PROJECT REPORT

“A STUDY ON PORTFOLIO MANAGEMENT”

AT
“KOTAK MAHINDRA BANK, HYDERABAD
MASTER OF BUSINESS ADMINISTRATION

Submitted by

(Student Name)

HT NO: 21WJ1E****

Under the Guidance of

Mr. K. SANDEEP REDDY

ASSISTANT PROFESSOR

School of Management studies

GURUNANAK INSTITUTIONS TECHNICAL CAMPUS

(Autonomous)

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 ABSTRACT

Portfolio is a combination of securities that have Return and Risk

characteristics of their own. It is a combination of various assets and instruments of
investment with a combination of different features of risk and return, it is built up of
wealth or income of the investor over the period of time to suit his risk and return
preferences. Portfolio may or may not take on the aggregate characteristics of their
individual parts. Portfolio is the collection of financial or real assets such as equity
shares, debentures, bonds, treasury bills, and property etc.

The objective of portfolio management is security/safety of principal, stability of

income, capital growth, marketability, liquidity, and diversification and Favorable tax
status. Security is not only involves keeping the principal sum intact but also keeping
intact its purchasing power. Stability of income so as to facilitate planning more
accurately and systematically the reinvestment of income.

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 CHAPTER-I
INTRODUCTION

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INTRODUCTION
A portfolio is a collection of investments held by an institution or a private individual.
In building up an investment portfolio a financial institution will typically conduct its
own investment analysis, whilst a private individual may make use of the services of a
financial advisor or a financial institution which offers portfolio management
services. Holding a portfolio is part of an investment and risk-limiting strategy called
diversification. By owning several assets, certain types of risk (in particular specific
risk) can be reduced. The assets in the portfolio could include stocks, bonds, options,
warrants, gold certificates, real estate, futures contracts, production facilities, or any
other item that is expected to retain its value.

Portfolio management involves deciding what assets to include in the portfolio,

given the goals of the portfolio owner and changing economic conditions. Selection
involves deciding what assets to purchase, how many to purchase, when to purchase
them, and what assets to divest. These decisions always involve some sort of
performance measurement, most typically expected return on the portfolio, and the
risk associated with this return (i.e. the standard deviation of the return). Typically the
expected returns from portfolios, comprised of different asset bundles are compared.

The unique goals and circumstances of the investor must also be considered. Some
investors are more risk averse than others. Mutual funds have developed particular
techniques to optimize their portfolio holdings.

Thus, portfolio management is all about strengths, weaknesses, opportunities and

threats in the choice of debt vs. equity, domestic vs. international, growth vs.
safety and numerous other trade-offs encountered in the attempt to maximize
return at a given appetite for risk.

Aspects of Portfolio Management:

Basically portfolio management involves
 A proper investment decision making of what to buy & sell
 Proper money management in terms of investment in a basket of assets so
as to satisfy the asset preferences of investors.
 Reduce the risk and increase returns.

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OBJECTIVES OF PORTFOLIO MANAGEMENT:

The basic objective of Portfolio Management is to maximize yield and minimize risk.
The other ancillary objectives are as per needs of investors, namely:
 Regular income or stable return
 Appreciation of capital
 Marketability and liquidity
 Safety of investment
 Minimizing of tax liability.

NEED AND IMPORTENCE OF STUDY:

The Portfolio Management deals with the process of selection securities from the
number of opportunities available with different expected returns and carrying
different levels of risk and the selection of securities is made with a view to provide
the investors the maximum yield for a given level of risk or ensure minimum risk for
a level of return.

Portfolio Management is a process encompassing many activities of investment in

assets and securities. It is a dynamics and flexible concept and involves regular and
systematic analysis, judgment and actions. The objectives of this service are to help
the unknown investors with the expertise of professionals in investment Portfolio
Management. It involves construction of a portfolio based upon the investor’s
objectives, constrains, preferences for risk and return and liability. The portfolio is
reviewed and adjusted from time to time with the market conditions. The evaluation
of portfolio is to be done in terms of targets set for risk and return. The changes in
portfolio are to be effected to meet the changing conditions.

Portfolio Construction refers to the allocation of surplus funds in hand among a

variety of financial assets open for investment. Portfolio theory concerns itself with
the principles governing such allocation. The modern view of investment is oriented

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towards the assembly of proper combinations held together will give beneficial result
if they are grouped in a manner to secure higher return after taking into consideration
the risk element.
The modern theory is the view that by diversification, risk can be reduced. The
investor can make diversification either by having a large number of shares of
companies in different regions, in different industries or those producing different
types of product lines. Modern theory believes in the perspectives of combination of
securities under constraints of risk and return.

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SCOPE OF STUDY:
 This study covers the Markowitz model.
 The study covers the calculation of correlations between the different securities in
order to find out at what percentage funds should be invested among the companies in
the portfolio.
 Also the study includes the calculation of individual Standard Deviation of securities
and ends at the calculation of weights of individual securities involved in the
portfolio.
 These percentages help in allocating the funds available for investment based on risky
portfolios.

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OBJECTIVE OF STUDY

 To analyze security market

 To study find the different portfolio returns, variance, & standard deviation of
dividend and growth fund.
 To evaluate funds and identify correlation among them
 To understand risk and return analysis involved in fud met

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RESEARCH METHODOLOGY
Arithmetic average or mean:
The arithmetic average measures the central tendency. The purpose of
computing an average value for a set of observations is to obtain a single value, which
is representative of all the items. The main objective of averaging is to arrive at a
single value which is a representative of the characteristics of the entire mass of data
and arithmetic average or mean of a series(usually denoted by x) is the value
obtained by dividing the sum of the values of various items in a series (sigma x)
divided by the number of items (N) constituting the series.

Thus, if X1,X2……………..Xn are the given N observations. Then

X= X1+X2+……….Xn
N
RETURN
Current price-previous price *100
Previous price
STANDARD DEVIATION:
The concept of standard deviation was first suggested by Karl Pearson
in 1983.it may be defined as the positive square root of the arithmetic mean of the
squares of deviations of the given observations from their arithmetic mean In short
S.D may be defined as “Root Mean Square Deviation from Mean”

It is by far the most important and widely used measure of studying

dispersions.
For a set of N observations X1,X2……..Xn with mean X,
Deviations from Mean: (X1-X),(X2-X),….(Xn-X)
Mean-square deviations from Mean:
= 1/N (X1-X)2+(X2-X)2+……….+(Xn-X)2
=1/N sigma(X-X)2
Root-mean-square deviation from mean,i.e.

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VARIANCE:
The square of standard deviation is known as Variance.
Variance is the square root of the standard deviation:
Variance = (S.D) 2
Where, (S.D) is standard deviation

CORRELATION
Correlation is a statistical technique, which measures and analyses the degree
or extent to which two or more variables fluctuate with reference to one another.
Correlation thus denotes the inter-dependence amongst variables. The degrees are
expressed by a coefficient, which ranges between –1 and +1. The direction of change
is indicated by (+) or (-) signs. The former refers to a sympathetic movement in a
same direction and the later in the opposite direction.

Karl Pearson’s method of calculating coefficient (r) is based on covariance of

the concerned variables. It was devised by Karl Pearson a great British Biometrician.

This measure known as Pearson an correlation coefficient between two

variables (series) X and Y usually denoted by ‘r’ is a numerical measure of linear
relationship and is defined as the ratio of the covariance between X and Y (written as
Cov(X,Y) to the product of standard deviation of X and Y

Symbolically
r = Cov (X,Y)
SD of X,Y
= Σ xy/N = ΣXY
SD of X,Y N
Where x =X-X, y=Y-Y
Σxy = sum of the product of deviations in X and Y series calculated with reference to
their arithmetic means.

X = standard deviation of the series X.

Y = standard deviation of the series Y.

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LIMITATION:

1. In this study the number of funds considered is only two funds of Katakana
they are dividend fund and growth fund.
2. The data collected for a period of Five year i.2018-17 to 2022-21
3. In this study the statistical tools used are risk, return, average, variance,
correlation.
4. In this study specific data is collected.

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 CHAPTER-II
REVIEW OF LITERATURE

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REVIEW OF LITERATURE

Levine (2015)
States in the introduction of his book, “The emergency of PPM as a recognized set of
practices may be considered the biggest leap in project management technology since
the development of PERT and CPM in the late 1950s.” Project portfolio management
is critical for decision making, governance, and to ensure that business objectives are
supported by the right set of projects whereas project management is critical to ensure
that budget, resource allocation, activity and work are accurate and delivered on time.
It appears clear that project portfolio management differs significantly from
management of individual projects and programs. The development of project
portfolio management starts with projects and thus each framework will be discussed
in the next two chapters.

PMI (2019)
A project is a “temporary endeavor to create a unique product, service, or results and
it lasts for a certain period of time” i.e., a project is unique and is of definite duration.
Scope, Cost and Time are major elements; Quality is ultimately affected by the
balance between these three elements. Projects can be seen as parts or “components”
of the portfolio and hence it is important to understand the relationship between them.

(Levine, 2015)
The project refers to three elements called triple constraints: Outcome, Cost and
Schedule/Duration. The triple constraints provided criteria for evaluation options for
project decision-making. Thus, the triple constraints solved problems for both the
project manager and upper management. Normally, if the feature does not satisfy the
three criteria or if extensions are not granted, then it is rejected. The project
management process begins with the initiation of a project, followed by planning,
execution and control, and closing processes. The Figure 1 below illustrates this
process: (PMI, 2015).

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Final Degree Project, RasihaDelilbasic Project Portfolio Management 7 Figure 1:
Project Management five processes Relaying on triple constraints caused project
managers to chase after the wrong goal, satisfying constraints rather than satisfying
the customer. Something is nevertheless delivered by the deadline, but it is not really
what the customer wants. Consequently, lower customer acceptance leads to lower
market sales and organization profit. Since something was delivered somewhere near
the budget, the project was often considered a success, even if the project outcome
was a failure. Obviously change was needed. Future project managers need a longer-
term business orientation that takes into account project contribution to business
results. That is why we have an extension of the project management discipline to
portfolio management. The portfolio combines a) the organization’s focus of ensuring
that projects selected for investment meet the portfolio strategy b) the project
management focus on delivering projects effectively and within their planned
contribution to portfolio. Figure 2 below describes the different aspects concerning
focus, scope, communication and organization between project portfolio management,
program management and project management. Figure 2: PPM, program and project
management relationship model.

(Rajegopal et al., 2019) A program is a group of related projects managed in a

coordinated way to obtain benefits and control NOT available from managing them
individually. Programs may include elements of related work outside of the scope of
the discrete projects in the program. Some projects within a program can deliver
useful incremental benefits to the organization before the program itself has
completed." Final Degree Project, RasihaDelilbasic Project Portfolio Management 8
Program management may provide a layer above the management of projects and
focuses on selecting the best group of projects, defining them in terms of their
objectives and providing an environment where projects can be run successfully. The
key difference between a program and a project is the finite nature of a project - a
project must always have a specific end date, else it is an ongoing program. There are
two different views of how programs differ from projects. On one view, projects
deliver outputs, discrete parcels or "chunks" of change; programs create outcomes .On
this view, a project might deliver a new factory, hospital or IT system. By combining
these projects with other deliverables and changes, their programs might deliver
increased income from a new product, shorter waiting lists at the hospital or reduced
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operating costs due to improved technology. The second view is that a program is
nothing more than either a large project or a set (or portfolio) of projects. On this
view, the point of having a program is to exploit economies of scale and to reduce
coordination costs and risks. The project manager's job is to ensure that their project
succeeds.

According to “London (2014) shows that the US difference risk choice, defined as the
disparity between option-indirect deviation and realized difference, has predicting
power for international stock revenue. Taken together, these prior studies provide
striking evidence that the US market variables appear to have forecasting power for
the returns of other countries. The empirical evidence seems consistent with the
notion that the US market returns, and variances should be treated as state changing
that can affect investors „contribution opportunity sets in the international setting.” 2.
According to “(G.D.F. Herzog 2019).

Fernando Ferreng (2012) it is commonly concurred that ongoing monetary emergency

heightened Worldwide challenge among money related organizations. This challenge
has direct effect on how bank manage their client and accomplish its destinations of
store the executives of banks is the key capacity for improving banks execution.
Banks gainfulness and accomplishment to an expansive degree relies upon bank
office money related execution.

RamchandanAzhagasahi and SandanvnGejalakshmi (2012): In their investigation

found the effect of store stream the board effectiveness and bank estimate on the
budgetary execution of the open segment and private area bank. The examination
uncovered that save money with higher complete capital stores and absolute resources
don't constantly imply that they have better budgetary execution. The general
financial division is firmly impacted by resources use, finance the executive’s
effectiveness and intrigue pay.

NutanTroke and P K Pachorkar (2012)The investigation related that the private

area banks the level of other salary in the all-out pay is higher than open division
bank. Open segment bank relies upon goal salary for their effectiveness and
execution. The operational proficiency of private segment banks is superior to
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anything open segment banks. Private area bank utilizes their advantages quality
superior to anything open part banks. Suppa-Aim and Teerapan (2010) in the theory
"subsidize execution in developing markets the instance of Thailand" explicitly
explores reserves stream rising economics, utilizing broad data than past
examinations; for venture approach, assessment reason contrasts, one of a kind
qualities of assets the board in Thailand. The creators examined how support
administrators work and what system they utilize dealing with their folios; store
attributes clarify subsidize execution.

Sawmaya and Ashok Banjara (2009) in the article entitled "Drawback hazard
examination of country reserve stream. An incentive in danger approach" set forward
drawback hazard loans of Indian reserve showcase utilizing a VaR measure. Dr,
Hietesh S. (2009) "Asset activation by finances industry" an endeavor to break down
all out asset assembly by the assets business for multiyear time span. Investigation
titled "Asset 29 activation by Industry" demonstrates 70 percent of the assets
assembled by fluid salary reserves offered by private division common finances offer
of open segment has diminished to 8.81 percent over the examination time frame.

Shrad and tripathi (2019) "Attributes and execution assessment of chose common
assets in country" considered an example of open division supported and private
segment supported source of fluctuated for research the distinctions in level of
benefits hold, folio expansion and un fixed impacts of 38 broadening on speculation
for the period may 2002 to may2015.

NaliniPravaTripathy (2015) In their examined the market timing capacities of

Indian Fund supervisor in type of two models, one by Treynor and Mazuy and the
other by Henriksson and Merton. The outcomes showed that Indian store chiefs are
not ready to time the market accurately. There is just a single plan out of 31 which
displayed the planning capacity of the reserve administrator.

Zarki Y (2015) Facilitated a case of socially careful accounts composed to heedlessly

pick customary resources of tantamount net focal points for look at differences in
qualities of advantages held, dimension of portfolio extension and variable effects of
widening on theory execution. The examination found that socially careful resources
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don't differentiate basically from ordinary resources with respect to any of these
qualities. Also, the effect of expanding on endeavor execution isn't unmistakable
between the two social events. The two get-togethers neglected to meet desires
Domini 400 Social Index and S and P 500 in the midst of the examination time
allotment.

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 CHAPTER – III
COMPANY PROFILE

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COMPANY PROFILE
Our Businesses
Kotak Mahindra is one of India's leading banking and financial services groups,
offering a wide range of financial services that encompass every sphere of life.

High expectations

Have their advantages

At Kotak, we expect more from ourselves, thanwhat anyone else expects of us. This
way, we are creatinga rewarding and delightful experience every day for our
customers.

OUR VISION
To be the most trusted Global Indian Financial Services brand and the most preferred
financial services employer with focus on creating value.
The Global Indian Financial Services Brand
Our customers will enjoy the benefits of dealing with a global Indian brand that best
understands their needs and delivers customized pragmatic solutions across multiple
platforms.
We will be a world class Indian financial services group. Our technology and best
practices will be bench-marked along international lines while our understanding of
customers will be uniquely Indian.
We will be more than a repository of our customers' savings. We, the group, will be
single window to every financial service in a customer's universe.

The Most Preferred Employer in Financial Services

A culture of empowerment and a spirit of enterprise attracts bright minds with an
entrepreneurial streak to join us and stay with us.
Working with a home grown professionally managed company, which has
partnerships with international leaders, gives our people a perspective that is universal
as well as unique.

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The Most Trusted Financial Services Company
We will create an ethos of trust across all our constituents. Adhering to high standards
of compliance and corporate governance will be an integral part of building trust.
Value Creation
Value creation rather than size alone will be our business driver.

Senior Management
Get acquainted with the Board of Directors at the Kotak Mahindra Group and meet
some of the most knowledgeable and recognised names in the financial world.

Dear Stakeholders,
I am delighted to inform that ING Vysya Bank has merged with Kotak Mahindra
Bank with effect from April 1, 2015, and the combined entity will bear the name
Kotak Mahindra Bank.
I see this as a historic moment in the Indian financial services sector, because never
before has a merger of this magnitude ever taken place. Further, it consolidates our
position as the fourth largest private sector bank in India.

This merger brings together two strong players in the industry to form a more robust
and fundamentally sound bank. ING Vysya Bank has been a respected name in Indian
banking, with a sterling legacy spanning eight decades. Similarly, in less than 30
years, Kotak Mahindra Group has built a comprehensive financial services
conglomerate that truly serves all its customers' needs under the same roof.

My vision at the start of 2014 was to see a bigger, better, bolder Kotak. I am happy to
say, over 29,000 colleagues have worked hard to make this a reality and I am
confident that with another 10,000 colleagues becoming part of the Kotak family, we
will together take Kotak Mahindra Bank to even greater heights.

The merged entity – Kotak Mahindra Bank, will have a significant national footprint,
affording it the capacity and means to serve even better.

Our deep Indian roots, long and proven experience, and global standards of service
will enable us to deliver a truly seamless banking and financial services experience.
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This merger couldn't have happened at a better time. I am confident that the merger
will firmly place us in a different orbit, and on a new trajectory of leadership and
excellence. It is a new chapter in India's growth story that is waiting to unfold.

The other growth chapters that we added in the last financial year include our entry
into general insurance space, expansion of our presence in asset management through
acquisition of schemes of PineBridge Mutual Fund, proposed diversification into a
payment bank, and investment in a commodity exchange, to create a Rupees Two
Trillion institution.

It is India's time to fly. I foresee phenomenal future for our country in the next
decade. We are at the cusp of a remarkable growth opportunity, and it is important to
ensure that our fundamentals are strong to make the most of the time ahead.

I take this opportunity to thank all of you for your continued support, and assure you
that we shall constantly strive to offer products and services par excellence.

I look forward to a long and mutually rewarding, fruitful relationship.

Thank you.
With warm regards,
UdayKotak
Executive Vice Chairman & Managing Director,
Kotak Mahindra Bank Ltd.

Membership
 Co-Chair of Indo-UK Financial Services Partnership (IUKFP) by Ministry of
Finance (MoF), Government of India (GoI)
 Member of the Primary Market Advisory Committee of the Securities &
Exchange Board of India (SEBI)
 Member of the Board of Governors of the National Institute of Securities
Markets and ICRIER
 Governing Member of the Mahindra United World College of India

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  Member of National Council of CII
 Served as member of Government of India's High Level Committee on
Financing Infrastructure, which was set up by Government of India in 2010
Achievements
 Sole Indian Financier to feature in Money Masters: The Most Powerful People
in The Financial World, by Forbes magazine, USA (May 2018)
 Received the 'AIMA-JRD Tata Corporate Leadership Award' for the year
2015 at AIMA's 2nd National Leadership Conclave
 Received 'Best Transformational Leader Award 2015' by Asian Centre for
Corporate Governance & Sustainability in 2018
 Recognised as 'ET Business Leader of the Year' at ET Awards 2015 for
Corporate Excellence
AWARDS

At Kotak Mahindra Group we take a client-centric view and constantly innovate to

provide you with the best of services and infrastructure. We have regularly received
accolades that stand testimony to our success in this endeavour. Some of our recent
achievements are:

Corporate Responsibility

Kotak Mahindra Bank Ltd. (KMBL) believes that financial institutions play a pivotal
role in catalysing sustainable economic growth that can deliver equitable development
for all. Translating this belief into actions, the Bank continually strives to intertwine
Environmental, Social and Governance aspects with all facets of business operations
and stakeholder dealings.
In order to adhere to the highest levels of governance practices, the Bank has set a
Business Responsibility agenda. It reflects KMBL’s philosophy to create enduring

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value for all stakeholders in a responsible manner which also contributes to
environmental sustainability. Further, the Bank has also adopted a strong CSR policy,
charting out its plan to invest in our society and its own future. Kotak uses the power
of its human and financial capital to enable transformation of communities into
vibrant, desirable places for habitation.

ORGANIZATION STRUCTURE

PRODUCTS AND SERVICE OF THE COMPANY

OUR BUSINESSES
 Kotak Mahindra Bank Ltd
 Kotak Mahindra Old Mutual Life Insurance Ltd
 Kotak Securities Ltd
 Kotak Mahindra General Insurance Company Ltd
 Kotak Mahindra Capital Company (KMCC)

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  Kotak Mahindra Prime Ltd (KMPL)
 Kotak International Business
 Kotak Mahindra Asset Management Company Ltd (KMAMC)
 Kotak Private Equity Group (KPEG)
 Kotak Realty Fund

Trustees of KEF
 School Programmes
 Livelihood Programme
 Supporting Education in Rural Schools
 Employee Volunteering
 Running for a Cause
 Employee Initiatives
 Green Initiatives
 Financial Inclusion
 Health, Safety and Welfare at Workplace

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 CHAPTER – IV
THEORETICAL FRAMEWORK

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 QUALITIES OF PORTFOLIO MANAGER:

1. SOUND GENERAL KNOWLEDGE: Portfolio management is an exciting and challenging

job. He has to work in an extremely uncertain and confliction environment. In the stock
market every new piece of information affects the value of the securities of different
industries in a different way. He must be able to judge and predict the effects of the
information he gets. He must have sharp memory, alertness, fast intuition and self-
confidence to arrive at quick decisions.

2. ANALYTICAL ABILITY: He must have his own theory to arrive at the instrinsic value of
the security. An analysis of the security‘s values, company, etc. is s continuous job of the
portfolio manager. A good analyst makes a good financial consultant. The analyst can know
the strengths, weaknesses, opportunities of the economy, industry and the company.

3. MARKETING SKILLS: He must be good salesman. He has to convince the clients about
the particular security. He has to compete with the stock brokers in the stock market. In this
context, the marketing skills help him a lot.

4. EXPERIENCE: In the cyclical behavior of the stock market history is often repeated,
therefore the experience of the different phases helps to make rational decisions. The
experience of the different types of securities, clients, market trends, etc., makes a perfect
professional manager.

PORTFOLIO BUILDING:

Portfolio decisions for an individual investor are influenced by a wide variety of

factors. Individuals differ greatly in their circumstances and therefore, a financial programme
well suited to one individual may be inappropriate for another. Ideally, an individual‘s
portfolio should be tailor-made to fit one‘s individual needs.
Investor‘s Characteristics:

An analysis of an individual‘s investment situation requires a study of personal

characteristics such as age, health conditions, personal habits, family responsibilities,

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business or professional situation, and tax status, all of which affect the investor‘s willingness
to assume risk.

Stage in the Life Cycle:

One of the most important factors affecting the individual‘s investment objective is
his stage in the life cycle. A young person may put greater emphasis on growth and lesser
emphasis on liquidity. He can afford to wait for realization of capital gains as his time
horizon is large.

Family responsibilities:

The investor‘s marital status and his responsibilities towards other members of the family
can have a large impact on his investment needs and goals.

Investor‘s experience:

The success of portfolio depends upon the investor‘s knowledge and experience in
financial matters. If an investor has an aptitude for financial affairs, he may wish to be more
aggressive in his investments.

Attitude towards Risk:

A person‘s psychological make-up and financial position dictate his ability to assume the
risk. Different kinds of securities have different kinds of risks. The higher the risk, the greater
the opportunity for higher gain or loss.

Liquidity Needs:

Liquidity needs vary considerably among individual investors. Investors with regular
income from other sources may not worry much about instantaneous liquidity, but individuals
who depend heavily upon investment for meeting their general or specific needs, must plan
portfolio to match their liquidity needs. Liquidity can be obtained in two ways:

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1. By allocating an appropriate percentage of the portfolio to bank deposits, and

2. By requiring that bonds and equities purchased be highly marketable.

Tax considerations:

Since different individuals, depending upon their incomes, are subjected to different
marginal rates of taxes, tax considerations become most important factor in individual‘s
portfolio strategy. There are differing tax treatments for investment in various kinds of
assets.

Time Horizon:

In investment planning, time horizon becomes an important consideration. It is highly

variable from individual to individual. Individuals in their young age have long time horizon
for planning, they can smooth out and absorb the ups and downs of risky combination.
Individuals who are old have smaller time horizon, they generally tend to avoid volatile
portfolios.

Individual‘s Financial Objectives:

In the initial stages, the primary objective of an individual could be to accumulate wealth
via regular monthly savings and have an investment programmed to achieve long term capital
gains.

Safety of Principal:

The protection of the rupee value of the investment is of prime importance to most
investors. The original investment can be recovered only if the security can be readily sold in
the market without much loss of value.
Assurance of Income:

`Different investors have different current income needs. If an individual is dependent of

its investment income for current consumption then income received now in the form of
dividend and interest payments become primary objective.

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Investment Risk:

All investment decisions revolve around the trade-off between risk and return. All
rational investors want a substantial return from their investment. An ability to understand,
measure and properly manage investment risk is fundamental to any intelligent investor or a
speculator. Frequently, the risk associated with security investment is ignored and only the
rewards are emphasized. An investor who does not fully appreciate the risks in security
investments will find it difficult to obtain continuing positive results.

RISK AND EXPECTED RETURN:

There is a positive relationship between the amount of risk and the amount of
expected return i.e., the greater the risk, the larger the expected return and larger the chances
of substantial loss. One of the most difficult problems for an investor is to estimate the
highest level of risk he is able to assume.

 Risk is measured along the horizontal axis and increases from the left to right.

 Expected rate of return is measured on the vertical axis and rises from bottom to top.

 The line from 0 to R (f) is called the rate of return or risk less investments commonly
associated with the yield on government securities.

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  The diagonal line form R (f) to E(r) illustrates the concept of expected rate of return
increasing as level of risk increases.

TYPES OF RISKS:

Risk consists of two components. They are

1. Systematic Risk
2. Un-systematic Risk

1. Systematic Risk:

Systematic risk is caused by factors external to the particular company and

uncontrollable by the company. The systematic risk affects the market as a whole. Factors
affect the systematic risk are

 Economic conditions
 Political conditions
 Sociological changes

The systematic risk is unavoidable. Systematic risk is further sub-divided into three types.
They are

a) Market Risk
b) Interest Rate Risk
c) Purchasing Power Risk

a). Market Risk

One would notice that when the stock market surges up, most stocks post higher price.
On the other hand, when the market falls sharply, most common stocks will drop. It is not
uncommon to find stock prices falling from time to time while a company‘s earnings are
rising and vice-versa. The price of stock may fluctuate widely within a short time even
though earnings remain unchanged or relatively stable.

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 b). Interest Rate Risk:

Interest rate risk is the risk of loss of principal brought about the changes in the
interest rate paid on new securities currently being issued.

c). Purchasing Power Risk:

The typical investor seeks an investment which will give him current income and / or
capital appreciation in addition to his original investment.

2. Un-systematic Risk:

Un-systematic risk is unique and peculiar to a firm or an industry. The nature and mode
of raising finance and paying back the loans, involve the risk element. Financial leverage of
the companies that is debt-equity portion of the companies differs from each other. All these
factors affect the un-systematic risk and contribute a portion in the total variability of the
return.

 Managerial inefficiently

 Technological change in the production process

 Availability of raw materials

 Changes in the consumer preference

 Labor problems

The nature and magnitude of the above mentioned factors differ from industry to
industry and company to company. They have to be analyzed separately for each industry and
firm. Un-systematic risk can be broadly classified into:
a) Business Risk
b) Financial Risk

a. Business Risk:
Business risk is that portion of the unsystematic risk caused by the operating environment of
the business. Business risk arises from the inability of a firm to maintain its competitive edge
and growth or stability of the earnings. The volatility in stock prices due to factors intrinsic to

~ 31 ~
 the company itself is known as Business risk. Business risk is concerned with the difference
between revenue and earnings before interest and tax. Business risk can be divided into.
i). Internal Business Risk
Internal business risk is associated with the operational efficiency of the firm. The
operational efficiency differs from company to company. The efficiency of operation is
reflected on the company‘s achievement of its pre-set goals and the fulfillment of the
promises to its investors.
ii).External Business Risk
External business risk is the result of operating conditions imposed on the firm by
circumstances beyond its control. The external environments in which it operates exert some
pressure on the firm. The external factors are social and regulatory factors, monetary and
fiscal policies of the government, business cycle and the general economic environment
within which a firm or an industry operates.
b. Financial Risk:
It refers to the variability of the income to the equity capital due to the debt capital. Financial
risk in a company is associated with the capital structure of the company. Capital structure of
the company consists of equity funds and borrowed funds.

~ 32 ~
 PORTFOLIO ANALYSIS:

Various groups of securities when held together behave in a different manner and give
interest payments and dividends also, which are different to the analysis of individual
securities. A combination of securities held together will give a beneficial result if they are
grouped in a manner to secure higher return after taking into consideration the risk element.

There are two approaches in construction of the portfolio of securities. They are

 Traditional approach
 Modern approach

TRADITIONAL APPROACH:

Traditional approach was based on the fact that risk could be measured on each
individual security through the process of finding out the standard deviation and that security
should be chosen where the deviation was the lowest. Traditional approach believes that the
market is inefficient and the fundamental analyst can take advantage of the situation.
Traditional approach is a comprehensive financial plan for the individual. It takes into
account the individual need such as housing, life insurance and pension plans. Traditional
approach basically deals with two major decisions. They are

a) Determining the objectives of the portfolio

b) Selection of securities to be included in the portfolio

MODERN APPROACH:

Modern approach theory was brought out by Markowitz and Sharpe. It is the
combination of securities to get the most efficient portfolio. Combination of securities can be
made in many ways. Markowitz developed the theory of diversification through scientific
reasoning and method. Modern portfolio theory believes in the maximization of return
through a combination of securities. The modern approach discusses the relationship between
different securities and then draws inter-relationships of risks between them. Markowitz gives
more attention to the process of selecting the portfolio. It does not deal with the individual
needs.

~ 33 ~
MARKOWITZ MODEL:
Markowitz model is a theoretical framework for analysis of risk and return and their
relationships. He used statistical analysis for the measurement of risk and mathematical
programming for selection of assets in a portfolio in an efficient manner. Markowitz
apporach determines for the investor the efficient set of portfolio through three important
variables i.e.
 Return
 Standard deviation
 Co-efficient of correlation

Markowitz model is also called as an “Full Covariance Model“. Through this model
the investor can find out the efficient set of portfolio by finding out the trade off between risk
and return, between the limits of zero and infinity. According to this theory, the effects of one
security purchase over the effects of the other security purchase are taken into consideration
and then the results are evaluated. Most people agree that holding two stocks is less risky
than holding one stock. For example, holding stocks from textile, banking and electronic
companies is better than investing all the money on the textile company‘s stock.
Markowitz had given up the single stock portfolio and introduced diversification. The
single stock portfolio would be preferable if the investor is perfectly certain that his
expectation of highest return would turn out to be real. In the world of uncertainty, most of
the risk adverse investors would like to join Markowitz rather than keeping a single stock,
because diversification reduces the risk.

THE EFFECT OF COMBINING TWO SECURITIES:

It is believed that holding two securities is less risky than by having only one
investment in a person‘s portfolio. When two stocks are taken on a portfolio and if they have
negative correlation then risk can be completely reduced because the gain on one can offset
the loss on the other. This can be shown with the help of following example:

~ 34 ~
INTER- ACTIVE RISK THROUGH COVARIANCE:

Covariance of the securities will help in finding out the inter-active risk. When the
covariance will be positive then the rates of return of securities move together either upwards
or downwards. Alternatively it can also be said that the inter-active risk is positive.
Secondly, covariance will be zero on two investments if the rates of return are independent.

Holding two securities may reduce the portfolio risk too. The portfolio risk can be
calculated with the help of the following formula:

CAPITAL ASSET PRICING MODEL (CAPM):

Markowitz, William Sharpe, John Lintner and Jan Mossin provided the basic structure
of Capital Asset Pricing Model. It is a model of linear general equilibrium return. In the
CAPM theory, the required rate return of an asset is having a linear relationship with asset‘s
beta value i.e. un-diversifiable or systematic risk (i.e. market related risk) because non market
risk can be eliminated by diversification and systematic risk measured by beta. Therefore, the
relationship between an assets return and its systematic risk can be expressed by the CAPM,
which is also called the Security Market Line.

R = RfXf+ Rm(1- Xf)

Rp = Portfolio return
Xf =The proportion of funds invested in risk free assets
1- Xf = The proportion of funds invested in risky assets
Rf = Risk free rate of return
Rm = Return on risky assets

Formula can be used to calculate the expected returns for different situations, like
mixing risk less assets with risky assets, investing only in the risky asset and mixing the
borrowing with risky assets.

~ 35 ~
THE CONCEPT:

According to CAPM, all investors hold only the market portfolio and risk less
securities. The market portfolio is a portfolio comprised of all stocks in the market. Each
asset is held in proportion to its market value to the total value of all risky assets.
For example, if wipro Industry share represents 15% of all risky assets, then the
market portfolio of the individual investor contains 15% of wipro Industry shares. At this
stage, the investor has the ability to borrow or lend any amount of money at the risk less rate
of interest.

E.g.: assume that borrowing and lending rate to be 12.5% and the return from the
risky assets to be 20%. There is a trade off between the expected return and risk. If an
investor invests in risk free assets and risky assets, his risk may be less than what he invests
in the risky asset alone. But if he borrows to invest in risky assets, his risk would increase
more than he invests his own money in the risky assets. When he borrows to invest, we call
it financial leverage. If he invests 50% in risk free assets and 50% in risky assets, his
expected return of the portfolio would be

Rp= RfXf+ Rm(1- Xf)

= (12.5 x 0.5) + 20 (1-0.5)
= 6.25 + 10
= 16.25%

if there is a zero investment in risk free asset and 100% in risky asset, the return is
Rp= RfXf+ Rm(1- Xf)
= 0 + 20%
= 20%
if -0.5 in risk free asset and 1.5 in risky asset, the return is

Rp= RfXf+ Rm(1- Xf)

= (12.5 x -0.5) + 20 (1.5)
= -6.25+ 30
= 23.75%

~ 36 ~
 CHAPTER-V
DATA ANALYSES AND INTERPRETATION

~ 37 ~
Calculation of return of KOTAK BANK

Year Beginning Ending Dividend(Rs)

price(Rs) price(Rs)

2018-2019 141.45 295.45 7.50

2019-2020 297.90 371.35 7.50
2020-2021 375.00 585.05 8.50
2021-2022 587.70 891.5 8.50
2022-2023 892.00 1238.7 10.00

1400

1200

1000

800 Beginninprice(Rsg )
Ending price(Rs)
600 Dividend(Rs)

400

200

Interpretation:
The above graph represents the returns of kotak Mahindra Bank income fund it shows
that there is continuous rise and fall in net asset value. If we see the table the yearly
with price variation of 10.00 year OF 2022-21 Return=Dividend Thus it can be said
that risk is very high when compared to returns.

~ 38 ~
Return=Dividend+(Ending Price-Beginning price)
Beginning Price

Return(2019)= 7.50+(295.45-141.45) * 100 = 114.17%

141.45

Return(2020) = 7.50+(371.35-297.90) * 100 = 27.17%

297.90

Return(2021) = 8.50+(585.05-375) * 100 =58.28%

375

Return(2022) = 8.50+(891.5-587.70) * 100 =53.13%

587.70

Return(2023) = 10.00+(1238.7-892) * 100 =39.98%

892

~ 39 ~
CALCULATION OF RETURN OF HDFC

Year Beginning Ending price Dividend

Price
2018-2019 358.5 645.55 3
2019-2020 645.9 769.05 3.50

2020-2021 771 1207 4.50

2021-2022 1195 1626.9 5.50
2022-2023 1630 2877.75 7.00

3500

3000

2500

2000 Beginning
Ending price
1500 Dividend

1000

500

Interpretation :
The above graph represents the returns of HDFC Bank income fund it shows that
there is continuous rise and fall in net asset value. If we see the table the yearly with
price variation of 7.0 year OF 2022-21 Return=Dividend Thus it can be said that
risk is very high when compared to returns

~ 40 ~
Return=Dividend+(Ending Price-Beginning price)
Beginning Price

Return (2019) = 3+(645.55-358.5) *100 =80.9%

358.5

Return (2020) = 3.50+(769.05-645.9) * 100 =19.60%

645.9

Return (2021) = 4.50+(1207-771) * 100 =57.13%

771

Return (2022) = 5.00+(1626.9-1195) * 100 =36.6%

1195.9

Return (2023) = 7.00+(2877.75-1630) * 100 =76.97%

1630

~ 41 ~
Calculation of return of WIPRO

Year Beginning Ending Dividend(Rs)

price(Rs) price(Rs)

2018-2019 1630.60 1736.05 1.00

2019-2020 1752.00 748.8 29.00
2020-2021 755.00 463.35 5.00
2021-2022 462.00 605.9 5.00
2022-2023 603.00 525.65 8.00

2000
1800
1600
1400
1200
Beginning price(Rs)
1000 Ending price(Rs)
Dividend(Rs)
800
600
400
200
0

Interpretation

The above graph represents the returns of Wipro income fund it shows that there is
continuous rise and fall in net asset value. If we see the table the yearly with price
variation of 8.0 year OF 2022-21 Return=DividendThus it can be said that risk is
very high when compared to returns.

~ 42 ~
Return=Dividend+(Ending Price-Beginning price)
Beginning Price

Return(2019) = 1.00+(1736.05-1630.60) * 100 = 8.184%

1630.60

Return(2020) = 29.00+(748.8-1752.00) * 100 = -55.60%

1752.00

Return(2021) = 5.00+(463.35-755.00) * 100 = -37.96%

755.00

Return(2022) = 5.00+(605.9-462.00) * 100 = 32.23%

462.00

Return(2023) = 8.00+(525.65-603.00) * 100 = -11.5%

603.00

~ 43 ~
Calculation of return of ITC

Year Beginning Ending Dividend(Rs)

price(Rs) price(Rs)

2018-2019 667 983.5 15

2019-2020 990 1310.75 20
2020-2021 1318.95 142.1 31.80
2021-2022 142 176.1 2.65
2022-2023 176.5 209.45 3.10

1400

1200

1000

800 Beginning price(Rs)

Ending price(Rs)
600 Dividend(Rs)

400

200

0
s

Interpretation

The above graph represents the returns of ITC income fund it shows that there is
continuous rise and fall in net asset value. If we see the table the yearly with price
variation of 3.0 year OF 2022-21 Return=DividendThus it can be said that risk is
very LOW when compared to returns.

~ 44 ~
Return=Dividend+(Ending Price-Beginning p
Beginning Price

Return(2019)=15+(983.5-667)* 100 = 49.7%

667

Return(2020)=20+(1310.75-990) * 100 = 34.4%

990

Return(2022)= 31+(142.1-1318.95) * 100 = 86.87%

1318.95

Return(2022) = 2.65+(176.1-142) * 100 = 25.8%

142

Return(2023)=3.10+(209.45-176.5) * 100 = 20.45

176.5

~ 45 ~
Calculation of standard deviation of Kotak Bank
_ _ _
Year Return (R) R R-R ( R-R )2
2018-2019 114.7 58.652 56.048 3486.6
2019-2020 27.17 58.652 -31.482 991.11
2020-2021 58.28 58.652 -0.372 0.138384
2021-2022 53.13 58.652 -5.522 30.492
2022-2023 39.98 58.652 -18.672 348.64
293.26 4856.98

4000
3500
3000
2500
Return (R)
2000 R
1500 R-R
( R-R )2
1000
500
0
-500

Interpretation
The above graph represents the correlation between Kotak Mahindra it reveals that
there exists a positive correlation between both the companies in the first of the year.
Here the correlation lies below 1 which indicates a good correlation, thus we can say
that kotak Mahindra the companies are going according to market conditions.
Average (R) = R = 293.26 = 58.652
N 5
_
Variance = 1  (R-R) 2
n-1

Standard Deviation = Variance

= 1 (11905.379)
5-1
= 34.846

~ 46 ~
Calculation of standard deviation of HDFC
_ _ _
Year Return (R) R R-R ( R-R )2
2018-2019 80.9 54.24 26.66 710.75
2019-2020 19.60 54.24 -34.64 1199.92
2020-2021 57.13 54.24 2.89 8.3521
2021-2022 36.6 54.24 -17.64 311.16
2022-2023 76.97 54.24 22.73 516.65
271.2 2476.8

1400
1200
1000
800 Return (R)
R
600
R-R
400 ( R-R )2

200
0
-200

Interpretation
The above graph represents the correlation between HDFC; it reveals that there exists
a positive correlation between both the companies in the first of the year. Here the
correlation lies below 1 which indicates a good correlation, thus we can say that
HDFC the companies are going according to market conditions.

Average (R) = R = 271.2 = 54.24

N 5
_
Variance = 1  (R-R) 2
n-1
Standard Deviation = Variance

= 1 (2476.8)
5-1
= 24.88
Calculation of standard deviation of WIPRO
~ 47 ~
 _ _ _
Year Return (R) R R-R ( R-R )2
2018-2019 8.184 -12.93 21.114 445.81
2019-2020 -55.60 -12.93 -42.67 1820.73
2020-2021 -37.96 -12.93 -25.03 626.5
2021-2022 32.23 -12.93 45.16 2039.4
2022-2023 -11.5 -12.93 1.43 2.0449
-64.646 4934.5

6000

5000

4000

3000 _
_
2000 _

1000

-1000

Interpretation
The above graph represents the correlation between WIPRO; it reveals that there
exists a positive correlation between both the companies in the first of the year. Here
the correlation lies below 1 which indicates a good correlation, thus we can say that
WIPRO the companies are going according to market conditions.

Average (R) = R = -64.646 = -12.93

~ 48 ~
 N 5
_
Variance = 1/n-1  (R-R)2

Standard Deviation = Variance

= 1 (4934.5)
4
= 35.12

Calculation of standard deviation of ITC

~ 49 ~
 _ _ _
Year Return R R-R ( R-R )2
(R)
2018-2019 49.7 8.686 41.04 1682.14
2019-2020 34.4 8.686 25.714 661.209
2020-2021 -86.87 8.686 -95.556 9130.94
2021-2022 25.8 8.686 17.114 293.88
2022-2023 20.4 8.686 11.714 137.21
43.43 11905.379
_
14000

12000

10000
_
8000
_
6000 Series3
_
4000 Series5

2000

-2000

The above graph represents the correlation between ITC; it reveals that there exists a
positive correlation between both the companies in the first of the year. Here the
correlation lies below 1 which indicates a good correlation, thus we can say that ITC
the companies are going according to market conditions.

Average (R) = R = 43.43 = 8.686

~ 50 ~
 N 5
__
Variance = 1  (R-R) 2
N- 1

Standard Deviation = Variance

= 1 (11905.379)
5-1
S.D = 54.55

Correlation between HDFC & KOTAK BANK

~ 51 ~
 DEVIATIONOFH DEVIATION OF COMBINED
Year DFC KOTAK BANK DEVIATION
___ __ ___ ___
RA-RA RB-RB (RA-RA ) (RB-RB)
2018-2019 26.66 56.048 1494.24
2019-2020 -34.64 -31.482 1090.5
2020-2021 2.89 -0.372 -1.075
2021-2022 -17.64 -5.522 97.41
2022-2023 22.73 -18.672 -424.4
2256.675

2500

2000

1500

1000 DEVIATIONOFHDFC
DEVIATION OF KOTAK
BANK
500 COMBINED DEVIATION

-500

-1000

The above graph represents the correlation between HDFC & KOTAK it reveals that
there exists a positive correlation between both the companies in the half of the year.
Here the correlation lies below 1 which indicates a good correlation, thus we can say
that both the companies are going according to market conditions.

Co-variance (COVAB ) =1/n  (RA-RA) (RB-RB)

t=1

~ 52 ~
 Co-variance (COVAB )=1/5 (2256.675)

=451.335

Correlation – Coefficient (PAB) = COV AB

(Std. A) (Std. B)
= 451.335
(24.88) (34.846)
= 0.5206

~ 53 ~
CORRELATION BETWEEN HDFC&WIPRO

DEVIATION OF DEVIATION OF COMBINED

HDFC WIPRO DEVIATION
Year
___ __ ___ ___
RA-RA RB-RB (RA-RA ) (RB-RB)
2018-2019 26.06 21.114 550.23
2019-2020 -34.64 -42.67 1478.1
2020-2021 2.89 -25.03 -72.34
2021-2022 -17.64 45.16 -796.6
2022-2023 22.73 1.43 32.50
1191.89
N

2000

1500

1000

DEVIATION OF
500 DEVIATION OF WIPRO
COMBINED DEVIATION

-500

-1000

The above graph represents the correlation between HDFC & WIPRO; it reveals that
there exists a positive correlation between both the companies in the half of the year.
Here the correlation lies below 1 which indicates a good correlation, thus we can say
that both the companies are going according to market conditions.

~ 54 ~
Co-variance (COVAB )=1/n  (RA-RA) (RB-RB)
t=1

Co-variance (COVAB )=1/5 (1191.89)

=238.38

Correlation – Coefficient (PAB) = COV AB

(Std. A) (Std. B)
= 238.38
(24.88) (35.123)

=0.273

~ 55 ~
STANDARD DEVIATION

COMPANY STANDARED DEVIATION

ITC 54.55
HDFC 24.88
KOTAK BANK 34.846
WIPRO 35.123

STANDARED DEVIATION
60

50

40
STANDARED DEVIATION
30

20

10

0
ITC HDFC KOTAK WIPRO
BANK

The standard deviation of a random variable, statistical population, data set,

or probability distribution is the square root of its variance. It is algebraically simpler
though in practice less robust than the average absolute deviation. A useful property
of the standard deviation is that, unlike the variance, it is expressed in the same units
as the data. Note, however, that for measurements with percentage as the unit, the
standard deviation will have percentage points as the unit.

AVERAGE
~ 56 ~
 COMPANY AVERAGE
ITC 8.686
HDFC 54.24
KOTAK BANK 58.652
WIPRO -12.93

Chart Title
70
60
50
40
Series1
30
20
10
0
COMPANY ITC HDFC KOTAK WIPRO
-10 BANK
-20

We want some information about the precision of the mean we obtained. We can
obtain this by determining the standard deviation of the sampled mean. Assuming
statistical independence of the values in the sample, the standard deviation of the
mean is related to the standard deviation of the distribution.

~ 57 ~
 CHAPTER-V
FINDINGS, SUGGESSIONS
&
CONCLUSIONS

~ 58 ~
FINDINGS

Security analysis is the first step of portfolio optimization.

 As far as the normal return of the chosen corporations is concerned, Titan are
now getting better results than others with a common return of 17%. Kotak are
next, while Wipro may be the worst performing security among the specified
investments. The rest stocks all desire average income.
 As long as the typical variations are exhausted, HDFC Bank has extremely
damaging precautions that are followed by increased securities from Wipro.
 The securities that tend to be somewhat risky.
 The ways that this makes sense during the 12 to 30 day period reveal how
incredible this is.
 Since of the correlations, which show that Wipro's securities are strongly
connected with low visibility risk, only risk-averse people would invest in this
combination because it offers everyone a high return at a low risk, which
makes it a logical choice.
 Wipro and ITC Enterprises are the simplest and most effective securities.
 The combo of Wipro and HDFC's visibility risks is particularly dangerous due
to the loss of their highest-potential revenue.
The people who really are willing to take the most risk for the largest return on
investment can invest in these combinations. Combos like Wipro & ITC enable to
retain this is surely greatest return attributes that are highest..

~ 59 ~
SUGGESTIONS

 Investor would be able to achieve when the returns of shares and debentures
Resultant portfolio would be known as diversified portfolio.
 Thus portfolio construction would address itself to three major via Selectivity,
timing and diversification
 In case of portfolio management, negatively correlated assets are most
profitable. Correlation between the HDFC & ITC are negatively correlated
which means both the combinations of portfolios are at good position to gain
in future.
 Investors may invest their money for long run, as both the combinations are
most suitable portfolios.
 A rational investor would constantly examine his chosen portfolio both for
average return and risk.

~ 60 ~
 CONCLUSIONS

In case of perfectly correlated securities or stocks, the risk can be reduced to a

minimum point.
In case of negatively correlative securities the risk can be reduced to a zero.(which is
company’s risk) but the market risk prevails the same for the security or stock in the
portfolio.

~ 61 ~
BIBLIOGRAPHY

~ 62 ~
 BIBLIOGRAPHY
Books
Security Analysis & Portfolio Management - Fishers & Jordon
Financial Management – M.Y. Khan
Financial Management – Prasanna Chandra

News Papers
The management Accountant Dr. K.Rajender

Osmania journal of management Dr.SudhaVepa

Websites
 www.amfiindia.com
 www.sebi.com
 www.google.com
 www.ingvysyabank.com
 www.investopedia.com
 www.nseindia.com
 www.bseindia.com.
 www.hdfc.com
 www.nseindia.com

~ 63 ~