RAJA PAVAN

8/7/2019 RAJA PAVAN

1/21

CONSTRUCTION OF PORTFOLIO MANAGEMENT

FOR SELECTED COMPANIES IN THE

PHARMACEUTICAL, AUTOMOTIVE & OIL & GAS

INDUSTRIES

A MINI PROJECT REPORT

Submitted by

RAJA PAVAN KUMAR J (09AC31)

In partial fulfillment of the requirements of Anna University for the

award of the degree of

Master of Business Administration

PSG INSTITUTE OF MANAGEMENT

MARCH 2010

8/7/2019 RAJA PAVAN

2/21

8/7/2019 RAJA PAVAN

3/21

Executive summary

Investing in securities has become a growing trend in India with more number of

investors growing every day. The aim of the investor being getting high return at a low risk,

analyzing and predicting of the stock market is very tough. With information and knowledge

on investments more investors approach the fund managers for allocating and investing in thestock market. The objective of this project is to find the optimal investment opportunity for

an investor by directing them to invest in more optimal portfolio in the selected industries.

Background of study

The Indian pharmaceutical industry is the world's second-largest by volume and is

likely to lead the manufacturing sector of India. India's bio-tech industry clocked a 17 percent

growth with revenues of Rs.137 billion ($3 billion) in the 2009-10 financial year over the

previous fiscal. The sector is highly fragmented with more than 20,000 registered units. It has

expanded drastically in the last two decades. The leading 250 pharmaceutical companies

control 70% of the market with market leader holding nearly 7% of the market share. It is an

extremely fragmented market with severe price competition and government price control.

The Automotive industry in India is one of the largest in the world. The country is

manufacturing over 11 million vehicles and exporting about 1.5 million every year ever year.

It is the world's second largest manufacturer of motorcycles, with annual sales exceeding 8.5

million in 2009. India's passenger car and commercial vehicle manufacturing industry is the

seventh largest in the world, with an annual production of more than 2.6 million units in

2009.

The oil and gas industry has been instrumental in fuelling the rapid growth of the Indianeconomy. India has total reserves of 775 million metric tonnes (MMT) of crude oil and 1074

billion cubic metres (BCM) of natural gas as on April 1, 2009, according to the basic

statistics released by the Ministry of Petroleum and Natural Gas. Petroleum exports during

2008-09 were US$ 26.2 billion.

CONSUMPTION GROWTH DURING 2009-10

There is a significant growth ofPharmaceutical market in 2010, which indicates amarket growth of about 4 - 6% in 2010. As of 2009, India is home to 40 million passenger vehicles and more than 1.5 million

cars were sold in India in 2009 (an increase of 26%), making the country the second

fastest growing automobile market in the world.

The consumption of petroleum products during 2008-09 were 133.4 MMT (includingsales through private imports), according to the Ministry of Petroleum. The sale ofoil

8/7/2019 RAJA PAVAN

4/21

& gas products in the country rose 3.8 per cent in April 2010 to 12.13 million tonne

year-on-year.

FUTURE PROSPECTS:

If present industry overview is taken into consideration then the pharmaceutical market in2010 is projected to grow 4 - 6% exceeding $825 billion. The pharmaceutical market sales are

expected to grow at a 4 - 7% compound annual growth rate (CAGR) through 2013.

The Automotive Mission Plan (AMP) 2006-2016, aims at doubling the contributionof automotive sector in GDP by taking the turnover to USD 145 billion and providing

additional employment to 25 million people by 2016 with special emphasis on export

of small cars, MUVs, two and three wheelers and auto components. By 2050, the

country is expected to top the world in car volumes with approximately 611 million

vehicles on the nation's roads.

As per the Ministry of Petroleum, demand for oil and gas is likely to increase from186.54 million tonnes of oil equivalent (mmtoe) in 2009-10 to 233.58 mmtoe in 2011-

12.

The demand for Pharmaceutical, Automotive & Oil & Gas industries is in the growthstage till 2010 as mentioned in the CONSUMPTION GROWTH DURING 2009-10

and this trend is expected to continue in the near future.

INDIAN STOCK MARKET A DYNAMIC MARKET:

The global financial markets are trading at a reasonable value after sharp fall from the

2007 highs. From the beginning of this year, lot of money has poured into the markets around

the world as the investors are optimistic about the economy. Developed economies would

take more than two years to recover however the Asian economies will lead the overall

economic recovery.

Companies around the world has posted better than expected earnings in the last couple of

quarters and showing the signs of recovery in their operations, nevertheless the growth in

their earnings was ushered by cost cutting measures such as layoff and restructuring of their

businesses. In general, their growth would be sustainable once the consumer confidence

revives in the developed economies.Thus based on the above analyzed facts and economic analysis, the industries

Pharmaceutical, Automotive & Oil & Gas has been selected for the utmost benefit of the

investors.

8/7/2019 RAJA PAVAN

5/21

STATEMENT OF PROBLEM

Even during the economic slowdown in 2008-09, growth of demand in thePharmaceutical, Automotive & Oil & Gas industries remained at a healthy (as

discussed before) when compared with all the other industries.

Many of the analyzed facts and economic analysis estimates indicate thatPharmaceutical, Automotive & Oil & Gas industries will perform well in the future

because of growing trend of the industry and also increased potential users .

So the investors were highly willing to invest in the above selected industries ratherthan investing in other industries.

The aim of the investor being getting high return at a low risk, analyzing andpredicting of the stock market is very tough.

So the problem for an investor lies in finding the optimal investment opportunity inthe Pharmaceutical, Automotive & Oil & Gas industries.

OBJECTIVES

Primary Objective:

Construction of optimal portfolio using Sharpe Index Model To analyze the risk and return of three sectors of Industries in India.

Secondary Objectives:

To understand the Sharpe's Portfolio Selection Model over the Standardized IndexPortfolio called Market portfolio in respect of stock market operations in India.

It also involves the estimation of Beta for each potential asset; these estimations areobtained based on past data and using statistical methods in order to obtain future

Beta.

To understand the current scenario and best return with minimum risk for the selectedindustries.

8/7/2019 RAJA PAVAN

6/21

Significance of Study

SCOPE & LIMITATIONS

Scope:

1. To get overview about the selected Industries in India, their performance comparison,market share, potential and their volatility.

2. Serves as a source of information for investors in identifying the risk averse and risk

seeking shares (more return and less risk) of selected industries.

3. To get insight about the application of Sharpe index model in risk and return analysis of

portfolio management.

4. It also helps to know the stability or the growth rate of various companies in the selected

period. This can be included for the future analysis.

Limitations:

1. The study covers a period of five years only

2. The data obtained and collected are only from secondary data so values are approximate

and not more accurate.

3. Market fluctuations in share price of the selected industries.

4. Application of Sharpie index model alone.

Theoretical framework

Literature Reviews

ARTICLE 1

Portfolio Construction: Allocating risk, allocating time

By Martin Steward

Publication: Investment and Pension Europe (IPE Magazine) June 2 2010

One of the biggest risks a long-term investor faces is of severe short-term losses. A robust

strategic asset allocation is the best defence against that eventuality, but the process

underlying most pension funds' approach makes them more vulnerable to those short-term

shocks. "Implied volatility on the S&P500 for the past 25 years suggests that risk is clearly

not constant over time, and you have successive periods of high levels of risk - Vix levels of

25-35, say - and low levels of 10-20," . "It is astonishing to see how regular these regimes are

in terms of length - about four or five years." "The asset allocation with 60% in equities

8/7/2019 RAJA PAVAN

7/21

would stand for a very different level of risk in this new regime than it did when the strategic

allocation was decided"

If the decision is framed as a risk allocation (to both global risk and the risk of individual

asset classes), the strategic management of that benchmark consists in rebalancing the

portfolio not in terms of asset allocation weights, but in terms of risk contribution -

maintaining the initial risk budget by buying assets whose volatilities are falling below their

strategic assumptions (often long term levels) and selling those whose volatilities are rising

above those levels.

ARTICLE 2

Portfolio concentration and the fundamental law of active management

Jeroen Derwall, Tilburg University, Joop Huij Rotterdam School of Management

17 Nov 2009

ABSTRACT

Concentrated funds with higher levels of tracking error display better performance than their

more broadly diversified counterparts. We show that the observed relation between portfolio

concentration and performance is mostly driven by the breadth of the underlying fund

strategies; not just by fund managers willingness to take big bets. Our results indicate that

when investors strive to select the best performing funds, they should not only consider fund

managers tracking error levels. It is of greater importance that they take into account the

extent to which fund managers carefully allocate their risk budget across multiple investment

strategies and have concentrated holdings in multiple market segments simultaneously.

ARTICLE 3

Portfolio Construction: Broaden your horizons

By Martin Steward


A pension fund can have liabilities stretching out for decades but it regularly and frequently

buys the assets that it will hold to meet those liabilities out of incoming cash flows - cost

averaging is the most basic form of time horizon diversification. Similarly, most will make

strategic asset allocation decisions on a 3-5 year horizon, rather than a liability duration-related multi-decade horizon. Within that, portfolios may be rebalanced once a year or so and

active tactical asset allocation decisions might be made every 6-12 months. There would be

practical difficulties associated with implementing a truly diversified portfolio of time

horizons. Latency costs can be crippling at the very, very short end; and both the shorter and

longer ends push investors into higher fees than they pay for either the buy-and-hold or the

active management strategies into which they are currently bunched. But most long-term

8/7/2019 RAJA PAVAN

8/21

institutional investors can go a long way before running up against these issues: time horizon

remains a hugely under-examined and under-exploited source of portfolio risk management.

ARTICLE 4

Portfolio Construction: A question of skill

By Martin Steward


"Performance from those managers is driven more by risk management than by the nature of

the positions they have got on - but that remains a skill."

However, these skills - two bottom-up, one top-down - are about extracting the highest

information ratio from an underlying systematic risk. They arguably remain fundamentally

either risk-on or risk-off, so while they can manage cyclicality they cannot capitalise on it.

There would appear to be little advantage in the fund of funds delegating any top-down

decision making to these strategists - as opposed to long/short equity managers with highly-

variable net exposures or multi-strategy macro managers. Dispersion of performance between

managers in the more cyclical strategists might be quite high, that dispersion will be greatest

during the periods when their underlying systematic risk is delivering return, and as a result,

over the entire cycle the return to the fund of funds is likely to be dominated by the top-down

decision of whether to be allocated to the systematic risk or not. Furthermore, it also suggests

that the contribution of manager and strategy selection to the risk and return of the diversified

fund of funds will itself be cyclical.

ARTICLE 5

Performance Evaluation of Two Optimal Portfolios by Sharpes Ratio

Global Journal of Finance and Management Volume 2, Number 1 (2010),

Asmita Chitnis

Abstract

A ratio developed by William Sharpe measures risk-adjusted performance. It tells us whether

a portfolios return is due to smart investment decisions or a result of excess risk. This paper

attempts to construct two optimal portfolios from two different samples using Sharpes Single

Index Model of Capital Asset Pricing and further to compare the performance of these twoportfolios by Sharpes Ratio. For the analysis purpose, NIFTY 50 has been considered as the

market index. Stocks listed on the National Stock Exchange constitute the population. Two

samples each comprising of 26 stocks (most of them being large caps) have been selected.

Monthly indices as well as monthly stock prices for the period from 1st April, 2004 to 31st

March, 2009 are being considered. Using Sharpes Single Index Model a unique cut off point

is defined and the optimal portfolio of stocks having excess of their expected return over risk-

free rate of return greater than this cut-off point is generated for both the samples separately.

8/7/2019 RAJA PAVAN

9/21

Percentage of investment in the respective portfolios is further decided by the standard

procedure outlined by Sharpes Model. Finally, performance of these two optimal portfolios

is evaluated by Sharpes Ratio.

ARTICLE 6

The Art and Science of Portfolio Construction

By Anna Morrell

March 04, 2010

ABSTRACT

Rather too many of us, I suspect, have portfolios that are just collections of haphazardly

acquired shares. As with asset allocation, so with portfolio construction, you need to sit down

first and do some thinking. What is your preferred level of risk? It has to be moderately high

for you to consider getting involved in equity investment, but are you willing to take larger

risks - for instance, investing in AIM companies - for greater gains, or do you take a more

conservative approach?

That's a balance between how many stocks you can research and keep on top of, and how

many stocks you need to achieve the benefit of diversification reducing your overall risk.

That will differ from person to person, and it will also be different depending on whether you

use funds and ETFs to gain broader exposure, or whether your portfolio is entirely equity

focused.

ARTICLE 7

Portfolio construction and performance measurement when returns are non-normal

By Karen Benson, Philip Gray, Egon Kalotay, Judy Qiu, March 2008

ABSTRACT

The foundation of popular approaches to portfolio construction and performance

measurement lies in the mean-variance framework of Markowitz (1952, 1959). However, the

suitability of such approaches in practice is questionable in light of considerable evidence of

non-normalities in returns. This explores the potential usefulness of a non-parametric

approach to portfolio construction and performance measurement recently proposed by

Stutzer (2000). The Portfolio Performance Index (PPI) is based on the notion that investorsassociate risk with the failure to achieve a target return. Stutzer proposes that portfolio

construction and performance measurement be approached by calculating the decay rate in

the probability that a given portfolio will underperform its designated benchmark. By

comparing the PPI and Sharpe ratio metrics, this paper presents preliminary evidence of the

economic significance of non-normalities in Australian equity returns, and documents the

impact of such on portfolio construction and performance evaluation practice.

8/7/2019 RAJA PAVAN

10/21

ARTICLE 8

Abu Hassan Md Isa, Chin-Hong Puah and Ying-Kiu Yong

Faculty of Economics and Business, Universiti Malaysia Sarawak, 94300 Kota Samarahan,

Sarawak, Malaysia.

ABSTRACT

There had been extensive theoretical and empirical studies on asset pricing model, which

trying to establish factors that contribute to the expected return of capital asset. These studies

contributed towards the development and improvement of the models to explain pricing of

capital asset under an equilibrium market. Sharpe (1964) and Lintner (1965) developed the

earliest model trying to estimate the expected return of capital assets in the 1960s, which is

the extension of the one period mean variance model of Tobin (1958) and Markowitz (1959).

The Sharpe-Lintner model links return to risk. It uses beta, the risk free rate, and the market

return to estimate the expected return. Early studies were largely supportive of the Sharpe-

Lintner CAPM, that is, the unconditional model stating a linear relationship between returnand market risk, beta which is a constant. For example, Fama and Macbeth (1973) found that

on average there is a positive tradeoffs between risk and return for New York Stock

Exchange (NYSE) common stocks using monthly average data from 1926-1968. They found

no measure of risk, other than beta, systematically affecting the average return. Ball et

al.(1976) revealed that there is evidence that the cross sectional relationship between beta risk

and the average return is linear in the Australian Industrial equity market over the period of

1958-1970. Ariff and Johnson (1990) also reported that the Singapore stock market was in

favour of the linear and positive return to risk relation during 1973-1988. In addition, Chen

(2003) found evidence supporting the use of CAPM in Taiwan stock market. The relationship

between stock returns and beta is significant and the coefficient of determination of theregression is high for all the sectors under study.

ARTICLE 9

Uncovering the Risk-Return Relation in the Stock Market

Hui Guo, Robert F. Whitelaw

ABSTRACT

There is an ongoing debate in the literature about the apparent weak or negative relation

between risk (conditional variance) and return (expected returns) in the aggregate stockmarket. We develop and estimate an empirical model based on the ICAPM to investigate this

relation. Our primary innovation is to model and identify empirically the two components of

expected returns--the risk component and the component due to the desire to hedge changes

in investment opportunities. We also explicitly model the effect of shocks to expected returns

on ex post returns and use implied volatility from traded options to increase estimation

efficiency. As a result, the coefficient of relative risk aversion is estimated more precisely,

and we find it to be positive and reasonable in magnitude. Although volatility risk is priced,

8/7/2019 RAJA PAVAN

11/21

as theory dictates, it contributes only a small amount to the time-variation in expected returns.

Expected returns are driven primarily by the desire to hedge changes in investment

opportunities. It is the omission of this hedge component that is responsible for the

contradictory and counter-intuitive results in the existing literature.

ARTICLE 10

The risk and return characteristics of developed and emerging stock markets: the recent

evidence

Authors: Gerald Kohers a; Ninon Kohers b; Theodor Kohers c

Published in: Applied Economics Letters, Volume 13, Issue 11 September 2006 , pages 737

743

ABSTRACT

Finance theory suggests that the higher volatility typically associated with emerging stock

market returns translate into higher expected returns in those markets. This study compares

the risk and return profile of emerging and developed stock markets over the period from

1988 through April 2003. Specifically, this study investigates whether a difference in risk

characteristics exists between the two markets and whether the realized rates of return in

these two types of markets reflect these risk characteristics. The results show that the risk

associated with emerging markets, as measured by the standard deviation of returns, is higher

than the risk in developed markets in most periods. Also, the returns in emerging markets

have been higher than those in developed markets for most of the time frames examined. The

findings suggest that risk-averse investors seeking higher returns in emerging markets have

been compensated for assuming the higher risk associated with these markets.

ARTICLE 11

Oil price risk and emerging stock markets

Syed A. Bashera Department of Economics, York University, 4700 Keele Street, Toronto,

Ontario, Canada, M3J 1P3 &

Perry Sadorskyb, Schulich School of Business, York University, 4700 Keele Street, Toronto,

Ontario, Canada, M3J 1P3

Abstract

The purpose of this paper is to contribute to the literature on stock markets and energy prices

by studying the impact of oil price changes on a large set of emerging stock market returns.

The approach taken in this paper uses an international multi-factor model that allows for both

unconditional and conditional risk factors to investigate the relationship between oil price risk

and emerging stock market returns. This paper, thus, represents one of the first

comprehensive studies of the impact of oil price risk on emerging stock markets. In general

we find strong evidence that oil price risk impacts stock price returns in emerging markets.

8/7/2019 RAJA PAVAN

12/21

Results for other risk factors like market risk, total risk, skewness, and kurtosis are also

presented. These results are useful for individual and institutional investors, managers and

policy makers.

Research Methodology

RESEARCH DESIGN:

It is the conceptual structure within which research is conducted. It constitutes the

blueprint for the collection, measurement and analyses of data. The study aims at narration of

existing facts and figures regarding financial position of five selected companies from the

energy industry and the research design adopted in the study has been analytical in nature.

PERIOD OF THE STUDY:

The study covers a period of 5 years i.e.) from 2005-06 to 2009-10.

DATA COLLECTION METHOD:

The study is based on the secondary data collected from various resources.

SOURCES OF DATA:

Websites like Nse india, RBI and other informational sites.

Sampling Technique:

The sampling technique used was purposive sampling. In this technique the company

is selected based on the requirement of the study.

SAMPLE SPACE:

In this project, sample of five companies and their performance over five years are

used to calculate portfolio and overall financial status of the chosen companies. The

companies are chosen randomly and there is no formal procedure for having chosen such

companies. The companies exhibit the expected diversity during the period of study.

STATISTICAL TOOLS USED:

The secondary data collected was analysed and interpreted using trend analysis and

inter firm comparisons.

8/7/2019 RAJA PAVAN

13/21

PORTFOLIO

Certain formulae are used to study on the risk and return of the companies and

the portfolio management based on the Sharpe Index model.

The formulae of the elements used in the spread sheet are as follows:1. Sum of Individual Stock returns - Ri and Market return - Rm.2. Stock return Y and Market return X:

= ((Todays price Yesterdays price) / Yesterdays price)*100.

3. Mean of stock return Y, Mean of market return X.Y = (sum of Y)/ total number of days

X = (sum of X)/ total number of days

4. Standard deviation of Stock return y, Standard deviation of marketreturn x.

5. Correlation = Covariance/(y * x)6. Risk factor = Covariance *(y / x)7. Return indicator = Y - (X).8. Unsystematic risk - ei.9. Cut off point Ci10.Z value = Zi/

Where, Zi =

- Ci

11.X value = Zi / Z. Tables and bar graphs are drawn for average values of important parameters

like , x, y, X, Y, for each company for all five years.(Outcomes are

represented diagrammatically)

A table for all companies cut-off point, Z value, X value is also drawn.

8/7/2019 RAJA PAVAN

14/21

ANALYSIS & INTERPRETATION

Three sectors are selected for the construction and selection of optimum companies for

investing the following table shows the companies selected and the industries chosen.

INDUSTRY Pharmaceuticals Automotive Oil and Gas

1

Cipla Ashok Leyland

ONGC

2

Drreddy

Mahindra &

Mahindra

Limited

Reliance

Industries Ltd

3 PiramalHealthcare Tata Motors

Essar oil

4Aurobindo

Pharma

Maruti Suzuki

India Limited

BPCL

5

GlaxoSmithKline

Hero Honda

Motors Ltd.

Hindusthan

petroleum

The sharpe index procedure is followed step by step and the companies are shortlisted

according to the cut-off point and the percentage of investment of the selected companies is

found out at the end.

The following table shows the calculated values of the respected companies and their

correlation and beta. Analysis and interpretation is made on the values mentioned in the table

step by step.

8/7/2019 RAJA PAVAN

15/21

Company (Stock) Return Vs Market Return

INTERPRET TION:

From t above anal i table, Essar oil has the hi h market share since it has the hi her

val e of company ret rn than other companies. Since company share val e is increasing day

by day from the above data. Allthe companies have optimistic share val e in the market with

a positive share val e. From the above given data we can come to a concl sion that

Aurobindo Pharma has a very optimistic share val e in the market and has a positive share

val e.

Hero Honda motors, AshokLeylandshare val e is in a positive number showing that the

companys shares has the faith ofthe investors in the market and has remained the same in

spite ofthe increase in the points in the market.

Maruti also has won the confidence of the share holders this can be found from the table

which shows that while some companys share prices have declined and are in a negative

figure Maruti has maintained a positive share value when the market points have increased.

M&M has also kept up with the recent market fluctuations and while the current market

points have increased the share prices ofthe company have not declined but on the contrary

have maintained a positive figure which shows thatthe company is healthy and has attracted

the confidence ofits share holders.

In the case ofHindustan petroleumit mightlose the confidence ofits share holders which is

shown by the companys low share price. This can be because the company must have been

0

0.05

0.1

0.15

0.2

0.25

8/7/2019 RAJA PAVAN

16/21

8/7/2019 RAJA PAVAN

17/21

BET ()

INTERPRET TION:

Reliance and Hindustan petroleum shows a negative beta value indicating that when the

market return is positive then the asset value will decrease and vice versa.

Tata Motors has a highest positive beta value indicating thatthe companys asset value will

more closely follow the market return.

Ashok Leyland & ONGChas next highest positive beta values after Tata Motors indicatingthatthe companys asset value will closely follow the market return.

In the rest of the other companies has a positive beta value indicating that the companys

asset value will closely follow the market return.

Finally, from the above table and graph it clearly shows thatTata Motors & Ashok Leyland

has high risk and high return which shows it gives more profit when compared to other

companies.

-0.2

0

0.2

0.

0.6

0.8

8/7/2019 RAJA PAVAN

18/21

INVESTMENTS

COMPANY Z X (%)

ASHOKLEY 0.60626 22.09215

AUROPHARMA 1.502483 54.75058

BPCL -0.34057

CIPLA -0.05879

DRREDDY 0.63549 23.15728

INTERPRETATION:

From the above table we can invest 54.75% in AUR BINDO PHARMA, 23.15% in DR

R DDY, 22.09% in ASHOKLEYLAND. Among these companies investment in

AUROBINDO PHARMA only have very high return when compared to other companies in

the three selected industries.

22.0921 612

5.7505776

23.15727628

X(%)

ASHOKLEY

AUROPHARMA

DRREDDY

8/7/2019 RAJA PAVAN

19/21

FINDINGS

From the above obtained data we can come to a conclusion that

1.) A i

has a very optimistic share value in the market and has a positive

share value.

2.)ONGChas shown a high degree of positive correlation indicating that when the market

return increases the companys return will also increase.

3.) Tata M t has a highest positive beta value indicating that the companys asset value

will more closely follow the market return.

But when compared to all the companies for selecting optimum investment it is found that

The investment best suited goes like this as 54.75% in AUROBINDO PHARMA, 23.15% in

DR REDDY, 22.09% in ASHOKLEYLAND.Among these companies investment in

AUROBINDO PHARMA only have very high return when compared to other companies in

the three selected industries.

Suggestions

In the investment decision it is suggested that to keep AUROBINDO PHARMA, DR

REDDY & ASHOKLEYLAND stocks LONGand to keep BPCL and CIPLA stocks SHORT

in those five selected companies from the cut-off.

Conclusion

Thus based on the above analyzed study of the selected industries, companies have been

selected for the utmost benefit of the investors. In this study the investor can select the stock

in those five selected companies. The two companies BPCL and CIPLA stocks should be

sold short where as the other three companies stocks can be held long.

8/7/2019 RAJA PAVAN

20/21

References

1. http://www.gailonline.com/gailnewsite/mediacenter/pressrelease-aug-1-09.html

2. Hard lessons from the primary market fiasco financial scene - The Hindu

3. ONGC: Investor Centre:: Profile

4. Alexander's Gas & Oil Connections - India to build up storage of crude oil

5. The Hindu Business Line: Strategic oil reserves to come directly under Govt

6. 'India to form crude oil reserve of 5 mmt'- Oil & Gas-Energy-News by Industry-News-The

Economic Times

7. "Indian biotech industry grew 17 percent in 2009-10: Survey". Economic Times.

http://economictimes.indiatimes.com/news/news-by-industry/healthcare/biotech/biotech/Indian-

biotech-industry-grew-17-percent-in-2009-10-Survey/articleshow/6075713.cms . 21 Jun 2010.

8. "Understanding the WTO - Intellectual property: protection and enforcement". WTO.http://www.wto.org/english/thewto_e/whatis_e/tif_e/agrm7_e.htm .2010-07-27.

9."Serum Institute of India | Manufacturer of Vaccines & immuno-biologicals - GMP Vaccine

Manufacturer". Seruminstitute.com. http://www.seruminstitute.com.2010-07-27.

10."Nectar Life sciences Ltd.: Nurturing. Enriching. Caring". Neclife.com. http://www.neclife.com

2010-07-27.

11.India industry: Desperate for quality healthcare services. Economist Intelligence Unit: Country

ViewsWire. 24 June 2005.

12. Indiainfoonline.com. Indian Pharmaceutical Sector: Big Pharma Opportunity. By Atul Rastogi

and Abhimanyu Verma. 28 August 2003.

13. Joshi, Hemant N. Analysis of the Indian pharmaceutical industry: with emphasis on opportunities

in 2005. Pharmaceutical Technology 27:1 (2003): 74-84.

14. http://macleodspharma.com

15 ."Bharat Serums and Vaccines - plasma, pharma and biotechnology products". Bharatserums.com.

http://www.bharatserums.com/. 2010-07-27.

16. "India : Pharmaceuticals Business, pharmaceutical company india, pharma outsourcing india,

pharmaceuticals brand, pharmaceuticals intellectual property, pharmaceutical formulations, vaccines,

natural products". Panacea Biotec. http://www.panacea-biotec.com/. Retrieved 2010-07-27

17. http://www.researchandmarkets.com/reports/312502/

18. www.hindustanpetroleum.com

19. http://www.cygnusindia.com

20. http://www.google.com

8/7/2019 RAJA PAVAN

21/21

21. http://www.hindu.com

22. http://moneycontrol.com

23. http://nseindia.com

24. http://rediffmoney.com

RAJA PAVAN

Documents