...predict the probability that a firm will go into bankruptcy within two years. Z-scores are used to predict corporate defaults and an easy-to-calculate control measure for the financial distress status of companies in academic studies. The Z-score uses multiple corporate income and balance sheet values to measure the financial health of a company. Z score bankruptcy model: Z = 1.2X1 + 1.4X2 + 3.3X3 + 0.6X4 + .999X5 Explanation X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors. X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt. X3: Earnings before Interest and...
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... 1) Acknowledgement 2 2) Certificate of Authenticity 3 3) Research Objectives 5 4) Executive Summary 6 5) Chapter 1: Economic Analysis 7 6) Chapter 2: Industry Analysis 9 * Industry Life Cycle * Porters 5 Forces * SWOT * PESTLE * Correlation 7) Chapter 3: Company Analysis 24 * Company Profiles (10 Companies) * Financial Ratio Analysis * DCF Valuation * Valuation Shares 8) Conclusion 74 9) Bibliography 76 RESEARCH OBJECTIVES Research Project Topic: “Analysis and Valuation of the Indian Pharma Sector” The research objectives of this specialization project are: 1) Identifying the key indicators of the Global Pharma Industry 2) Understand and analyze the Indian Pharma Industry and identify the prominent players. 3) To examine the trends in the pharma industry 4) Fundamental and Technical Analyses of the Top 10 pharma...
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...Techno-Fundamental Approach to build an Equity Portfolio and Study of Price Fluctuations with volume SIP project report submitted in partial fulfilment of the requirements for the PGDM Program By Chetan Arora 2010065 Supervisors Mr. Kartikeye Vatsa Deputy Manager (Financial Analyst) Dr. Gajavelli V S Professor Institute of Management Technology, Nagpur Institute of Management Technology, Nagpur 2010 - 2012 1 ACKNOWLEDGEMENTS I am sincerely grateful to Punjab National Bank for providing an opportunity to do an internship under its umbrella. This Summer Internship is a necessary component towards fulfilment of the requirements of the Post Graduate Diploma in Management (PDGM) program that I am currently undergoing from Institute of Management Technology, Nagpur. Having undergone the Summer Internship from one of India‘s most prestigious and respected institution, and India‘s second largest treasury division, has indeed been a learning, rewarding and pleasurable experience for me. I also want to express my gratitude and sincere thanks to my project guide Mr. Kartikeye Vatsa, Deputy Manager (Financial Analyst), Treasury Division and his senior Mr Rajan Ravat, Chief Manager, Treasury Division for constantly guiding and supervising my project. This project would not have been possible without their support and motivation. I would also like to thank Mr. Rajesh Bhagat, Manager, Treasury Department for their unending help in understanding the work culture at Punjab...
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...do you mean by stock split? What do you mean by Bonus Issue? What do you mean by Buy Back? What do you mean by Right issue of shares? What are ADR’s? ------------------------------------------------- What is the difference in between IPO and FPO? Risk-Return analysis Risk meaning and Measurement – Types of Risk – Systematic, Unsystematic risk, Beta Coefficient, Alpha, CAPM theory etc. What is return? Expected rate of Return, computation formulae. Case studies on risk-return using standard deviation, variance, probability and other statistical tools. ------------------------------------------------- What is beta? ------------------------------------------------- What is cost of equity? ------------------------------------------------- What is WACC? ------------------------------------------------- ------------------------------------------------- "Stock A generates a return of 20% while stock B generates a return of 25%. The risk free-rate is 5%. Stock A has a standard deviation (risk) of 20%, while stock B has a standard deviation of 15%. Which stock gives a better risk adjusted return?" Security Research – (Fundamental) ------------------------------------------------- Fundamental Analysis –...
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...gtÇtç eÉç XåvÄâá|äx COMPANY FINALYTICS Cipla Ltd Exclusive Financial Analysis of Indian Companies Prepared and Edited By‐ Tanay Roy, CFA Peu Karak, MBA Disclaimer The information, opinions, estimates and forecasts contained in this document have been arrived at or obtained from public sources believed to be reliable and in good faith which has not been independently verified and no warranty, express or implied, is made as to their accuracy, completeness or correctness. For more information about this sample and our other services, please write to tanay.roy2008@gmail.com Wednesday, September 14, 2011 Description Summary Latest Result Valuation Matrix ROE Analysis Income Statement Balance Sheet Cashflow Statement Quarterly Result Growth Analysis Comparative Analysis Income Statement Balance Sheet Index Analysis Income Statement Balance Sheet Ratio Analysis Annual Quarterly TTM Analysis Page 3 3 3 3 4 5 6 6 7 8 8 8 9 9 9 10 10 11 11 12 CONTENT Technical Analysis About Tanay & Peu Our passion lies in the field of financial research & Investment management and we intend to apply our knowledge gained over a period of years through intense study and keen observation of the nuances of financial markets and instruments to real life scenarios. We possess expert knowledge of financial products and markets as evidenced by top notch qualifications earned by us , all in the first attempt and keep ourselves abreast with the latest happenings and innovations taking place in ...
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...EQUITY DIVERSIFIED MUTUAL FUNDS V/s DIRECT EQUITY: A comparative study Submitted in Partial Fulfillment for the Degree of Bachelor of Business Studies By Akshat Jain (Roll No. – 08/BBS/7160 Batch: 2008-2011 ) To DEEN DAYAL UPADHYAYA COLLEGE University of Delhi Shivaji Marg, Karampura New Delhi-110015 | | | ACKNOWLEDGEMENT Encouragement motivates a person towards one’s aim while guidance helps one to achieve it. Both encouragement and guidance take one towards success in one’s works. It would be difficult and almost impossible to achieve excellence without the blessings of God above and of elders. I convey my heartfelt affection and accord my deep sense of gratitude to Dr. Deepa Kamra, Faculty Guide for inspiring guidance, constructive criticism, unlimited interest and innovative ideas throughout the pursue of this manuscript. Akshat Jain DECLARATION I Akshat Jain have completed the Summer Training Project titled “EQUITY DIVERSIFIED MUTUAL FUNDS V/S DIRECT EQUITY” under the guidance of Dr. Deepa Kamra in the partial fulfillment of the requirement for the award of degree of Bachelor of Business Studies from Deen Dayal Upadhyaya College, Delhi University. This is an original piece of work & I have neither copied and nor submitted it earlier elsewhere. Akshat Jain Certificate from Internal Guide ...
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...1) Pharmaceutical Industry in India: India is the third largest pharmaceutical market in the world in terms of volume. The market is believed to grow at a compound annual growth rage (CAGR) of 14-17 percent in between 2012-16. There has also been a considerable growth in the levels of pharmaceutical exports from India. The industry started picking momentum in the early 1960s, with government actively encouraging the sector with the Patents Act. However, the liberalization of 1991 enabled the industry to become what it is today. Many of the Indian companies principally observe reverse engineering of the new processes for manufacturing drugs at low costs. Although some of the companies have taken baby steps towards innovating newer drugs, the industry as a whole tends to follow this business model. The lack of patent protection, on the other hand, makes India undesirable for multinational companies that have dominated the market. So the pharmaceutical market in India has a tremendous potential for indigenousness. In this context, comparing a global pharmaceutical company with its Indian counterpart becomes evident. GlaxoSmithKline and Ranbaxy: A Comparison GlaxoSmithKline is a British multinational pharmaceutical company also dealing in biologics, vaccines and consumer healthcare. Headquartered at London, it is the world’s sixth largest pharmaceutical company. The company was established in 2000 by the merger of Glaxo Wellcome and SmithKline Beckman Corporation. A giant...
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...Bhavsar2 1.Department of Statistics, S.V. Vanijya Mahavidyalaya, Ahmedabad, Gujarat, India 2.Department of Statistics, Gujarat University, Ahmedabad, Gujarat, India Email of the corresponding Author: m_a_shah73@yahoo.com Abstract We use two and half year data set of 50 companies of Nifty along with Nifty from 1st Jan 2009 to 28th June 2011 and apply multivariate technique for data reduction, namely Factor Analysis. Using Factor analysis we reduce these 50 companies’ data (50 variables) into the most significant 4 FACTORS. These four significant factors are then used to predict the Nifty using Multiple linear regression. We observed that the model is good fitted and it explained 90 % of the total variance. Keywords: Nifty, Factor Analysis, Multiple Linear Regression, Data reduction 1. Introduction: In this paper, we applying data reduction technique of Factor analysis on the Nifty Stocksand then predict NIFTY using Multiple Linear Regression Technique. Factor analysis is a statistical technique to study interrelationship among the Variables. The idea behind factor analysis is grouping the variables by their correlation in such a way that particular group is highly correlated among themselves but relatively smaller correlation with the variables in other group, and in such each group constructs a factor. The aim is to identify the unobservable Factor(latent) that simultaneously affects all the variables and try to understand the factor so that the change in variables can...
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...Study Material on Derivatives, Options & Futures Content No. | Contents | Page No. | | Section 1: Derivatives | | 1.1 | Derivatives: History, Meaning and Definition | 3 | 1.2 | Classification of Derivatives | 4 | 1.3 | Features, Types and Players in Derivatives | 4 | 1.4 | Forwards: Meaning, Definition & Limitations | 6 | | Section 2: Futures | | 2.1 | Meaning | 8 | 2.2 | Terminologies | 8 | 2.3 | Payoff Profile | 10 | 2.4 | Numerical Examples | 11 | | Section 3: Options | | 3.1 | Meaning | 13 | 3.2 | Terminologies | 13 | 3.3 | Payoff Profile | 15 | 3.4 | Numerical Examples | 18 | | 1.0 Derivatives Introduction: Indian Financial Markets: Where does derivative fall? From the above chart we can see that derivatives fall under secondary market channel. 1.1 Derivatives History, Meaning and Definition History Derivatives have been a recent development in the Indian financial markets. But there have been derivatives in the commodities market. There are Cotton and Oilseed futures in Mumbai, Soya futures in Bhopal, Pepper futures in Cochin, Coffee futures in Bangalore etc. But the players in these markets are restricted to big farmers and industries, who need these as an input to protect themselves from the vagaries of agriculture sector. Globally too, the first derivatives started with the commodities, way back in 1894. Financial derivatives are a relatively late development, coming...
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...INVESTMAP Fact Sheet for June 2012 Toll Free 1800 425 5959 www.sundarammutual.com SMS SFUND to 56767 Email service@sundarammutual.com Sundaram Mutual Fund Track Record Equity Funds Fund / Benchmark Satish Ramanathan Sundaram Select Mid Cap BSE Mid Cap Index S&P CNX Nifty Index Srividhya Rajesh Sundaram Select Focus S&P CNX Nifty Index S&P CNX Nifty Index Sundaram Capex Opportunities BSE Capital Goods Index S&P CNX Nifty Index Sundaram Equity Plus S&P CNX Nifty(65%) & Price of Gold in INR(35%) S&P CNX Nifty Index J Venkatesan Sundaram Growth Fund BSE 200 Index S&P CNX Nifty Index Sundaram India Leadership S&P CNX Nifty Index S&P CNX Nifty Index Sundaram Financial Opportunities CNX Banks Index S&P CNX Nifty Index Sundaram Rural India BSE 500 Index S&P CNX Nifty Index Sundaram Entertainment Opportunities CNX Media Index S&P CNX Nifty Index Sundaram PSU Opportunities CNX PSE Index S&P CNX Nifty Index S Krishnakumar Sundaram SMILE Fund CNX Mid Cap Index S&P CNX Nifty Index Sundaram Energy Opportunities BSE Oil & Gas Index S&P CNX Nifty Index Sundaram Equity Multiplier S&P CNX 500 Index S&P CNX Nifty Index Jointly Managed by Srividhya Rajesh and S Bharath Sundaram Balanced Fund CRISIL Balanced Fund Index S&P CNX Nifty Index Jointly Managed by Srividhya Rajesh and J Venkatesan Sundaram Tax Saver BSE 200 Index S&P CNX Nifty Index S Bharath Sundaram Global Advantage Fund MSCI Index CNX Nifty 30/06/11 30/06/10 ...
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...(45A) Table of Contents 1. 2. 3. 4. 5. 6. Executive Summary………….………………………..……………………………….………………..2 Introduction ……………………..………………………………………………………………….……..3 1.1 Why Derivative Markets…………………………….………………………………………………….……..3 1.2 Derivative Markets………………………………………………………………………………………….……3 1.3 Types of Traders……………………………………………………………………………………………………5 1.4 Types of Contracts………………………………………………………………………………………………..5 1.5 Development of Indian Derivatives Market…………………………………………………………..6 Objectives of the Study……………………………………………………….………………………..6 Research Methodology ………………………………………………………………………………..7 Properties of Data…………………………………………………………………………………………7 4.1 Analysis of different contracts…..………………………………………………………………………….9 4.2 Comparison between Call and Put Trade Volume ….……………………………………..……10 4.3 Speculation ratio…………………………………………………………………………………………………11 4.4 Estimation of NIFTY spot Price using Put-Call Parity……………………………………………13 Conclusion………………………………………………………………………………………………….15 Appendix…………………………………………………………………………………………………….16 1 Executive Summary Futures and options markets in India are relatively new. The National Stock Exchange (NSE) introduced trading in Index Options (also based on Nifty) on June 4, 2001. The Futures and Options on individual securities are available on only 223 securities. In developed markets, derivatives play a very important role in price discovery and information dissemination. However, in emerging markets where the derivatives markets...
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...Mergers, Acquisitions and Corporate Restructuring II MERGERS, ACQUISITIONS AND CORPORATE RESTRUCTURING Mergers, Acquisitions and Corporate Restructuring Edited by Chandrashekar Krishnamurti Vishwanath S.R. Copyright © Chandrashekar Krishnamurti and Vishwanath S.R., 2008 All rights reserved. No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage or retrieval system, without permission in writing from the publisher. First published in 2008 by Response Books Business Books from SAGE B1/I-1 Mohan Cooperative Industrial Area Mathura Road, New Delhi 110 044, India SAGE Publications Inc 2455 Teller Road Thousand Oaks, California 91320, USA SAGE Publications Ltd 1 Oliver’s Yard, 55 City Road London EC1Y 1SP, United Kingdom SAGE Publications Asia-Pacific Pte Ltd 33 Pekin Street #02-01 Far East Square Singapore 048763 Published by Vivek Mehra for Response Books, typeset in 9.5/13 pt Berthold Baskerville by Star Compugraphics Private Limited, Delhi and printed at Chaman Enterprises, New Delhi. Library of Congress Cataloging-in-Publication Data Mergers, acquisitions and corporate restructuring/edited by Chandrashekar Krishnamurti, Vishwanath S.R. p. cm. Includes references and index. 1. Consolidation and merger of corporations. Corporate reorganizations. I. Vishwanath, S.R., 1971– II. Krishnamurti, Chandrashekar, 1956– HG4028.M4 .M44 658.1/6 22 2008...
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...INDIAN MARKET Due to poor sanitation conditions, infectious (acute) diseases are predominant in India. However, the incidence of chronic ailments, characterised by prolonged exposure, has been increasing with the emergence of lifestyle diseases in India, due to changing work pattern of the working population, higher stress levels, and unhealthy eating habits. Key issues answered through this analysis: What are acute and chronic ailments? What is the proportion of drugs for each segment in the total domestic formulations market? How have various therapeutic categories in the domestic formulation market performed over the last three years? Publish Date: 15-Jul-2013 | | Majority of ailments in India are more acute than chronic in nature Types of ailments Source: CRISIL Research Ailments can be classified into acute and chronic. Acute ailments are characterised by sudden, severe exposure (usually a single, large exposure) and rapid onset of the disease. The patient shows intense symptoms for a brief duration (not longer than 30 days). Infectious diseases such as common cold, fever, etc are some examples of acute ailments. However, some acute ailments may turn chronic if left unaddressed. Chronic ailments are characterised by prolonged or repeated exposures over many days, months or years. Chronic diseases can only be alleviated through treatments, but not fully cured. Unlike acute ailments, they do not usually resolve on their own accord. Examples of...
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...An Analysis on Ratio of Beximco Pharmaceuticals Limited Letter of Transmittal 7th April, 2013 To, Mahabuba Rahman Lecturer of Finance IBAIS University House # 21/A, Road # 16 (Old-27) Dhanmondi, Dhaka 1209 Dear Madam, Here is the recommendation report on Ratio Analysis of “BEXIMCO PHARMACEUTICALS LTD.” As you read the report, you will get some idea about the pharmaceuticals industry of Bangladesh through our concerned organization. This report contains all the necessary information about the BEXIMCO PHARMACEUTICALS LTD. as like the mission and vision, the brief about all the activities and their services they performed and some other issues as your recommendation. We collected all this necessary information by internet, book and the annual report. We, therefore, pray and hope that you will encourage our work by accepting this report and if you have any further queries about the report you can contact us. Sincerely, Accepted By On behalf of Mahabuba Rahman Executive summary Report Proper 1. Introduction:- 2.1. Origin of the Report: The report was originated in our “Introduction to Finance” course. This report is being assigned as a part of learning objective of the course FIN-217 (Introduction to Finance). It is assigned by our honorable faculty “Mahabuba Rahman”, since a report is required for this course. Our teacher assigned us for this report to test our ability of preparing a business report and to learn. 1.2. Objective: ...
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...Pharmaceuticals and Life Sciences Global pharma looks to India: Prospects for growth Table of contents Introduction 03 Background 04 A fast growing economy An expanding pharmaceutical market Government-provided healthcare improving, but private healthcare dominates Domestic market overview 09 Background Consolidation underway, despite challenges Contract manufacturing Vaccines Over the counter market holds significant potential Reaching the untapped rural market Growing Research & Development 15 Overview Clinical trials Biotech and biosimilars on track for growth Other growth areas Bioinformatics 20 Stem cell research Medical devices Global Pharma’s evolving business models and options in India 23 Background Export-oriented business (Contract Research and Manufacturing Services) Licensing Franchising Joint ventures Wholly-owned subsidiaries Practical concerns 27 Infrastructure Tax environment Counterfeiting Intellectual property Conclusion 30 Related reading: Pharma 2020 31 References 32 Acronyms 38 Introduction The pharmaceutical industry’s main markets are under serious pressure. North America, Europe and Japan jointly account for 82% of audited and unaudited drug sales; total sales reached US$773 billion in 2008, according to IMS Health. Annual growth in the European Union (EU) has slowed to 5.8%, and sales are increasing at an even more sluggish rate...
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