equity valuation

“A Study on the Equity valuation”

Dissertation submitted In Partial fulfillment for the

Post Graduate Diploma in Business Management

By

Sandip JainRoll No.: GJUJUL08AA255

Batch 2008-2010

Under the Guidance of

Reporting Boss- Mr. Sachin Gupta.Designation- Equity Manager.

Company Name-GULF BULLS SECURITIES PVT LTD

1

NSB SCHOOL OF BUSINESS B-II/1, MCIE, Delhi-Mathura Road, New Delhi

GULF BULLS SECURITIES PVT LTD

A PROJECT REPORT ON EQUITY VALUATION

Submitted to: Submitted by:

2

Mr.Alok Satsangi Sandip Jain Regd no.-

GJUJUL08AA255 Batch 2008-2010

STUDENT’S DECLARATION

I hereby declare that the project report conductedAt

Gulf Bulls Securities Pvt. Ltd.

Under the guidance of

Mr. Sachin Gupta (Equity Manager)

Submitted in partial fulfillment of the requirements for the Degree of

MASTER OF BUSINESS ADMINISTRATION TO

NSB SCHOOL OF BUSINESS,NEW DELHI

Is the original work and the same has not been submitted for the award of any other

degree/diploma/fellowship or other similar titles or prizes.

3

Place: NewDelhi Date: Sandip Jain

PREFACE

To maintain and cope up with the growing competition from the various online trading providers,

Gulf Bulls Securities needs to find potential clients and also new investors and satisfy their needs.

The Broad objective of the project is to enable the trainees with tools to apply while trading and

face the circumstances which can arise while providing service to the clients.

This project will accomplish to understand different ways to act while trading and use of tools

according to the situation. It will help to know various factors which should be taken care of while

trading.

It helps to understand how each and every news effects the movements of the share price. It also

helps in understanding the trend of the particular sector in different market conditions.

All these steps help me to understand how to study a chart and how to cope with different types of

people and their diversified need satisfaction level.

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ACKNOWLEDGEMENTIT WAS A GREAT EXPERIENCE UNDERGOING MY TWO MONTHS

TRAINING AT GULF BULLS SECURITIES . I GOT AN OPPORTUNITY TO

LEARN AND EXPERIENCE ETHICS.

I WISH TO EXPRESS MY DEEP SENSE OF GRATITUDE TO MR. SACHIN

GUPTA ( EQUITY MANAGER ) IN GULF BULLS SECURITIES WHO IN HIS

BENEVOLENT GUIDANCE HAS ENABLED ME TO ACCOMPLISH MY

PROJECT .HE HAS BEEN A GREAT SOURCE OF INSPIRATION ALL THE

WAY. WITHOUT HIS KEEN INTEREST, INCESSANT, ENCOURAGEMENT

AND INVALUABLE SUGGESTIONS THIS REPORT COULDN’T HAVE

ATTAINED ITS PRESENT SHAPE WITH ZEAL AND ENTHUSIASM.I

WOULD LIKE TO EXTEND MY THANKS TO ALL THE MEMBERS OF THE

STAFF WHO HAS BEEN VERY HELPFUL THROUGHOUT MY TRAINING IN

SUPPLYING WITH ALL THE NECESSARY INFORMATION.AT THIS POINT,

I ALSO TAKE THE OPPORTUNITY TO THANKS MR. VIVEK RANA

(CHAIRMAN)FOR PROVIDING SUPPORT AND VALUABLE FEEDBACK TO

HELP ME CONDUCT THE PROJECT, OWING TO THE FACT THAT I WAS

NEW TO THE ORGANIZATION. F INALLY I WOULD LIKE TO EXPRESS

MY THANKS TO GULF BULLS SECURITIES FOR ACCEPTING ME AS A

SUMMER TRAINEE IN SUCH ESTEEMED ORGANIZATION.

I ASSURE THAT ALL THE INFORMATION PROVIDED BY ME IS

ORIGINAL AND AUTHENTICATED.

5

Sandip Jain (summer trainee)

CONTENT

Sl. No. Topic Page No.

1. Preface 4

2. Acknowledgement 5

3. Executive Summary 7

4. Indian Economy 8

5. Chapter 1. Introduction 12

6. Chapter 2. Research Methodology 18

7. Chapter 3. Company’s Profile 36

8. Chapter 4. Conclusion 95

9. Chapter 5. Bibliography 98

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EXECUTIVE SUMMARY

The project reflects information about products and services provided by Gulf Bulls Securities to

their customers. This project is made to know the forthcoming price of shares according to their

nature. It will help to study charts and analyze the coming situation. The project provides various

information about the share market and things taken under consideration while assumption of

resistance and support level. Effect of news related to the share shows the change in its price. News

are very much necessary to track the changes in the price.

The company provided lots of information on the share market. The environment was very friendly.

Informations were provided by the experts only. It helped us to be update and taught us the ways to

track share market. Indian economy is good enough compare to other countries, the G.D.P rate is

6.7%.

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THE ROLLERCOASTER RIDE OF INDIA’S ECONOMY

The country’s gross domestic product (GDP) grew by 6.7% in 2008-09, lower than the government’s

earlier 7.1% estimate but high enough to ensure that India remains among the fastest growing

economies in the world. Only china grew faster in 2008 at 9%. Exports have contracted for six

successive months as orders dried out because of credit crisis in the US and Europe.

GDP

0123456789

10

q1 q2 q3 q4 Q1 Q2 Q3 Q4

GDP

9.2

9

9.38.6

7.8

7.7

5.8

5.8

8

2007-08

Quarters Rate Reason

Q1 9.2% India was the attraction of global investors

after a record 9.8% growth in 2006-07

Q2 9% Lower farm growth pulls down GDP a bit

But economy continues to roar

Q3 9.3% The rupee rose to 39.22 against the dollar,

reaching its stongest position in several

years

Q4 8.6% Sensex scales at all time high of 21000 on

a surge in foreign capital inflows.

Government announces a Rs.66000 cr. Farm loan waiver scheme.

2008-09

Quarters Rate Reason

Q1 7.8% Economy stays robust even as the trouble

In the US grows into a global crisis

Q2 7.7% Lehmann Bros., big banks collapse

Q3 5.8% Exports slide, foreign investors quit,

Manufacturing shrinks

Q4 5.8% Economy does better than expected, sees

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some signs of recovery.

Note:

Q1- April – June

Q2- July – September

Q3- October – December

Q4- January – March

Challenges

The manufacturing sector, which accounts for over 14% of GDP, dipped by 1.4% in the quarter

ending march 31. For all of 2008-09,it grew by the modest 2.4% compared to last year’s 8.2%.

It’s a tricky time for the govt. as recently, measures have pushed up the govt.‘s fiscal deficit, reducing

its ability to spend on social and development schemes or announce more tax cuts to spur demand.

The RBI is also running out of monetary options as it can’t announce more interest rate cuts.

Government’s plans

NAME POSITION PLANS

MURLI DEORA Petroleum & natural

gas minister

Providing uninterrupted supplies of

petroleum products at all time

SUSHIL KUMAR SHINDE Power minister Power capacity addition will remain

the focus. There will be speed up in

the implementation of existing ultra

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mega power projects.

ANAND SHARMA Commerce &

industry minister

There is the possibility for more

incentives for exporters.

KAMAL NATH Highways and

surface transport

minister

Highway projects will start to execute

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Chapter 1 Introduction

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Company’s Details

Gulf bulls Securities Pvt. Ltd. is a Company registered under the Companies Act, 1956 .Gulf bulls

is a professionally managed group headed by the directors, having vast experience in the stock

market. Besides the core promoters, the group is having its full fledged teams headed by young and

dynamic professionals like chartered accountants, company secretaries, MBAs, IT professionals etc.

to handle the various divisions of the company.

By the end of the year 2009, company is about to open 20 new branches all over India. And very

soon it will be an MNC.

It is serving a diverse customer base of institutional and retail investors The Company has a balanced

mix of revenues from emerging markets and is well positioned to leverage the growth potential

offered by these markets.

GBS provides investors a robust platform to trade in Equities in NSE and BSE.

It is fully equipped with all modern infrastructures to carry on its activities. The offices are well

connected through the VPN, Lease line, ISDN, Internet and other network facilities. All of its

operations are computerized through the advanced technologies. All offices are ultra modern, hi-tech,

well furnished and fully computerized, driven by the well-qualified professionals.

It has worldwide vision and along with its associates is currently providing state of the art stock

broking services through all the major stock exchanges, trading through NSE & BSE, depository

services through CDSL and all the services are available under the one roof. With its ability to evolve

with the changing environment the Company has been able to put itself to the forefront of stock

13

broking activities. With its network spreading across various parts of India, it has made a distinct

mark among the stock broking houses and high net worth corporate as well as individuals.

The research team tracks the economy, industries and companies to provide the latest information and

analysis. It offers financial information, analysis, investment guidance, news & views, and is

designed to meet the requirements of everyone from a beginner to a savvy and well-informed trader.

Mr. VIVEK RANA Chairman / Managing Director

Mr RAJIV BALHARA Director

Mr. KULDEEP SHARMA Director

Mr. YAJUR CHAUDHARY Director

Mr. RAJNEESH AGARWALA Director

Mr. VIPIN KUMAR Director

Mr. GAJRAJ SINGH Director

Mr. ANIL KAUSHIK Director

14

Products of Gulf Bulls Securities

Equity Trading

Derivative Trading

Portfolio Management Services

Fundamental Research Reports

Trading Research Reports

Mutual Fund distribution

Equity (Shares)

We can say that a Share or Stock is a document issued by a company, which entitles its holder to be

one of the owners of the company. A share is issued by a company or can be purchased from the

stock market.

Derivatives

Derivative is a product whose value is derived from the value of one or more basic variables, called

bases(underlying asset, index, or reference rate), in a contractual manner. The underlying asset can be

equity, commodity, or any other asset, for example, wheat farmers wish to sell their harvest at a

future to eliminate risk of a change in price by that date. Such a transaction is an example of a

derivative. The price of this derivative is driven by the spot price of wheat which is the “underlying”.

In the Indian context the securities contracts(Regulation) Act, 1956 defines “derivative” to incude

15

A security derived from a debt instrument, share, loan, whether secured or unsecured, risk instrument

or contract differences or any other form of security.

A contract which derives its value from the prices, or index of underlying asset.

Derivative Products

Forward: A forward contract is a customized contract between to entities, where settlement takes

place on a specific date in the future at today’s pre-agreed price.

Futures: A future contract is an agreement between two parties to buy or sell an asset at a certain

time in the future at the current price. Future contracts are special types of forward contracts in the

sense that the former are standardized exchange-traded contracts.

Options: In finance, an option is a contract between a buyer and a seller that gives the buyer the

right—but not the obligation—to buy or to sell a particular asset (the underlying asset) at a later day

at an agreed price. In return for granting the option, the seller collects a payment (the premium) from

the buyer. A call option gives the buyer the right to buy the underlying asset; a put option gives the

buyer of the option the right to sell the underlying asset. If the buyer chooses to exercise this right,

the seller is obliged to sell or buy the asset at the agreed price. The buyer may choose not to exercise

the right and let it expire. The underlying asset can be a piece of property, or shares of stock or some

other security, such as, among others, a futures contract.

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4. Swap: Traditionally, the exchange of one security for another to change the maturity (bonds),

quality of issues (stocks or bonds), or because investment objectives have changed. Recently, swaps

have grown to include currency swaps and interest rate swaps. If firms in separate countries have

comparative advantages on interest rates, then a swap could benefit both firms. For example, one firm

may have a lower fixed interest rate, while another has access to a lower floating interest rate. These

firms could swap to take advantage of the lower rates.

17

Chapter 2 Research Methodology

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The research study attempts to provide an empirical validation of the widely held existing theories on

the determinants of firm performance in the Indian context. The study uses financial statement and

capital market ,the research helps to study Indian firms’ financial performance across various

dimensions viz., shareholder value, accounting profitability and its components, growth and risk of

the sample firms. It reveals that even on the same data, the determinants of market-based

performance measures and accounting-based performance measures differ due to influence of

‘Capital Market Conditions’. We found that size, marketing expenditure, and international

diversification had a positive relation with a firm’s market valuation. Apart from these firm attributes

that reflect either operating parameters of firms or ‘strategic choice’ of firm managers, we also found

that a firm’s ownership composition, particularly the level of equity ownership by Domestic

Financial Institutions and Dispersed Public Shareholders, and the leverage of the firm were important

factors affecting its financial performance. The different implications of the findings for various

stakeholders of a firm are given importance.

Technical Tips by a team of Professionally Qualified Analysts who have undisputed experience and

technical expertise with good track record in Index Forecasts and Short Term Trading, with

clear objective of providing Day Traders and Investors with some basic knowledge and guidance

about trading through some highly affordable schemes.Intraday and Futures & Options Tips for day

traders with more than 90% success rate.

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At GULF BULLS, all the sincere efforts are done to help Day Traders and Investors benefit from

Indian Stock market by adopting a reasonably correct strategy with discipline. Tips for various

market conditions – BULL as well as BEAR markets are given to MAXIMIZE YOUR PROFIT,

MINIMIZE YOUR LOSS.Research proposals on issues that have a bearing on securities market in

India are welcome.

Proposals may be in any area including:

Market Micro-structure and Design

Market Efficiency

Derivatives

Fixed Income and Government Securities Market

Investor Protection

Risk Measurement and Management

Tools used in research methodology

Bollinger Band

A band plotted two standard deviations away from a simple moving average, developed by famous

technical trader John Bollinger.

The basic interpretation of Bollinger Bands is that prices tend to stay within the upper- and lower-

band.  The distinctive characteristic of Bollinger Bands is that the spacing between the bands varies

based on the volatility of the prices.  During periods of extreme price changes (i.e., high volatility),

the bands widen to become more forgiving. During periods of stagnant pricing(i.e., low volatility),

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the bands narrow to contain prices.

Mr. Bollinger notes the following characteristics of Bollinger Bands.

Sharp price changes tend to occur after the bands tighten, as volatility lessens.

When prices move outside the bands, a continuation of the current trend is implied.

Bottoms and tops made outside the bands followed by bottoms and tops made inside the bands call

for reversals in the trend.

A move that originates at one band tends to go all the way to the other band.  This observation is

useful when projecting price targets.

21

In this example of Bollinger bands, the price of the stock is banded by an upper and lower band along

with a 21-day simple moving average.

Standard deviation is a measure of volatility, Bollinger bands adjust themselves to the market

conditions. When the markets become more volatile, the bands widen (move further away from the

average), and during less volatile periods, the bands contract (move closer to the average). The

tightening of the bands is often used by technical traders as an early indication that the volatility is

about to increase sharply.

This is one of the most popular technical analysis techniques. The closer the prices move to the upper

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band, the more overbought the market, and the closer the prices move to the lower band, the more

oversold the market.

2. Moving Average

A Moving Average is an indicator that shows the average value of a security's price over a period of

time.  When calculating a moving average, a mathematical analysis of the security's average value

over a predetermined time period is made.  As the security's price changes, its average price moves

up or down.

The most popular method of interpreting a moving average is to compare the relationship between a

moving average of the security's price with the security's price itself.  A buy signal is generated when

the security's price rises above its moving average and a sell signal is generated when the security's

price falls below its moving average. 

This type of moving average trading system is not intended to get you in at the exact bottom nor out

at the exact top.  Rather, it is designed to keep you in line with the security's price trend by buying

shortly after the security's price bottoms and selling shortly after it tops.

The critical element in a moving average is the number of time periods used in calculating the

average.  When using hindsight, you can always find a moving average that would have been

profitable.  The key is to find a moving average that will be consistently profitable.  The most popular

moving average is the 39-week (or 200-day) moving average.  This moving average has an excellent

track record in timing the major (long-term) market cycles.

23

3. Beta.

. Beta is a measure of a stock's volatility in relation to the market. By definition, the market has a beta

of 1.0, and individual stocks are ranked according to how much they deviate from the market. A

stock that swings more than the market over time has a beta above 1.0. If a stock moves less than the

market, the stock's beta is less than 1.0. High-beta stocks are supposed to be riskier but provide a

potential for higher returns; low-beta stocks pose less risk but also lower returns.

Beta is a key component for the capital asset pricing model (CAPM), which is used to calculate cost

of equity. Recall that the cost of capital represents the discount rate used to arrive at the present value

of a company's future cash flows. All things being equal, the higher a company's beta is, the higher its

cost of capital discount rate. The higher the discount rate, the lower the present value placed on the

company's future cash flows. In short, beta can impact a company's share valuation

Advantages of Beta

To followers of CAPM, beta is a useful measure. A stock's price variability is important to consider

when assessing risk. Indeed, if you think about risk as the possibility of a stock losing its value, beta

has appeal as a proxy for risk.

Besides, beta offers a clear, quantifiable measure, which makes it easy to work with. Sure, there are

variations on beta depending on things such as the market index used and the time period measured,

but broadly speaking, the notion of beta is fairly straightforward to understand. It's a convenient

measure that can be used to calculate the costs of equity used in a valuation method that discounts

24

cash flows.

Disadvantages of Beta

For starters, beta doesn't incorporate new information. Consider the electrical utility company

American Electric Power (AEP). Historically, AEP has been considered a defensive stock with a low

beta. But when it entered the merchant energy business and assumed high debt levels, AEP's historic

beta no longer captured the substantial risks the company took on. At the same time, many

technology stocks, such as Google, are so new to the market they have insufficient price history to

establish a reliable beta.

Another troubling factor is that past price movements are very poor predictors of the future. Betas are

merely rear-view mirrors, reflecting very little of what lies ahead.

Furthermore, the beta measure on a single stock tends to flip around over time, which makes it

unreliable. Granted, for traders looking to buy and sell stocks within short time periods, beta is a

fairly good risk metric. But for investors with long-term horizons, it's less useful.

4. Resistance and support level.

Support is the price level at which demand is thought to be strong enough to prevent the price from

declining further. The logic dictates that as the price declines towards support and gets cheaper,

buyers become more inclined to buy and sellers become less inclined to sell. By the time the price

25

reaches the support level, it is believed that demand will overcome supply and prevent the price from

falling below support.

Support levels are usually below the current price, but it is not uncommon for a security to trade at or

near support. Technical analysis is not an exact science and it is sometimes difficult to set exact

support levels. In addition, price movements can be volatile and dip below support briefly.

Sometimes it does not seem logical to consider a support level broken if the price closes 1/8 below

the established support level.

Resistance is the price level at which selling is thought to be strong enough to prevent the price from

rising further. The logic dictates that as the price advances towards resistance, sellers become more

inclined to sell and buyers become less inclined to buy. By the time the price reaches the resistance

level, it is believed that supply will overcome demand and prevent the price from rising above

resistance.

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Resistance levels are usually above the current price, but it is not uncommon for a security to trade at

or near resistance. In addition, price movements can be volatile and rise above resistance briefly.

Sometimes it does not seem logical to consider a resistance level broken if the price closes 1/8 above

the established resistance level.

5. MACD

The MACD ("Moving Average Convergence/Divergence") is a trend following momentum indicator

that shows the relationship between two moving averages of prices.  The MACD was developed by

Gerald Appel, publisher of Systems and Forecasts.

27

The MACD is the difference between a 26-day and 12-day exponential moving average.  A 9-day

exponential moving average, called the "signal" (or "trigger") line is plotted on top of the MACD to

show buy/sell opportunities. (Appel specifies exponential moving averages as percentages as

explained on page 170.  Thus, he refers to these three moving averages as 7.5%, 15%, and 20%

respectively.)

Interpretation

The MACD proves most effective in wide-swinging trading markets.  There are three popular ways

to use the MACD: crossovers, overbought/oversold, and divergences.

Crossovers.

The basic MACD trading rule is to sell when the MACD falls below its signal line.  Similarly, a buy

signal occurs when the MACD rises above its signal line.  It is also popular to buy/sell when the

MACD goes above/below zero.

Overbought/ Oversold Conditions.

The MACD is also useful as an overbought/oversold indicator.  When the shorter moving average

pulls away dramatically from the longer moving average (i.e., the MACD rises), it is likely that the

security price is overextending and will soon return to more realistic levels. MACD overbought and

oversold conditions exist vary from security to security. 

Divergences.

A indication that an end to the current trend may be near occurs when the MACD diverges from the

security (page 32). A bearish divergence occurs when the MACD is making new lows while prices

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fail to reach new lows.  A bullish divergence occurs when the MACD is making new highs while

prices fail to reach new highs.  Both of these divergences are most significant when they occur at

relatively overbought/oversold levels.

6. Chart Study

Profitable Pattern Number One

THE SYMMETRICAL TRIANGLE: A RELIABLE WORKHORSE

The symmetrical triangle pattern is seen in a stock’s price vacillating up and down and converging

towards a single point. Its back and forth oscillations will become smaller and smaller until the stock

reaches a critical price, breaks out of the pattern, and moves drastically up or down.

The symmetrical triangle pattern is formed when investors are unsure of a stock’s value. Once the

pattern is broken, investors jump on the bandwagon, shooting the stock price north or south.

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How to Profit from Symmetrical Triangles

Symmetrical triangles are very reliable. You can profit from upwards or downwards breakouts.

You’ll learn more about how to earn from downtrends when we talk about maximizing profits.

If you see a symmetrical triangle forming,

• Sideways movement, a period of rest, before the breakout.

• Price of the asset traveling between two converging trendlines.

• Breakout ¾ of the way to the apex.

Profitable Pattern Number Two

ASCENDING AND DESCENDING TRIANGLES: THE TRADITIONAL BULL AND BEAR

When you notice a stock has a series of increasing troughs and the price is unable to break through a

price barrier, chances are you are witnessing the birth of an ascending triangle pattern.

The descending triangle is the bearish counterpart to the ascending triangle.

30

.

The ascending and descending patterns indicate a stock is increasing or decreasing in demand. The

stock meets a level of support or resistance (the horizontal trendline) several times before breaking

out and continuing in the direction of the developing up or down pattern.

How to Profit from Ascending and Descending Triangles

Ascending and descending triangles are short-term investor favorites, because the trends allow

short-term traders to earn from the same sharp price increase that long-term investors have been

waiting for. Rather than holding on to a stock for months or years before you finally see a big payday,

you can buy and hold for only a period of days and reap in the same monster returns as the long-

time stock owners.

As with many of our favorite patterns, when you learn to identify ascending and descending triangles,

you can profit from upwards or downwards breakouts. That way, you’ll earn a healthy profit

regardless of where the market is going.

Profitable Pattern Number Three

HEAD AND SHOULDERS: A CHARTADVISOR STAPLE

31

The head and shoulders pattern is a prevailing pattern among short sellers, investors who profit from

downtrends. After three peaks, the stock plummets, offering a textbook, high-return opportunity to

traders who catch the trend early.

Head and Shoulders PatternHead and shoulder patterns are characterized by a large peak bordered on either side by two smaller peaks. one trendline, called the neckline, connecting the bottom of the two troughs.

The first trough is a signal that buying demand is starting to weaken. Investors who believe the stock

is undervalued respond with a buying frenzy, followed by a flood of selling when traders fear the

stock has run too high. This decline is followed by another buying streak which fizzles out early.

Finally, the stock declines to its true worth below the original price.

Profitable Patterns Number Four and Five

TRIPLE AND DOUBLE BOTTOMS AND TOPS: REVERSALS UPON REVERSALS

32

A W or M pattern forming is just discovered a money-making double bottom or double top pattern.

These patterns are common reversal patterns used to suggest the current stock trend may be likely to

shift.

Double Bottom Pattern

Double Bottom PatternA small peak is surrounded by two equal troughs.

Purchase When:

• The price exceeds the middle-peak price.

Watch For:

• A price increase of 10% to 20% from the first trough to the middle peak.

• Two equal lows, not to differ by more than 3% or 4%.

Triple Bottom Pattern

33

Triple Bottom Pattern

Three equal troughs amid a series of peaks.

Purchase When:

• The price exceeds the resistance established by the prior peaks.

Watch For:

• A series of three identical troughs at the end of a prolonged downtrend.

For triple bottom patterns, sell your stock at a target price of:

• Entry price plus the pattern’s height (distance from the resistance to the bottom of the lowest

trough).

Triple Top Pattern

34

Triple Top Pattern

Three equal peaks amid a series of troughs.

Purchase When:

• The price falls below the support that formed from the prior troughs.

Watch For:

• A series of three peaks at relatively the same level.

Set Target Price:

For triple top patterns, buy shares at a target price of:

• Entry price minus the pattern’s height (distance from the support to the top of the highest peak).

35

Chapter 3

36

Company’s Profile

INTRODUCTION

Educomp Solutions Ltd. was incorporated in 1994.Its Chairman & managing director is Mr.

SHANTANU PRAKASH (IIM A) It works schools implementing innovative model, creating and

delivering content to enhance student learning. It focus in the K-12 curriculum design and teacher

education space. Educomp has two subsidiaries

to tap the opportunity arising from a shortage of

schools in India, namely, Educomp

Infrastructure and Educomp School

Management.

Incorporated in 1994

10.99 million Learners

21,000 Schools

4500 Professionals

27 Offices

Presence in India, North America and the Asia

Pacific Region

Works with 13 state governments in India 37

Vision: To apply innovative solutions to solve critical problems relating to quality of education

access to education for all.

Educomp is a publicly traded company on the Bombay Stock Exchange and National Stock

Exchange, India.

Educomp Products

Educomp has over the years been at the forefront of

various pioneering initiatives in the e-education space.

A few notable examples are

Introduced Smart classTM, a ‘teacher-led’ content

delivery system that has dramatically improved learning

effectiveness in class.

Sl. Venture with

1. AsknLearn

2. Three Bricks

3. AuthorGen Tech.

4. Savvica

5. Learning.com

6. Raffles Education Gr.

38

Developed India’s richest 3 D K-12 content library with over 15,000 modules aligned to Indian and

international learning standards.

Developed Roots to WingsTM, India’s first structured Pre-School learning system.

Developed Mathguru.com an online learning initiative.

Pioneered Education Process Outsourcing in India through the Learning Hour platform, a

benchmark for other similar initiatives.

Conducted Professional Development workshops, training more than a million teachers in

technology integration, pedagogy, and best practices in teaching.

Educomp’s Research Team constantly evolves more effective methods to reach out to learners and

educators.

Recognition

In recognition of its innovations and product offerings, Educomp was conferred the "CNBC-ICICI

Bank Emerging India Award" as the ‘Company of the year 2005’ in the ICE and ITeS category.

The Company also has the honor of being the first company in India to have been rated SME1 by

CRISIL, in recognition for its outstanding creditworthiness. In addition, the Company also received.

A P1 rating for commercial paper from CRISIL

An "A" (Stable) rating for long term debt (Non-Convertible Debentures) from Fitch Ratings.

An A / Stable rating for cash credit facilities from CRISIL.

An ISO 9001:2000 certification in application of ICT (Information & Communication Technology)

related to computer aided learning, training and computer literacy projects in Schools.

39

Educomp Solutions has been named in the “200 Best under a Billion” for the Asia-Pacific region by

Forbes (Sept 29, 2008 issue). In December 2007, BT 500 ranked Educomp as the 7th biggest in

percentage gain in market cap (H1, 2007 over H1, 2006) and 140 in the list of the most valuable

private sector companies in India (up from rank 346 in BT 500 list of November 2006). The

Company has been ranked 319 by ET 500 March 2007 issue. Educomp was chosen as the "FUTURE

TITAN", one of the 10 hottest companies in India by Outlook Business Magazine in November 2006.

It was also rated the best performing IPO of the year 2006 across all sectors in India.

Educomp aims to usher an era of anytime, anywhere learning to break down the barriers to education.

The Company is aligned with emerging paradigms in pedagogy that underline "What Learning Can

Be".

Stock Quotes as on 29 th may,2009

40

PE ratio

EPS (Rs) 31.54 Mar, 09

Sales (Rs crore) 1839.04 Mar, 09

Face Value (Rs) 10 1994

Net profit margin (%) 25.51 Mar, 08

last dividend (%) 25 02/06/08

Return on average equity 24.43 Mar, 08

Price 2823.55

Face Value Rs.10

BSE sensex 14296

Volume Change 127700

52 week H/L 4219.00-1331.00

BSE Scrip Code 532696

NSE Scrip Code INE 216H01019

Resistance Level(E) 2870

Support Level(E) 2800

Beta 1.44

Index BSE 100,BSE Mid Cap

Group A

Listed on BSE/NSE 13th January 2006

Price 2823.55

Face Value Rs.10

BSE sensex 14296

Volume Change 127700

52 week H/L 4219.00-1331.00

BSE Scrip Code 532696

NSE Scrip Code INE 216H01019

Resistance Level(E) 2870

Support Level(E) 2800

Beta 1.44

Index BSE 100,BSE Mid Cap

Group A

Listed on BSE/NSE 13th January 2006

41

%

)Indian(DII55%

FII40%

Others5%

PROMOTERS %

Indian(DII) 55.02

FII 39.70

Others 5.28

42

Ratio Analysis

Ratio 2008-09 2007-08 2006-07

Leverage 1.28 1.22 1.03

Profitability 68.46 47.58 46.96

Net Profit 29.64 26.73 26.82

Liquidity 5.90 5.64 5.23

43

Charts on Monthly basis

May

date Open High Low Close Volume

29-May-09 2,849.00 2,883.80 2,805.00 2,823.55 127,700

28-May-09 2,835.00 2,849.00 2,757.20 2,817.30 146,300

27-May-09 2,920.00 2,920.00 2,763.25 2,820.55 135,300

26-May-09 2,900.00 2,932.90 2,716.10 2,738.00 263,100

25-May-09 2,750.00 2,917.00 2,730.25 2,881.35 307,900

22-May-09 2,634.90 2,750.00 2,620.00 2,723.85 304,900

21-May-09 2,545.00 2,699.00 2,530.00 2,638.50 234,500

20-May-09 2,669.90 2,720.00 2,538.00 2,555.15 238,300

19-May-09 2,811.00 2,950.00 2,500.00 2,671.95 315,300

18-May-09 2,506.00 2,599.00 2,506.00 2,506.00 0

15-May-09 2,445.00 2,445.00 2,360.00 2,377.50 162,600

14-May-09 2,400.00 2,470.00 2,358.00 2,393.60 223,200

13-May-09 2,444.90 2,520.00 2,435.00 2,471.80 339,300

44

12-May-09 2,389.00 2,452.90 2,385.25 2,423.20 304,300

11-May-09 2,355.00 2,449.95 2,330.00 2,402.65 471,300

8-May-09 2,251.20 2,367.00 2,250.00 2,310.70 514,000

7-May-09 2,300.00 2,346.00 2,240.00 2,261.45 378,000

6-May-09 2,395.00 2,430.00 2,238.00 2,269.00 409,700

5-May-09 2,400.00 2,447.00 2,332.00 2,376.80 355,900

4-May-09 2,540.00 2,640.00 2,352.00 2,377.25 621,100

News in the month of may

15th may Edureach, which has partnered with the government in

implementing ICT intervention in 14,000 schools in 14 states,

launched a documentary on the impact of ICT

intervention on students

14th may Educomp bags Rs 83.82 crore order from Gujarat

government to introduce computer-aided learning in

5099 secondary/senior secondary schools in the state

13th may Educomp bags Rs. 83.82 crores contract from Gujarat

Government; Expands reach to over 5000 Government

schools in Gujrat and close to 14000 schools across

India. 

45

2,000.00

2,100.00

2,200.00

2,300.00

2,400.00

2,500.00

2,600.00

2,700.00

8-May-09 7-May-09 6-May-09 5-May-09 4-May-09

High

low

close

R=2500

S=2250

Fall of Rs.67 within a week

2,200.00

2,250.00

2,300.00

2,350.00

2,400.00

2,450.00

2,500.00

2,550.00

15-May-09

14-May-09

13-May-09

12-May-09

11-May-09

High

low

close

R=2475

S=2360

*There is a fall of Rs.25 in a week

46

2,200.00

2,300.00

2,400.00

2,500.00

2,600.00

2,700.00

2,800.00

2,900.00

3,000.00

22-May-09

21-May-09

20-May-09

19-May-09

18-May-09

High

low

close

R=2875

S=2525

*A rise of Rs.217 in a week

2,600.00

2,650.00

2,700.00

2,750.00

2,800.00

2,850.00

2,900.00

2,950.00

29-May-09

28-May-09

27-May-09

26-May-09

25-May-09

High

low

close

R=2900

S=2725

*A fall of Rs.58

47

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

High

Low

Close

Resistance level – 2800

Support level – 2450

* there is a rise of Rs.440 within a month.

48

April

Date Open High Low Close Volume

29-Apr-09 2,415.00 2,498.80 2,395.00 2,474.25 335,900

28-Apr-09 2,590.00 2,599.00 2,341.10 2,388.20 372,200

27-Apr-09 2,525.00 2,625.00 2,501.00 2,585.20 417,900

24-Apr-09 2,600.25 2,692.20 2,525.00 2,557.85 661,100

23-Apr-09 2,410.00 2,670.00 2,371.50 2,594.40 668,700

22-Apr-09 2,441.00 2,491.00 2,372.00 2,401.95 586,200

21-Apr-09 2,305.25 2,474.00 2,268.80 2,419.30 851,200

20-Apr-09 2,216.00 2,430.00 2,192.00 2,374.95 656,000

17-Apr-09 2,230.00 2,308.00 2,165.00 2,184.75 327,700

16-Apr-09 2,225.00 2,349.00 2,190.00 2,213.45 630,600

15-Apr-09 2,001.00 2,247.80 1,970.00 2,198.40 762,700

13-Apr-09 2,245.00 2,250.00 2,002.00 2,043.45 480,800

9-Apr-09 2,270.00 2,324.95 2,085.00 2,178.95 376,500

8-Apr-09 2,347.80 2,347.80 2,195.00 2,249.25 280,300

6-Apr-09 2,400.00 2,444.00 2,372.90 2,393.90 350,500

2-Apr-09 2,250.00 2,385.00 2,250.00 2,341.40 436,800

1-Apr-09 2,110.00 2,250.00 2,074.00 2,207.60 400,700

News in the month of April

49

30th apr Educomp announces plan to set up a second Raffles

International College in Bengaluru, after establishing

the first centre in New Delhi through alliance with

Raffles Education Corporation Limited. 

24th apr The Millennium School, Noida, invites a kabadiwala as

chief guest at the launch of its Eco Club, which aims at inculcating

environmental understanding among children. 

2,100.00

2,200.00

2,300.00

2,400.00

2,500.00

2,600.00

2,700.00

2,800.00

29-Apr-09 28-Apr-09 27-Apr-09 24-Apr-09

High

Low

Close

R=2610

S=2350

*A Fall of Rs.83 in a week

50

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

23-Apr-09 22-Apr-09 21-Apr-09 20-Apr-09

High

Low

Close

R=2500

S=2250

*A rise of Rs.223 in a week

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

17-Apr-09 16-Apr-09 15-Apr-09 13-Apr-09

High

Low

Close

R=2250

S=2000

*A rise of Rs.141

51

1,800.00

1,900.00

2,000.00

2,100.00

2,200.00

2,300.00

2,400.00

2,500.00

9-Apr-09 8-Apr-09 6-Apr-09 2-Apr-09 1-Apr-09

High

Low

Close

R=2400

S=2150

*A fall of Rs.29 in a week

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

High

Low

Close

Resistance level – 2550

Support level – 2050

52

March

DateOpen High Low Close Volume

31-Mar-09 2,061.30 2,140.00 2,031.50 2,090.65 431,100

30-Mar-09 2,180.00 2,180.00 2,031.00 2,050.65 312,800

27-Mar-09 2,165.00 2,255.00 2,150.00 2,199.35 448,300

26-Mar-09 2,070.00 2,160.00 2,050.00 2,135.90 414,000

25-Mar-09 2,074.80 2,074.80 1,970.00 2,044.15 563,000

24-Mar-09 2,040.00 2,145.00 2,022.00 2,054.65 637,000

23-Mar-09 1,950.25 2,037.00 1,940.00 2,015.65 665,200

20-Mar-09 1,931.95 1,945.45 1,826.00 1,898.00 723,600

19-Mar-09 1,998.00 2,002.20 1,852.20 1,931.95 747,100

18-Mar-09 1,950.00 2,024.30 1,942.10 1,964.50 724,600

17-Mar-09 1,950.00 2,039.90 1,933.00 1,954.30 931,000

16-Mar-09 1,780.00 1,944.95 1,780.00 1,931.35 929,600

13-Mar-09 1,585.15 1,793.00 1,585.15 1,762.90 994,600

12-Mar-09 1,542.00 1,574.90 1,521.10 1,560.60 381,300

9-Mar-09 1,540.00 1,547.00 1,495.15 1,513.80 430,800

6-Mar-09 1,535.00 1,577.00 1,473.60 1,560.25 771,900

5-Mar-09 1,590.00 1,634.00 1,521.00 1,546.35 705,000

4-Mar-09 1,550.00 1,600.00 1,536.10 1,570.80 761,700

53

3-Mar-09 1,600.00 1,635.00 1,515.75 1,530.25 916,400

2-Mar-09 1,610.00 1,643.00 1,510.00 1,605.35 724,500

News in the month of March

24th mar Asia’s largest private education group Raffles

Education Corporation establishes its second design

training centre at Pusa Road in New Delhi through

joint venture with Educomp Solutions Ltd. 

14th mar Raffles Education Corporation partners with Educomp

Solutions Limited to launch its design institute Raffles

Millennium International that will offer various

certificate courses. enture with Educomp Solutions Ltd.

1,800.00

1,900.002,000.00

2,100.002,200.00

2,300.00

31-Mar-09

30-Mar-09

27-Mar-09

26-Mar-09

25-Mar-09

high

low

close

*A Rise of Rs.46

54

1,600.001,700.001,800.001,900.002,000.002,100.002,200.00

24-Mar-09

23-Mar-09

20-Mar-09

19-Mar-09

18-Mar-09

high

low

close

*A rise of Rs.90 in a Week

0.00

500.001,000.00

1,500.002,000.00

2,500.00

17-Mar-09

16-Mar-09

13-Mar-09

12-Mar-09

9-Mar-09

high

low

close

*A rise of Rs.441 in a week

1,350.001,400.001,450.001,500.001,550.001,600.001,650.001,700.00

6-Mar-09

5-Mar-09

4-Mar-09

3-Mar-09

2-Mar-09

high

low

close

*A fall of Rs.45 in a week.

55

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

High

Low

Close

Resistance level

Support level

Resistance level – 1897.63

Support level – 1784.28

February

56

Date Open High Low Close Volume

27-Feb-09 1,520.00 1,669.30 1,489.00 1,643.95 1,234,200

26-Feb-09 1,618.85 1,635.00 1,480.00 1,567.90 1,261,800

25-Feb-09 1,599.00 1,684.70 1,592.00 1,618.85 994,400

24-Feb-09 1,700.00 1,725.00 1,536.10 1,565.50 1,488,100

20-Feb-09 1,970.00 1,985.00 1,711.10 1,771.85 1,626,600

19-Feb-09 2,130.00 2,177.00 1,991.00 2,015.65 1,131,100

18-Feb-09 1,970.00 2,140.15 1,956.00 2,117.75 1,120,700

17-Feb-09 2,010.00 2,055.00 1,910.00 2,006.15 905,700

16-Feb-09 2,130.00 2,162.00 2,026.00 2,055.00 990,600

13-Feb-09 1,974.00 2,145.00 1,938.00 2,097.20 955,600

12-Feb-09 1,790.00 1,985.00 1,790.00 1,956.85 803,200

11-Feb-09 1,850.00 1,959.00 1,774.00 1,837.75 1,220,800

10-Feb-09 1,595.00 1,968.00 1,595.00 1,891.45 1,410,100

9-Feb-09 1,430.00 1,615.00 1,402.00 1,597.05 873,200

6-Feb-09 1,404.00 1,438.40 1,331.00 1,401.40 785,500

5-Feb-09 1,400.00 1,449.00 1,356.00 1,394.00 359,200

4-Feb-09 1,490.05 1,565.90 1,392.65 1,412.85 674,100

3-Feb-09 1,594.40 1,635.25 1,450.00 1,490.05 715,300

2-Feb-09 1,770.00 1,825.00 1,635.55 1,698.70 550,700

News in the month of February

57

4th Feb Education solutions provider educomp Solutions Ltd

has said it will work with the Government and

regulators to prove the company's credibility

4th Feb IT education solutions provider Educomp Solutions Ltd on

Tuesday informed the Bombay Stock Exchange (BSE) that

will appoint global consultancy firm Grant Thornton

as internal auditor

3rd Feb India’s largest education company, Educomp Solutions Ltd

today announced its plans for setting up budget

schools in small towns across India

0.00

500.001,000.00

1,500.002,000.00

2,500.00

27-Feb-09

26-Feb-09

25-Feb-09

24-Feb-09

20-Feb-09

high

low

close

*A fall of Rs.128

1,700.00

1,800.001,900.00

2,000.002,100.00

2,200.00

19-Feb-09

18-Feb-09

17-Feb-09

16-Feb-09

13-Feb-09

high

low

close

58

*A rise of Rs.82 in a week.

0.00

500.001,000.00

1,500.002,000.00

2,500.00

12-Feb-09

11-Feb-09

10-Feb-09

9-Feb-09

6-Feb-09

high

low

close

*A Rise of Rs.555 in a week.

0.00

500.00

1,000.00

1,500.00

2,000.00

5-Feb-09

4-Feb-09

3-Feb-09

2-Feb-09

high

low

close

*A fall of Rs.304.

59

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

High

Low

Close

Resistance level

Support level

Resistance level – 1832.56

Support level – 1650.28

60

January

Date Open High Low Close Volume

30-Jan-09 1,752.00 1,824.90 1,711.00 1,792.55 414,400

29-Jan-09 1,820.00 1,825.00 1,760.00 1,796.75 341,200

28-Jan-09 1,755.00 1,795.00 1,719.00 1,777.70 354,400

27-Jan-09 1,782.00 1,825.00 1,652.55 1,720.70 766,000

23-Jan-09 1,747.00 1,785.00 1,700.00 1,747.35 595,000

22-Jan-09 1,550.00 1,815.00 1,534.90 1,782.80 1,733,000

21-Jan-09 1,925.00 1,932.00 1,375.00 1,534.90 1,391,700

20-Jan-09 2,025.00 2,073.00 1,915.20 1,969.35 1,009,600

19-Jan-09 2,115.00 2,170.00 2,074.00 2,106.35 516,800

16-Jan-09 1,966.75 2,112.00 1,959.95 2,088.20 509,900

15-Jan-09 1,850.00 1,985.00 1,755.00 1,936.95 383,000

14-Jan-09 1,994.80 2,049.00 1,919.00 1,945.50 386,400

13-Jan-09 1,999.00 2,032.00 1,835.00 1,946.10 504,900

12-Jan-09 2,140.00 2,140.00 1,970.00 1,997.10 380,800

9-Jan-09 2,350.00 2,358.00 1,980.00 2,127.90 530,600

7-Jan-09 2,655.00 2,722.00 2,225.00 2,374.45 495,800

6-Jan-09 2,637.90 2,705.00 2,585.00 2,642.30 429,000

5-Jan-09 2,600.00 2,675.00 2,580.00 2,643.95 315,100

2-Jan-09 2,575.00 2,609.90 2,516.25 2,546.75 395,600

61

1-Jan-09 2,425.00 2,555.00 2,420.00 2,529.85 384,300

News in the month of January

31st Jan Educomp Solutions has revieved orders from Uttar

Pradesh and Assam for information and communication

technology (ICT) implementation in 2,042 schools.The

combined worth of these orders are Rs 120 crore. 

28th Jan E-LEARNING solutions provider Educomp Solutions on

Tuesday reported an increase of 61.4% in its consolidated

net profit the third quarter ended Decemmber 31,2008,

on the back of increased business. 

20th Jan Shares of Educomp Solutions crashed on allegations

About the company fudging its books. 

9th Jan Educomp Solutions, India’s largest education company has signed

a services agreement with Michael & Susan Dell

Foundation, a United States based private Charitable

Foundation, for Rs 4.78 crores. 

62

1,550.001,600.001,650.001,700.001,750.001,800.001,850.00

30-Jan-09

29-Jan-09

28-Jan-09

27-Jan-09

23-Jan-09

high

low

close

*A Rise of Rs.45 within a week

0.00

500.001,000.00

1,500.002,000.00

2,500.00

22-Jan-09

21-Jan-09

20-Jan-09

19-Jan-09

16-Jan-09

high

low

close

*Rise of Rs.306 in a week

0.00

500.001,000.00

1,500.002,000.00

2,500.00

15-Jan-09

14-Jan-09

13-Jan-09

12-Jan-09

9-Jan-09

high

low

close

*A fall of Rs.90 in a week

63

0.00500.00

1,000.001,500.002,000.002,500.003,000.00

7-Jan-09

6-Jan-09

5-Jan-09

2-Jan-09

1-Jan-09

high

low

close

*A fall of Rs.125 in a week

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

High

Low

Close

Resistance level – 2500

Support level – 1500

64

December

Date Open High Low CloseVolum

e

31-Dec-082,423.0

0

2,478.9

0

2,385.5

5

2,403.5

5392,500

30-Dec-082,475.0

0

2,490.1

0

2,368.4

0

2,396.3

0518,200

29-Dec-082,400.0

0

2,488.0

0

2,360.0

0

2,455.3

5413,100

26-Dec-082,525.0

0

2,590.0

0

2,383.0

0

2,409.3

5512,500

24-Dec-082,601.2

0

2,636.0

0

2,520.0

0

2,564.5

0537,300

23-Dec-082,760.0

0

2,775.0

0

2,590.0

0

2,627.1

0559,600

22-Dec-082,715.0

0

2,865.0

0

2,680.1

0

2,804.1

5548,200

19-Dec-082,580.0

0

2,774.0

0

2,571.2

0

2,732.4

0659,300

18-Dec-082,325.0

0

2,674.0

0

2,305.2

5

2,615.7

5704,200

17-Dec-08 2,340.0 2,433.0 2,291.3 2,323.7 677,200

65

0 0 0 5

16-Dec-082,125.0

0

2,324.0

0

2,099.9

5

2,298.9

0678,000

15-Dec-082,100.0

0

2,192.2

5

2,100.0

0

2,134.7

5338,100

12-Dec-082,150.0

0

2,159.8

0

2,050.0

0

2,088.1

5508,700

11-Dec-082,167.0

0

2,294.0

0

2,127.0

0

2,219.5

5655,700

10-Dec-082,112.8

0

2,195.0

0

2,075.0

0

2,167.6

0560,800

8-Dec-082,190.0

0

2,224.7

0

2,087.3

0

2,112.8

0580,900

5-Dec-082,265.1

0

2,265.1

0

2,061.0

0

2,104.8

0845,700

4-Dec-082,105.0

0

2,305.0

0

2,043.3

5

2,246.8

5818,300

3-Dec-082,110.0

0

2,186.0

0

2,001.1

5

2,073.4

5705,100

2-Dec-082,111.6

5

2,134.0

0

1,982.1

5

2,098.4

5624,600

1-Dec-08 2,249.0 2,361.0 2,150.0 2,190.6 726,300

66

0 0 0 5

News in the month of December

15th Dec EasyTech, a K-8 technology literacy curriculum by

Learning.com, has been awarded the ISTE Seal of

Alignment by the International Society for Technology

in EducationISTE" 

11th Dec ‘ROOTS TO WINGS’ has been awarded 'Emerging Fran-

chisor of the Year 2008 ' for excellence in Franchising

and Business Development, by Franchise India Holdings Limited, Asia's largest

integrated franchise solution

company since 1999. 

2,200.00

2,300.002,400.00

2,500.002,600.00

2,700.00

31-Dec-08

30-Dec-08

29-Dec-08

26-Dec-08

24-Dec-08

high

low

close

*A fall of Rs.161 in a week

67

0.00500.00

1,000.001,500.002,000.002,500.003,000.003,500.00

23-Dec-08

22-Dec-08

19-Dec-08

18-Dec-08

17-Dec-08

high

low

close

*A rise of Rs.304

1,900.00

2,000.002,100.00

2,200.002,300.00

2,400.00

16-Dec-08

15-Dec-08

12-Dec-08

11-Dec-08

10-Dec-08

high

low

close

*A rise of Rs.131.

1,800.001,900.002,000.002,100.002,200.002,300.002,400.00

8-Dec-08

5-Dec-08

4-Dec-08

3-Dec-08

2-Dec-08

high

low

close

*A Fall of Rs.78 in a week

68

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

High

Close

Low

Resistance level – 2700

Support level – 2200

November

69

Date Open High Low Close Volume

28-Nov-08 2,010.00 2,370.00 1,958.00 2,261.45 689,700

26-Nov-08 2,045.00 2,085.00 1,961.50 2,059.30 641,500

25-Nov-08 1,880.00 2,055.70 1,850.00 2,020.90 717,400

24-Nov-08 1,784.90 1,861.00 1,685.00 1,839.25 682,800

21-Nov-08 1,800.00 1,848.90 1,660.00 1,785.40 730,200

20-Nov-08 1,819.90 1,825.00 1,627.00 1,752.20 750,800

19-Nov-08 2,350.00 2,406.90 1,875.00 1,928.65 467,700

18-Nov-08 2,301.00 2,395.00 2,242.35 2,342.90 254,900

17-Nov-08 2,419.00 2,469.00 2,268.00 2,350.00 187,700

14-Nov-08 2,499.00 2,585.00 2,400.00 2,428.70 218,800

12-Nov-08 2,450.00 2,575.00 2,390.00 2,428.90 282,900

11-Nov-08 2,600.00 2,700.00 2,460.00 2,512.55 208,500

10-Nov-08 2,611.00 2,749.00 2,605.00 2,728.40 188,600

7-Nov-08 2,400.00 2,610.00 2,340.00 2,556.60 269,200

6-Nov-08 2,500.00 2,600.00 2,402.00 2,434.30 280,400

5-Nov-08 2,600.00 2,825.00 2,600.00 2,685.45 383,700

4-Nov-08 2,624.95 2,669.95 2,452.20 2,610.60 306,300

3-Nov-08 2,300.00 2,700.00 2,280.00 2,600.50 401,800

70

News in the month of November

16th Nov 'Educomp has made its presence in the Forbes’ list of

best small- and medium-sized companies. It has also

found mention in the coverage for being insulated from

the economic slowdown and posting amazing results

for the second quarter of the fiscal year 2009. 

8th Nov Educomp Solutions Ltd, in collaboration with IT

company Intel, has launched Educomp O3 Learning

System for one-on-one learning in schools. The

company said it is planning to deploy the system in a

slew of private and public-run schools. 

3rd Nov Educomp solutions has been awarded the contract by

commissioner of Public Instruction, Government of

Karnataka for implementation of Computer aided

Education in 708 PU colleges in Karnataka.The order is valued at Rs. 50.27

crores to be executed over five years. 

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

28-Nov-08

26-Nov-08

25-Nov-08

24-Nov-08

21-Nov-08

high

low

close

*A rise of Rs.509 in a week

71

0.00500.00

1,000.001,500.002,000.002,500.003,000.00

19-Nov-08

18-Nov-08

17-Nov-08

14-Nov-08

12-Nov-08

high

low

close

*A fall of Rs.584 in a week

0.00500.00

1,000.001,500.002,000.002,500.003,000.00

10-Nov-08

7-Nov-08

6-Nov-08

5-Nov-08

4-Nov-08

high

low

close

*A Rise of Rs.128 in a week

72

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

High

Close

Low

Resistance level – 2500

Support level – 1900

73

October

Date Open High Low Close Volume

31-Oct-08 2,100.00 2,250.00 2,053.00 2,225.70 283,900

29-Oct-08 1,990.00 2,400.10 1,830.00 2,026.65 797,500

28-Oct-08 1,840.00 1,990.00 1,840.00 1,904.10 57,400

27-Oct-08 1,780.00 1,902.50 1,515.00 1,846.35 258,200

24-Oct-08 1,899.25 1,969.00 1,735.00 1,778.55 252,700

23-Oct-08 1,800.00 2,013.40 1,655.00 1,905.65 411,000

22-Oct-08 2,005.00 2,040.00 1,811.00 1,829.40 328,000

21-Oct-08 1,710.55 2,160.00 1,700.00 2,066.40 428,200

20-Oct-08 1,650.00 1,699.00 1,525.10 1,666.80 266,100

17-Oct-08 1,900.00 2,000.00 1,600.00 1,628.50 316,500

16-Oct-08 2,180.00 2,180.00 1,780.25 1,868.90 298,000

15-Oct-08 2,400.00 2,430.00 2,287.00 2,313.15 118,800

14-Oct-08 2,250.00 2,489.00 2,250.00 2,463.75 389,000

13-Oct-08 2,103.00 2,260.00 2,095.00 2,169.05 95,500

10-Oct-08 2,274.00 2,293.50 2,000.00 2,052.35 202,800

8-Oct-08 2,545.00 2,545.00 2,225.00 2,462.35 233,400

7-Oct-08 2,820.00 2,890.00 2,550.00 2,650.95 282,600

6-Oct-08 3,079.90 3,080.00 2,750.00 2,779.25 108,400

74

3-Oct-08 3,319.00 3,324.00 3,100.00 3,131.95 121,300

1-Oct-08 3,425.00 3,449.00 3,277.00 3,332.70 104,000

News in the month of October

21st Oct Educomp has acquired a 51% stake in Takshila

Management Services Private Limited , a company

that specializes in setting Up high quality schools in

Tier II & Tier III cities across India. 

7th Oct 200 Best Under A Billion Lesson Plans.India is on a

tear to educate its children. Shantanu Prakash's

Educomp is cashing in by bringing computers to the classroom. 

0.00

1,000.00

2,000.00

3,000.00

31-Oct-08

29-Oct-08

28-Oct-08

27-Oct-08

24-Oct-08

high

low

close

*A rise of Rs.447

75

0.00500.00

1,000.001,500.002,000.002,500.00

23-Oct-08

22-Oct-08

21-Oct-08

20-Oct-08

17-Oct-08

high

low

close

*A rise of Rs.227 in the week

0.00

1,000.00

2,000.00

3,000.00

16-Oct-08

15-Oct-08

14-Oct-08

13-Oct-08

10-Oct-08

high

low

close

*A fall of 184 in a week

0.001,000.002,000.003,000.004,000.00

8-Oct-08

7-Oct-08

6-Oct-08

3-Oct-08

1-Oct-08

high

low

close

*A Fall of Rs.870 in a week.

76

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

31-O

ct-08

29-O

ct-08

28-O

ct-08

27-O

ct-08

24-O

ct-08

23-O

ct-08

22-O

ct-08

21-O

ct-08

20-O

ct-08

17-O

ct-08

16-O

ct-08

15-O

ct-08

14-O

ct-08

13-O

ct-08

10-O

ct-08

8-Oct-

08

7-Oct-

08

6-Oct-

08

3-Oct-

08

1-Oct-

08

High

Close

Low

Resistance level – 2800

Support level – 1900

77

September

Date Open High Low Close Volume

30-Sep-08 3,150.00 3,401.00 3,102.00 3,381.60 107,900

29-Sep-08 3,300.00 3,314.00 3,130.00 3,265.40 115,200

26-Sep-08 3,450.00 3,478.00 3,240.00 3,313.30 95,200

25-Sep-08 3,550.00 3,550.00 3,370.10 3,434.20 83,900

24-Sep-08 3,520.00 3,630.00 3,502.00 3,526.85 84,200

23-Sep-08 3,650.00 3,690.00 3,465.10 3,497.10 105,900

22-Sep-08 3,725.00 3,810.00 3,670.05 3,703.10 167,500

19-Sep-08 3,396.00 3,880.00 3,371.00 3,628.10 107,000

18-Sep-08 3,200.00 3,370.00 2,985.00 3,314.30 125,900

17-Sep-08 3,510.00 3,520.00 3,290.00 3,319.75 740,900

16-Sep-08 3,330.00 3,520.00 3,220.00 3,488.55 89,000

15-Sep-08 3,579.70 3,579.70 3,330.00 3,408.20 80,200

12-Sep-08 3,630.00 3,699.00 3,585.50 3,604.85 89,300

11-Sep-08 3,570.00 3,640.00 3,500.00 3,591.65 112,400

10-Sep-08 3,605.00 3,707.00 3,510.00 3,539.45 92,400

9-Sep-08 3,727.70 3,730.00 3,605.00 3,625.00 56,200

8-Sep-08 3,809.00 3,848.00 3,715.00 3,729.30 51,700

5-Sep-08 3,747.00 3,769.00 3,683.00 3,700.25 46,200

4-Sep-08 3,925.00 3,925.00 3,789.80 3,821.05 88,900

78

2-Sep-08 4,015.00 4,020.00 3,845.00 3,921.35 148,300

1-Sep-08 3,770.00 4,020.00 3,710.00 3,989.65 230,200

News in the month of September

26th Sept. Educomp ge t s Rs 109-c r con t r ac t f rom

Karna taka Gov t

18th Sept 22 Indian companies, including Educomp Solutions,

Jain Irrigation and Glenmark Pharmaceuticals, have

been named in the latest '200 Best under a Billion'

list for the Asia-Pacific region by US magazine Forbes

16th Sept Educomp Solutions has partnered with Intel, Dell and

Acer to drive up the use of technology into classroom

teaching and learning in schools across India. 

11th Sept Educomp Solutions, a primarily online education

solutions provider, has taken 50% stake in Euro Kids International, a pre-school

chain for a consideration

of Rs. 39 crore. 

2,800.003,000.003,200.003,400.003,600.003,800.00

30-Sep-08

29-Sep-08

26-Sep-08

25-Sep-08

24-Sep-08

high

low

close

79

*A fall of Rs.145 in a week

0.001,000.002,000.003,000.004,000.005,000.00

23-Sep-08

22-Sep-08

19-Sep-08

18-Sep-08

17-Sep-08

high

low

close

*A rise of Rs.178 in a week.

2,800.003,000.003,200.003,400.003,600.003,800.00

16-Sep-08

15-Sep-08

12-Sep-08

11-Sep-08

10-Sep-08

high

low

close

*A fall of Rs.51

80

3,200.003,400.003,600.003,800.004,000.004,200.00

9-Sep-08

8-Sep-08

5-Sep-08

4-Sep-08

2-Sep-08

high

low

close

*A fall of Rs.364 in a week

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

4,500.00

High

Low

Close

Resistance level – 3600

Support level – 3100

81

August

Date Open High Low Close Volume

29-Aug-08 3,589.00 3,841.00 3,551.00 3,773.55 218,300

28-Aug-08 3,460.00 3,675.00 3,448.00 3,592.15 162,800

27-Aug-08 3,370.00 3,495.00 3,320.00 3,447.90 115,200

26-Aug-08 3,325.00 3,360.00 3,265.25 3,341.65 48,400

25-Aug-08 3,230.00 3,384.00 3,228.00 3,356.10 62,100

22-Aug-08 3,185.00 3,220.00 3,130.00 3,195.25 37,000

21-Aug-08 3,250.00 3,292.00 3,170.10 3,186.05 30,500

20-Aug-08 3,319.00 3,340.00 3,251.00 3,282.65 31,700

19-Aug-08 3,288.80 3,325.00 3,186.00 3,279.50 43,500

18-Aug-08 3,450.00 3,450.00 3,300.00 3,331.25 69,300

14-Aug-08 3,399.00 3,508.80 3,312.00 3,423.10 71,400

13-Aug-08 3,302.00 3,433.00 3,290.00 3,398.95 51,100

12-Aug-08 3,551.00 3,619.70 3,292.20 3,343.00 99,700

11-Aug-08 3,450.00 3,590.00 3,445.00 3,539.90 46,800

8-Aug-08 3,345.00 3,445.00 3,301.00 3,423.15 60,400

7-Aug-08 3,298.50 3,375.00 3,239.50 3,347.30 42,700

6-Aug-08 3,250.00 3,390.00 3,225.00 3,268.90 67,100

5-Aug-08 3,225.00 3,270.00 3,183.30 3,205.85 27,100

4-Aug-08 3,220.00 3,295.00 3,160.00 3,214.60 34,600

82

1-Aug-08 3,100.00 3,279.00 3,099.00 3,213.05 72,700

News in the month of August

19th Aug Educomp So lu t ions l aunches Smar t c l a s s™ in r epu ted

Himacha l G i r l s Schoo l  

14th Aug "The Delhi (Gurgaon)- based Educomp Solutions Ltd.

is in the process of rolling out a master plan to

revolutionise K-12 education in two of the world's

most populous countries, and transform into a

heavyweight global provider of digital content driven

education products and services." 

7th Aug The Millennium School, Panipat would be part of a

countrywide chain of schools leveraging the Millennium

Learning System, India's first fully-integrated learning

delivery system developed for schools by Educomp." 

2,800.003,000.003,200.003,400.003,600.003,800.004,000.00

29-Aug-08

28-Aug-08

27-Aug-08

26-Aug-08

25-Aug-08

high

low

close

*A rise of Rs.417 in a week

83

2,900.003,000.003,100.003,200.003,300.003,400.003,500.00

22-Aug-08

21-Aug-08

20-Aug-08

19-Aug-08

18-Aug-08

high

low

close

*A fall of Rs.136 in a week

3,100.003,200.003,300.003,400.003,500.003,600.003,700.00

14-Aug-08

13-Aug-08

12-Aug-08

11-Aug-08

8-Aug-08

high

low

close

*There is no rise or fall in this 5days

2,900.003,000.003,100.003,200.003,300.003,400.003,500.00

7-Aug-08

6-Aug-08

5-Aug-08

4-Aug-08

1-Aug-08

high

low

close

84

*A rise of Rs.134 in a week

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

4,500.00

29-A

ug-0

8

28-A

ug-0

8

27-A

ug-0

8

26-A

ug-0

8

25-A

ug-0

8

22-A

ug-0

8

21-A

ug-0

8

20-A

ug-0

8

19-A

ug-0

8

18-A

ug-0

8

14-A

ug-0

8

13-A

ug-0

8

12-A

ug-0

8

11-A

ug-0

8

8-Aug-

08

7-Aug-

08

6-Aug-

08

5-Aug-

08

4-Aug-

08

1-Aug-

08

High

Low

Close

Resistance level – 3600

Support level – 3250

July

Date Open High Low Close Volume

31-Jul-08 3,152.00 3,248.80 3,066.15 3,184.20 70,300

30-Jul-08 3,001.00 3,155.00 3,001.00 3,126.55 101,100

29-Jul-08 2,890.00 3,050.00 2,860.00 2,935.30 93,200

28-Jul-08 3,017.10 3,050.00 2,840.10 2,945.10 123,800

85

25-Jul-08 3,300.00 3,300.00 2,950.00 2,992.85 169,800

24-Jul-08 3,575.00 3,589.00 3,280.00 3,367.95 69,400

23-Jul-08 3,102.00 3,579.90 3,102.00 3,518.05 104,000

22-Jul-08 2,922.00 3,070.00 2,881.00 3,036.10 56,600

21-Jul-08 2,859.60 2,945.00 2,756.00 2,921.45 38,800

18-Jul-08 2,820.00 2,875.10 2,685.00 2,851.55 56,200

17-Jul-08 2,815.00 2,851.45 2,745.00 2,779.80 43,200

16-Jul-08 2,751.45 2,775.00 2,576.00 2,739.10 98,000

15-Jul-08 2,761.00 2,785.00 2,672.00 2,699.60 113,100

14-Jul-08 2,701.00 2,845.00 2,683.00 2,809.75 44,800

11-Jul-08 2,850.00 2,865.00 2,720.00 2,738.40 62,300

10-Jul-08 2,838.00 2,875.00 2,725.00 2,798.95 57,300

9-Jul-08 2,649.90 2,889.00 2,649.90 2,841.75 52,400

8-Jul-08 2,650.00 2,669.00 2,575.00 2,603.45 29,100

7-Jul-08 2,818.90 2,850.00 2,670.00 2,717.50 41,100

4-Jul-08 2,700.00 2,869.00 2,685.00 2,784.60 79,000

3-Jul-08 2,694.00 2,845.00 2,505.00 2,775.95 88,600

2-Jul-08 2,355.00 2,800.00 2,347.00 2,711.60 110,000

1-Jul-08 2,599.70 2,599.70 2,320.00 2,384.00 97,900

News in the month of July

86

31st July First off the ground, Educomp Tele Education Network

(ETEN) CA will deliver high quality training through

top faculty to CA aspirants through VSAT enabled

learning centers in cities across India." 

11th July "Educomp Solutions Limited, which provides technology

driven education solutions, in partnership with State

Government, plans to bring in 5,000 more government

schools under its computer education programme in

India

0.00

1,000.00

2,000.00

3,000.00

4,000.00

31-Jul-08

30-Jul-08

29-Jul-08

28-Jul-08

25-Jul-08

24-Jul-08

high

low

close

*A fall of Rs.183 in this week

0.00

1,000.00

2,000.00

3,000.00

4,000.00

23-Jul-08

22-Jul-08

21-Jul-08

18-Jul-08

17-Jul-08

16-Jul-08

high

low

close

87

*A rise of Rs.707 in a week

2,400.002,500.002,600.002,700.002,800.002,900.003,000.00

15-Jul-08

14-Jul-08

11-Jul-08

10-Jul-08

9-Jul-08

8-Jul-08

high

low

close

*A rise of Rs.96

0.00500.00

1,000.001,500.002,000.002,500.003,000.003,500.00

7-Jul-08

4-Jul-08

3-Jul-08

2-Jul-08

1-Jul-08

high

low

close

*A rise of Rs.333 in a week

88

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

31-Ju

l-08

30-Ju

l-08

29-Ju

l-08

28-Ju

l-08

25-Ju

l-08

24-Ju

l-08

23-Ju

l-08

22-Ju

l-08

21-Ju

l-08

18-Ju

l-08

17-Ju

l-08

16-Ju

l-08

15-Ju

l-08

14-Ju

l-08

11-Ju

l-08

10-Ju

l-08

9-Ju

l-08

8-Ju

l-08

7-Ju

l-08

4-Ju

l-08

3-Ju

l-08

2-Ju

l-08

1-Ju

l-08

High

Close

Low

Resistance level – 3500

Support level – 2850

June

89

Date Open High Low Close Volume

30-Jun-08 2,835.00 2,835.00 2,569.00 2,587.85 51,800

27-Jun-08 2,900.00 2,940.00 2,810.00 2,840.95 31,800

26-Jun-08 2,920.00 3,057.00 2,900.00 2,958.70 105,000

25-Jun-08 2,401.00 2,949.00 2,401.00 2,878.30 80,000

24-Jun-08 3,297.70 3,310.00 2,931.00 2,988.90 56,400

23-Jun-08 3,320.00 3,390.00 3,200.00 3,308.45 50,100

20-Jun-08 3,450.05 3,479.70 3,300.05 3,311.90 17,200

19-Jun-08 3,540.00 3,575.00 3,425.00 3,443.65 12,600

18-Jun-08 3,750.00 3,750.00 3,590.50 3,610.55 26,100

17-Jun-08 3,525.00 3,710.00 3,520.10 3,675.55 70,500

16-Jun-08 3,499.00 3,572.00 3,478.80 3,530.85 15,600

13-Jun-08 3,467.00 3,510.00 3,405.10 3,450.90 25,400

12-Jun-08 3,380.00 3,500.00 3,348.00 3,459.20 29,600

11-Jun-08 3,385.00 3,525.90 3,385.00 3,448.90 19,100

10-Jun-08 3,385.00 3,435.00 3,292.05 3,372.90 22,600

6-Jun-08 3,540.00 3,640.00 3,456.00 3,497.10 25,000

5-Jun-08 3,650.00 3,695.00 3,445.10 3,495.95 64,600

4-Jun-08 3,775.00 3,819.70 3,625.00 3,653.70 36,800

3-Jun-08 3,800.00 3,849.00 3,750.00 3,793.35 29,700

2-Jun-08 3,975.00 4,065.00 3,860.00 3,870.05 45,900

90

0.00500.00

1,000.001,500.002,000.002,500.003,000.003,500.00

30-Jun-08

27-Jun-08

26-Jun-08

25-Jun-08

high

low

close

*A fa l l o f Rs .291

0.00

1,000.00

2,000.00

3,000.00

4,000.00

24-Jun-08

23-Jun-08

20-Jun-08

19-Jun-08

18-Jun-08

high

low

close

*A fa l l o f Rs .622

3,100.003,200.003,300.003,400.003,500.003,600.003,700.003,800.00

17-Jun-08

16-Jun-08

13-Jun-08

12-Jun-08

11-Jun-08

high

low

close

*A Ri se o f Rs .227

91

3,000.00

3,200.003,400.00

3,600.003,800.00

4,000.00

10-Jun-08

6-Jun-08

5-Jun-08

4-Jun-08

3-Jun-08

high

low

close

*A Fa l l o f Rs .421

0.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

4,000.00

4,500.00

30-Ju

n-08

27-Ju

n-08

26-Ju

n-08

25-Ju

n-08

24-Ju

n-08

23-Ju

n-08

20-Ju

n-08

19-Ju

n-08

18-Ju

n-08

17-Ju

n-08

16-Ju

n-08

13-Ju

n-08

12-Ju

n-08

11-Ju

n-08

10-Ju

n-08

6-Ju

n-08

5-Ju

n-08

4-Ju

n-08

3-Ju

n-08

2-Ju

n-08

High

Low

Close

Res i s tance l eve l – 3650

Support l eve l – 2550

92

Relation with competitors

Last Price Market Cap.

(Rs. cr.)

Sales

Turnover

Net Profit Total Assets

Educomp Sol 2,995.00 5,181.60 496.72 128.23 654.08

NIIT 59.80 986.60 467.38 32.77 445.35

Aptech 195.50 909.11 116.43 4.75 146.57

Everonn Systems 378.85 572.84 91.23 14.05 140.63

Edserv Softsyst 26.85 32.24 - - 8.07

Software Tech 11.55 15.71 45.76 3.20 33.88

Changes in price level from 06-09

Month Price(Rs.)

January’06 125

January’07 1004

December’07 4310

January’08 5678

October’08 1525

January’09 1784

April’09 2486

May’09 2823

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Price Fluctuations within years

Price increased from Rs.125 in jan’06 to Rs.5678 in jan’08 , it was best recommended to buy the

shares.

In the slowdown period of 2008, share price decreased from Rs.5678 to Rs.1525.

Share price seems to rise in 2009 from Rs.1784 in jan’09 to Rs.2486 in Apr’09

There is an rise from april’09 Rs.2486 to may’09 Rs.2823

Price(Rs.)

0

1000

2000

3000

4000

5000

6000

Price(Rs.)

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Predictions

In the coming week, resistance level will be between Rs.2900 – 2950.

Support level will be between Rs.2750-2850.

In the coming month, resistance level will be Rs.3100-3050.

Support level will be Rs.2800-2850.

Reasons

Results are out on 30th April, which was very good for the company. It showed increase in its net

profit.

BSE Sensex is rising so share price will rise as Beta is 1.44.

GDP rate is 6.7 which is good for the economy compare to other countries.

Congress has won the election so it will bring stability in the economy.

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Chapter 4 Conclusion

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Conclusion

The stock market is one of the most important sources for companies to raise money. This allows

businesses to be publicly traded, or raise additional capital for expansion by selling shares of

ownership of the company in a public market. The liquidity that an exchange provides affords

investors the ability to quickly and easily sell securities. This is an attractive feature of investing in

stocks, compared to other less liquid investments such as real estate.

History has shown that the price of shares and other assets is an important part of the dynamics of

economic activity, and can influence or be an indicator of social mood. An economy where the stock

market is on the rise is considered to be an up coming economy. In fact, the stock market is often

considered the primary indicator of a country's economic strength and development. Rising share

prices, for instance, tend to be associated with increased business investment and vice versa. Share

prices also affect the wealth of households and their consumption. Therefore, central banks tend to

keep an eye on the control and behavior of the stock market and, in general, on the smooth operation

of financial system functions. Financial stability is the raison d'être of central banks.

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Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver

the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual

buyer or seller that the counterparty could default on the

transaction.

The smooth functioning of all these activities facilitates economic growth in that lower costs and

enterprise risks promote the production of goods and services as well as employment. In this way the

financial system contributes to increased prosperity.

Research works help us to be update every-time on every field. The tools and techniques used to

predict the price is based on the observations. Resistance and Support level help to predict the price

the share. News are related for the movements, so its necessary to have watch on the news.

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Chapter 5 Bibliography

Bibliography

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Newspapers

The Economics Times.

Business Standard

Times of India.

Hindustan Times.

URLs

www.rediff.com

www.bseindia.com

www.livebombaystockexchange.blogspot.com.

www.reuters.com

www.investopedia.com

www.nseguide.com

www.yahoofinance.com

www.googlefinance.com

www.iris.com

www.gulfbullssecurities.com

Books

I.M. Pandey, Financial Management.

K. Srivastav, Financial Management.

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