Portfolio study latest

PREPARE A PORTFOLIO BASED ON SHARES OF BSE SENSEX
COMPANIES ONLY BY ALL SHORTS OF ANALYSIS WHICH YOU
PREDICT TO GIVE THE BEST POSSIBLE RETURNS IN 1-2 YEARS TIME.
TOTAL INVESTMENT IS ₹ 10, 00,000, MAXIMUM NUMBER OF
COMPANIES-10...MINIMUM NUMBER OF COMPANIE
PGDM 2014 -16
SECURITY ANALYSIS & PORTFOLIO MANAGEMENT

What is a portfolio?
The set of all securities held by an investor is called his portfolio. This may contain just one security but since in
general, nobody puts all their eggs in one basket, it will contain several securities or assets. Such a portfolio is
known as diversified portfolio.
The portfolio theory makes two fundamental assumptions i.e.
If two portfolios have identical expected returns then investors would choose the one which has lower risk and
If the two portfolios have identical risk then investors would choose the one, which has a higher expected
return.
Stock Name Amount to be Invested
LUPIN 1,50,000
CIPLA 60,000
INFOSYS 1,50,000
Dr. Reddy 1,50,000
VEDANTA 40,000
TATA STEEL 1,50,000
TCS 1,50,000
HDFC BANK 1,50,000
Total 10,00000
“Having different typesofstocks inyour portfoliocan enhance returns.” Kenneth Fisher

Analysis to the Problem:
The above portfolios based on shares of BSE Sensex companies are selected on the basis of detailed analysis.
List of the analysis are followed below:
 Fundamental Analysis
 Technical Analysis
 Random Walk Theory
Fundamental Analysis:
The intrinsic value of an equity share depends upon multiple factors. A logical & Systematic approach is
indispensable for the security. It is difficult to say exactly what processes the market goes through in pricing
the shares, especially as it is really a compound entity consisting of millions of retail investors, mutual funds,
institutional investors both domestic & foreign etc.
Fundamental value of the share is nothing but the present value of future benefits in terms of dividend declared
by the company, discounted at a rate which investors expect to earn on the equity of the firm. This is the price
investors will be willing to pay for the share. This value is frequently referred to as intrinsic value or
fundamental value. All demand and supply of shares is supposed to originate from the expected future benefits
of the stocks. If the actual market price exceeds this fundamental price, investors already holding the shares
would sell.
World economy:
For all nation there is a need of more socially- inclusive models of growth and development. As per world
investment report 2015 FDI inflows in 2014 declined 16 percent to $ 1.2 trillion. However, recovery is in
sight in 2015 and beyond. FDI flows today account for more than 40 percent of external development finance
to developing and transition economies.
Last week Indian equities suffered the worst loses in four years as waves of FII selling pushed indices down
to 52 weeks low. The China syndrome was one reason for bearishness. But there were several India specific
reasons as well : The monsoon has been below par(13 % less than normal), First quarter growth has been
slow, Political resistance and legislative reforms appears to be the prominent. Global sentiment revolves
around two factors. One is the ability of the Chinese govt. to control the narrative building around the world’s
second largest economy. There has been slow down. The equity bubble has burst. The yuan has been
devalued. The PRC’s reserves have eroded by $340 billion. The second big factor is the attitude of the US
federal reserve. Will the fed raise the USD policy rate at the mid month meeting of the federal open markets
committee? Most traders are betting that it will not raise. One never knows.
India has reasonably good fundamentals in terms of a low current account deficit an improving fiscal deficit
and not too much overseas debt.
China's policymakers and regulators promised deeper financial market reforms. They emphasized signs that
the economy was stabilizing, but trimmed 2014 growth figures and said foreign exchange reserves fell in
August by $93.9 billion - the largest monthly fall on record - to $3.55 trillion.
Indian Economy:

Indian economy is classified in three sectors — Agriculture and allied, Industry and Services. Agriculture
sector includes Agriculture (Agriculture proper & Livestock), Forestry & Logging, Fishing and related
activities. Industry includes Manufacturing (Registered & Unregistered), Electricity, Gas, Water supply, and
Construction. Services sector includes Trade, repair, hotels and restaurants, Transport, storage,
communication & services related to broadcasting, Financial, real estate & professional services, Community
& social Services etc.
Economic Indicators In India
Particulars Units Actual figure
GDP $ $2.469 trillion
GDP GROWTH % 7%
GDP per capita $ $1,928
INFLATION
%
CPI: 3.78%
WPI: -4.05%
Base borrowing rate % 8.25%
Population below poverty line % 23.6%
Labour force million 502.3 million
Unemployment million 10.8 million
SLR % 21.50%
CRR % 4.00%
REPO RATE % 7.25%
BANK RATE % 8.25%
EXPORT/ IMPORT USD Million 23137/35950
17.01
30.02
52.97
Sector wise GDP contribution in the Year 2014-15
Agriculture Sector Industry sector Service sector

If we look at India’s history it has outperformed emerging market peers on growth in the past decade, but
underperformed in terms of inflation (which has been higher than peers). Indian Government is putting in place
a policy framework to address the country’s fiscal, inflation, regulatory and infrastructure challenges. Investment
cycle could be upgraded if these expectations are reflected in policy progress (Land reforms, Labor reforms and
GST) and macroeconomic indicators over the next year, leading to growth that’s sustainable. In my point of view
RBI’s monetary policy action will be decided by how it weighs domestic factors such as lower growth and
inflation with external risks arising out of international financial market volatility. RBI has taken action to address
macro-economic imbalances that were apparent in 2013, in terms of inflation and current account deficit.
According to Atsi Sheth, senior VP of Moody’s investor service, Singapore that “A proactive monetary policy
stance, coupled with the transparency around the action should ensure sustainable growth”.
One question that always strikes in our mind that will any narrowing interest rate spread between India and
the US lead to foreign investor outflows? It depends on the specific kind of foreign investor flow. In my view,
financial market volatility is less likely to influence outflows by direct investors, who have come to India for its
long-term growth outlook, which remains robust on a global scale. Similarly if corporate profitability recovers
with growth, the Indian equity market could continue to attract Investment, although exchange rate volatility
could pose risks. At this time although there are depreciation pressures on the rupee due to global uncertainties,
compared to other emerging market currencies, It has enjoyed relative stability.
Lastly for external investors in India’s bond market, their Interest will depend on whether current trends of fiscal
consolidation and softening inflation.
Sectorwise analysis:
Banking Sector
According to the Reserve Bank of India (RBI), the banking sector in India is sound, adequately capitalized
and well-regulated. Indian financial and economic conditions are much better than in many other countries of
the world. Credit, market and liquidity risk studies show that Indian banks are generally resilient and have
withstood the global downturn well.
With a sense of optimism slowly creeping in, the banking industry expects that 2015 will bring better growth
prospects. This optimism stems from factors such as the Government working hard to revitalise the industrial
growth in the country and the RBI initiating a number of measures that would go a long way in helping the banks
to restructure. The recent announcements of RBI, it is felt, are a clear pointer to the future of the restructured
domestic banking industry. Recently It added 11 payment Banks and also to give boost to SME’s, it added
Bandhan Bank to the financial system.

Presently the Indian banking sector is fragmented, with 46 commercial banks pushing for business with dozens
of foreign banks as well as rural and co-operative lenders. State banks control 80 percent of the market, leaving
relatively small shares for private rivals.
At the end of February, 13.7 crore accounts had been opened under Pradhan mantri Jan Dhan Yojna (PMJDY)
and 12.2 crore RuPay debit cards were issued. These new accounts have mobilized deposits of Rs 12,694 crore
(US$ 2.01 billion).
Standard & Poor’s estimates that credit growth in India’s banking sector would improve to 12-13 per cent in
FY16 from less than 10% in the second half of FY14.
Investments/developments
o The United Economic Forum (UEF), an organization that works to improve socio-economic status of
the minority community in India has signed a memorandum of understanding (MoU) with Indian
Overseas Bank (IOB) for financing entrepreneurs from backward communities to set up businesses in
Tamil Nadu.
o In a major boost for the infrastructure sector, as well as for banks financing long gestation projects,
the RBI has extended its flexible refinancing and repayment option for long-term infrastructure
projects to existing ones where the total exposure of lenders is more than Rs 500 crore (US$ 78.98
million).
o Bandhan Financial Services Pvt. Ltd has raised Rs 1,600 crore (US$ 252.69 million) from two
international institutional investors to help convert its microfinance business into a full service bank.
Bandhan was one of the two entities to get a banking licence in April 2014 along with infrastructure
finance company IDFC Ltd.
o The Competition Commission of India (CCI) has cleared the merger of ING Vysya Bank with Kotak
Mahindra Bank, which would create the country's fourth largest private sector lender. The proposed
Rs 15,000 crore (US$ 2.36 billion) deal is not likely to have any appreciable adverse effect on
competition in India, as per the competition "The share of both entities in various relevant markets is
insignificant," the CCI said.
o The Government has announced a capital infusion of Rs 6,990 crore (US$ 1.1 billion) in nine state run
banks, including State Bank of India (SBI) and Punjab National Bank (PNB), but based on new
efficiency parameters such as return on assets and return on equity. In a statement, the finance ministry
said, “This year, the Government of India has adopted new criteria in which the banks which are more
efficient would only be rewarded with extra capital for their equity so that they can further strengthen
their position."
Road Map for the banking sector:
The Indian economy is now on the threshold of a major transformation, with expectations of policy
initiatives being implemented. Positive business sentiments, improved consumer confidence and more
controlled inflation should help boost the economic growth. Higher spending on infrastructure, speedy
implementation of projects and continuation of reforms will provide further impetus to growth. All
this translates into a strong growth for the banking sector too, as rapidly growing business turn to
banks for their credit needs, thus helping them grow.

Pharmaceutical Sector
Snapshots
Healthcare industry is growing at a tremendous pace owing to its strengthening coverage, services and
increasing expenditure by public as well private players. During 2008-20, the market is expected to record a
CAGR of 17 per cent
Per capita healthcare expenditure is estimated at a CAGR of 11.3 per cent during FY 2008–15E to US$ 91
billion by 2015. This is due to rising incomes, easier access to high-quality healthcare facilities and greater
awareness of personal health and hygiene. Greater penetration of health insurance aided the rise in healthcare
spending. Economic prosperity is driving the improvement in affordability for generic drugs in the market. The
total industry size is expected to touch USD160 billion by 2017 and USD280 billion by 2020.
Over 2012–20, total healthcare spending is expected to rise at a CAGR of 20 per cent to US$ 280 billion from
US$ 65 billion. Industry revenues are expected to expand at a CAGR of 12.1 per cent during 2012-20 and reach
US$ 45 billion
As per the Ministry of Health, development of 50 technologies has been targeted in the FY16, for the treatment
of disease like Cancer and TB. Healthcare has become one of India's largest sectors - both in terms of revenue
and employment. The industry comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine,
health insurance and medical equipment. According to estimates, the overall Indian health care market today is
US$ 65 billion, of which the hospital supplies and health care equipment segment is believed to be only around
US$ 4.5-5 million. Health care delivery, which includes hospitals, nursing homes and diagnostics centres, and
pharmaceuticals, constitutes 65 per cent of the overall market. India requires 600,000 to 700,000 additional beds

over the next five to six years, which potentially throws an opportunity of more than US$ 25-30 billion. While
the existing hospitals would look at expanding their capabilities, a lot of new properties would also come up.
Investments
The hospital and diagnostic centres attracted foreign direct investment (FDI) worth US$ 2,793.72 million
between April 2000 and January 2015, according to data released by the Department of Industrial Policy and
Promotion (DIPP).
Some of the major investments in the Indian healthcare industry are as follows:
o Mylan Inc has signed a deal to acquire the female health care businesses of Famy Care Ltd, a specialty
women’s health care company, for US$ 750 million in cash and additional contingent payments of up to
US$ 50 million.
o Apollo Hospitals Enterprise (AHEL) plans to add another 2,000 beds over the next two financial years,
at a cost of around Rs 1,500 crore (US$ 241.24 million), as per Mr Prathap C Reddy, Founder and
Executive Chairman, Apollo Hospitals.
o Temasek Holdings Pte Ltd has acquired the entire 17.74 per cent stake of Punj Lloyd Ltd in Global
Health Pvt Ltd, which owns and operates the Medanta super specialty hospital in Gurgaon, Haryana.
o Apollo Health and Lifestyle Ltd (AHLL), a wholly-owned subsidiary of Apollo Hospitals Enterprise,
has acquired Nova Specialty Hospitals at an estimated cost of Rs 135-145 crore (US$ 21.71-22.32
million)
o India's universal health plan that aims to offer guaranteed benefits to a sixth of the world's population
will cost an estimated Rs 1.6 trillion (US$ 25.73 billion) over the next four years.
o The Competition Commission of India (CCI) in its meeting has approved the proposed merger between
Sun Pharma and Ranbaxy, subject to the parties inter alia carrying out the divestiture of their products
relating to seven relevant markets for formulations.
o India and Sweden celebrated five years of memorandum of understanding (MoU). The cooperation in
healthcare between India and Sweden will help in filling gaps in research and innovative technology to
aid provisioning of quality healthcare.
o Generic drug maker Mylan Inc and the US-based Abbott Industries have received the CCI’s nod to
proceed with their merger.
o All the government hospitals in Andhra Pradesh would get a facelift with a cost of Rs 45 crore (US$
7.23 million), besides the establishment of 1,000 generic medical shops across the State in the next few
months.
Road Map for the Health & Pharma sector
India is a land full of opportunities for players in the medical devices industry. The country has also become one
of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced
diagnostic facilities, thus catering to a greater proportion of population. Besides, Indian medical service
consumers have become more conscious towards their healthcare upkeep.
Telemedicine is a fast emerging sector in India. In 2012, the telemedicine market in India was valued at US$ 7.5
million, and is expected to grow at a CAGR of 20 per cent to US$ 18.7 million by 2017.
There are vast opportunities for investment in healthcare infrastructure in both urban and rural India. About 1.8
million beds are required by the end of 2025. Additionally, 1.54 million doctors and 2.4 million nurses are
required to meet the growing demand.

The Indian Pharma market size is expected to grow to US$ 85 billion by 2020. The growth in Indian domestic
market will be on back of increasing consumer spending, rapid urbanisation, raising healthcare insurance and so
on. Going forward, better growth in domestic sales will depend on the ability of companies to align their
product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-
depressants and anti-cancers are on the rise. Moreover, the government has been taking several cost effective
measures in order to bring down healthcare expenses. Thus, governments are focusing on speedy introduction
of generic drugs into the market. This too will benefit Indian Pharma companies. In addition, the thrust on rural
health programmes, life saving drugs and preventive vaccines also augurs well for the Pharma companies.
References: Department of Industrial Policy and Promotion (DIPP), Press Information Bureau (PIB)
Automobile Industry

Snapshots of Auto Sector
Two wheelers dominate production volumes; in FY15, the segment accounted for about 79.40 per cent of the total
automotive production in the country. India is the world’s second-largest two wheeler manufacturer and fourth-
largest producer of commercial vehicles. A unique feature of Indian auto sector is the presence of three wheelers
which are a form of public transportation equivalent to taxis. The Indian auto industry is one of the largest in the
world with an annual production of 21.48 million vehicles in FY 2013-14.The automobile industry accounts for
22 per cent of the country's manufacturing gross domestic product (GDP). An expanding middle class, a young
population, and an increasing interest of the companies in exploring the rural markets have made the two wheelers
segment (with 80 per cent market share) the leader of the Indian automobile market.
The overall passenger vehicle segment has 14 per cent market share. India is also a substantial auto exporter, with
solid export growth expectations for the near future. Various initiatives by the Government of India and the major
automobile players in the Indian market is expected to make India a leader in the Two Wheeler and Four Wheeler
market in the world by 2020. Sales of commercial vehicles in India grew 5.3 per cent to 52,481 units in January
2015 from a year ago, according to Society of Indian Automobile Manufacturers (SIAM). Sales of cars also grew
for a third month in a row to 169,300 units in January 2015, up 3.14 per cent from the year-ago period. Car market
leader Maruti Suzuki India witnessed 8.6 per cent higher sales at approximately 118,551 units in February 2015,
out of which 107,892 were sold in domestic market and 10,659 units were exported. Hyundai Motor India Ltd
(HMIL) reported a 2.4 per cent growth in total sales at 47,612 units in February, compared with 46,505 units in
the same month last year.In the two-wheeler segment, Hero Moto Corp witnessed sales of 484,769 units in
February 2015. TVS Motor Co posted 15 per cent higher sales at 204,565 units against 177,662 units. Bajaj Auto
sold a total of 243,000 two and three-wheelers segment.
Investments
To match production with demand, many auto makers have started to invest heavily in various segments in the
industry in the last few months. The industry has attracted foreign direct investment (FDI) worth US$ 12,232.06
million during the period April 2000 to February 2015, according to the data released by Department of Industrial
Policy and Promotion (DIPP).
Germany-based luxury car maker Bayerische Motoren Werke AG’s (BMW) local unit has announced to procure
components from seven India-based auto parts makers.Suzuki Motor Corp is planning to sell the automobiles
made in the Gujarat plant, in Africa.Tata Motors Ltd, India’s largest automobile maker, will sell trucks in
Malaysia, Vietnam and Australia to strengthen its presence in the Asia-Pacific region.
The Government of India encourages foreign investment in the automobile sector and allows 100 per cent FDI
under the automatic route. Excise duty on small cars, scooters, motorcycles and commercial vehicles was reduced
in February last year to 8 per cent from 12 per cent to boost the ‘Make in India’ initiative of the Indian government.
Under the Union budget of 2015-16, the Government has announced to provide credit of Rs 850,000 to farmers,
which is expected to boost the tractors segment. The government is aligning to ensure that at least one family
member is economically strong to support the family. This is expected to improve the sentiments of entry-level
two-wheelers.
The government has formulated a Scheme for Faster Adoption and Manufacturing of Electric and Hybrid Vehicles
in India, under the National Electric Mobility Mission 2020 to encourage the progressive induction of reliable,
affordable and efficient electric and hybrid vehicles in the country.
The Automobile Mission Plan for the period 2006–2016, designed by the government is aimed at accelerating
and sustaining growth in this sector. Also, the well-established Regulatory Framework under the Ministry of
Shipping, Road Transport and Highways, plays a part in providing a boost to this sector.

Road Map for the Auto sector
The Japanese auto maker Maruti Suzuki expects the Indian passenger car market to reach four million units by
2020, up from 1.8 million units in 2013-14.
The vision of AMP 2006-2016 sees India, “to emerge as the destination of choice in the world for design and
manufacture of automobiles and auto components with output reaching a level of US$ 145 billion; accounting for
more than 10 per cent of the GDP and providing additional employment to 25 million people by 2016.”
Oil & Gas Industry
Snapshot:
In 2014, coal accounted for 56.47 per cent of total primary energy demand. Energy demand in the Asia-Pacific
region is expected to reach 5,627 Mtoe by 2020 and 6,861 Mtoe by 2035. India’s energy demand is projected to
double to 48.7 quadrillion btu by 2035.
Over the next few years, dependence on gas, hydro power and nuclear power is expected to increase relative to
oil and coal. The government aims to quadruple India’s nuclear power generation capacity to 20 GW by 2020;
currently, seven nuclear power reactors of 4,930 MWe capacity are under construction. In coming decades, a
major portion of consumption dependability of energy mix is expected to shift from coal and petroleum to other
resources like natural gas, solid biomass & waste and nuclear & other renewable sources.
It plays a vital role in influencing decisions across other important spheres of the economy. In 1997–98, the New
Exploration Licensing Policy (NELP) was envisioned to deal with the ever-growing gap between demand and
supply of gas in India. As per a recent report, the oil and gas industry in India is anticipated to be worth US$
139,814.7 million by 2015. With India’s economic growth closely linked to energy demand, the need for oil and
gas is projected to grow further, rendering the sector a fertile ground for investment.
To cater to the increasing demand, the Government of India has adopted several policies, including allowing 100
per cent foreign direct investment (FDI) in many segments of the sector, such as natural gas, petroleum products,
and refineries, among others. The government’s participation has made the oil and gas sector in the country a
better target of investment. Today, it attracts both domestic and foreign investment, as attested by the presence of
Reliance Industries Ltd (RIL) and Cairn India.

India increasingly relies on imported LNG; the country was the fifth-largest LNG importer in 2013, accounting
for 5.5 per cent of global imports. India’s LNG imports are forecasted to increase at a CAGR of 33 per cent
during 2012–17.
State-owned ONGC dominates the upstream segment (exploration and production), accounting for
approximately 60 per cent of the country’s total oil output (FY13).
Investment
Essar Oil Ltd has signed a deal with Russia-based OAO Rosneft to import 10 million tonnes (MT) of crude oil
per year for 10 years.
Reliance Industries Ltd (RIL) and Mexican state-owned company Petroleos Mexicanos (Pemex) have entered
into a memorandum of understanding (MoU) for cooperation in the oil and gas sector.
Two landmark initiatives for energy efficiency – Design Guidelines for Energy Efficient Multi-Storey Residential
Buildings and Star Ratings for Diesel Gensets and for Hospital Buildings – were launched by Mr Dharmendra
Pradhan, Minister of State with Independent Charge for Petroleum and Natural Gas, Government of India.
India and Norway have discussed bilateral relationship between the two countries in the field of oil and natural
gas and decided to extend cooperation in hydrocarbon exploration.
To strengthen the country`s energy security, oil diplomacy initiatives have been intensified through meaningful
engagements with hydrocarbon rich countries.
Direct Benefit Transfer for LPG consumer (DBTL) scheme launched in 54 districts on November 11, 2014 and
expanded to rest of the country on January 1, 2015 will cover 15.3 crore active LPG consumers of the country.
Special dispensation for North East Region: For incentivising exploration and production in North East Region,
40 per cent subsidy on gas price has been extended to private companies operating in the region, along with
ONGC and OIL.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Mr Narendra Modi, has
approved a mechanism for procurement of Ethanol by Public Sector Oil Marketing Companies (OMCs) to carry
out the Ethanol Blended Petrol (EBP) Program.
Road Map for the Oil & Energy sector:
By 2015-16, India’s demand for gas is set to touch 124 MTPA against a domestic supply of 33 MTPA and higher
imports of 47.2 MTPA, leaving a shortage of 44 MTPA, as per projections by the Petroleum and Natural Gas
Ministry of India. Moreover, Business Monitor International (BMI) predicts that India will account for 12.4 per
cent of Asia-Pacific regional oil demand by 2015.
Source: Ministry of petroleum & Natural Gas. Press information Bureau.

IT sector:
Availability of skilled English speaking workforce has been a major reason behind India’s emergence as a global
outsourcing hub. During FY08-15 number of graduates addition to talent pool in India grew at a CAGR of 9.4
per cent. Growing talent pool of India has the ability to drive the R&D and innovation business in the IT &
services. The contribution of the IT sector to India’s GDP rose to approximately 9.5 per cent in FY15 from 1.2
per cent in FY98. The top six firms contribute around 36 per cent to the total industry revenue, indicating the
market is fairly competitive, with TCS being the leader accounting for about 10.1 per cent.
India has emerged as the fastest growing market for Dell globally and the third largest market in terms of revenue
after the US and China, said Mr Alok Ohrie, Managing Director, Dell India.
India, the fourth largest base for young businesses in the world and home to 3,000 tech start-ups, is set to increase
its base to 11,500 tech start-ups by 2020, as per a report by Nasscom and Zinnov Management Consulting Pvt
Ltd.
India’s internet economy is expected to touch Rs 10 trillion (US$ 161.26 billion) by 2018, accounting for 5 per
cent of the country’s gross domestic product (GDP), according to a report by the Boston Consulting Group (BCG)
and Internet and Mobile Association of India (IAMAI). In December 2014, India’s internet user base reached 300
million, the third largest in the world, while the number of social media users and smartphones grew to 100
million.
Public cloud services revenue in India is expected to reach US$ 838 million in 2015, growing by 33 per cent
year-on-year (y-o-y), as per a report by Gartner Inc. In yet another Gartner report, the public cloud market alone
in the country was estimated to treble to US$ 1.9 billion by 2018 from US$ 638 million in 2014. The increased
internet penetration and rise of e-commerce are the main reasons for continued growth of the data center co-
location and hosting market in India.
Investment
Indian IT's core competencies and strengths have placed it on the international canvas, attracting investments
from major countries. The computer software and hardware sector in India attracted cumulative foreign direct
investment (FDI) inflows worth US$ 13,788.56 million between April 2000 and December 2014, according to
data released by the Department of Industrial Policy and Promotion (DIPP).
The private equity (PE) deals increased the number of mergers and acquisitions (M&A) especially in the e-
commerce space in 2014. The IT space, including e-commerce, witnessed 240 deals worth US$ 3.8 billion in
2014, as per data from Dealogic.

India also saw a ten-fold increase in the venture funding that went into internet companies in 2014 as compared
to 2013. More than 800 internet start-ups got funding in 2014 as compared to 200 in 2012, said Rajan Anandan,
Managing Director, Google India Pvt Ltd and Chairman, IAMA.
Most large technology companies may have so far focused primarily on bigger enterprises, but a report from
market research firm Zinnov highlighted that the small and medium businesses will present a lucrative
opportunity worth US$ 11.6 billion in 2015 and US$ 25.8 billion in 2020. Moreover, India has nearly 51 million
such businesses of which 12 million have a high degree of technology influence and are looking to adopt newer
IT products, as per the report.
he adoption of key technologies across sectors spurred by the 'Digital India Initiative' could help boost India's
gross domestic product (GDP) by US$ 550 billion to US$ 1 trillion by 2025, as per research firm McKinsey.
Road Map for IT sector
Internet should be a basic human right, say 87 per cent of internet users in India, compared with 83 per cent
globally, according to a report by Centre for International Governance Innovation (CIGI). ndia continues to be
the topmost offshoring destination for IT companies followed by China and Malaysia in second and third
position, respectively.
FMCG Sector
India’s FMCG industry is expected to grow at 12 per cent in 2016, reaching the sales figure of US$ 49 billion.
India’s consumer confidence continues to be the highest globally and has improved in the second quarter of
calendar year 2015 (Q2), riding on a positive economic environment and low inflation. Nielsen’s findings
reveal that the consumer confidence of urban India increased by one point in the second quarter of 2015 from
that in the preceding quarter. Urban India’s consumer confidence is 131 in the second quarter of 2015, up three
points from 128 in the previous corresponding period. The current score helps India stay on top of the global
consumer confidence index for the quarter and is followed by the Philippines (122) and Indonesia (120).
Confidence in India has risen for the seven consecutive quarters.
Global corporations view India as one of the key markets from where future growth is likely to emerge. The
growth in India’s consumer market would be primarily driven by a favourable population composition and
increasing disposable incomes. A recent study by the McKinsey Global Institute (MGI) suggests that if India
continues to grow at the current pace, average household incomes will triple over the next two decades, making
the country the world’s fifth-largest consumer economy by 2025, up from the current 12th position.According

to a report by Boston Consulting Group (BCG) and the Confederation of Indian Industry (CII), India’s robust
economic growth and rising household incomes would increase consumer spending to US$ 3.6 trillion by 2020.
The maximum consumer spending is likely to occur in food, housing, consumer durables, transport and
communication sectors. The report further stated that India's share of global consumption would expand more
than twice to 5.8 per cent by 2020.
India’s market is consumer driven, with spending anticipated to more than double by 2025. The Indian
consumer segment is broadly segregated into urban and rural markets, and is attracting marketers from across
the world.
Investments
Following are some major investments and developments in the Indian consumer market sector.
 FMCG major Hindustan Unilever (HUL) announced a reorganisation of its go-to-market operations
from the traditional four sales branches to 14 consumer clusters in order to provide services to diverse
consumers across channels and geographies. The company has termed the initiative as “Winning in
Many Indias”.
 In a series of strategic buy-outs this year, SnapDeal, which acquired online utility service provider
Freecharge and financial services portal RupeePower, has signalled its ambition to build a service
platform so as to stand out in an online marketplace, which until now was dominated by an array of
products from cameras to apparel and furniture.
Road map for FMCG sector
 According to a recently published TechSci Research report, "India Food Services Market Forecast &
Opportunities, 2020", the food services market in India is expected to expand at a CAGR of over 12 per
cent through 2020, primarily driven by increasing disposable income, changing lifestyle, and changing
tastes and preferences of consumers. Another major factor propelling the demand for food services in
India is the growing youth population, primarily in the country’s urban regions. India has a large base of
young consumers who form the majority of the workforce and, due to time constraints, barely get time
for cooking.
 Research firm Nielsen projected that rural India’s FMCG market will surpass the US$ 100 billion mark
by 2025. Online portals are expected to play a key role for companies trying to enter the hinterlands. The
Internet has contributed in a big way, facilitating a cheaper and more convenient means to increase a
company’s reach.
 In the first half of this calendar year, the volume of house hold consumption of FMCG products in rural
areas grew 5.5% over the same period of a year ago. In January –June this year , the rate of overall
household FMCG consumption growth in rural areas was more than twice as much as in urban areas.
Engineering Sector
Engineering exports from India increased 14.7 per cent to US$ 70.6 billion in FY15’.

The Indian Engineering sector has witnessed a remarkable growth over the last few years driven by increased
investments in infrastructure and industrial production. The engineering sector, being closely associated with
the manufacturing and infrastructure sectors of the economy, is of strategic importance to India’s economy.
Growth in the sector is driven by various sub-sectors such as infrastructure, power, steel, automotives, oil and
gas, consumer durables etc
India on its quest to become a global superpower has made significant strides towards the development of its
engineering sector. The Indian government has appointed the Engineering Export Promotion Council (EEPC) to
be the apex body in charge of promotion of engineering goods, products and services from India. India exports
transport equipment, capital goods, other machinery/equipment and light engineering products such as castings,
forgings and fasteners to various countries of the world.
Coupled with favourable regulatory policies and growth in the manufacturing sector, many foreign players have
started to invest in the country. India recently became a permanent member of the Washington Accord (WA) on
June 13, 2014. The country now joins an exclusive group of 17 countries who are permanent signatories of the
WA, an elite international agreement on engineering studies and mobility of engineers.
Market size
Driven by strong demand for engineering goods, exports from India registered a double digit growth at 10.22
per cent to touch US$ 26.4 billion in June 2014 from US$ 24.02 billion in the corresponding month last year.
This growth can be credited to the robust expansion in shipments of aircraft, spacecraft parts and automobiles.
The second best performing sector was non-ferrous metals and metal products. India exports its engineering
goods mostly to the US and Europe, which accounts for over 60 per cent of the total exports. Recently, India's
engineering exports to Japan and South Korea have also increased with shipments to these two countries rising
by 16 and 60 per cent respectively.
Investments
The engineering sector in India attracts immense interest from foreign players as it enjoys a comparative
advantage in terms of manufacturing costs, technology and innovation. The foreign direct investment (FDI)
inflows into India's miscellaneous mechanical and engineering industries during April 2000 to January 2015
stood at around US$ 3,948.17 million, as per data released by the Department of Industries Policy and
Promotion (DIPP).
Hyderabad-based infra player IL&FS Engineering Services has informed the bourses that it has bagged a port
project worth Rs 179.84 crore (US$ 28.74 million) in Maharashtra. "The company has received a letter of award
(LOA) from IL&FS Maritime Infrastructure Company Limited (IMICL) on behalf of Dighi Port Limited for
engineering, procurement, and construction (EPC) contract for the development of multipurpose berth, backup
yard development and utilities of multipurpose terminal berth 5 on the north of Dighi Port, Agardanda in
Maharashtra," the company said. According to the company, the project completion period is 545 days from the
date of notice to proceed (NTP) and the scope of work includes design and construction of multipurpose berth,
reclamation of 50 acres of backup area, among others. Leading online retailer Snapdeal is increasing focus on
mobile commerce, where it will be doubling its engineering staff count to 700 soon as it sees over 90 per cent of
business coming in through this platform over the next three years. Accordingly, the company has shifted half
of its 350 engineers from PC to mobile commerce following the massive jump in traffic on this platform till last
year.
Road Map for Engineering sector
The engineering sector is a growing market. Current spending on engineering services is projected to increase to
US$ 1.1 trillion by 2020. With development in associated sectors such as automotive, industrial goods and

infrastructure, coupled with a well-developed technical human resources pool, engineering exports are expected
to touch US$ 120 billion by 2015. Also, the Union Budget 2014-15 has allocated funds for several
infrastructure projects which are further expected to provide a boost to the engineering sector. The industry can
also look forward to deriving revenues from newer services and from newer geographies with Big Data, Cloud,
M2M and Internet of Things becoming a reality.
References: Press Releases, Media Reports, Department of Industrial Policy and Promotion (DIPP) statistic,
Engineering Export Promotion Council, The Union Budget 2014-15.
Industry analysis takes note of the macro input on a specific Industry. It also tries to identify the nature and
present states of a particular Industry to monitor its growth, life cycle and future prospectus.
There are two types of Industry i.e. Cyclical Industry and defensive Industry.
If we consider the shares of BSE Sensex we will find that it comprises of cyclical industry & Defensive Industry.
Cyclical Industry Defensive Industry
BANKING SECTOR PHARMA SECTOR
AUTO SECTOR
IT SECTOR
OIL & GAS SECTOR
FMCG SECTOR
STEEL, MINES & COAL
POWER & TELECOM
Company Analysis
Beta, R2, Volatility and Returns of S&P SENSEX
Scrips for July-2014 to June-2015
Scrip Code Company
Avg. Daily
Volatility (%)
Returns (1 year)
(%)
Free-float
Adj.Factor
500010
HOUSING DEVELOPMENT
FINANCE CORP.LTD.
1.81 37.65 1
500087 CIPLA LTD. 1.76 68.49 0.63
500103
BHARAT HEAVY
ELECTRICALS LTD.
2.38 1.19 0.37
500112 STATE BANK OF INDIA 14.76 5.19 0.41
500124
DR.REDDY'S
LABORATORIES LTD.
1.59 46.34 0.75
500180 HDFC Bank Ltd 1.17 28.19 0.78
500182 HERO MOTOCORP LTD. 1.6 13.04 0.6
500209 INFOSYS LTD. 4.84 35.12 0.84
500295 Vedanta Ltd 2.39 -29.66 0.37
500312
OIL AND NATURAL GAS
CORPORATION LTD.
2.13 -17.36 0.21
500325
RELIANCE INDUSTRIES
LTD.
1.51 -18.96 0.51
500440
HINDALCO INDUSTRIES
LTD.
2.5 -13.99 0.62
500470 TATA STEEL LTD. 2.07 -33.34 0.69
500510 LARSEN & TOUBRO LTD. 1.76 0.6 0.88

Scrip Code Company
Avg. Daily
Volatility (%)
Returns (1 year)
(%)
Free-float
Adj.Factor
500520
MAHINDRA & MAHINDRA
LTD.
1.73 1.59 0.74
500570 TATA MOTORS LTD. 1.93 15.64 0.66
500696
HINDUSTAN UNILEVER
LTD.
1.57 43.05 0.33
500875 ITC LTD. 1.62 -3.14 0.7
507685 WIPRO LTD. 1.43 12.52 0.27
524715
SUN PHARMACEUTICAL
INDUSTRIES LTD.
1.85 61.16 0.45
532155 GAIL (INDIA) LTD. 1.85 0.12 0.37
532174 ICICI BANK LTD. 10.42 8.49 1
532215 AXIS BANK LTD. 10.54 53.82 0.71
532454 BHARTI AIRTEL LTD. 1.8 17.71 0.35
532500
MARUTI SUZUKI INDIA
LTD.
1.39 62.69 0.44
532540
TATA CONSULTANCY
SERVICES LTD.
1.49 22.57 0.26
532555 NTPC LTD. 1.67 -14.13 0.25
532977 BAJAJ AUTO LTD. 1.43 17.16 0.46
533278 COAL INDIA LTD. 1.74 4.81 0.2
About Lupin Limited
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and
developing a wide range of branded & generic formulations, biotechnology products and APIs globally. The
Company is a significant player in the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, Anti-Infective
and NSAID space and holds global leadership positions in the Anti-TB and Cephalosporin segment.
Lupin is the 6th largest and fastest growing top 10 generics player in the US (5.5% market share by prescriptions,
IMS Health) and the 3rd largest Indian pharmaceutical company by sales globally. The Company is also the
fastest growing top 10 generic pharmaceutical players in Japan (ranked 8th) and South Africa (ranked 4th - IMS
Health).
For the financial year ended 31st March 2015, Lupin's Consolidated turnover and Profit after Tax were Rs.
125,997 million (USD 2.06 billion) and Rs. 24,032 million (USD 393 million) respectively.
In Cr. Jun-15 Mar-15 FY 14-15
Revenue 2595.01 2165.42 9752.47
Net Profit 699.92 407.70 2397.35
EPS 15.56 9.07 53.41
OPM % 38.91 26.25 36.44
NPM% 26.97 18.83 24.58
Security Variance % 8.96
Market Capitalisaton F.F 43617.44
52 weeks High/Low 2112/1307.10
1n (%) June-15 Mar-15 Dec-14
Promoter 46.59 46.63 46.66

FII 36.75 34.69 31.77
DII 6.82 8.67 10.74
Others 9.84 10.01 10.83
Total 100 100 100
BETA 0.26
14/07/2015 Dividend 7.50
21/07/2014 Final Dividend 3.00
13/02/2014 Interim Dividend 3.00
29/07/2013 Dividend 4.00
13/07/2012 Dividend 3.20
Group-A, Face Value – RS 2 and security code – 500257, Pharmaceuticals
News:
Lupin Launches First-ever Duloxetine 40mg Delayed-Release Capsules in the US.
Lupin Announces New Center of Excellence for Inhalation Research in Florida.
About Cipla Limited
Cipla Limited manufactures and sells pharmaceutical and personal care products in India. It offers active
pharmaceutical ingredients; and formulations in therapeutic areas, such as allergy, analgesic, anti-malarial, anti-
infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, HIV-AIDS, hormones
and steroids, iron chelators, musculoskeletal, neuropsychiatry, oncology, respiratory, urology, and women’s
health, as well as nutritional and ophthalmic products. The company also provides veterinary products for various
animals, including companion, equine, general care, livestock, and poultry. In addition, it offers inhaled
medication and devices comprising dry powder inhalers, metered-dose inhalers, spacers and related devices, nasal
sprays, nebulizers, and inhalation accessory devices. The company also exports raw materials, intermediates,
prescription drugs, over-the-counter drugs, and veterinary products to approximately 170 countries worldwide.
Cipla Limited was founded in 1935 and is based in Mumbai, India.
Revenue 3542.27 2701.46 10131.78
Net Profit 690.05 213.90 1181.09
EPS 8.59 2.66 14.71
OPM % 29.46 16.06 20.82
NPM% 19.48 7.92 11.66
Market Capitalisaton F.F 30679.61
52 weeks High/Low 752.45/558.65
1n (%) June-15 Mar-15 Dec-14
Promoter 36.79 36.80 36.80
FII 18.29 25.43 23.93
DII 16.01 9.75 11.38
Others 28.91 28.02 27.89
Total 100 100 100
BETA 0.52 (Source : Reuters.com)
11/08/2015 Dividend 2.00
06/08/2014 Dividend 2.00

06/08/2013 Dividend 2.00
01/08/2012 Dividend 2.00
News:
o Cipla buys up US generics drug makers for $550m.
o India's Cipla to Buy Two U.S. Firms for $550 Million.
o Cipla appoints Umang Vohra and Prabir Jha to its management team.
About Infosys
Infosys Limited, together with its subsidiaries, provides business consulting, technology, engineering, and
outsourcing services in North America, Europe, India, and internationally. Its solutions include business
information technology (IT) services comprising application development and maintenance, independent
validation services, infrastructure management, business process management, and engineering services
consisting of product engineering and life cycle solutions; and consulting and systems integration services,
including consulting, enterprise solutions, systems integration, and advanced technologies. Its solutions also
comprise Finacle, a banking solution that address the banking, e-banking, mobile banking, customer relationship
management, payments, treasury, origination, liquidity management, and wealth management needs of retail,
corporate, and universal banks; cloud-hosted business platforms and software products; and Edge Suite products
and platforms. In addition, the company offers business intelligence solutions comprising cloud computing,
enterprise mobility, digital, and big data and analytics. Infosys Limited serves clients in financial services and
insurance; manufacturing; communications and services; energy and utilities; retail, and consumer packaged
goods and logistics; life sciences and healthcare; and growth markets. The company was formerly known as
Infosys Technologies Limited and changed its name to Infosys Limited in June 2011. Infosys Limited was
founded in 1981 and is headquartered in Bengaluru, India.
Revenue 12,738.00 11,926.00 47,300.00
Net Profit 2,897.00 3,024.00 12,164.00
EPS 12.61 26.33 105.91
OPM % 33.33 36.99 37.44
NPM% 22.74 25.36 25.72
Market Capitalisaton F.F 1,74,482.58
Total traded Qty. (Lk) 0.64
1n (%) June-15 Mar-15 Dec-14
Promoter 13.08 13.08 13.08
FII 40.99 37.96 41.58
DII 16.11 15.10 15.28
Others 29.82 33.86 30.06
Total 100 100 100
BETA 0.66
15/06/2015 Bonus issue 1:1
02/12/2014 Bonus issue 1:1

Group-A, Face Value – RS 5 and security code – 500209, IT Consulting and software
News
Infosys' New Finacle Suite to Tap Payment Bank Applicants
Infosys veterans are India’s latest philanthropic heroes
Infosys announces three new service lines Ai Ki Dō.
About DR. Reddy Laboratories
Dr. Reddy’ s Laboratories Limited operates as an integrated pharmaceutical company worldwide. It operates in
three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary
Products. The Global Generics segment produces and markets finished pharmaceutical products as branded
formulations or generic finished dosages. This segment also engages in biologics business. The PSAI segment
develops active pharmaceutical ingredients (APIs) and intermediaries, which are used as principal ingredients for
finished pharmaceutical products. This segment also offers contract research services to other companies; and
manufactures and sells APIs and steroids in accordance with the specific customer requirements. The Proprietary
Products segment focuses on the discovery, development, and commercialization of novel small molecule agents
in therapeutic areas, such as anti-infective, metabolic disorders, and pain and inflammation. It also provides
differentiated formulations for unmet medical needs; and a portfolio of in-licensed patented dermatology products
As of March 31, 2015, this segment had 18 active products in proprietary products development pipeline that are
in various stages of development. The company’ s therapeutic categories primarily include gastro-intestinal,
cardiovascular, pain management, oncology, dermatology, urology, and nephrology. Dr. Reddy’s Laboratories
Limited has strategic partnership with GlaxoSmithKline plc to develop and market products outside India;
collaboration, license and option agreement with Curis, Inc. to discover, develop, and commercialize small
molecule antagonists for immuno-oncology and precision oncology; and collaboration agreement with Merck
Serono to develop a portfolio of biosimilar compounds in oncology, primarily focused on monoclonal antibodies.
The company was founded in 1984 and is headquartered in Hyderabad, India.
Revenue 2525.93 2688.72 10010.94
Net Profit 475.85 571.42 1679.35
EPS 27.92 33.54 98.60
OPM % 29.79 31.37 26.11
NPM% 18.84 21.25 16.78
Market Capitalisaton F.F 38,614.32
1n (%) June-15 Mar-15 Dec-14
Promoter 25.48 25.48 25.49
FII 37.75 38.86 38.53
DII 5.92 5.44 5.66
Others 30.85 30.22 30.32
Total 100 100 100
BETA 0.3

About Vedanta Aluminium
Vedanta Limited, formerly Sesa Sterlite Ltd., is an India-based global diversified natural resources company with
operations across zinc, lead, silver, oil and gas, iron ore, copper, aluminum and commercial power. The Company
operates through segments, including Copper, Aluminium, Iron Ore, Power and Others. It operates Tuticorin
smelter and India Copper Mines of Tasmania. Its custom smelting assets include a copper smelter, a refinery, a
phosphoric acid plant, a sulfuric acid plant, a copper rod plant and two captive power plants at Tuticorin in
Southern India, and a refinery and two copper rod plants at Silvassa in Western India. Its Iron Ore business
consists of exploration, mining and processing of iron ore, pig iron and metallurgical coke and power generation.
Its Aluminium operations include a refinery, a smelter and power plants at Lanjigarh and Jharsuguda. Its other
activities include operation of its Vizag General Cargo Berth Private Limited in which it owns a 100% interest.
Revenue 7,887.09 8,030.95 32,502.41
Net Profit 609.61 573.79 1,927.20
EPS 2.06 1.94 6.50
OPM % 21.41 15.43 20.41
NPM% 7.73 7.14 5.93
52 weeks High/Low 291.25/76.70
1n (%) June-15 Mar-15 Dec-14
Promoter 59.52 59.52 59.53
FII 16.29 17.35 17.03
DII 6.78 5.66 5.84
Others 17.41 17.47 17.60
Total 100 100 100
BETA 1.26
31/05/2013 Dividend 0.10
Group-A, Face Value – RS 1 and security code – 500295, Iron & steel/ Interim Product
About Tata Steel
Tata Steel Limited is a holding company. The Company is engaged in manufacturing of steel and steel products.
The Company's products include hot rolled coils, cold rolled coils, wire rods and rebars, and galvanized coils.
The Company's segments include steel, ferro alloys and minerals, and others. The Company's other business
segments consists of tubes, bearings, refractories, pigments, port operations and town services, among others. Its
Indian operations are mainly carried out from Jamshedpur in Jharkhand with manufacturing divisions in
Kharagpur (West Bengal), Joda and Bamnipal (Odisha), and Tarapur (Maharashtra). Its mines, collieries and

quarries are located in the States of Jharkhand, Odisha and Karnataka. Its international production capacities are
located in Europe and Asia Pacific. The Company's subsidiaries include ABJA Investment Co. Pte. Ltd.,
Adityapur Toll Bridge Company Limited, Bangla Steel & Mining Co. Ltd. and Tata Steel Special Economic Zone
Limited.
Revenue 9,093.71 10,634.89 41,785.00
Net Profit 1,248.61 814.09 6,439.12
EPS 12.41 7.94 64.49
OPM % 27.97 16.02 29.87
NPM% 13.73 7.65 15.41
52 weeks High/Low 524.75/200.40
1n (%) June-15 Mar-15 Dec-14
Promoter 31.35 31.35 31.35
FII 12.36 16.23 17.37
DII 28.75 25.15 25.42
Others 27.54 27.27 25.86
Total 100 100 100
BETA 1.26
23/07/2015 Dividend 8.00
14/07/2014 Dividend 10.00
15/07/2013 Dividend 8.00
16/07/2012 Dividend 12.00
04/07/2011 Dividend 12.00
Group-A, Face Value – RS 10 and security code – 500470, Iron & steel/ Interim Product
News:
Focusing Tata Steel's UK strip products business on higher-value markets.
About TCS
Tata Consultancy Services Limited provides information technology (IT) and IT enabled services worldwide. The
company offers assurance services, such as test consulting and advisory, test services implementation, and
managed services; business intelligence and performance management, including business intelligence, business
process management, enterprise data management, and integration services; and business process services. It also
provides consulting services comprising business change, and business and technology optimization; eco-
sustainability services; and engineering and industrial services, including new product development, plant,
product lifecycle management, geospatial technology, and computing-based engineering services. In addition, the
company offers enterprise security and risk management services; enterprise solutions; iON, a cloud-based ERP
solution for small and medium businesses; and IT infrastructure services consisting of end user computing, IT
service desk, converged network, managed security, and transformation solutions, as well as data center,
application, and enterprise system and IT service management. Further, it provides IT services comprising system
custom application development, application management and modernization, system integration, performance
engineering, and open source platform services; platform solutions; and supply chain management services.
Additionally, the company offers software products, such as digital software and solutions, as well as ignio, TCS
BaNCS, TCS MasterCraft, and TCS technology products. It serves banking and financial services, energy,

utilities, government, healthcare, high tech, insurance, life sciences, manufacturing, media and information
services, resources, retail and consumer products, telecom, travel, transportation, and hospitality industries. The
company was founded in 1968 and is based in Mumbai, India. Tata Consultancy Services Limited is a subsidiary
of Tata Sons Limited.
Revenue 20,073.78 18,798.23 73,578.06
Net Profit 5,488.97 3,457.26 19,256.96
EPS 12.41 7.94 64.49
OPM % 36.49 25.52 35.37
NPM% 27.34 18.39 26.17
Market Capitalisaton F.F 1,29,451.16
52 weeks High/Low 2834./2348.25
1n (%) June-15 Mar-15 Dec-14
Promoter 73.86 73.90 73.90
FII 14.37 16.95 16.81
DII 7.30 4.69 4.73
Others 4.47 4.46 4.56
Total 100 100 100
BETA .14
Group-A, Face Value – RS 1 and security code – 532540, IT consulting & Software
About Axis Bank
HDFC Bank Limited (HDFC Bank) is a banking company. The Bank is engaged in providing a range of banking
and financial services including commercial banking and treasury operations. It operates in four segments:
Treasury, Retail Banking, Wholesale banking and other banking business. The treasury segment primarily
consists of net interest earnings from the Bank's investment portfolio, money market borrowing and lending, gains
or losses on investment operations. The retail banking segment serves retail customers through a branch network
and other delivery channels. The wholesale banking segment provides loans, non-fund facilities and transaction
services to large corporates, emerging corporates, public sector units, Government bodies, financial institutions
and medium scale enterprises. Other banking business segment includes income from para banking activities,
such as credit cards, debit cards, third-party product distribution, primary dealership business and the associated
costs.
Beta Value: 1.12

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