,245.50 133.88 17923.80 264.45 18.97 360.05 2540.37
17 9 /4 /2017 1,203.95 92.33 8524.79 256.35 10.88 118.27 1004.09
18 8 /28 /2017 1,215.90 104.28 10874.28 249.95 4.47 20.03 466.65
19 8 /21 /2017 1,135.60 23.98 575.03 240.55 -4.93 24.26 -118.10
20 8 /14 /2017 1,140.00 28.38 805.41 240.55 -4.93 24.26 -139.77
21 8 /7 /2017 1,143.90 32.28 1041.99 238.20 -7.28 52.93 -234.84
22 7 /31 /2017 1,157.30 45.68 2086.64 241.35 -4.13 17.02 -188.43
23 7 /24 /2017 1,153.25 41.63 1733.04 251.40 5.92 35.11 246.66
24 7 /17 /2017 1,156.10 44.48 1978.45 252.35 6.87 47.27 305.80
25 7 /10 /2017 1,117.35 5.73 32.83 253.25 7.77 60.45 44.55
26 7 /3 /2017 1,115.45 3.83 14.67 245.15 -0.33 0.11 -1.24
27 6 /26 /2017 1,102.95 -8.67 75.17 246.25 0.77 0.60 -6.72
28 6 /19 /2017 1,153.65 42.03 1766.50 245.40 -0.08 0.01 -3.15
29 6 /12 /2017 1,145.40 33.78 1141.08 250.60 5.12 26.27 173.12
30 6 /5 /2017 1,155.75 44.13 1947.44 251.25 5.77 33.35 254.85

54
 31 5 /29 /2017 1,164.30 52.68 2775.16 253.95 8.47 71.83 446.46
32 5 /22 /2017 1,132.45 20.83 433.88 258.00 12.52 156.88 260.89
33 5 /15 /2017 1,123.15 11.53 132.94 247.80 2.32 5.41 26.81
34 5 /8 /2017 1,132.95 21.33 454.96 256.35 10.88 118.27 231.96
35 5 /1 /2017 1,146.80 35.18 1237.62 258.85 13.38 178.89 470.53
36 4 /24 /2017 1,120.45 8.83 77.97 261.25 15.77 248.85 139.29
37 4 /17 /2017 1,065.45 -46.17 2131.69 247.25 1.77 3.15 -81.95
38 4 /10 /2017 1,078.30 -33.32 1110.24 236.15 -9.33 86.96 310.71
39 4 /3 /2017 1,082.95 -28.67 821.98 237.75 -7.73 59.68 221.48
40 3 /27 /2017 1,073.50 -38.12 1453.15 242.10 -3.38 11.39 128.66
41 3 /20 /2017 1,064.25 -47.37 2243.94 228.50 -16.98 288.15 804.11
42 3 /13 /2017 1,079.45 -32.17 1034.92 231.90 -13.58 184.28 436.71
43 3 /6 /2017 1,030.25 -81.37 6621.11 223.45 -22.03 485.10 1792.18
44 2 /27 /2017 1,013.70 -97.92 9588.36 225.10 -20.38 415.14 1995.12
45 2 /20 /2017 1,009.00 -102.62 10530.90 231.45 -14.03 196.70 1439.25
46 2 /13 /2017 960.80 -150.82 22746.73 224.05 -21.43 459.03 3231.32
47 2 /6 /2017 993.05 -118.57 14058.89 229.80 -15.68 245.71 1858.59
48 1 /30 /2017 985.90 -125.72 15805.57 223.10 -22.38 500.64 2812.99
49 1 /23 /2017 969.60 -142.02 20169.74 211.15 -34.33 1178.21 4874.84
50 1 /16 /2017 967.20 -144.42 20857.19 210.40 -35.08 1230.26 5065.54
51 1 /9 /2017 933.25 -178.37 31815.93 213.95 -31.53 993.83 5623.12
52 1 /2 /2017 929.50 -182.12 33167.76 219.45 -26.03 677.30 4739.68
Source: primary data 294378.38 11706.87 50983.86

Correlation Coefficient: 0.87

55
Coefficient of correlation between ACC Ltd & Ambuja Cement Ltd.

Table:21

Sl Price Price
Date X-x (X-x)2 Y-y (Y-y)2 (X-x)(Y-y)
No (Rs) (Rs)
.25
12 /25 /2017 1,758.40 132.87 17655.00 272.05 18.23 332.26 2421.98
2 12 /18 /2017 1,721.65 96.12 9239.46 267.60 13.78 189.83 1324.36
3 12 /11 /2017 1,696.50 70.97 5037.04 264.40 10.58 111.89 750.73
4 12 /4 /2017 1,746.95 121.42 14743.33 268.10 14.28 203.86 1733.65
5 11 /27 /2017 1,676.65 51.12 2613.47 263.55 9.73 94.63 497.31
6 11 /20 /2017 1,697.70 72.17 5208.81 264.95 11.13 123.83 803.12
7 11 /13 /2017 1,763.05 137.52 18912.33 274.50 20.68 427.57 2843.67
8 11 /6 /2017 1,754.30 128.77 16582.26 270.10 16.28 264.97 2096.14
9 10 /30 /2017 1,805.20 179.67 32282.07 282.60 28.78 828.17 5170.58
10 10 /23 /2017 1,783.15 157.62 24844.73 278.90 25.08 628.90 3952.83
11 10 /16 /2017 1,765.15 139.62 19494.34 274.05 20.23 409.17 2824.26
12 10 /9 /2017 1,770.05 144.52 20886.64 277.55 23.73 563.01 3429.20
13 10 /2 /2017 1,739.60 114.07 13012.45 278.75 24.93 621.40 2843.58
14 9 /25 /2017 1,656.90 31.37 984.21 266.45 12.63 159.46 396.16
15 9 /18 /2017 1,688.30 62.77 3940.34 269.90 16.08 258.50 1009.24
16 9 /11 /2017 1,820.70 195.17 38092.15 284.35 30.53 931.95 5958.19
17 9 /4 /2017 1,791.25 165.72 27463.82 282.55 28.73 825.29 4760.85
18 8 /28 /2017 1,818.05 192.52 37064.76 282.60 28.78 828.17 5540.38
19 8 /21 /2017 1,781.50 155.97 24327.30 275.40 21.58 465.61 3365.55
20 8 /14 /2017 1,794.30 168.77 28484.03 274.95 21.13 446.39 3565.80
21 8 /7 /2017 1,760.55 135.02 18230.97 263.35 9.53 90.78 1286.48
22 7 /31 /2017 1,813.35 187.82 35277.15 277.45 23.63 558.28 4437.84
23 7 /24 /2017 1,731.20 105.67 11166.60 262.60 8.78 77.05 927.58
24 7 /17 /2017 1,708.60 83.07 6900.98 266.10 12.28 150.75 1019.95
25 7 /10 /2017 1,755.10 129.57 16788.93 261.90 8.08 65.25 1046.67
26 7 /3 /2017 1,609.35 -16.18 261.72 253.45 -0.37 0.14 6.02
27 6 /26 /2017 1,568.05 -57.48 3303.71 246.55 -7.27 52.88 417.99
28 6 /19 /2017 1,636.70 11.17 124.82 243.30 -10.52 110.71 -117.55
29 6 /12 /2017 1,638.60 13.07 170.88 237.25 -16.57 274.64 -216.63
30 6 /5 /2017 1,618.75 -6.78 45.94 235.05 -18.77 352.39 127.24
31 5 /29 /2017 1,643.00 17.47 305.27 240.45 -13.37 178.81 -233.64
32 5 /22 /2017 1,632.35 6.82 46.54 240.40 -13.42 180.15 -91.57
33 5 /15 /2017 1,675.40 49.87 2487.23 251.25 -2.57 6.62 -128.28
34 5 /8 /2017 1,679.85 54.32 2950.89 258.40 4.58 20.96 248.68

56
 35 5 /1 /2017 1,660.15 34.62 1198.69 246.55 -7.27 52.88 -251.78
36 4 /24 /2017 1,626.55 1.02 1.04 245.90 -7.92 62.76 -8.10
37 4 /17 /2017 1,495.45 -130.08 16920.26 239.40 -14.42 208.00 1876.00
38 4 /10 /2017 1,494.15 -131.38 17260.15 245.20 -8.62 74.34 1132.76
39 4 /3 /2017 1,468.10 -157.43 24783.54 242.45 -11.37 129.33 1790.29
40 3 /27 /2017 1,446.05 -179.48 32212.31 236.65 -17.17 294.88 3082.01
41 3 /20 /2017 1,396.45 -229.08 52476.68 229.90 -23.92 572.27 5480.03
42 3 /13 /2017 1,411.50 -214.03 45807.94 234.10 -19.72 388.96 4221.08
43 3 /6 /2017 1,400.00 -225.53 50862.83 229.05 -24.77 613.66 5586.80
44 2 /27 /2017 1,393.70 -231.83 53744.17 225.40 -28.42 807.82 6589.04
45 2 /20 /2017 1,438.10 -187.43 35129.21 232.00 -21.82 476.20 4090.07
46 2 /13 /2017 1,465.70 -159.83 25544.95 238.20 -15.62 244.05 2496.85
47 2 /6 /2017 1,486.95 -138.58 19203.83 237.55 -16.27 264.78 2254.96
48 1 /30 /2017 1,423.90 -201.63 40653.80 229.25 -24.57 603.79 4954.42
49 1 /23 /2017 1,430.65 -194.88 37977.39 232.80 -21.02 441.93 4096.75
50 1 /16 /2017 1,326.45 -299.08 89447.58 217.70 -36.12 1304.81 10803.33
51 1 /9 /2017 1,329.50 -296.03 87632.51 213.25 -40.57 1646.10 12010.48
52 1 /2 /2017 1,333.90 -291.63 85046.82 212.60 -41.22 1699.26 12021.52
Source: primary data 1174833.87 20720.08 146244.85

Correlation Coefficient: 0.94

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Coefficient:
Table no: 22
Sector Company Name Coefficient
Aurobindo Pharma
Pharma Ltd. 0.51
Cipla Ltd.
HCL Tech Ltd.
IT 0.30
Infosys Ltd.
HDFC Bank Limited
Banking 0.60
Axis Bank Ltd.
Bajaj Auto Limited
Automobile Hero MotoCorp 0.37
Limited
Asian Paints Ltd.
Paint 0.87
Berger Paints Ltd.
ACC Ltd.
Cement 0.94
Ambuja Cement Ltd.

Graph: 4

Coefficient
1.00 0.94
0.87
0.90
0.80
0.70 0.60
0.60 0.51
0.50
0.37
0.40 0.30
0.30
0.20
0.10
0.00
Pharma IT Banking Automobile Paint Cement

58
Return:

Table no: 23
Return
Portfolio
(%)
Pharma 3.96
IT 15.58
Banking 41.39
Automobile 25.66
Paint 25.54
Cement 31.42

Graph: 5

Return (%)
45.00 41.39
40.00
35.00 31.42
30.00 25.66 25.54
25.00
20.00 15.58
15.00
10.00
3.96
5.00
0.00
Pharma IT Banking Automobile Paint Cement

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Risk:

Table no: 24
Portfolio Risk
Pharma 3.16
IT 2.01
Banking 2.50
Automobile 2.15
Paint 2.59
Cement 2.86

Graph: 6

Risk
3.50 3.16
3.00 2.86
2.50 2.59
2.50 2.15
2.01
2.00

1.50

1.00

0.50

0.00
Pharma IT Banking Automobile Paint Cement

60
Risk-return:

Table no: 25
Return
Portfolio Risk
(%)
Pharma 3.96 3.16
IT 15.58 2.01
Banking 41.39 2.50
Automobile 25.66 2.15
Paint 25.54 2.59
Cement 31.42 2.86

Graph: 7

45.00 41.39
40.00
35.00 31.42
30.00 25.66 25.54
25.00
20.00 15.58 Return (%)
15.00
Risk
10.00
3.96
5.00
0.00

61
BIBLIOGRAPHY:

Books:

1) I. M. Pandy, 2008, Financial Management, 9 /e Vikas, 8th edition.

2) Srinivastav, 2009, Financial Management and Policy, Himalaya Publication, 2009.

3) S. P. Jain, Financial Accounting & Analysis, Kalyan Publishers, 2009.

Websites:

1) www.in.finance.yahoo.com
2) www.nseindia.com
3) www.networthdirect.com

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