CHAPTER 1

INTRODUCTION
1.1 About Financial Market:
The economic development of any country depends upon the existence of a well
organized financial system. It is the financial system which supplies the
necessary financial inputs for the production of goods and services which in
turn promote the well being and standard of living of the people of country.
Thus, the 'financial is a broader term which brings under its fold the financial
markets and the financial institution which support the system. The assets
traded in the financial system are money and monetary asset. The responsibility
of the financial system is to mobiles the savings in the form of money and
monetary asset and invests

them to productive ventures. An efficient

functioning of the financial system facilitates the free flow of funds to more
productive activities and thus promotes investment. Thus, the financial system
provides the intermediation between savers and promotes faster economic
development.
Generally speaking, there is no specific place or location to indicate a financial
market. Whenever a financial transaction takes place, it is deemed to have taken
place in the financial market. Hence financial markets are pervasive in nature
since financial transactions themselves very pervasive throughout the economic
system. For instance issue of equity shares, granting of loan by term lending
institutions, deposit of money into bank, purchase of debenture, sale of shares
andso on.

However, financial markets can be reoffered to as those centers and

arrangements which facilitate buying and selling of financial assets, claims and
services. Sometimes, we do find the existence of a specific place or location for
a financial market as in the case of stock exchanges.
It is through the financial markets and institutions that the financial
system of an economy works. Financial Markets refer to the institutional
arrangements for dealing in financial assets and credit instruments of different
types such as currency, cheques, bank deposits, bills, bonds , etc. Or simply it
can be said that Financial Markets are credit markets catering to the various
credit needs of the individuals, firms and institutions. Credit is supplied both on
short as well as long term basis.

Functions of Financial Market:

To facilitate creation and allocation of liquidity.
To serve as intermediaries for mobilization of savings
To assist the process of balanced economic growth.
To provide Financial convenience; and
To cater to the various credit needs of various business houses.
The whole financial market is divided on the basis of credit requirements for
short term and long term purposes.

Money Market (for short term purposes 1 year or less):

Money Market is simply an arrangement that brings about a direct or indirect
contact between the lender and the borrower. Negotiations between these parties
may be carried through telephone, telegraph or mails.

Functions of money market:

To provide a parking place to employ short term surplus funds.
To provide room to overcome short term deficits to enable the central
bank to influence and regulate liquidity in the economy through its
intervention in the market.
To provide a reasonable access to users of short term funds to meet their
requirements quickly, adequately and at reasonable cost.
It provides short term funds to the various borrower VIZ. businessmen,
industrialist, traders etc.
Providing funds to government funds.

Capital Market (for long term purpose, more than 1 year):

It refers to the institutional arrangement for facilitating the borrowing and
lending of long term funds. In the widest sense, it consists of a series of
channels through which the savings of the community are made available for
industrial, commercial enterprises and public authorities. An efficient capital
market is a prerequisite of economic development. An organized and well
developed capital market operating in free market economy;

Ensures best possible coordination and balance between the

flow of savings on e one hand and the flow of investment
leading to capital formation on the other.
Directs the flow of savings into most profitable channels and
thereby ensures optimum utilization of financial resources.

N:B: Thus the capital market strives for- the mobilization or concentration of
National Savings for economic development, and the mobilization and import
of foreign capital and investment to augment the deficit in the required financial
resources so as to maintain the expected rate of economic growth.

Functions of capital market: Mobilization of financial resources on a nation wide scale.

Securing the foreign capital and know-how to fill up the deficit in the
required resources for economic growth at a faster rate
Effective allocation of the mobilized financial resources, by directing the
same to projects yielding highest yields or to the projects needed to
promote a balanced economic development.

Components of Capital Market:

The following are the three components of the capital market:
Primary Market
Secondary Market
Financial Institution

1.2.1 New Issue Market or Primary Market:

A market for new issues of shares, debentures and bonds, where investors
apply directly to the issuer for allotment and pay application money to the
issuer's account. The transactions in the primary market result in new capital
formation.
Instruments of primary market:
Mutual funds
lPOs or initial public offers
Insurance-(life and non-life)
Government of India bonds
Tax savings Bonds
Postal Savings-(NSE, KVP).

Major Players in the Primary Market are as follows:

1. Issuers may be corporations, the government or mutual funds. They
start the whole process of raising funds. Funds are raised through public issues,
right Issues, or through private placements and preferential allotments.
2. Instruments are the means through which issuers raise funds, such as
debentures, equity shares, warrants, etc.
3. Intermediaries are those who facilitate the flow of funds from a person
who has excess funds to the person who needs it. They help the issuer to raise
funds by issuing securities through selected instruments e.g. banks, investment
companies, insurance companies, development financial institutions, NBFCs,
mutual funds, pension funds etc.
4. Investors invest their surplus money in securities issued by issuers. The
investor may be an individual, corporate, financial institutional investor, etc.
There has been tremendous growth in the sphere of new issue activity in
India since 1990s. the establishment of Securities Exchange Board of India
(SEBI), passing of the depository's Act,1996, liberalization of industrial and
new capital issue policies, relaxation of norms relating to foreign investments
and incentives provided by the Government have helped in the growth of new
issue market.
1.2.2 Secondary Market or Stock market
A stock market is a place where securities of various types are traded and
where one can sell and purchase securities easily. It is an organized market for
purchase and sale of listed industrial and financial securities. Securities traded
in the stock exchanges include shares, debentures, and debt instruments of
public limited companies. These securities are in fact are documented evidence
of ownership of claim upon the assets of the issuing company. The securities are

also not fixed in value that is determined at the time of their buying and selling.
Hence enormous capital is rose which is generally required to operate the
industrial and commercial enterprises of the country. It provides ready market
and liquidity to the various types of securities listed. It also ensures efficient
allocation of available capital resources to the users in the economy. It also acts
as a barometer that easily measure and detect the incipient systems of an
economic boom or decline well in advance before such an eventuality actually
occurs.
Growth of stock exchanges is attributed to the increase in the number of
instruments offered, listed companies and tight credit policy of banks as a result
of which Indian corprate sectors has been relying upon capital markets for
raising funds for their needs.
Instruments of secondary market
Equity
Derivatives and
Commodities
Function of stock exchange :
It provides a ready market for trading in securities.
The investors can evaluate the worth holdings from the prices coated at
difference exchanges for those securities
It also plays an important role in mobilizing surplus funds of investors.
It ensures safety in dealing which brings confidence in the minds of all
the concerned parties and helps in increasing various dealings.
Duly listed securities can be purchased at stock exchanges.
Lastly, Stock exchanges also provide a platform to raise public debts

1.2.3 Financial Institutions:

Financial Institutions provide means and mechanism of transferring resources

from those who have an excess of income over expenditure to those who can
make productive use of the same. The commercial banks and investment
institutions mobilize savings of the people and channelise them into productive
uses. Some of the financial institutions are - IFCI (Industrial Finance
Corporation of India), IDBI (Industrial Bank of India). They differ from nonfinancial (industrial and commercial) business organization in respect of their
wares i.e. while the former deal in financial assets such as deposit loans,
securities and so on, the later deal in real assets such as machinery, equipments,
stock of goods, real estates and so on.

1.3 Indian security market.........where does it stand?

The Indian securities market comprises of 22 stock exchanges; the five major
exchanges are located in Mumbai, New Delhi, Kolkata, Ahmedabad and
Chennai. The stock exchange, Mumbai which was set up in 1857 and is Asia's
oldest stock exchange, accounts for about of the total turnover of all stock
exchanges in the country 1996, the Exchange listed 6881 companies and had a
total market capitalization of almost Rs. 4,260 billion. India's markets are taking
steps to modernise.
The National stock exchange (NSE), based in Mumbai was set up in 1993 and
in November 1994 screen based trading was launched by the NSE, allowing
traders from some 21 cities in India access to the stocks of about 1,300
companies through satellite links. The NSE plans to network to over 40 cities
across the countries. The electronic screen based system can help to integrate
transactions; the system can also help to improve the transparency of trading.
Under new requirements, which came into effect in 1995 companies with issues
capital between Rs 30 to 50 million can seek listings only on stock exchanges
with screen based trading.

Those with capital of less than Rs 30 million are still eligible to list on the over
the Counter exchange of India, a national automated stock market set up in 1992
to give small and medium sized companies access to the capital markets.
In 1995, the Govt. also announced its intention to issue rules for the creation of
share depositories, which would help move India's stock
Exchanges towards paperless trading. Currently, the share settlement system-is
slow, with shares trades typically taking 28 days to settle compared with five
days in most other major markets government approval of the depository bill
1996 provided the legal basis for determining shares- although investors have
given the option to hold the securities in paper form. The National Securities
Depository Ltd. w as the first depository registered in India and began operating
in November 1996.
The minister of finance regulates India's stock exchange and the securities
exchange and exchange board of India (SEBI) governs the public issues of
securities. The Securities Law Amendment Act 1995 increased SEBI's power to
protect the interest of investors and to regulate and reform the capital market.
As part of the measures to liberalize investment, India's securities markets were
opened to foreign institutional investors (FIIs) in 1992 by the end of January
1996, 350 FIIs had invested more than Rs 141. 3 billion in the securities market
previously restricted to offshore mutual funds FIls are now allowed to make
portfolio investments in Indian companies, including private banks. No
restrictions apply to the movement of funds in and out of the country, to the lock
in period, or to the total volume of investments.
Foreign brokerages also operate in the Indian stock markets on behalf of FIIs.
The 1996 97 budgets proposed raising the limit for an individual FII from 5%
of the stock of a listed company to 10%. It also proposed allowing them to
invest in unlisted companies. Together, FIIs may hold a total of only 24% of the
companys stock. Domestic companies may raise capital overseas by issuing
global depository receipts (GDRS) or foreign currency convertible bonds. By
December 1995, Indian Firms had raised us$5.18 billion through these
instruments.

In June 1996, bank financial institutions and non banking finance companies
were permitted to access to GDR markets.
In June 1996, banks financial institutions and non- banking finance companies
-ere permitted to access to GDR markets.

Capital markets are increasingly the preferred routes for raising finances India,
through debt, equity shares, debentures and hybrids. Investors can freely access
the capital market and in most cases freely price the issue. Investors with both
small and large fund requirements can mobilize fund from the market. Private
placement with institutional investors is also possible. Indian companies also
have the option of raising.
Fund from international capital markets. Short term finances for the working
capital requirements are

available from commercial banks and through

instruments such as fixed deposits inter-corporate deposits and- commercial

paper.

1.3.1 Financial intermediaries:

The

intermediaries

consist

of

banking

and

non-

banking

financial

intermediaries. Financial market and intermediaries have a symbiotic

relationship with each other. Each is necessary to the other. Without
intermediaries the informational barriers to participants would prevent investors
from reaping the benefits of the markets themselves because of inherent
limitations. Much of what modern intermediaries do to interface between
individuals and incoming financial markets.
Among their many functions, they help in transferring of funds across times
across space, help in risk sharing, price discovery, pooling and asset division,
provide information and bring together buyers and suppliers in a common

platform.In short they help in relocating the sources of economic units with
surplus goods to economic units with need for them. These can be grouped as,

Banks: It is an institution that deals in money and its substitutes and provides
other financial services. Banks are engaged in activities such as acceptance of
application money from investors, banking of instruments, their realization,
refund of application money and payment of interest dividend etc. The banks
can also act as brokers and paid brokerage in respect to an application bearing
those stamps on allotment. They are also entitled to fees for the services done.

Stock exchanges:

As discussed earlier it is a place where securities of

various types are openly traded and where one can sell and purchase securities
easily.

Depositories:

The phenomenal growth of the both the primary and the

secondary equities and debentures market, and the entry of bulk traders
(domestic and FIIs) in it have revealed the gross inadequacies of the market
infrastructure to support the new volumes of securities trading in India. The
traditional manual method of trading now converted to a modern infrastructure
consisting of depositories, paperless trading and computer recording of
transaction. So the birth of an agency where the securities are deposited for safe
keeping and handling/dealing on behalf of owner of deposits. Its business in
divided into five groups; clearing services, registration/transfer processing, safe
keeping, Corporate Actions and Benefits Collection, and MIS aimed at a few
objectives.

Objectives of depository

Immobilization of securities.
Book entry accounting.
Confidentiality.
Detailed listing of the investors holding by securities type.
Distribution of dividends, interest and redemption moneys
Handling of all types of securities both equity and preference and also
debentures.

 Delivery vs payment.
Link to the depositories globally.
The depositories go a long way in narrowing the gap between Indian market and
the foreign markets. Communications between the depositories and its users
will be a critical factor in the success of the system. The recent trend according
to SEBI requirements is that most of the shares have to be transacted in
electronic form which requires that the physical shares needs to be be
dematerialized. This helps in reducing settlement time getting away with
physicaldelivery of shares hence the fear of losing or spoilage of share
certificate is extinct. Even the counterfit shares floating in the market is greatly
reduced. Hence both the exchanges have worked out to compulsory
dematerialisation of almost all the listed scrips.
Stages of Dematerialisation:
The investors submit his/her securities with the depository participant rokers,
NBFCs, individuals, FIls, banks, custodians) for dematerialisation.
T e Depository Participants sends to registrar for DE-MAT. Then the DP
informs the depository about the dematerialization.The registrar gives the
receipt or conformation of securities demated.The registrar informs the
depository about the dematerialisation.
The depository issues the receipt or conformation to the DP.
The DP then gives as receipt to the investor for completion of
demats and opens a sub account.

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI):

The securities and exchange board of India is an apex body formed by the
government to develop and regulate the stock market in India. Eventually, the
securities and exchange board of India was set up on Apri112, 1988.
It took almost 4 years for the govt. to bring about separate legislation in the
name of securities and exchange board of India Act, 1992 conferring statutory
powers. The act, barged to SEBI with comprehensive powers over practically all
aspects of capital market operations.

FUNCTIONS OF SEBI:

A/ Regulatory Functions:
Regulation of stock exchanges and self regulatory organisations.
Registration & Regulation of stock brokers, sub-brokers, registrar to all
issue to merchant bankers, underwriters, portfolio managers & such other
intermediaries who are associated with securities market.
Registration and regulation of the working of collective investment
schemes including mutual funds.
Prohibition of fraudulent and unfair trade practices
relating to securities market.
Prohibit insider trading in securities.
Regulating substantial acquisition of shares and take
over of companies.
B/ Development functions:
Promote investors education.
Training of intermediaries.
Conducting research & published information useful to
all market participants.
Promotion of fair practices. Code of conduct for self-regulatory organizations.

Promoting self regulatory organizations

SEBI Guidelines for secondary market:
Stock Exchange:
a. Board of directors of stock exchange has to be reconstituted so as to include
non members' public representatives, government representative to the extent of
50% of total no. of members.

b. Capital adequacy norms have been led down for members of various stock
exchanges depending upon their turnover of trade and other factors.
c. Working hours for all stock exchanges has been fixed to be from 12 noon to 3
p.m.
d. All the recognized stock exchanges will have to inform about the transaction
within 24 hour.
e. Guidelines has been issued for introducing a system of market making
in less liquid scripts in a phased manner in all stock exchanges.
Brokers:
a. Registration of brokers and sub-brokers is made compulsory.
b.In order to ensure that brokers are professionally qualified and financially
solvent, capital adequacy norms for registration of brokers has been evolved.
c. Compulsory audit of broker's book and filling of audit report with SEBI have
been made mandatory.
d. To bring about greater transparency and accountability in the broker-claint
relationship, SEBI has made it mandatory for brokers to disclose transantion
price and brokerage separately in the contract note issued to the claint.
e. No broker is allowed to underwrite more than 5% of the public issue.
During the last decade there has been a broadening and deepening of financial
markets. Several new instruments and products have been introduced. Existing
sectors have opened to new private players. This has given a strong impetus to
the development and modernization of the financial sector. New players have
adopted international best practices and modern technology to offer a more
sophisticated range of financial services to corporate and retail customers. This
process has clearly improved the range of financial services providers to Indian
customers. The entry of new players has led to even existing players upgrading
their product offerings and distribution channels. This continued to be witnessed

in 2002-03 across key sectors like banking and insurance, where private players
achieved significant success.
The past decade was also an eventful one for the Indian Capital market. The
reforms particularly the establishment and empowerment of Securities and
Exchange Board of India (SEBI), market-determined prices and allocation of
resources, screen-based nation wide trading dematerialization and transfer of
securities, rolling settlement and deriviatives trading have greatly both the
regulatory framework and efficiency of trading and settlement. On account of
the subdued global economic conditions and their impact on the Indian
economy of the draught conditions prevailing in the country, 2002-03 was a
subdued year for the equity market. Despite this, the National Stock Exchange
(NSE) and the Bombay Stock Exchange (BSE) rank 3 rd and 6th respectively
among all exchanges in the world with respect to the number of transactions.
The year also witnessed the grant of approval for setting of a multi commodity
exchange for trading of various commodities. Exposure to global practices has
made the Indian Customer more discerning and demanding there has been a
clear shift towards those entities that are available to offer products and services
in the most innovative and cost efficient manner. The financial sector will need
to adopt a customer- centric business focus. It will also have to crate value for
its share holders as well as its customers, competing for the capital necessary to
fund growth as well as for customer market share. This indeed will be the
challenge in the years to come.

METHODOLOGY
Forecasting is the essence of equity analysis. So there is a need of sound logic
behind any forecast. Forecasts needn't be accurate to the actual performance.
But it shouldn't deviate h that it becomes a flaw. The analyst should try to put
his best efforts to forecast the company's performance and produce an unbiased
analysis report.

For this analysis, the forecast figures have been drawn on the basis of
management discussions and analysis and industry averages. Due to the boom
in construction sector, there is a rise in demand in cement sector. And to meet
the rising demand the management has well defined plans. This drives the
growth of ACC.

I have used mainly secondary sources to collect data.

Since ACC is a listed company, data is freely available. The sources of data are
mainly:
company's annual report,
management analysis and discussion papers,
chairman's message and
Company's website.
Along with that data has been collected from sources like
nseindia.com,
bseindia.com,
icici direct.com,
IDSL research papers and
Money control. com.
Objective of Study:
This project work is done with the following intentions:
To study the Indian financial system and financial market in
particular.
To study the equity market in India
To study the procedural aspect, technical aspect and technological
aspect of equity market of India.
To proof the benefit of the long term holder of share in the equity
market.

Limition in Study
Inadequate information of previous years considered in the study.
Unavailability of information of the current recession period.
One company under the study.

CHAPTER -2
ABOUT ICICI Securities Limited
Leading investment bank of India
History :

A subsidiary of ICICI Bank , ICICI Securities was up in February 1993 to

provide investment banking services to investors in India As on date ICIC Bank
holds 99.9% of the share capital of ICICI Securities .

Overview
ICICI securities is a strongly positioned investment bank in India and provides
products and service in Fixed Income, Equities and Corporate Finance. In the
fixed income business ICICI securities is a leading market participate in the
country. ICICI Securities fixed income activities include interest rate trading,
derivatives trading, research and issues management.
The Corporate Finance business focuses on industry consolidation. ICICI
Securities has been involved in a number of mergers, cross border
acquisition,equity and bidding for a number of reputed companies. The equity

business offers research, sales and execution services to institutional investors in

the secondary market and capital market relate services such as execution of
public offering, structuring and regulatory and legal documentation services.
In order to assist or provide corporate clients and institutional investors

with

investment banking services in the United States of America, ICICI Securities

has up two subsidiaries

namely, ICICI Securities Holding Inc and ICICI

Securities Inc, ICICI Securities Inc, ICICI Securities Dealers Inc has ,become
the registered broker dealer with the Nation Association of Securities Dealer
Inc, empowering it to engage in a variety of securities transactions in the U.S.
Market.
ICICI Brokerage Service Limited, a member of the National Stock Exchange of
Indian Limited, is the domestic broking subsidiary of ICIC securities.
Product Categories of ICICI Direct :In its product category, ICICI direct holds the punch line as such on-line share
trading. The choices of investment that ICICI direct provides are as unique as it
s customers and the company itself, ICICI direct offers a full range of financial
goals. Through various types of brokerage accounts, ICICI direct offers the
purchase and sales of securities which includes Equity, Derivative and
commodities Instruments listed on national stock Exchange of India Ltd (NSE)
The stock Exchange, Mumbai (BSE) and NCDEX. The broad arrays of financial
service offered by ICICI direct are as follows
Trading in shares, equities
Depository Services
Icici direct Equity Analysis
Commodities
IPOs
Mutual Funds
Loans
Insurance.

1.Trading in shares equities :ICICI direct. Com offers you various option while trading in shares
Cash Trading: This is a delivery based trading system, which is generally
done with the intention of taking delivery of shares or monies.
Trading on NSE/BSE : Through ICICI direct.com you can trade on NSE as
well as BSE.
Market Order : You could trade by placing market orders during market
house that allows you to trade at the best obtainable price in the market at the
time of execution of the order.
Limit Order : Allows you to place a buy /sell order at a price, which is
defined by you, limit orders can be placed by you during holidays & non
market hours too.
You also enjoy the convenience of viewing the entire buy & sell orders place
by you , on line right from the time you have started trading using Order
Book. Contract Notes are available with details of brokerage charged for all
your transaction done on line with ICICI direct.
Equities : Equity consists of various stocks and shares issued by various
companies. In India basically hare are two recognize stocks, they are NSE
and BSE. ICICI direct .com provides com. Equity trading for both National
stock Exchange and Bombay stock Exchange
Cash Trading / Non Marginal Trading Facility:
Under this facility a client can use orders if their intentions is to transact in
order to take delivery of the assest e.g if the client wants to buy order on
cash . In case of buy order, 100% of the order value is blocked out of clients
limit.
This implies that if the client wants to purchase share them he / he she
should have the entire amount available in his limits. In case of sell orders,
the securities are blocked in the de mat account. Every case sell orders, is
against the shares in the clients de mat account and hence when they place

a sell order they should have the quantity in heir de -mat balance. In case of
buying they will get the physical delivery of their shares after T+2 day that
means transaction day plus two days .It is also same in case of selling. Their
transaction money will be credited to their account after T+2 days.
Both equity and derivative products can be played in two ways with
difference parameters applied to them.

Delivery:

In delivery based trading the maximum value of purchase

will be 4 times of margin money and balance amount have to be paid at

the end of the say; or up to next day before the market opens and the
surplus amount should deposit in the clients de-mat account before the
market closes. But the balance amount have to be paid within 5 days.
If the units purchased are not settled within the stipulated time period i.e.
as mentioned by SEBI in its guidelines for the capital market, all the units
will be auctioned as per t+2 concept. Auction is done when a trader sells
the shares but on settlement date the seller not delivered the shares. In
this case the stock exchange purchases the shares on behalf of default
trader by auction. Auctions are initiated by the stock exchange on behalf
of trading members for trading members for settlement related reasons.
Intraday Trading Facility:
Intraday trading means buying the units and settle the account on the same
day before the market closes i.e. before 3.30 p.m.

Margin Trading Facility: Margin Trade Facility (MTF) refers to the facility
pursuant to which part of the transaction value due to the stock exchange, at
the time of purchase of shares, shall be paid by the brokers on behalf of the
client on his/ her request.

Parameters
Exposure
Trade Settlement
Square-up time
Brokerage
Interest

Intraday
8 times
Same day
At 3.00 pm

Cash Product
4 times
T+2
With exposure

0.10%
No rate of interest

exposure unlimited
0.50%
19% p.a compounded daily

T+5

Without

Comparison between Intraday and Delivery Trading

Depository System of ICICI direct,com:
ICICI direct.com is a depository participant with the National Securities
Depository Limited Central Depository Services ( India ) Limited for the
trading and settlement

of dematerialized shares. ICICI direct.com offers

depository services to create a seamless transaction platform- execute trades

through the ICICI direct.com Depository Services. ICICI direct.com Depository

Services is part of their value added services for their client that create multiple
interface with the client and provide for a solution that takes care of their needs.
ICICI direct.com Equity Analysis:
Equity analysis is a research document which helps an investor to decide which
stocks to buy or sell. In other words, its an unbiased approach which helps
clients to decide which stocks to buy and which stocks to sell. It predicts a
company and its future helping investors to strategies their decisions. However,
it is subject to market risks.
ICIC direct.com is inherent with more than 540 research papers which include
industry analysis, sectoral analysis and company analysis.
Benefits of ICICI direct.com Equity Analysis:
Comprehensive Financial Services- As an active trader, investors can use the
tools, resources and support to execute your trading strategy, including a wide
range of investment products and services.
Intelligent Planning- Investor can have an idea of market moves, ups and
downs, and manage his portfolio accordingly.
Revenue generation: Prediction help ICICI ditrect.com to generate more
revenue in terms of higher turnover.
Dedicated Support and Services- One can enjoy priority access to relationship
Managers who are dedicated to support the trading and investing needs.
Consumers Satisfication- Investors (Customers of ICIC direct.com) believe in
higher returns and better portfolio manager Equity analysis serves the purpose.
However, Equity analysis reports maynt accurate. It is subject to market risks.
So, investors need to independently evaluate the investment and strategies and
also take the advice of a financial advisor.

2.Investing in mutual Funds:

ICIC direct.com brings you the online convenience while investing in Mutual
Funs also-m Hassle free and paperless Investing.
You can now invest on-line in 20 Mutual Funds through ICICI direct.com
Alliance MF
Birla Sun Life MF
Chola MF
DSP Merrill Lynch MF
Deusche MF
Franklin Templeton MF
Fidelity MF

HDFC MF
HSBC MF
ING Vyasya MF
JM MF
Kotak Mahindra MF
Principal MF
Prudential ICICI MF

Reliance Capital MF
SBI MF
Standard Chartered MF
Sundaram MF
Tata MF
UTI MF

You can invest in Mutual funds without the hassles of finding application forms
or any other paperwork. You need no signature or proof of identity for investing.
Once you place a request for investing in a particular fund, there are no manual
process involved. Your bank funds are automatically debited or credited while
simultaneously crediting or debiting your unit holdings. In case of investments
from the NRE account, the debit certificate is also submitted automatically to
the Mutual Fund so as to enable repatriation of sale proceeds subsequently.
You can get control over your investments with online order confirmation and
order status tracing. Get to know the performance of your investments through
online updating of MF portfolio with current NAV.
3.IPOs:
You could also invest in Initial Public Offers (IP Os) online without going
through the hassles of filling ANY application form/ paperwork.
Once you place a request for investing in a particular IPO, there are no manual
process involved. Your Bank funds are automatically debited and an application
made on your behalf. In case of investments from the NRE account, the debit
certificate is also submitted automatically. Where such investments are

subsequently sold online, the proof of debit from NRE account is also not
required to be submitted separately for repatriation of sale proceeds.
Get in- depth analyses of new IP Os issue (Initial Public Offerings) Which are
about to hit the market and analysis on these. IPO calendar, recent IPO listings,
prospectus/ offer documents, and IPO analysis are few of the features, which
help you, keep on top of the IPO markets.
Major online players in Indian Market : Among all the competitors, ICICI
direct.com and India bulls have raced ahead of the others in the market and are
the leaders. The other online players that make ups the top six are Share Khan
(owned by SSKI), Kodak Securities, HDFC Securities and 5 paise ( owned by
India Info line). Collectively, these players account about 75-80% of the market.
The remaining 130 players, who were given licenses to open online trading
platforms by the NSE, can be divided into three categories. First, those were in
active business but have less than 5% of the online market ( Motilal Oswalis
one among them). Second, those that invests in the technology but were not able
to get their project off the ground (the Lalbhai Group Anagram Securities) and
the third those that simply bid for the licenses but didnt pursue business. Most
players fall under this category.
The ICIC direct Advantages
What so unique about ICICIdirect.com?
A unique 3-in-1 account that gives you:
Convenience: the 3-in-1 account integrates your banking, broking and de-mat
account. This enables you to trade in shares without going through the hassies
of tracings cycles, writing cheques and Tranfer Instructions, chasing your broker
for cheques or transfer instructions etc.
Speed: you can now get the latest quotes of scripson ICICdirect.com and place
an order almost instantly.

Control: you can be assured that you have in fact placed an order at the price
you always wanted to, but may not have been able to do so till now. Thereby
giving you control your own trades.

Independence: Instead of transferring monies to a brokers pool or towards

deposits, you can mange your demat and bank account when you trade through
ICICIdirect.com.
Trust: ICICIdirtect.com comes to you from ICICI, the organization trusted by
million of Indians.

Bank Fee Schedule:

Demat Account Fee Schedule for Resident Non-Corporate (With effect from
June 01, 2005 ):

Fee Head

DP Charges

A/c opening Charges

NIL

Annual Services Charges

Rs.500/-payable
1.In the month of April each year, for the
accounts opened on or before March
31,2002.
2. For the Accounts opened on or after
April 1, 2002 , annual service charges are
payable one year from account opening
date & continued thereof
(That is if the account is opened on August
14, 2006 then it is charged for August 14,
2006 to August 13, 2007.)
(waived for all ICICIDirect.com
customers for the first financial year
in which they open the account)
(Rs.450/- for customers receiving
statement by e-mail)

Agreement Stamp Paper

Rs. 100/-

Transaction Charges
Market and Off market BUY

Nil

Market and Off-Market

SELL

Nil for trades through ICICIdirect.com

0.04% (minimum Rs. 10/-) for einstructions through internet

0.04% (minimum Rs. 15/-) for einstructions through call center

0.04% (minimum Rs. 30/-) for instructions

submitted at branches

Extra charges for

processing of TIFDs
submitted late

Rs. 10/- per ISIN for instructions

submitted at branches

Rejection/fails

Rs.30/-

Demat Charges

Rs.35/- per request and Rs. 2/- extra for

each certificate

Closure of Account

Nil

Pledge Creation
/Closure/Invocation/

0.02% (minimum Rs. 15/-), if ICICI Bank

is counter party

Confirmation (% of value
for each ISIN in each
request)

Additional Account
Statements

0.04% (minimum Rs. 30/-), if ICICI Bank

not a counter party

Rs.20/-

Current NSDL charges:

Market and Off-Market SELL

Rs. 6/- per debit instruction & nil for

commercial paper and short term debt
instruments (included in the brokerage
structure of ICICIDirect.com
customers)

Remat

Rs.10/- per certificate.

CHAPTER 3
LITERATURE REVIEW
3.1 BOOMING DEBT APPETITE, Economic Outlook, UAE
UAE equity markets have failed to recover from the steep 2006 sell off, despite
ample liquidity, strong earnings growth and a favorable global equity outlook.
The continuing under performance of the Abu Dhabi Index and the Dubai
Financial Markets General Index somewhat perplexing in light of robust global
equity market performance. Local investors hesitant to re-enter the fray after the
precipitous 2006 Gulf equity market declines. This fostered a short-term
investment culture where rumours are rampant, exacerbated by the of market
transparency. Booming corporate debt markets and a mushrooming private
equity industry offer firms ample financing options.
Moody's has forecast US$40bn worth of debt issues by Gee companies in
2007, more than double the amount raised in 2006, Firms are also being courted
by increasing numbers of private equity funds. In the Middle East and North
Africa, private equity investments grew from US$312mn in 2004 to US$7.1 bn

in 2006, with ample global liquidity swelling coffers to unprecedented levels. In

contrast to existing private equity practice in western markets, whereby firms
typically take public companies private, GCC private equity players primarily
focus on green-field or venture projects and real estate. Such easy access to
stage capital will postpone, and possibly preclude, public offerings.

3.2 Creating Visibility for Small Caps, BY LOUIS M. THOMPSON, JR.

With limited budgets and resources, any small-cap company needs to be
resourceful - extremely persistent to raise its profile. Although every company
has different limitations, there are simple outreach tatics that virtually all can
employ.
3.2.1 Develop the Message
Before going to the Street, the senior management team must develop a clearly
defined vision statement supported by a strategy and goals to achieve the vision.
The companys investor relations officer or IR consultant should be involved at
the outset in developing this statement. Institutional investors tell us that before
making an investment decisions, they want to meet face-to-face with the CEO
and CFO to assess the quality of senior manager and determine if they have a
realistic and understandable strategy to get the accomplish its goals.
Next the company should make this information easily accessible to investors
by incorporating it into an investor relations fact or data sheet, marketing
packets and the companys website. Sell-side security analyst coverage for
micro and small caps has diminished drastically in recent years.
3.2.2 Get the Coverage
Many small companies ask investors with solid sell-side relationships to
recommend their companies for research coverage. Others try to leverage the
buy
side to promote their companies to the sell side.

Companies should provide key information that the buy side uses to make the
dynamic changes taking place the market today are creating even greater
challenges for small companies to effectively communicate their message to the
investment community. Gone are days when companies could rely largely on
the sell-side research and recommendations.To day, investor relations officers
are spending the predominant part of their time going directly to the buy side
and communicating their companies' message to decision-makers.
3.3 Region, sector and style selection in global equity markets
Ronald van Dijk, Head of Research, ING Investment Management. Tjeert
Geezer, quantitative analyst, equities department at Aegon Asset Management.
Investment managers, consultants, mutual fund rating agencies and the
academic literature attach much importance to allocation themes within equity
portfolios. Four widely studies allocation themes are: region allocation, industry
sector allocation, value-growth . on and small-cap-big-cap ( size) allocation.
Variability of returns in the time-series dimension can be interpreted as
long-term behaviour. The empirical relation between the equity allocation
policy and returns reveals the diversification potential of the equity allocation
decisions. Moreover, it facilitates tuning of the risk profile of a stock portfolio.
Cross-sectional effects of asset allocation policies deviate significantly from the
time series effects. Approximately 90 per cent of the variability of a fund's
returns across time is explained variability of policy returns. The policy explains
'only' 40 per cent of the variability across mutual funds.
3.4 Money Elusion Eldar Shafir, Peter Diamond, Amos Tversky
The term money illusion" refers to a tendency to think in terms of nominal
rather than the real monetary values. It proposes that people often think about
economic transactions in and real terms, and that money illusion arises from an
interaction between these representation , which results in a bias toward a
nominal evaluation. People talk and write in ways that seem to indicate some
confusion between money's nominal and real worth.

It is a bias in the assessment of the real value of economic transactions, induced

by a nominal evaluation. Reliance on a nominal evaluation is not strategic or
motivational in nature. Rather, it is due to the ease, universality, and salience of
the nominal representation.
It is observed when, evaluating a higher income, an individual is content with
more money income although a simultaneous rise in prices keeps real income
unchanged. On the other hand, if people's evaluation of their income is based
not only on its actual buying power, but also on the sheer number of dollars,
then their preferences may correlate with changes even when there is no real
change.

3.5 METAL ACCOUNTING AND CONSUMER CHOICE Richard Thaler

To describe individual choice under uncertainty in a way capable of capturing
"mere" framing effects as well as other anomalies, Kahnman and Tversky
(1979) have developed spect theory" as an alternative to expected utility theory.
Elsewhere Thaler has developed a similar descriptive alternative to the
deterministic economic theory of consumer choice. He argues that consumers
often fail to behave in accordance with the normative 'ptions of economic
theory. For example, consumers often pay attention to sunk costs when they
shouldn't and underweight opportunity costs as compared to out-of-pocket costs.
People appear to respond more to perceived changes than to absolute levels. If
a situation is sufficiently ambiguous, how will individuals choose to code
outcomes? To some extent people try to frame outcomes in whatever way
makes them happiest. Second, individuals may have preferences about how
their life is organized.
Choices under uncertainty are influenced by very recent previous gains or
losses.

Thalers finds that previous gains and losses do influence subsequent choice in
ways that complicate any interpretation of the loss.
3.6 Overconfidence in Investment Decisions: An Experimental Approach
Over confidence, one exponent of egocentric biases is regarded as one of the
most robust findings in the psychology of judgment (DeBondl and Thaler.
Izy.i). and
can be defined as a systematic overestimation of the accuracy of one's decisions
and the precision of ones knowledge.
Some of the findings of the study are that Overconfidence increases with the

deviation of actual from optimal investments, indicating that the less accurate
their investment decisions are the more prone are participants to exhibit
overconfidence. Overconfidence increases with task complexity, People are less
overconfident when the perceived uncertainty is high.
3.7 ARE INVESTORS RELUCTANT TO REALISE THEIR LOSSES Terrance Odean
The Tendency of Investors to hold on to their loosing Investments and sell the
winning Investments which is not motivated by a desire to rebalance their
Portfolios or to avoid paying higher trading costs of low priced Stocks. Nor is it
Justified by the subsequent portfolio performance. Tax motivated selling is also
prevalent among investors. And such behavior from Investors leads to Lower
Returns.

CHAPTER - 4
EQUITY ANALYSIS - ACC Limited
4.1 INTRODUCTION
ACC (ACC Limited) is Indias foremost manufacture of cement and
concrete. Its operations are spread throughout the country with 14 modern

cement factories, 19 Ready mix concrete plants, 19 sales offices, and several
zonal offices. In the 70 years of its existence, ACC has been a pioneer in the
manufacturer of cement and concrete and a trendsetter in many areas of cement
and concrete technology including improvements in raw material utilization,
process improvement, energy conservation and development of high
performance concretes. The figure reflect operational performance of ACC Ltd.
Exceptional profits/earnings are excluded. Based on Management Discussion
and Analysis.

4.2

WHY ACC ?

4.2.1. INDIAN ECONOMY AND BUSINESS OPPORTUNITIES

The Indian economy is experiencing a major turnaround in recent tomes.
India is the fastest growing economy fuelled by a strong GDP growth led by
resounding performance in manufacturing and service sectors. The performance
on overall export front is also creditable. The Indian rupee has proved to be a
strong reliable currency on account of improved FDI inflow and healthy foreign
exchange reserves. With rapidly growing housing, infrastructure and real estate
sectors and the ambitious plans for developing Special Economic Zones, the
cement industry, along with ACC , is expected to enjoy double-digit growth.
4.2.2 DEDICATION TOWARDS QUALITY
4.2.2.1 Research & Development
The companys various businesses are supported by a powerful, in-house
research and technology backup facility. This ensures not just consistency
in product quality but also continuous improvements in products,
processes, and application areas. Some special products born out of this
own in house research, include a range of unique products of immense
value to the concrete and construction sectors such as High Performance
Concretes, Acconex a non-explosive demolition agent and ACC Marg a
novel technology for flexible pavements suitable for resurfacing and
strengthening road and highways.

4.2.2.2Environment
ACC is among the first companies in India to include commitment to
environmental protection as one of its corporate objectives, long before
pollution control comes into existence. The company installed pollution
control equipment and high efficiency sophisticated electrostatic
precipitators for cement kilns, raw mills, coal mills, power plants and
coolers as far back as 1966. Every factory has state-of-the-art pollution
control equipment and devices.
4.2.2.3EXPORT ORIENTATION
ACC has also extended its services overseas to the Middle East, Africa,
and South America, where it has provided technical and managerial
consultancy to a variety of consumers and also helps in the operation and
maintenance of cement plants aboard.
4.2.3 IT & ACC
It is the base growth in corporate. It is hard to believe of a successful
corporate without latest IT infrastructure. ACC is one of the first Indian
companies to realize the potential and importance of information
technology and adopt automation and IT. It has made timely transitions
determined by available technologies and business requirements from
Batch processing to on-line systems, from IBM1401 to the latest UNIX
and Windows2003based machines.
Moreover, currently ACC is the process of making a quantum jump from
Oracle 9i and Developer 6i to an ERP based solution. This will help ACC
in free flow of information across different centers (manufacturing,
marketing and R & D) spread across the length and breath of the nation.
The company has a tie up with HOLCIM group with project CONNECT
INDIA to share its technical knowledge and expertise.
With this move, ACC will also better prepared to master future expansion
of core business.
4.2.5 ACC with consumers

ACCs brand name is synonymous with cement and enjoys a high level of
equity in the Indian market. It is the only cement company that figures in
the list of consumer super Brands of India
As the largest cement producer in India, it is one of the biggest customers
of the Indian Railways, and the foremost user of the road network
services for inward and outward movement of materials and products
4.2.6Ready- Mix Concrete
ACC establishes the countrys first commercial ready-mix concrete (RMX)
in Mumbai. ACCs pioneering efforts in this respect along with the
introduction of bulk cement handling facilities have been responsible for
redefining the pace and quality of construction activity in metropolitan
cities and in mega infrastructure project in India to use High Performance
concrete of M-75 grade.
4.3 RISKS AND CONCERNS
4.3.1Inflation Concerns
Inflation is rising and the trend may continue. Infrastructure requirement
is bursting at seam. In other words the company has to incur higher
investment costs to meet the future capacity requirements.
4.3.2 Raw Materials Scarcity
The availability of basic raw materials and fossil fuels may become
scarce and pose a challenge to the cement industry, al though there is a
widespread awareness about the power, steel and cement industries poses
a question about ensuring adequate availability of future needs. This calls
upon the Government to speedily usher in privatization of coal mining
and opening coal sector for Captive Coal Mining by major consumer
sectors.
4.3.3Infrastructure

Availability of road transportation and limited wagon fleet may continue

to restrict the carrying capacity. In addition to that price of diesel and fuel
may continue to influence transportation costs.
4.3.4Foreign Trade
The expert of cement is likely to diminish in the future due to
overcapacity coming up in the gulf countries. This might affect the
domestic demand supply scenario.
There are also possibilities that cement majors from countries like China,
might be temped to make forays into the more lucrative and accessible
markets of India.
4.4 Future Plans
4.4.1 Cement Business
The augmentation of clinkering and cement guiding in Gagal and expansion and
modernization of Lakheri Cement Works along with the installation of a new 25
MW Captive Power Plant will add 0.50 MTPA of clinker and 0.90 MTPA of
cement capacity this year.Other major projects in hand expected to be
completed soon include griding augmentation at Tikari, Kymore, Wadi and
Sindri.The total cement capacity of the company will increase to about
23.10MPTA by the end of the year 2007 after these projects are completed.
At Madukarai a project for augmentation of cement grinding capacity by 0.22
MTPA is scheduled to be on stream in 2008. Also in 2008 the Company
expected to complete an expansion project as its Baragarh Cement Works in
Orissa, the capacity of which is being expanded to 2.14
MTPA together with the establishment of a 30 MW capacity Power Plant at a
total cost of Rs. 537 crore.

A capital outlay of Rs. 1487 crore has been approved to increase the clinkering
capacity at the New Wadi Works with additional cement grinding facilities in
Karnataka and a Captive Power Plant of 50 MW capacity. The expansion would
enhance the cement capacity by 3
MTPA in the state. The project is likely to go on stream in 2009.Ready Mix
Concrete Business has been identified as an area of strategic priority. The
Company foresees substantial scope for growth of this business in India and has
accordingly plans to expand RMX business in major cities including Tier 1 and
Tier 2 cities.
4.4.2 Overseas Business
The contract with Yanbu Cement Company, Saudi Arabia for the management
and operation of their cement plant at Yanbu in the Kingdom of Saudi Arabia
has now entered its twenty-eighth successful year.
Another prestigious contract with the Dangote group of Nigeria also progressed
satisfactorily. The company has been providing assistance to the Dangote
Group for establishing 2 new cement lines of 7000 tpd capacity at Obajana and
expansion and modernization of 2 lines from 1500 tpd to 4000 tpd each at
Benue. The Company has signed an agreement

to provide operations and

management support top this Group for both the plants.

During the year, the company entered into a contact with Mugher cement
enterprises, of government of Ethpia, for project consultancy for project
consultancy for a 3000 tpd brown field clinkering line and a Greenfield 1.4
million tones per annum guiding and packing plant at tatek near Addis Abada.
The Company also signed a contract with IHI, Japan for providing assistance in
plant commissioning at quassim. Cement plant in Saudi Arabia and Amran
Cement Plant in Yeman and back office engineering support to Brownfield
expansion for a cement plant in Vietnam.

4.4.3 Technical Support Service (Tss)

An exclusive center has been dedicated at thane to pursue technical excellence
and provide expertise and support to the companys cement plant . TSS has a
vital responsibility to support improvements in function of maintenance ,
process technology, product optimization, quality assurance, energy sourcing
and operation of cement and captive power planets .The cement is expected to
drive ACCs future growth plant through capital expenditure planning project
implementation management .
4.4.4 Alternate Fuels & Raw Material (AFR)
The company has drawn from the expertise of the Holcim Group which has
considerable experience in the field of alternate fuel & raw materials . The
company has set up three laboratories for testing AFR materials.
Several plants have taken up jatropha and castor tree plantation as part of the
ongoing AFR programs . This is step forward to meet the scarcity of fossil fuels
in the future
4.4.5 Connect INDIA
The Company implemented an ERP system that has standardized business
processes to run on SAP software called Company , The new system will
greatly enhance the Companys capability to capture and process a
comprehensive range of data to be used for decision- making and day to day
operations while automating some processes which were not part of the earlier
IT system. The new feature serve as triggers to usher in better work habits and
practices.
5.5Performance of Subsidiary companies.
The subsidiaries of ACC Itd have performing well and are expected to
continue the pace in future too.
Bulk cement Corporation of India ( BCCi) ACC machinery Company (AMCL)
ACC Nihon castings Limited ( ANCL and tarmac (India) Limited have shown
positive results

4.6 OUTLOOK
We expect net sales to grow at a double digit CAGR of 11.27% during 2008-09
on the back of strong demand from housing sector , infrastructure sector,
industrial construction and export.
At the current price of Rs 767.15 the stock is, is trading at a forward pe of 9.21x
and 7.28x for FY08e respectively. It is recommended to the investors to buy as
the valuation of the company is expected to increase in the near future due to
the impact of the boom in different sectors
4.7 Company background
ACC (ACC Limited) is Indias foremost manufacturer of cement and concrete
ACCs operation are spread throughout the country with 14 modern cement and
Factories, 19 ready mix concrete plants 19 sales offices, and several Zonal
offices .it has a workforce of Ready of about 9000 person and a countrywide
distribution network of over 9.000 dealers ACCs research and development
facility has a unique track record of innovative research , product development
and specialized consultancy services. Since its inception in 1936 the company
has been a trendsetter and important benchmark for the cement industry in
respect of its production, marketing and personnel management processes .Its
commitment to environment friendliness and its on- going efforts in
community welfare programs have won it acclaim as a responsible corporate
citizen.
In the 70 years of its existence, ACC has been a pioneer in the manufacture of
cement and concrete and a trendsetter in many areas of cement and concrete
technology including improvements in raw material utilization, process
improvement, energy conservation and development of high performance
concretes.

The companys various businesses are supported by a powerful, in-house

research and technology backup facility the only one of its kind in the Indian
cement industry. This ensures not just consistency in product quality but also
continuous improvements in products, processes, and application areas.
ACC has rich experience in mining, being the largest user of limestone, and it is
also one of the principal users of coal. It is also the larges cement producer in
India. ACC has also extended its services overseas to the Middle East, Africa,
and South America, where it has provided and managerial consultancy to a
variety of consumers and also helps in the operation and maintenance o9f
cement plants abroad. ACC is among the first companies in India to include
commitment to environmental protection as one of its corporate objectives, long
before pollution control laws came into existence.
The company installed pollution control equipment and high efficiency
sophisticated electrostatic precipitators for cement kilns, raw mills, coal mills,
power plants and cooler as far back as 1966. Every factory has state-of-the art
pollution control equipment and devices. ACC demonstrate the practices of
being a good citizen undertaking a wide range of activities to improve the living
conditions of the under-privileged classes living near its factories.

CHAPTER 5
CONCLUSION
5.1 Findings and Suggestions
5.1.1 Findings
The Indian economy had shown a fastest growing trend by a efficient and
most effective performance in manufacturing and services sectors. By studying
ACC Ltd. Financial profile and comparing with its techniques to sustain in the
present recession period market and attracting the consumers towards to its
equity in Indian market, it is revealed that

the company has able to its

objectives to a certain extent. These achievements are due its care ness to the
quality contribution in the production of goods and providing services. Without
latest IT infrastructure it is not a fair view about a successful corporate. With
this move, ACC has also shown a better prepared to master future expansion of
its core business. Forecast is the essence of equity analysis. For this analysis, the
forecast figures have been drawn on the basis of past prospective trend and
present market conditions. This prediction has made because of the availability
of inadequate information i.e., neither for the current recession period nor of
sufficient information during the past periods. Due to the boom in construction
sector, there would be a greater demand in the cement sectors, but the recession
market has became an obstacle in this path.
5.2.2 Sggestions
Choice under uncertainty is to be influenced by very recent gains or
losses. Thus, the company should look upon the consumers choice in the
existing unfavorable situations. Over confidence, one exponent of egontric
biases is regarded as one of the most robust findings in the psychological of

judgment and can be defined as a system of the accuracy of ones decision and
the precision of ones knowledge. This view is given because even though the
companys position in present market is better to a certain extent than some
others, yet it has to concentrate on the consumers behavior. It should not
forecast blindly about the consumers option to the companys equity. Now it is
customer market and consumers have their own idea to judge the benefits that
company can return them if they choose that company as alternative. In the
present day the people are most needed of services due to various personal and
impersonal reasons. Thus the company inspite of giving more importance in the
manufacturing aspect, should give the emphasis on the service sectors what it
has been taken as a base to hold the present equity holders and the prospective
investors.
5.2 Conclusion
In the 70 years the company has been

shown a pioneer in the

manufacturing of cement and concrete and a trendsetter in many areas of

cement and technology including improvements in raw materials utilization,
process improvement, energy conservation and development of high
performance concretes. Since its inspection in 1963, the company has been a
important benchmark for the cement industry in respect of its production,
marketing and personal management process. Investors believe in higher returns
and better portfolio manager. Equity analysis serves the purpose. However
equity analysis reports maynt accurate.
It is subject to market risks. So investors need to independently evaluate
the investment and strategies and also take the advice of a financial adviser. You
also get control over your investment with online order confirmation and order
status tracking. Capital market are increasingly the preferred routes for raising
finances in India, through debt, equity shares, debentures and hybrids. Investors
can freely access the capital market and in most cases freely price the issue.

An analysis made to the financial statements of ACC Limited can reveal the
following financial ratios & interpretation there to

Bibliography
www.icicidirect.com
www.bse.com
www.nse.com

Books
Finance Market 7 Service, Gorden & Natrajan
Portfolio Management, S. Kevin
Management Accounting, Sharma & Gupta

Position of BSE during different month

of 2008