![Summer Training Report<br />On<br />Equity Analysis of Infrastructure Firms<br />Under the Supervision of:<br />Mr. Naresh Gogia<br />Submitted By:<br />Gulzar Siraj <br />Contact no.: 07417274446<br />E-Mail: sirajgulzar@gmail.com<br />Equity Analysis of Infrastructure Firms<br />ABSTRACT<br />The time one talks about stock market, another word also clicks and that is risk. People have lost their millions in this stock market. This project has been initiated for the purpose of acquainting me, gaining in depth knowledge of all the issues concerning about finding out the potential firms to invest through shares by Fundamental & Technical Analysis of Shares.<br />This work is a detailed study of stock market and stocks. It’s about the ways in which investors can invest in stock market. I have tried to explain the entire stock market trading in detail with the help of live examples. All these calculations give a better insight to my work. This risk arises due to number of reasons, which I have tried to put across. The focus in this project is on Equity Analysis of five different firms from infrastructure Industry, viz. GMR, DLF, UNITECH, RIIL, and JP ASSOCIATE. The entire work has not been done till date. Application of these ways to analyze stocks is yet to be done, it’s in progress.<br />The project deals with Equity Analysis work which is, includes both fundamental analysis and technical analysis. I have used MACD, Williams R%, Relative Strength Index, EMA and WMA for technical Analysis and Discounted Cash Flow Technique for Fundamental Analysis. <br />At the same time I am trying to analyze some top notch companies to make sure that the companies selected for investing money are really worth to invest in a large amount. All this has been done with the help of Annual report, Quarterly results and daily news.<br />A comprehensive study is proposed with the following objectives.<br />,[object Object]](https://image.slidesharecdn.com/abstract-110412004633-phpapp02/85/abstract-1-320.jpg)
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Abstract
- 2. To evaluate the shares pattern on the basis of technical analysis.
- 6. Introduction of Stock Market4
- 7. Understanding of Stock Market Risk13
- 13. REVIW OF LITERATURE 23
- 19. THEORITICAL BACKGROUND OF EQUITY ANALYSIS29
- 26. Technical Analysis of Shares by Charts66
- 27. Fundamental Analysis of Shares81
- 28. CONCLUSION & SUGGESTIONS 104
- 29. Conclusion110
- 32. Short-sellers, fundamental analysis, and stock returns by Patricia M. Dechow, Amy P. Hutton, Lisa Meulbroek and Richard G. Sloan.
- 33. Fundamental Analysis of aggregate interlock by Joost C. Walraven, (Sr. Research Engr., Univ. of Technology, Delft, The Netherlands).
- 35. WMA: Weighted Moving Average
- 36. MACD: Moving Average Convergence and Divergence (Faster Moving average) (Red Line)
- 37. EXP: Slower Moving Average (Blue Line)
- 38. RSI: Relative Strength Index
- 39. EMA (Close, 20): 20 days EMA
- 43. The Company’s Earnings per Share at the end of Mar, 2010 is 4.53, which is the best among all the five companies after Jaiprakash Associate who has 8.04.
- 44. P/E Ratio comes to 70.77 that give an idea about the earning capacity to its market price.
- 45. The company has declaring 100% dividend throughout 5 years.
- 46. The Debt/Equity Ratio of the firm 0.077 which is far below the standards, it implies that the firm could not be able to take the benefits of leverage in the long run.
- 47. The Beta Value of DLF Stocks is 1.673, which is above than the Market Return.
- 49. While doing Equity Analysis other variables must also be taken into consideration like investor’s response, market sentiment and global market conditions.
- 50. For the purpose of equity research one must take 8 to 10 companies so that the actual trend of that sector can be determined and the comparison of the companies can be done correctly.
- 52. Time seems to be one of the biggest limitations.
- 53. Some of the research part which have been prepared using excel sheet cannot be added to this project.
- 54. For the Purpose of Equity Analysis I have chosen only 4-5 companies but there are more 20-25 companies in these sectors.
- 55. Company was unwilling to divulge information, which was a hindrance for the research process.