Investment Analysis in Banks

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A

PROJECT REPORT

ON

INVESTMENT IN PRUDENTIAL ICICI MUTUAL

FUNDS WITH SPECIAL REFERNCE TO BSE RETURNS

*****************************

A project report submitted for the partial fulfillment of

the requirements for the award of the degree

MASTER OF BUSINESS ADMINISTRATION

SUBMITTED BY

VIKRAM KUMAR REGONDA

H.T.NO:10QN1E00

KBR ENGINEERING COLLEGE

(Affiliated to JNTU)

Pagidipally, Bhongir,

Nalgonda District.

2009-2011

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Declaration

I here by declare that this Project Report titled INVESTMENT IN

PRUDENTIAL ICICI MUTUAL FUNDS WITH SPECIAL REFERNCE TO BES

RETURNS submitted by me to the Department Of Business Management is a

bonafide work undertaken by me, done for the partial fulfillment for the award of the

degree in MASTER OF BUSINESS ADMINISTRATION, JNT

UNIVERSITY,HYDERABAD is not submitted to any other university or institution

to the best of my knowledge.

Name & Address of the Student Signature of the

Student

Vikram kumar regonda

H.T.O:10QN1E00,

M.B.A. Final year,

KBR ENGINEERING COLLEGE,

PAGIDIPALLY.

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ACKNOWLEDGEMENT

I would like to thank Mr.ASHUTHOSH DASH for giving me an opportunity to

undergo a project study in this organization.

My honest thanks to SRI.S.RAMACHANDRA REDDY, HR

Manager who inspire of their busy schedule could always spent time for giving me in

doing project study in PRUDENTIAL ICICI MUTUAL FUNDS.

A special thanks to Mr.BAYYAPU REDDY (Principal) K B R

ENGINEERING COLLEGE, Pagidipally and Sri.J. CHANDRA SEKHAR

(HOD) and my Faculty and also I would like to thank my friends and other who have

helped me to complete my project.

********************

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FACULTY GUIDE CERTIFICATE

This is to certify that K.Pushpa Latha, a student of K

B R ENGINEERING COLLEGE, PAGIDIPALLY

pursuing his MBA (Finance) has worked under my

guidance and supervision on his Work entitled

INVESTMENT IN PRUDENTIAL ICICI MUTUAL

FUNDS WITH SPECIAL REFERNCE TO BSE

RETURNS. To the best of my knowledge this is anoriginal piece of work.

(******************)Faculty(Finance)

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ABSTRACT

ICICI Prudential Mutual Fund has launched a new fund named as ICICI PrudentialFixed Maturity Plan - Series 61 - 18 Months Plan B, a close ended debt scheme. Thetenure of the scheme is 550 days. The New Fund Offer (NFO) price for the scheme isRs. 10 per unit. The new issue will be open for subscription from 3 January and closeon 9 January 2012.

The investment objective of the scheme is to seek to generate regular returns byinvesting in a portfolio of fixed income securities/debt instruments maturing on or

before the maturity of the scheme.

Presently, two options are available under the scheme viz. cumulative and dividendoption. Dividend Payout is the only facility available under dividend option. Thecumulative option shall be default option under the scheme.

The scheme will allocate upto 100% of assets in short term and medium term debtsecurities / debt instruments and securitized debt with low to medium risk profile.

Entry load and exit load charge are not applicable for the scheme. The scheme is

proposed to be listed on BSE.The minimum application amount is Rs. 5000 and in multiples of Rs. 10 thereafter.

The fund seeks to collect a minimum subscription amount of Rs. 20 crore under thescheme during the NFO period.

The scheme's performance will be benchmarked against Crisil Short Term Bond FundIndex.

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`

COMPANY CERTIFICATE

TO WHOM SO EVER IT MAY CONCERN

This is to certify that Ms. K.Pushpa Latha has under gone a project as well as

training program for two months from---------------- to ------------------------ in our

company under my supervision. In the tenure of the program his efforts are excellent

and appreciated. We wish him all the best for his successful career.

K. Satish Raj

(Sr.Manager HR)

ICICI Prudential Life Insurance Company Ltd.,

Vinod Silk Mills Compound, Chakravarthy Ashok Nagar, Ashok Road, Kandivali ( E ), Mumbai 400 101.S

6

#214 MIG,KPHB Colony,Road No. 1,24142005, 23 128000


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CHAPTERS TITLE

`1 INTRODUCTION

2 LITARETURE REVIEW

3 INDUSTRY PROFILE

4 COMPANY PROFILE

5 OBJECTIVES

6 SCOPE OF THE STUDY

7 METHODOLOGY

8 LIMITATIONS

9 DATA ANALYSIS & INTERPRETATION

10 FINDINGS

11 SUGGESTIONS

12 CONCLUSION

13 BIBLOGRAPHY

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CHAPTER I

INTRODUCTION

LITARETURE REVIEW

INDUSTRY PROFILE

COMPANY PROFILE

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INTRODUCTION

A mutual fund is a professionally managed investment company that combines themoney of many individuals and invests this "pooled" money in a wide variety ofdifferent securities.

It is by pooling the money of many individuals that mutual funds are able to providethe diversification and money management (along with many other advantages) thatwere once reserved only for the wealthy.

Professional money managers take this pool of money and invest it in a wide variety

of stocks, bonds, or other securities depending on the investment objective, or goal, ofthe particular fund. It is the investment objective of the fund that guides the managerin selecting the various securities for the fund.

It is the investment objective of the fund that also guides the investor on which fundsto invest in. Since different investors have different objectives, there are a number ofdifferent kinds of mutual funds, i.e., some funds may provide monthly income whileothers seek long-term capital appreciation.

Mutual funds can be classified according to their investment objective. Some of theclassifications include money market funds, growth funds, balanced funds, incomefunds, and many others. We will discuss the many different types of funds and theircharacteristics in a later chapter.

When you invest in a fund you hope that the value will rise and you can eventuallysell your shares for a profit. This is one of the ways you can profit with mutual funds.Another way is through capital gains. When a fund sells a security for a higher pricethan it originally paid for it, it is known as a capital gain. Most funds distribute theircapital gains to shareholders at least annually, some more often. The last way to profit

with mutual funds is with dividends or interest. If the fund has invested in bonds ordividend-paying stocks, it must pass the dividends or interest earned on to itsshareholders. Like capital gains, this is done at least annually.

When you invest your money in a mutual fund, you buy shares in that fund. Todetermine the price of those shares, each day the fund adds up the total value of thesecurities held in its portfolio. This total is divided by the number of sharesoutstanding. The resulting figure is known as the Net Asset Value or NAV.

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LITERATURE REVIEW

A mutual fund is a professionally managed investment company that combines the

money of many individuals and invests this "pooled" money in a wide variety ofdifferent securities.

Each fund has a predetermined investment objective that tailors the fund's assets,regions of investments and investment strategies. At the fundamental level, there arethree varieties of mutual funds:

1) Equity funds (stocks)

2) Fixed-income funds (bonds)

3) Money market funds

All mutual funds are variations of these three asset classes. For example, while equityfunds that invest in fast-growing companies are known as growth funds, equity fundsthat invest only in companies of the same sector or region are known as specialty

funds.

History of the Indian Mutual Fund Industry :

The mutual fund industry in India started in 1963 with the formation of Unit Trust ofIndia, at the initiative of the Government of India and Reserve Bank the. The historyof mutual funds in India can be broadly divided into four distinct phases

First Phase 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was setup by the Reserve Bank of India and functioned under the Regulatory andadministrative control of the Reserve Bank of India. In 1978 UTI was de-linked fromthe RBI and the Industrial Development Bank of India (IDBI) took over the regulatoryand administrative control in place of RBI. The first scheme launched by UTI wasUnit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets undermanagement.

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Second Phase 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector

banks and Life Insurance Corporation of India (LIC) and General InsuranceCorporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fundestablished in June 1987 followed by Canbank Mutual Fund (Dec 87), PunjabNationalBank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun90), Bank of Baroda Mutual Fund (Oct 92).

Third Phase 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian mutual

fund industry, giving the Indian investors a wider choice of fund families. Also, 1993was the year in which the first Mutual Fund Regulations came into being, under whichall mutual funds, except UTI were to be registered and governed. The erstwhileKothari Pioneer (now merged with Franklin Templeton) was the first private sectormutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensiveand revised Mutual Fund Regulations in 1996. The industry now functions under theSEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutualfunds setting up funds in India and also the industry has witnessed several mergersand acquisitions. As at the end of January 2003, there were 33 mutual funds with totalassets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assetsundermanagement was way ahead of other mutual funds.Fourth Phase since February 2003

n February 2003, following the repeal of the Unit Trust of India Act 1963 UTI wasbifurcated into two separate entities. One is the Specified Undertaking of the Unit

Trust of India with assets under management of Rs.29,835 crores as at the end ofJanuary 2003, representing broadly, the assets of US 64 scheme, assured return andcertain other schemes. The Specified Undertaking of Unit Trust of India, functioningunder an administrator and under the rules framed by Government of India and doesnot come under the purview of the Mutual Fund Regulations.

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It isregistered with SEBI and functions under the Mutual Fund Regulations. With the

bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 croresof assets under management and with the setting up of a UTI Mutual Fund,

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conforming to the SEBI Mutual Fund Regulations, and with recent mergers takingplace among different private sector funds, the mutual fund industry has entered itscurrent phase of consolidation and growth. As at the end of September,2004, therewere 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

INDUSTRY PROFILE

BOMBAY STOCK EXCHANGE

This stock exchange, Mumbai, popularly known as BSE was established in 1857 as

The Native share and stock brokers association as a voluntary non profit makingassociation. It has an evolved over the years into its present status as the premierestock exchanged in the country. It may be note that the stock exchanges the oldest onein Asia, even older than the Tokyo Stock Exchange, which was founded in 1878.

The exchange, while providing an efficient and transparent market for trading insecurities, upholds the interests of the investors and ensures redressed of theirgrievances, whether against the companies or its own member brokers. It also strivesto educate and enlighten the investors by making available necessary informativeinputs and conducting investor education programs.

A governing board comprising of 9 elected directors, 2 SEBI nominees, 7 publicrepresentatives and an executive director is the apex body, which decides the policiesand regulates the affairs of the exchange.

BSE INDICES

In order to enable the market participants etc., to track the various ups and downs inthe Indian stock market, the Exchange has introduced in 1986 an equity stock indexcalled BSE-SENSEX that subsequently became the barometer of the moments of theshare prices in the Indian Stock market. It is a Market capitalization weighted indexof 30 component stocks representing a sample of large, well established and leadingcompanies. The base year of Sensex is 1978-79. The Sensex is widely reported in bothdomestic and international markets through print as well as electronic media.

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COMPANY PROFILE

Overview

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank -one of India's foremost financial services companies-and prudential plc - a leadinginternational financial services group headquartered in the United Kingdom. Totalcapital infusion stands at Rs. 29.32 billion, with ICICI Bank holding a stake of 74%and Prudential plc holding 26%. ICICI began its operations in December 2000 afterreceiving approval from Insurance Regulatory Development Authority (IRDA).

Today, its nation-wide team comprises of over 735 offices, over 243,000 advisors, and22 banc assurance partners.

ICICI Prudential was the first life insurer in India to receive a National InsurerFinancial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row,ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by TheEconomic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As itgrow its distribution, product range and customer base, it continue to tirelessly upholdour commitment to deliver world-class financial solutions to customers all overIndia..

We will help you determine which types of funds you need to meet yourinvestment goals. This may include the following types of funds

ICICI PROVIDE THIS: SCHEMES

1. Debt: Liquid schemes,2. Income schemes,3. G-sec schemes,4. Monthly Income Schemes

5. Equity: Diversified Equity Schemes,6. Sector Schemes, Index Schemes7. Hybrid Funds: Balanced Schemes,8. Special Schemes Pension Schemes,9. Child education Schemes etc.

At ICICI Bank we will help you identify an appropriate mix of Mutual Fundschemes for your portfolio using asset allocation strategies.

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Through ICICI Bank you can invest in various schemes of multiple mutual funds withdecent performance record. You can take the aid of our various research reports onmutual funds and their schemes before choosing a scheme for investment.

ICICI Bank offers investment in Mutual Funds through Multiple Channels. WithICICI Bank, you can invest in Mutual Funds through following channelsICICI BankBranches, ICICIdirect.com.

CHAPTER II

OBJECTIVES

SCOPE OF THE STUDY

METHODOLOGY

LIMITATIONS

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OBJECTIVES OF THE STUDY

The most important primary objective of study is to know the awareness of MutualFunds and the investors perception towards investing in Mutual Funds as importantsegment.

This study has been carried out to know the marketing activities undertaken under thefinancial products for Mutual Funds in offering the financial services to the investors& also to other Financial Institutions.

To know the schemes available in Prudential ICICI Mutual Funds.

To calculate the risk and returns of the growth & dividend funds of ICICImutual funds. To know the concept of Net Asset Value (NAV) which forms apart of Mutual

Fund evaluation in determining the returns. Comparing selected schemes of Prudential ICICI Mutual Funds to with BSE

Sensex. To find the fund that is giving satisfaction and constant returns

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SCOPE OF STUDY

The scope of the study is confined to only Prudential ICICI Asset ManagementCompany Ltd.

This study has been conducted purely to understand portfolio management forindividual investor.

Construction of portfolio is restricted to one company based on effectivestatistical tools like returns, varience & risk factors.

RESEARCH METHODOLOGY

Research design or research methodology is the procedure of collecting, analyzing andinterpreting the data to diagnose the problem and react to the opportunity in such a

way where the costs can be minimized and the desired level of accuracy can beachieved to arrive at a particular conclusion.

The methodology used in the study for the completion of the project and thefulfillment of the project objectives, is as follows:

DATA COLLECTION

In order to study the objectives mentioned, necessary primary and secondary datawere collected.

PRIMARY DATA

Data is collected from the personnel discussions with employees of the company.

SECONDARY DATA

It is also collected from the books, journals, magazines, past records and all othertypes of published data and fact sheet, offer documents.

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CORRELATION:

It is the statistical tool with the help of which the relationships between two ormore than two variables if it exists, is studied. Correlation is an analysis ofcovariation between two or more variables. Analysis involves various methodsand techniques which are helpful in studying and measuring the extent of therelationship between two or more variables.

FORMULAS

Used for the purpose of analysis

(N* xy) (y* x)1. Correlation Coefficient =

[(N* y) (y) ]* [N* x) ( x) ]

2. Returns = (Current Price-Previous Price) X 100

Previous Price

3. Variance = (X- mean) 2

n

4. Standard deviation: variance

LIMITATIONS OF THE STUDY

Study has limited characteristics

There was a time limitation for carrying out the study for more than twoschemes in Mutual Funds.

Suggestions are suggestive in nature.

The study is limited to two different OPEN-ENDED Schemes.

Comparison made only based on the risk and return of the two selected funds.

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CHAPTER III

DATA ANALYSIS & INTERPRETATION

BALANCE GROWTH PLAN

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI

BALANCE GROWTH PLAN FOR THE MONTH JUL 10

Sno Date NAV Returns (R I) X-Mean (X-Mean)2

1 2-Jul-10 36.65 0.91 0.67 0.452 3-Jul-10 36.98 0.90 0.66 0.44

3 4-Jul-10 36.9 -0.22 -0.46 0.214 5-Jul-10 36.87 -0.08 -0.32 0.105 6-Jul-10 36.92 0.14 -0.10 0.016 9-Jul-10 37.13 0.57 0.33 0.117 10-Jul-10 37.02 -0.30 -0.54 0.298 11-Jul-10 37.13 0.30 -0.06 0.019 12-Jul-10 37.49 0.97 0.73 0.5310 13-Jul-10 37.71 0.59 0.35 0.1211 16-Jul-10 37.63 -0.21 -0.45 0.20

12 17-Jul-10 37.57 -0.16 -0.40 0.1613 18-Jul-10 37.51 -0.16 -0.40 0.1614 19-Jul-10 37.88 0.99 0.75 0.5615 20-Jul-10 37.91 0.08 -0.16 0.0316 23-Jul-10 38.17 0.69 0.45 0.2017 24-Jul-10 38.25 0.21 -0.03 0.0918 25-Jul-10 37.9 -0.92 -1.16 1.35

TOTAL 4.301 5.02MEAN 0.24 VARIANCE 0.28

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Return = (Current Price - Previous Price) x 100

Current Price

MEAN = RI n where Ri = 1 to 18, n = 18

Variance = (X- mean) 2

N

Standard deviation =Variance

=0.28 =0.5

DESCIPTIVE STATICTICS

Descriptive Statistics

Mean 0.24Median 0.17Standard Deviation 0.53Range 1.90Minimum Return -0.92Maximum Return 0.99

INTERPRETATION:

The above table represents the daily returns on net asset value and descriptivestatistics of ICICI balance growth fund, it reveals that the monthly mean is 0.24 with a

price variation of 0.41 and risk factor being 0.64 which is very low when compared tomonthly mean. Thus in this particular month investors can expect returns or increasein net asset value.

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GRAPHICAL REPRESENTATION;

I

INTERPRETATION:

The above graph represents the daily returns, it shows the volatility in returns, and

thus it reveals that there is increase and decrease in net asset value thus it can be saidthat the asset value of ICICI balance growth fund were going according to marketconditions. Here investors can expect positive returns from the market.

20

Graphical Represention of returns of

Balanced growth fund for the month of

July-2010

.

.

Dates

Return

s

Returns (RI)


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BALANCE GROWTH PLAN FOR THE MONTH AUG 10

Sno Date NAV Returns X-Mean (X-Mean)2

1 1-Aug-10 36 -5.01 -4.73 22.342 2-Aug-10 36.22 0.61 0.90 0.813 3-Aug-10 36.52 0.83 1.11 1.244 6-Aug-10 36.32 -0.55 -0.26 0.075 7-Aug-10 36.34 0.06 0.34 0.12

6 8-Aug-10 36.92 1.60 1.88 3.547 9-Aug-10 36.52 -1.08 -0.80 0.638 10-Aug-10 36.15 -1.01 -0.73 0.539 13-Aug-10 36.36 0.58 0.87 0.7510 14-Aug-10 36.35 -0.03 0.26 0.0711 16-Aug-10 35.21 -3.14 -2.85 8.1212 17-Aug-10 34.97 -0.68 -0.40 0.1613 20-Aug-10 35.57 1.72 2.00 4.0114 21-Aug-10 34.71 -2.42 -2.13 4.54

15 22-Aug-10 35.14 1.24 1.53 2.3316 23-Aug-10 34.91 -0.65 -0.37 0.1417 24-Aug-10 35.2 0.83 1.12 1.2518 27-Aug-10 35.89 1.96 2.25 5.05

TOTAL - 5.14 55.70MEAN -0.29 VARIANCE 3.09

MEAN = RI

n

Variance: mean of (X- mean) 2

Standard deviation: variance

= 3.09 = 1.76

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DESCRIPTIVE STATICTICS


Mean -0.29Median 0.01Standard Deviation 1.76Range 6.97Minimum -5.01Maximum 1.96

INTERPRETATION:

The above table represents the daily returns on net asset value and descriptivestatistics of ICICI balance growth fund, it reveals that the monthly mean is -0.29 witha price variation of 3.09 and risk factor being 1.76 which is very low when comparedto monthly mean. Thus in this particular month investors can expect returns orincrease in net asset value

GRAPHICAL REPRESENTATION

22

Graphical representation of returns of balancecd growth

fund for the month of August 2010

Dates

Returns

Returns


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INTERPRETATION :

The above graph represents the daily returns, it shows the volatility in returns, andthus it reveals that there is increase and decrease in net asset value thus it can be saidthat the asset value of ICICI balance growth fund were going according to marketconditions. Here investors can expect positive returns from the mark.


BALANCE GROWTH PLAN FOR THE MONTH SEP -10

Slno Date NAV Returns X-Mean (X-Mean)2

1 3-Sep-10 37.15 3.51 2.97 8.822 4-Sep-10 37.29 0.38 -0.16 0.033 5-Sep-10 37.34 0.13 -0.41 0.164 6-Sep-10 37.6 0.70 0.16 0.025 7-Sep-10 37.41 -0.51 -1.05 1.096 10-Sep-10 37.43 0.05 -0.49 0.24

7 11-Sep-10 37.39 -0.11 -0.65 0.428 12-Sep-10 37.45 0.16 -0.38 0.149 13-Sep-10 37.65 0.53 -0.01 0.0010 14-Sep-10 37.44 -0.56 -1.10 1.2111 17-Sep-10 37.35 -0.24 -0.78 0.6112 18-Sep-10 37.72 0.99 0.45 0.2013 19-Sep-10 38.67 2.52 1.98 3.9114 20-Sep-10 38.87 0.52 -0.02 0.0015 21-Sep-10 39.26 1.00 0.46 0.21

16 24-Sep-10 39.63 0.94 0.40 0.1617 25-Sep-10 39.55 -0.20 -0.74 0.5518 26-Sep-10 39.51 -0.10 -0.64 0.41


MEAN = RI

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nVariance: mean of (X- mean) 2

Standard deviation: variance = 1.01 = 1.01



Mean 0.54Median 0.27Standard Deviation 1.01Range 4.07Minimum -0.56Maximum 3.51

INTERPRETATION:




INTERPRETATION:

24

Graphical representation of balanced growth fund for

the month of sep-2010

Dates

Returns

Returns


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The above graph represents the daily returns, it shows the volatility in returns, andthus it reveals that there is increase and decrease in net asset value thus it can be saidthat the asset value of ICICI balance growth fund were going according to marketconditions. Here investors can expect positive returns from the market.


BALANCE GROWTH PLAN FOR THE MONTH OCT - 10


1 1-Oct-10 40.35 2.13 1.66 2.752 3-Oct-10 40.86 1.26 0.80 0.633 4-Oct-10 40.92 0.15 -0.32 0.10

4 5-Oct-10 40.74 -0.44 -0.91 0.835 8-Oct-10 39.99 -1.84 -2.31 5.336 9-Oct-10 41.27 3.20 2.73 7.467 10-Oct-10 41.77 1.21 0.74 0.558 11-Oct-10 42.33 1.34 0.87 0.769 12-Oct-10 41.74 -1.39 -1.86 3.4710 15-Oct-10 43.04 3.11 2.65 7.0011 16-Oct-10 42.91 -0.30 -0.77 0.5912 17-Oct-10 42.46 -1.05 -1.52 2.30

13 18-Oct-10 41.45 -2.38 -2.85 8.1114 19-Oct-10 40.55 -2.17 -2.64 6.9715 22-Oct-10 40.49 -0.15 -0.62 0.3816 23-Oct-10 42.1 3.98 3.51 12.3017 24-Oct-10 42.21 0.26 -0.21 0.0418 25-Oct-10 42.85 1.52 1.05 1.10


MEAN = RI

n


Standard deviation: variance 3.37

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= 1.84




INTERPRETATION:



GRAPHICAL REPRESENTATION:

INTERPRETATION:

26

Graphical representation of returns of balanced growth

fund for the month of Oct-2010

Dates

Returns

Returns


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BALANCE GROWTH PLAN FOR THE MONTH NOV- 10


1 1-Nov-10 43.86 2.36 2.20 4.862 2-Nov-10 44.15 0.66 0.51 0.26

3 5-Nov-10 43.86 -0.66 -0.81 0.664 6-Nov-10 43.73 -0.30 -0.45 0.205 7-Nov-10 43.91 0.41 0.26 0.076 8-Nov-10 43.29 -1.41 -1.56 2.457 12-Nov-10 42.85 -1.02 -1.17 1.378 13-Nov-10 43.44 1.38 1.22 1.509 14-Nov-10 44.6 2.67 2.52 6.3410 15-Nov-10 44.59 -0.02 -0.17 0.0311 16-Nov-10 44.71 0.27 0.12 0.01

12 19-Nov-10 44.98 0.60 0.45 0.2013 20-Nov-10 44.34 -1.42 -1.58 2.4814 21-Nov-10 43.04 -2.93 -3.08 9.5115 22-Nov-10 42.96 -0.19 -0.34 0.1116 23-Nov-10 43.42 1.07 0.92 0.8417 26-Nov-10 44.07 1.50 1.34 1.8118 27-Nov-10 43.97 -0.23 -0.38 0.14


MEAN = RI

n



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= 1.82 = 1.35



Mean 0.15Median 0.12Standard Deviation 1.35

Range 5.60Minimum -2.93Maximum 2.67

INTERPRETATION:



GRAPHICAL REPRESENTATION :

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INTERPRETATION :



BALANCE GROWTH PLAN FOR THE MONTH DEC - 10


1 3-Dec-10 45.19 2.77 2.42 5.842 4-Dec-10 45.51 0.71 0.35 0.123 5-Dec-10 45.91 0.88 0.52 0.274 6-Dec-10 45.77 -0.30 -0.66 0.44

5 7-Dec-10 45.74 -0.07 -0.42 0.186 10-Dec-10 45.57 -0.37 -0.73 0.537 11-Dec-10 46 0.94 0.59 0.348 12-Dec-10 46.31 0.67 0.32 0.109 13-Dec-10 45.95 -0.78 -1.14 1.2910 14-Dec-10 46.08 0.28 -0.07 0.0111 17-Dec-10 44.53 -3.36 -3.72 13.8512 18-Dec-10 44.41 -0.27 -0.63 0.3913 19-Dec-10 44.45 0.09 -0.27 0.07

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fund for the month of Nov-2010

Dates

Returns

Returns


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14 20-Dec-10 44.5 0.11 -0.25 0.0615 24-Dec-10 45.57 2.40 2.05 4.1916 26-Dec-10 46.31 1.62 1.27 1.6017 27-Dec-10 46.51 0.43 0.07 0.0118 28-Dec-10 46.82 0.67 0.31 0.10

TOTAL 6.42 29.29

MEAN 0.36 VARIANCE 1.63MEAN = RI

n



1.63 = 1.28




INTERPRETATION:




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INTERPRETATION :


CORRELATION OF RETURNS BETWEEN BSE SENSEX AND ICICI

BALANCE GROWTH FOR THE PERIOD JUL - 10 TO

DEC-10

MONTH BSE(X) ICICI-B-G(Y) X=X-MEAN Y=Y-MEAN X2 Y2 XYJUL 0.44 0.24 0.12 -0.01 0.20 0.00 0.00AUG -0.29 -0.29 -0.61 -0.53 0.08 0.28 0.33SEP 0.74 0.54 0.41 0.30 0.55 0.09 0.12OCT 0.61 0.47 0.28 0.22 0.37 0.05 0.06

NOV 0.16 0.15 -0.16 -0.09 0.03 0.01 0.02DEC 0.28 0.36 -0.04 0.11 0.08 0.01 0.00MEAN 0.32 0.25 SUM 0.22 0.07 0.09

CORRELATION OF RETURNS

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fund for the month of Dec-2010

Dates

Returns

Returns


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XY 0.09X2*Y2 0.02

X2*Y2 0.13

CORRELATION( r ) 0.69

\ [(N* xy) (y* x)]

Correlation Coefficient = [(N* y) (y) ]* [N* x) ( x) ]

INTERPRETATION:

The above table and graph represents the correlation of returns between BSE Sensexand ICICI balance growth fund for the second half of the year, it reveals that thereexists a positive correlation and the correlation is less than 1 which represents thatthere is a strong correlation between fund and the market.

Balance Plan Dividend

RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCE

PLAN DIVIDEND FOR THE MONTH JUL - 10


1 2-Jul-10 17.98 1.18 0.34 0.122 3-Jul-10 18.14 2.14 1.30 1.69

3 4-Jul-10 18.11 1.63 0.79 0.624 5-Jul-10 18.09 0.61 -0.23 0.055 6-Jul-10 18.11 -0.17 -1.01 1.016 9-Jul-10 18.22 0.61 -0.23 0.057 10-Jul-10 18.16 0.39 -0.45 0.218 11-Jul-10 18.21 0.55 -0.29 0.089 12-Jul-10 18.39 0.93 0.09 0.0110 13-Jul-10 18.5 1.87 1.03 1.0611 16-Jul-10 18.46 1.37 0.53 0.28

12 17-Jul-10 18.43 0.22 -0.62 0.3913 18-Jul-10 18.4 -0.54 -1.38 1.9114 19-Jul-10 18.58 0.65 -0.19 0.0415 20-Jul-10 18.6 0.92 0.08 0.0116 23-Jul-10 18.73 1.79 0.95 0.9117 24-Jul-10 18.76 0.97 0.13 0.0218 25-Jul-10 18.6 0.00 -0.84 0.71


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MEAN = RI

n



= 0.51

= 0.71




INTERPRETATION:




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PLAN DIVIDEND FOR THE MONTH AUG 10

Sno Date NAV Returns X-Mean (X-Mean)21 1-Aug-10 17.66 -5.71 -4.49 20.132 2-Aug-10 17.77 -5.28 -4.05 16.413 3-Aug-10 17.92 -3.66 -2.43 5.904 6-Aug-10 17.82 0.91 2.13 4.555 7-Aug-10 17.83 0.34 1.56 2.456 8-Aug-10 18.12 1.12 2.34 5.497 9-Aug-10 17.92 0.56 1.79 3.198 10-Aug-10 17.74 -0.50 0.72 0.52

9 13-Aug-10 17.84 -1.55 -0.32 0.1010 14-Aug-10 17.83 -0.50 0.72 0.5211 16-Aug-10 17.28 -2.59 -1.37 1.8712 17-Aug-10 17.16 -3.81 -2.59 6.6813 20-Aug-10 17.45 -2.13 -0.91 0.8214 21-Aug-10 17.03 -1.45 -0.22 0.0515 22-Aug-10 17.24 0.47 1.69 2.8616 23-Aug-10 17.13 -1.83 -0.61 0.3717 24-Aug-10 17.27 1.41 2.64 6.95

34

Graphical representation of returns of dividend fund

for the month of July-2010

Dates

Returns

Returns


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18 27-Aug-10 17.61 2.15 3.37 11.37TOTAL -22.05 90.23MEAN -1.23 VARIANCE 5.01

MEAN = RI

n



SD = 5.01

= 2.24



Mean -1.23Median -0.98Standard Deviation 2.24Range 7.86Minimum -5.71Maximum 2.15

INTERPRETATION:

The above table represents the daily returns on net asset value and descriptivestatistics of ICICI balance growth fund, it reveals that the monthly mean is -1.23 witha price variation of 5.01 and risk factor being 2.24 which is very low when comparedto monthly mean. Thus in this particular month investors can expect returns orincrease in net asset value.

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INTERPRETATION :



BALANCE PLAN DIVIDEND FOR THE MONTH SEP - 10

MEAN = RIn


1 3-Sep-10 18.22 6.36 5.35 28.66

2 4-Sep-10 18.3 5.96 4.95 24.553 5-Sep-10 18.32 4.03 3.02 9.134 6-Sep-10 18.45 1.26 0.25 0.065 7-Sep-10 18.35 0.27 -0.74 0.546 10-Sep-10 18.37 0.27 -0.74 0.547 11-Sep-10 18.34 -0.60 -1.61 2.588 12-Sep-10 18.38 0.16 -0.85 0.729 13-Sep-10 18.47 0.54 -0.47 0.2210 14-Sep-10 18.37 0.16 -0.85 0.72

36

Graphical representation of returns of dividend

fund for the month of Aug-208

Dates

Retur

ns

Returns


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11 17-Sep-10 17.33 -5.71 -6.72 45.1912 18-Sep-10 17.5 -5.25 -6.26 39.2113 19-Sep-10 17.94 -2.34 -3.35 11.2314 20-Sep-10 18.03 4.04 3.03 9.1815 21-Sep-10 18.21 4.06 3.05 9.2916 24-Sep-10 18.39 2.51 1.50 2.25

17 25-Sep-10 18.35 1.77 0.77 0.5918 26-Sep-10 18.33 0.66 -0.35 0.12




10.26

= 3.20




INTERPRETATION:


price variation of 10.26 and risk factor being 3.20 which is very low when comparedto monthly mean. Thus in this particular month investors can expect returns orincrease in net asset value.


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INTERPRETATION :

The above graph represents the daily returns, it shows the volatility in returns, andthus it reveals that there is increase and decrease in net asset value thus it can be saidthat the asset value of ICICI balance growth fund were going according to market

conditions. Here investors can expect positive returns from the market.


PLAN DIVIDEND FOR THE MONTH OCT - 10


1 1-Oct-10 18.72 1.79 0.59 0.352 3-Oct-10 18.96 3.32 2.12 4.503 4-Oct-10 18.98 3.55 2.34 5.49

4 5-Oct-10 18.9 0.96 -0.24 0.065 8-Oct-10 18.55 -2.16 -3.37 11.336 9-Oct-10 19.14 0.84 -0.36 0.137 10-Oct-10 19.38 2.54 1.34 1.798 11-Oct-10 19.64 5.88 4.67 21.849 12-Oct-10 19.37 1.20 0.00 0.0010 15-Oct-10 19.97 3.04 1.84 3.3911 16-Oct-10 19.91 1.37 0.17 0.0312 17-Oct-10 19.7 1.70 0.50 0.25

38

Graphical representation of returns of dividend

fund for the month of Sep-2010

Dates

Returns

Returns


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13 18-Oct-10 19.23 -3.71 -4.91 24.1014 19-Oct-10 18.81 -5.52 -6.73 45.2715 22-Oct-10 18.78 -4.67 -5.87 34.5016 23-Oct-10 19.53 1.56 0.36 0.1317 24-Oct-10 19.58 4.09 2.89 8.3518 25-Oct-10 19.88 5.86 4.65 21.66


MEAN = RI

n



SD = 3.19



Mean 1.20

Median 1.63Standard Deviation 3.19Range 11.40Minimum -5.52Maximum 5.88

INTERPRETATION:


price variation of 10.17 and risk factor being 3.19 which is very low when comparedto monthly mean. Thus in this particular month investors can expect returns orincrease in net asset value.

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INTERPRETATION :


RETURNS VARIANCE & STANDARD DEVIATION OF ICICI BALANCEPLAN DIVIDEND FOR THE MONTH NOV-10


1 1-Nov10 20.35 4.20 3.61 13.022 2-Nov-10 20.48 4.60 4.01 16.053 5-Nov-10 20.35 2.36 1.77 3.154 6-Nov-10 20.29 -0.29 -0.89 0.785 7-Nov-10 20.37 -0.54 -1.13 1.27

6 8-Nov-10 20.09 -1.28 -1.87 3.497 12-Nov-10 19.88 -2.02 -2.61 6.828 13-Nov-10 20.15 -1.08 -1.67 2.799 14-Nov-10 20.69 2.99 2.40 5.7410 15-Nov-10 20.69 4.07 3.48 12.1411 16-Nov-10 20.74 2.93 2.34 5.4612 19-Nov-10 20.87 0.87 0.28 0.0813 20-Nov-10 20.57 -0.58 -1.17 1.3714 21-Nov-10 19.97 -3.71 -4.30 18.52

40

Graphical representation of returns of dividend fund for the

month of Oct-2010

Dates

Ret

urns

Returns


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15 22-Nov-10 19.93 -4.50 -5.09 25.9616 23-Nov-10 20.14 -2.09 -2.68 7.1917 26-Nov-10 20.44 2.35 1.76 3.1118 27-Nov-10 20.4 2.36 1.77 3.12


MEAN = RI

n


Standard deviation: varianceSD = 2.69



Mean 0.59Median 0.29Standard Deviation 2.69Range 9.10Minimum -4.50Maximum 4.60INTERPRETATION:




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INTERPRETATION :



PLAN DIVIDEND FOR THE MONTH DEC - 10


1 3-Dec-10 20.96 4.07 3.02 9.132 4-Dec-10 21.11 3.28 2.23 4.963 5-Dec-10 21.3 4.41 3.36 11.30

4 6-Dec-10 21.24 1.34 0.29 0.085 7-Dec-10 21.22 0.52 -0.53 0.286 10-Dec-10 21.14 -0.75 -1.80 3.247 11-Dec-10 21.34 0.47 -0.58 0.348 12-Dec-10 21.49 1.27 0.22 0.059 13-Dec-10 21.32 0.85 -0.20 0.0410 14-Dec-10 21.38 0.19 -0.86 0.7411 17-Dec-10 20.66 -3.86 -4.91 24.1312 18-Dec-10 20.6 -3.38 -4.43 19.60

42

Graphical representation of returns of dividend fund

for the month of Nov-2010

Dates

Returns

Returns


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13 19-Dec-10 20.62 -3.55 -4.60 21.2014 20-Dec-10 20.65 -0.05 -1.10 1.2115 24-Dec-10 21.14 2.62 1.57 2.4716 26-Dec-10 21.49 4.22 3.17 10.0517 27-Dec-10 21.58 4.50 3.45 11.9318 28-Dec-10 21.72 2.74 1.69 2.87




SD = 2.62



Mean 1.05Median 1.06

Standard Deviation 2.62Range 8.37Minimum -3.86Maximum 4.50

INTERPRETATION:


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MEAN 0.32 0.58 SUM 0.22 0.69 0.24

CORRELATION OF RETURNS

XY 0.24X2*Y2 0.15

X2*Y2 0.39

CORRELATION( r ) 0.63

[(N* xy) (y* x)]

Correlation Coefficient = [(N* y) (y) ]* [N* x) ( x) ]


Graphical representation of returns of BSE & ICICI

dividend fund

-1.5

-1

-0.5

00.5

1

1.5

JUL AUG SEP OCT NOV DEC

Months

Returns BSE(X)

ICICI-B-D(Y)

INTERPRETATION:

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The above table and graph represents the correlation of returns between BSE Sensexand ICICI balance dividend fund for the second half of the year, it reveals that thereexists a positive correlation and the correlation is less than 1 which represents thatthere is a strong correlation between fund and the market.

RETURNS VARIANCE & STANDARD DEVIATION OFBSE THE MONTH OF JUL-10

Sno Date Close Returns X-Mean (X-Mean)2

1 7/2/2010 14664.26 1.13 0.68 0.462 7/3/2010 14806.51 0.97 0.53 0.283 7/4/2010 14880.24 0.50 0.05 0.004 7/5/2010 14861.89 -0.12 -0.57 0.325 7/6/2010 14964.12 0.69 0.24 0.066 7/9/2010 15045.73 0.55 0.10 0.017 7/10/2010 15009.88 -0.24 -0.68 0.478 7/11/2010 14910.62 -0.66 -1.11 1.229 7/12/2010 15092.04 1.22 0.77 0.6010 7/13/2010 15272.72 1.20 0.75 0.5711 7/16/2010 15311.22 0.25 -0.19 0.0412 7/17/2010 15289.82 -0.14 -0.58 0.3413 7/18/2010 15301.17 0.07 -0.37 0.1414 7/19/2010 15550.13 1.63 1.18 1.40

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15 7/20/2010 15565.55 0.10 -0.34 0.1216 7/23/2010 15732.2 1.07 0.63 0.3917 7/24/2010 15794.92 0.40 -0.05 0.0018 7/25/2010 15699.33 -0.61 -1.05 1.10

TOTAL 8.01 7.52Mean 0.44 Variance 0.42

MEAN = RI

&



SD = 0.65


Jul-08Mean 0.44Median 0.45Standard Deviation 0.65Range 2.29Minimum -0.66Maximum 1.63


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The above graph represents the daily returns, it shows the volatility in returns, andthus it reveals that there is increase and decrease in net asset value .

Slno Date Close Returns X-Mean (X-Mean)2

1 8/1/2010 14935.77 -4.86 -4.58 20.952 8/2/2010 14985.7 0.33 0.62 0.393 8/3/2010 15138.4 1.02 1.31 1.71

4 8/6/2010 14903.03 -1.55 -1.27 1.615 8/7/2010 14932.77 0.20 0.49 0.246 8/8/2010 15307.98 2.51 2.80 7.847 8/9/2010 15100.15 -1.36 -1.07 1.158 8/10/2010 14868.25 -1.54 -1.25 1.569 8/13/2010 15017.21 1.00 1.29 1.6610 8/14/2010 15000.91 -0.11 0.18 0.0311 8/16/2010 14358.21 -4.28 -4.00 15.9812 8/17/2010 14141.52 -1.51 -1.22 1.49

48

Graphical representation of BSE for the

month of july-2010

Dates

Returns

Returns


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13 8/20/2010 14427.55 2.02 2.31 5.3314 8/21/2010 13989.11 -3.04 -2.75 7.5715 8/22/2010 14248.66 1.86 2.14 4.5916 8/23/2010 14163.98 -0.59 -0.31 0.0917 8/24/2010 14424.87 1.84 2.13 4.5318 8/27/2010 14842.38 2.89 3.18 10.12

Mean -0.29 Variance 4.82

MEAN = RI

n



SD = 2.20


Aug-08

Mean -0.29Median 0.05Standard Deviation 2.20Range 7.76Minimum -4.86Maximum 2.89GRAPHICAL REPRESENTATION

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The above graph represents the daily returns, it shows the volatility in returns, andthus it reveals that there is increase and decrease in net asset value.


1 9/3/2010 15422.05 3.91 3.17 10.022 9/4/2010 15465.4 0.28 -0.46 0.213 9/5/2010 15446.15 -0.12 -0.86 0.754 9/6/2010 15616.31 1.10 0.36 0.135 9/7/2010 15590.42 -0.17 -0.91 0.826 9/10/2010 15596.83 0.04 -0.70 0.497 9/11/2010 15542.77 -0.35 -1.09 1.188 9/12/2010 15505.36 -0.24 -0.98 0.969 9/13/2010 15614.44 0.70 -0.04 0.00

50

Graphical representation of returns of BSE month

of Aug-2010

Dates

Ret

urns

Returns


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10 9/14/2010 15603.8 -0.07 -0.81 0.6511 9/17/2010 15504.43 -0.64 -1.38 1.8912 9/18/2010 15669.12 1.06 0.32 0.1013 9/19/2010 16322.75 4.17 3.43 11.7814 9/20/2010 16347.95 0.15 -0.59 0.3415 9/21/2010 16564.23 1.32 0.58 0.34

16 9/24/2010 16845.83 1.70 0.96 0.9217 9/25/2010 16899.54 0.32 -0.42 0.1818 9/26/2010 16921.39 0.13 -0.61 0.37

TOTAL 13.29 31.13Mean 0.74 Variance 1.73

MEAN = RI

nVariance: mean of (X- mean) 2Standard deviation: variance

SD = 1.32


Sep-08

Mean 0.74

Median 0.22

Standard Deviation 1.32

Range 4.81

Minimum -0.64

Maximum 4.17

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1 10/1/2010 17328.62 2.41 1.80 3.242 10/3/2010 17847.04 2.99 2.39 5.693 10/4/2010 17777.14 -0.39 -1.00 1.004 10/5/2010 17773.36 -0.02 -0.63 0.395 10/8/2010 17491.39 -1.59 -2.19 4.816 10/9/2010 18280.24 4.51 3.90 15.247 10/10/2010 18658.25 2.07 1.46 2.148 10/11/2010 18814.07 0.84 0.23 0.059 10/12/2010 18419.04 -2.10 -2.71 7.32

52

Graphical representation of returns os BSE for the

month of sep-2010

Dates

Returns

Returns


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Maximum 4.99




1 11/1/2010 19724.35 5.08 4.92 24.182 11/2/2010 19976.23 1.28 1.11 1.243 11/5/2010 19590.78 -1.93 -2.09 4.384 11/6/2010 19400.67 -0.97 -1.13 1.285 11/7/2010 19289.83 -0.57 -0.73 0.546 11/8/2010 19058.93 -1.20 -1.36 1.85

54

Graphical representation of returns of BSE for the month of

Oct-2010

Dates

Returns

Returns


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1 12/3/2010 19603.41 1.85 1.57 2.452 12/4/2010 19529.5 -0.38 -0.66 0.433 12/5/2010 19738.07 1.07 0.79 0.624 12/6/2010 19795.87 0.29 0.01 0.005 12/7/2010 19966 0.86 0.58 0.336 12/10/2010 19930.68 -0.18 -0.46 0.217 12/11/2010 20290.89 1.81 1.53 2.338 12/12/2010 20375.87 0.42 0.14 0.029 12/13/2010 20104.39 -1.33 -1.61 2.6110 12/14/2010 20030.83 -0.37 -0.65 0.4211 12/17/2010 19261.35 -3.84 -4.12 17.00

56

Graphical representation of returns of BSE for the month of

Nov-2010

Dates

Returns

Returns


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12 12/18/2010 19079.64 -0.94 -1.23 1.5013 12/19/2010 19091.96 0.06 -0.22 0.0514 12/20/2010 19162.57 0.37 0.09 0.0115 12/24/2010 19854.12 3.61 3.33 11.0716 12/26/2010 20192.52 1.70 1.42 2.0217 12/27/2010 20216.72 0.12 -0.16 0.03

18 12/28/2010 20206.95 -0.05 -0.33 0.11TOTAL 5.07 41.21Mean 0.28 Variance 2.29

MEAN = RI

nVariance: mean of (X- mean) 2


SD = 1.51


Dec-08

Mean 0.28

Median 0.21Standard Deviation 1.51Range 7.45Minimum -3.84Maximum 3.61

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Standard deviations of growth, dividend& BSE from the month of

July - December

Month Growth funds Dividend funds BSE

July 0.53 0.71 0.65

August 1.76 2.24 2.2

September 1.01 3.2 1.32

October 1.84 3.19 2.4

58

Graphical representation of returns of BSE for the minth ofDec-2010

Dates

Returns

Returns


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November 1.35 2.69 2.15

December 1.28 2.62 1.51

Graphical Representation

Graphical representation of standard deviations of

Growth,Dividend & BSE

0

2

4

6

8

July

august

Septemb

er

Octob

er

Novemb

er

Decemb

er

Months

Standard

dieviations

BSE

Dividend funds

Growth funds

INTERPRETATION:

The above graph represents the risk factor of growth fund is greater than thedividend fund and BSE in each and every month..

CHAPTER IV

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FINDINGS

SUGGESTIONS

FINDINGS :

1. The average returns and standard deviation of growth fund and dividend fund in themonth of July are (0.24, 0.53), (0.84, 0.71) respectively. It shows that the risk andreturns of the dividend fund are more than growth fund.

2. The average returns and standard deviation of growth fund and dividend fund in themonth of august are (-0.29, 1.76), (-1.23, 2.24) respectively. it shows that the risk ismore and no returns for both the funds.

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3.The average returns and standard deviation of growth fund and dividend fund in themonth of September are (0.54,1.01), (1.01,3.20) respectively. it shows that the riskis less for the growth fund compare to dividend fund.

4.The average returns and standard deviation of growth fund and dividend fund in themonth of October are (0.47, 1.84), (1.20, 3.29) respectively. it shows that the risk isless for the growth fund compare to dividend fund.

5. The average returns and standard deviation of growth fund and dividend fund in themonth of November are (0.15, 1.35), (0.59, 2.69) respectively. It shows that the riskis less for the growth fund compare to dividend fund. But the returns are very low.

6. The average returns and standard deviation of growth fund and dividend fund in ther risk returns of the growth fund are less than the dividend fund.

7. The correlation of the Growth fund and BSE is 0.69.

8.The correlation of the Dividend fund and BSE is 0.63

SUGGETIONS:

1. It is better to choose the growth fund since the dividend fund is havingmore risk and returns in all the months .but the the growth fund ishaving normal returns with less risk.

2. When the market value of ICICI is in increasing stage it is better to

choose the growth fund.

3. The correlation of the growth fund and BSE is 0.69, which is more thanthe correlation of dividend fund and BSE (0.63). So it says that thegrowth fund ishighlcorrelatedwithBSEthandividendfund.

CHAPTER V

CONCLUSION

Ifwe analyze Growth and Dividend funds the Return on Growth funds are very highwhen we compare with Dividend funds for a long term period. The return on Dividendfunds is not more than 14% on an Average. As we know the concept of Inflation

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which is increasing 8- 10% every year. And if we are getting maximum return onDividend fund i.e. (14% return - 10% inflation) = 5% return.

Whereas in growth Funds there are many fluctuations even then the returns are high ifwe are keeping our investments for a longer period. There are two types of Investors

1. Risk Takers

2. Risk Averse.

Risk Takers:

Is a person who would like to take the risk? The liquidity is high but we cannot takethe investment whenever we require but we can take back or redeem our investmentswhen the NAV is high. Because these are totally depend on market risks. They are not

bothered about the principle amount. Only they look for higher returns. For the risk

takers the Equity schemes are very good for investment, because they can keep theinvestments for a longer period and get good returns.

Risk Averse:

Is a person who doesnt like to take the risk? They are bothered about the principleamount. They don't want high returns. They are content with low returns. They lookfor high liquidity and whenever they want they can take back their investments but thereturns are very low.

BIBILIOGRAPHY

BOOKS

1. Donald.e.fisher and ronald. J. Jordan , the security analysis and portfoliomanagement,edn, publishe, yer

2. Fundamentals of stasticts - S.c Gupta

3. WEBSITES

1.Www.bseindia.com

2.Www.yahoofinance.com

3.Www.amfiindia.com

62
http://www.bseindia.com/http://www.bseindia.com/http://www.yahoofinance.com/http://www.yahoofinance.com/http://www.amfiindia.com/http://www.amfiindia.com/http://www.bseindia.com/http://www.yahoofinance.com/http://www.amfiindia.com/


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4.Www.msgfindia.com
http://www.msgfindia.com/http://www.msgfindia.com/http://www.msgfindia.com/

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