Internship Report

On
Awareness About Stock Markets Of
India

Submitted By : Vaibhav Arora ( MBA-2019)

Roll No : 19020259

1
 Self Coordinates

• Name : Vaibhav Arora

• JGU Id No: 19020259
• Batch : MBA-2019

 Internship Details
• Company Name : IIFL Securities Ltd.
• Mentor : Vivek Bohra
• Duration : 10th July – 10th Sep 2020
• Location : Mumbai , Maharashtra / Working From Home.

2
 Declaration
I the undersigned solemnly declare that the project report is based on my own work carried out during my internship
under the supervision of my mentor . I assert the statements made and conclusions drawn are an outcome of my training
& learning session being held at the institution. I further certify that:

• The work contained in the report is original and has been done by me under the general supervision of my supervisor.
• The work has not been submitted to any other Institution for any other degree/diploma/certificate in this university or
any other University of India or abroad.
• We have followed the guidelines provided by the university in writing the report.
• Whenever we have used materials (data, theoretical analysis, and text) from other sources, we have given due credit
to them in the text of the report and giving their details in the references.
 
Name : Vaibhav Arora ( MBA-19)
Roll No: 19020259

3
 Acknowledgement

My sincere appreciation and gratefulness to management of IIFL Securities LTD to have given me an opportunity
to experience real time corporate life and learn about the way organizations function. I would also like to thank Op
Jindal Global University for giving me this opportunity to conducting this study.

My sincere gratitude goes to Mr. Vivek Bohra who was my Company mentor during the aforementioned period .I
would like to thank him for having expanded my horizons with respect to the learning and the training aspect of
this internship. The Internship could not have been completed successfully without his valuable cooperation.

My unfeigned and wholehearted gratefulness to my Faculty Guide who encouraged me to go ahead with my study
and always gave me support and whose assistance were given throughout the project duration. His knowledge
and experience has served as a continuous source of encouragement and motivation. I thank him for guiding me
at every step of the project.

Last but not the least , I would like to thank all my family members for their care, encouragement and support.
VAIBHAV ARORA
4
 Executive Summary

Mark Twain once partitioned the world into two sorts of individuals: the individuals who have seen the renowned
Indian landmark, the Taj Mahal, and the individuals who haven't. The equivalent could be said about stock
market investors. There are two sorts of financial specialists: the individuals who think about the speculation
openings in India and the individuals who don't. India may resemble a little spot to somebody in the U.S.,
however after looking into it further, you will locate very similar things you would anticipate from any
encouraging business sector. As a portion of the process of economic liberalization, the stock market has been
assigned an important place in Financing the Indian corporate sector. Besides enabling mobilizing resources for
investment directly from the investors, providing liquidity for the investors and monitoring and disciplining
company managements are the principal functions of the stock markets. The internship report deals with the
overall review of equity market of India , certain examples and all the components considered by an investor
before investing in a financial avenue .

5
CONTENTS
Students Declaration
Acknowledgement
Executive Summary

SERIAL No. TOPICS PAGE NO.

   
1. INTRODUCTION  
2. OBJECTIVES OF THE STUDY  
3. INDUSTRY PROFILE & COMPANY PROFILE  
4. RESEARCH METHODOLOGY  
5. REVIEW OF LITERATURE  
6. LEARNINGS  
7. CONCLUSIONS  
8. BIBLIOGRAPHY  
6
1. Introduction
A stock market, equity market or share market is the aggregation of buyers and sellers of stocks (also called shares), which
represent ownership claims on businesses; these may include securities listed on a public stock exchange, as well as stock that
is only traded privately, such as shares of private companies which are sold to investors through equity crowdfunding platforms.
Investment in the stock market is most often done via stockbrokerages and electronic trading platforms. It is controlled by
Securities exchange board of India (SEBI). Investment is usually made with an investment strategy in mind
Significant Stock Exchanges in India
There are two primary stock trading exchanges in India where most of the exchanges occur - the Bombay Stock Exchange (BSE)
and the National Stock Exchange (NSE). Aside from these two trades, there are some other local stock trades like Bangalore
Stock Exchange, Madras Stock Exchange and so on however these trades don't assume an important job any longer.
 National Stock Exchange (NSE)
NSE is the main stock exchange in India where one can purchase/sell portions of openly recorded organizations. It was set up in
the year 1992 and is situated in Mumbai. NSE has a lead list named as NIFTY50. The index contains the best 50 organizations
dependent on its exchanging volume and market capitalization.
7
This list is generally utilized by financial specialists in India just as internationally as the indicator of the Indian capital
markets.

• Bombay Stock Exchange (BSE)

BSE is Asia's first just as the most seasoned stock exchanges in India. It was set up in 1875 and is situated in Mumbai. It
has a sum of ~5,295 organizations rattled off which ~3,972 are accessible for exchanging as on August 21, 2017. BSE
Sensex is the leader record of BSE. It quantifies the exhibition of the 30 biggest, generally liquid and monetarily stable
organizations across key divisions.

• Distinctive Market Participants

There are a great deal of people and corporate houses who exchange a securities exchange. Any individual who
purchases/sells partakes in a securities exchange is named as a market member. A portion of the classes of market
members are as per the following:
• Domestic Retail Participants-These are people who execute in the business sectors.
• NRI's and Overseas Citizen of India (OCI)- These are individuals of Indian beginning who dwell outside India.
• Domestic Institutions-These are enormous corporate elements situated in India (for instance: LIC of India).
8
• Domestic Asset Management Companies (AMC)- The market members in this classification would be
shared store organizations like HDFC AMC, SBI Mutual Fund, DSP Black Rock and a lot more
comparative substances.
• Foreign Institutional Investors-FIIs are Non-Indian corporate substances, for example, unfamiliar resource
the executive's organizations, speculative stock investments and different financial specialists.

2. Objectives Of The Study

• To study the various aspects of Indian Stock Market in detail.
• To learn as to how to invest in the Stock Markets.
• To make a projection on performance of various businesses using fundamental and technical analysis.
• To learn as to how to increase investor awareness.
• Need to invest in Stock Markets.
• To study company stock valuation and predicts its probable evolution.

9
3. Industry Profile & Company Overview
Stockbroking is a service which gives retail and institutional investors the opportunity to buy and sell equities.
Stockbrokers will trade shares both on exchange and over-the-counter, dependent on where they can find the best price and
liquidity. Stock exchanges place strict regulations on who can trade shares directly on their books, which is why most individual
investors hoping to trade shares will do so via a stockbroker.
Typically, a stockbroking firm will charge commission on the trades it makes on a client’s behalf, or a fee for retaining its services.
Indian broking industry has a huge of number of players, many being exclusive in nature while huge dealers despite everything
offer exchanging and speculation administrations to clients. As far as piece of the pie, according to dynamic customers, top 10
specialists contribute ~63% in industry size. Among the equivalent, top two dealers establish ~15% of piece of the pie in dynamic
customers, trailed by ~46% piece of the overall industry contributed by the following eight players. Top two players establish 15%
in ADTO of the market. Indian dealers have advanced from being unadulterated representatives (bank drove intermediaries and
non-bank drove full-administration merchants) to wholesalers of money related items and business expansion by shaping AMC/PE
reserves, loaning through NBFC and setting up ARCs. In the wake of changes experienced in the residential financial exchange
and broking industry, development regarding plan of action was impending. In our view, the Indian broking industry is changing
from an exchange-based model to administration or expense-based model contribution administrations like riches the executives
10
and speculation warning.
A move towards a fee-based model is as of now underway with intermediaries concentrating on building warning model (riches
AUM). Aside from warning administrations, center around subsidize based exercises, including edge financing and credit against
shares, is on the ascent, empowering agents to fabricate manageable profit. Cyclicality of pay from unstable markets/volumes is
seen decreasing as unadulterated business salary structures ~50-60% of by and large income for every player versus 80-90%
hardly any years back.
The Indian broking industry is extremely divided with enormous number of members (~3755/3099 enrolled with SEBI in real
money/subsidiary market). A considerable lot of these might be legitimacy work area, still numerous dealers offer exchanging
administrations to clients. Over the most recent six years, Indian markets have seen a spray in volumes at ~34.4% CAGR from FY13
to FY19. Following worldwide pattern of higher tilt towards choices, subsidiaries saw strong footing at 35.4% CAGR from | 155400
crore in FY13 to | 959000 crore in FY19, while value (Cash) ADTO became uniquely by ~18.1% CAGR in FY13-19 to | 35200 crore.
The Indian financial exchange has experienced advancements more than quite a long while regarding yields, items and client
administrations. In the underlying stage, Indian financiers were to be isolated in two classes – bank drove specialists and nonbank
drove intermediaries. Larger part of these financiers were full-administration intermediaries with administrations spreading over from
giving stage to exchanging, settlement administrations, venture warning (research), speculation banking and riches the executives.

11
To counter the unpredictability of business sectors and in this way business, financiers began the way of expansion – the initial step
being conveyance of budgetary items – protection and common assets. Afterward, financiers entered next degree of enhancement
through passage into new line of business spreading over from resource the executives to credit payment through NBFC. The Indian
brokerage industry has now witnessed entry of new category of brokers – discount brokers that offer basic transactional service at
low fixed brokerage irrespective of the size of trade quantum. Apart from transactional service, these brokers provide various product
used for analysis and research services at additional cost.
There are several different services a stockbroker can provide:
•Execution-only stockbrokers will complete orders on your behalf, but do not offer any advice.
•Advisory stockbrokers will offer advice on where to trade, but only trade on orders submitted by you.
•Discretionary stockbrokers will trade on your behalf, executing trades without your input.
 Company Profile
IIFL Holdings Limited (formerly India Infoline Limited) d/b/a IIFL and India Infoline, is an Indian diversified financial services and
broking services company headquartered in Mumbai. The organization was founded by Nirmal Jain. IIFL and its group companies
are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government's private
equity arm. 12
IIFL is ranked among the top seven financial conglomerates in India and as the top independent financial services firm in India in
terms of market capitalization. Nirmal Jain is the Chairman of the group, while R Venkataraman is the Group Managing Director and
Co-Promoter.

Products of IIFL

Cash market
Others
•Equity shares trading platform Commodity market
•Structured products
•Mutual fund distribution •Commodities Trading platform •Credit finance and securities
•Insurance distribution
•Derivatives-metallic and agrarian •Research reports
•Depository services
•Asset management
•Portfolio management services products
•Wealth management
(PMS)
•Loans and Mortgages -gold loans , •Offshore Investments
•Investment banking
home loans and other loans •Real Estate Advisory
•Bonds
•Capital Market advisory
•Initial Public Offer (IPO
13
 Organizational Structure
• India Infoline Ltd.
• India Infoline Finance Limited
• India Infoline Insurance brokers Ltd.
• India Infoline Commodities Ltd.
• IIFL Assets management company & IIFL MF
• IIFL Private Wealth management Ltd.
• IIFL (Asia) Pte Ltd.
• IIFL Inc. (US) investment Advisors Ltd.
• IIFL (UK)
• IIFL Multinational Company

 SWOT ANALYSIS OF IIFL

STRENGTHS
• Wide range of financial products availability.
• Successful implementation of diversification of business model.
• Online portal’s successful branding as “5paisa.com”. 14
• Have over 2500 offices in India in over 500 cities.
• First Indian brokerage house to get membership of Singapore Exchange.
• IIFL has been awarded the ‘Best Broker, India’, ‘Most improved brokerage, India’, ‘Fastest
Growing Equity Broking House’.
• Provide payout margin money facility after 1week of opening DEMAT account.
• Charge low brokerage in both intraday trade and delivery trade.
• Provides both type mode of trade i.e. online and offline trade.
• Provide good customer services.

WEAKNESS
• High risk exposure as seen by conservative population.
• Less emphasis on advertising causes lack of brand visibility in Indian market.
• Only target to limited number of high and upper medium income groups.
• No intraday tick by tick charts in Investor Terminal (IT).
• Learning trading terminal is little hard on India Infoline.

15
OPPORTUNITIES
• High income group in urban cities.
• More penetration into the growing cities and in rural areas.
• Make the potential investors aware about the IIFL various products and provide free investment advices after research and
development report.
• Attract the new and old investors by providing trade terminal software and mobile apps through which they can alert with the market
fluctuations.
THREATS
• Stringent Economic measures by Government, RBI and SEBI.
• Limited entry of foreign based finance firms into Indian Market.
• New competitors are rising every year in the investment market.
4. Research Methodology
This study is based on secondary data. The required data related to Indian Stock Market, Bombay Stock Market
(BSE), National Stock Market (NSE) have been collected from various sources i.e. Bulletins of Reserve Bank of India, publications
and is downloaded from the websites of NSE, money control, screener.com , investing.com and many other websites. Daily
Monitoring of shares is being done and data is collected on an everyday basis on particular shares . 16
5. Review of Literature

There has been a wide scope of studies concerning money related area changes in general, and capital
market changes specifically, since the mid-1980s in India. This segment features certain significant
examinations that are logically pertinent. A few examinations for example, Sahni (1985), Kothari (1986),
Mookerjee (1988), Lal (1990), Chandra (1990), Franscis (1991), Ramesh Gupta (1991,1992), Raghunathan
(1991), Varma (1991), Gupta (1992), and Sinha (1993) remark upon the Indian capital market when all is said
in done what's more, exchanging frameworks the stock trades specifically and propose that the frameworks
in that are somewhat old-fashioned and wasteful, and experience the ill effects of significant shortcoming and
acts of neglect. As per a large portion of these examinations, critical changes are required if the stock trades
are to be equipped to the imagined development in the Indian capital showcase.

Barua et al (1994) embrace an extensive evaluation of the private corporate obligation showcase, the open
part security advertise, the govt. protections showcase, lodging money, and other obligation markets in India.
This gives a symptomatic investigation of the condition of the Indian obligation advertise, suggesting important
measures for the advancement of the optional obligation showcase. It features the need to coordinate the
managed obligation advertise with the free obligation showcase, the need for showcase making for financing
and supporting alternatives and loan fee subsidiaries, and expense changes.
17
Cho (1998) calls attention to the purposes behind which changes were made in the Indian capital market
expressing the after change advancements. Shah (1999) portrays the money related segment changes in India
as an endeavour at creating monetary markets as an elective vehicle deciding the designation of capital in the
economy. Shah and Thomas (2003) audit the progressions which occurred on India's value and obligation
markets in the time of the 1990s. This has concentrated on the significance of emergencies as a component for
acquiring changes. Mohan (2004) gives the justification of budgetary segment changes in India, strategy
changes in the money related part, and the results of the budgetary area change process in some detail. Shirai
(2004) inspects the effect of monetary and capital market changes on corporate account in India. India's
monetary and capital market changes since the early 1990s have positively affected both the financial division
and capital markets. By and by, the capital markets stay shallow, especially with regards to separating top notch
firms from bad quality ones (and in this way bringing down capital costs for the previous contrasted and the last
mentioned). While some top notch firms (e.g., huge firms) have subbed bond money for bank advances, this has
not happened to any huge degree for some different sorts of firms (e.g., old, send out situated, and business
paper-giving ones) . This mirrors the way that most bonds are secretly set, absolving backers from the severe
bookkeeping and exposure necessities vital for open issues. Therefore, banks stay significant agents for both
high and bad quality firms.
18
The paper contends that India should manufacture a framework that will encourage sound capital markets
and fortify banks' motivators for better hazard the board. Chakrabarti and Mohanty (2005) talk about how the
capital market in India is developed in the change time frame. Thomas (2005) clarifies the monetary area
changes in India with accounts of accomplishment just as disappointment. Bajpai (2006) infers that the
capital market in India has experienced different phases of progression, achieving major and basic changes
in the market plan and activity, bringing about more extensive speculation decisions, extraordinary decrease
in exchange expenses, and proficiency, straightforwardness, and security as too expanded combination with
the worldwide markets. The opening up of the economy for venture and exchange, the disassembling of
controlled intrigue and trade rates systems and setting up of sound administrative foundations have
empowered time. The study and survey of writing about the budgetary segment changes in India uncover that
the changes have been sought after overwhelmingly and the aftereffects of the changes have achieved
improved proficiency and straightforwardness in the monetary division. The changes likewise brought into
between linkage of budgetary markets over the globe prompting new item advancement and modern hazard
the board apparatuses. Subordinates in general execution as an instrument to fence the hazard emerging
from development in costs in item advertises as well as in the protections showcase.

19
6. Learning From The Internship

How to invest in stock market ?

So there are two ways to invest in the i.e. through the primary market and secondary market .
Primary market are markets where an investor are able to purchase securities directly from the issuer. In the
Primary Market , companies sell new stocks and bonds to the public for the first time , such as with an IPO
(Initial Public Offering ) – often at pre determined and a negotiated price.
Secondary Market are markets where the securities are traded after being initially offered to the public in the
primary market and /or listed on the stock exchange . Majority of the trading is done in the secondary market .
They comprise of equity markets and debt markets.

20
INVESTORS PREFERENCE IN STOCK MARKET
Although most of the financial specialists need a sheltered and secure profit for their venture, they
additionally look for most extreme returns. The pure debt investment brings an average return with lesser
liquidity as compared to the equity investments. So in search of higher return (keeping the risk factor in mind)
investor are a heading towards equity investment on analysis of recent year investment trends, FII, entrance
and operations in Indian stock markets, it has been found that equity is gaining ground in India. The main
attraction of equity among investors are
1. Higher return (especially I case of capitalization and dividend if any)
2. Higher Liquidity
3. Option to start trading with small investments
4. Daily trading (as it increase chances of more “buy or sell” transaction which leads to fast profits/loss
generation)

With these advantages, equity has a factor of risk of poor profit payout (as against fixed "interest "income
under water) or the immaterial capitalization. In addition, at some point the interest in value exchanging goes
to base level and nothing is normal consequently. In any case, the fascination of value stays high in
speculators mind become of "return &liquidity factor. What's more, this recognition has leaded the venture
patterns from obligation to value and portfolio speculation. 21
Things to remember before investing
•  Never jump blindly into stock markets.
• Stock market is not a money-making machine.
•  Educate yourself, handle basics first.
•  Invest only your surplus funds
• Avoid herd mentality
• . Don’t try to time the market, follow a disciplined investment approach
• Have realistic expectations
• Risk and Return Goes Hand in Hand
• Investment in fixed income is a good option as it gives protection to the principal amount, its less risky and risk
of losing money when return is adjusted for inflation .
• Investment in equities is a great option as it beats inflation over a longer period, provides good returns of 14-
15% but is considered a bit risky investment.
• Real estate investments can lead to huge outlay of cash and the liquidity is also very low.
• Gold and silver are comparatively safer mode of investment, but the returns are not very encouraging.
• To understand the markets before investing ,the investor needs to understand the investor biases , their
psychology and understand the system and the system thinking.
• To have a glimpse of the financial intermediaries , about the IPO Markets , Financial Indices , jargons, etc. 22
Investment Alternative

23
1.Equity
• Equity typically referred to as shareholders' equity (or owners' equity' for privately held companies), represents
the amount of money that would be returned to a company’s shareholders if all the assets were liquidated and all
the company's debt was paid off. Furthermore, investor value can speak the book value of a company. Equity
can sometimes be known as installment in-kind. It also represents the pro-rata ownership of a company's
shares. Equity can be found on an organization's monetary record and is one of the most widely recognized bits
of information utilized by examiners to evaluate the budgetary strength of an organization.

• This information can be found on the balance sheet, where the following steps can be followed:
• Locate the company's total assets on the balance sheet for the period.
• Locate total liabilities, which should be listed separately on the balance sheet.
• Subtract total assets from total liabilities to arrive at shareholder equity.
• Note that total assets will equal the sum of liabilities and total equity.

24
2. Debt and Mutual Fund
• A debt fund is a Mutual Fund scheme that invests in fixed income instruments, such as Corporate and
Government Bonds, corporate debt securities, and money market instruments, etc. that offer capital
appreciation. Debt funds are also referred to as Fixed Income Funds or Bond Funds.
• A few major advantages of investing in debt funds are the low-cost structure, relatively stable returns, relatively
high liquidity, and reasonable safety.
• Debt funds are ideal for investors who aim for regular income but are risk-averse. Debt funds are less volatile
and, hence, are less risky than equity funds.
• A mutual fund is a company that pools money from many investors and invests the money in securities such
as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio.
Investors buy shares in mutual funds.

3. Equity Valuation
• Equity valuation is a sweeping term and is utilized to allude to all apparatuses and methods utilized by
financial specialists to discover the genuine estimation of an organization's value. It is frequently observed as
the most pivotal component of an effective investment choice. Investment Banks normally have an Equity
research division, where research investigators produce value research reports of select Securities in different
businesses. 25
• Equity valuation, therefore, is the backbone of the modern financial system. It enables companies with sound
business models to command a premium in the market. On the other hand, it ensures that companies whose
fundamentals are weak witness a drop in their valuation. The art and science of equity valuation, therefore,
enable the modern economic system to efficiently allocate scarce capital resources amongst various market
participants.
• The entire arrangement of securities exchanges depends on the possibility of Equity valuation. The securities
exchanges have a wide assortment of stocks on offer, whose apparent market esteem changed each moment on
account of the adjustment in data that the market gets consistently.
4. Fundamental Analysis
• Fundamental analysis attempts to measure a security's intrinsic value by examining related economic and
financial factors including the balance sheet, strategic initiatives, microeconomic indicators, and consumer
behavior.
• Fundamental Analysis (FA) is a holistic approach to study a business. When an investor wishes to invest in a
business for the long term (say 3 – 5 years) it becomes extremely essential to understand the business from
various perspectives. It is critical for an investor to separate the daily short-term noise in the stock prices and
concentrate on the underlying business performance. Over the long term, the stock prices of a fundamentally
strong company tend to appreciate, thereby creating wealth for its investors.
26
We have many such examples in the Indian market. To name a few, one can think of companies such as Infosys
Limited, TCS Limited, Page Industries, Eicher Motors, Bosch India, Nestle India, TTK Prestige etc. Each of
these companies have delivered on an average over 20% compounded annual growth return (CAGR) year on
year forever 10 years. To give you a perspective, at a 20% CAGR the investor would double his money in
roughly about 3.5 years. Higher the CAGR faster is the wealth creation process. Some companies such as
Bosch India Limited have delivered close to 30% CAGR.

27
A few elements of quantitative fundamental analysis are EPS, P/E ratio, P/B ratio, Debt/Equity ratio and Roe
ratio. These are among the few fundamental indicators that help you understand deeper about the
company/stock.
•Earning Per Share is called EPS. This is a measure of profitability.
•EPS = Net Profit of The Company divided Number of Outstanding Shares
•Price to Earnings Ratio is called P/E ratio. This is a measure of valuation.
•P/E = Price of Stock divided Earnings Per Share
•Price to Book ratio is called P/B ratio. This is a measure of valuation for banking and financial companies.
•P/B = Price of Stock divided Book Value of Stock/Company
•Debt to Equity ratio is called D/E. This is a measure of indebtedness.
•Debt to Equity Ratio = Total Liabilities of the company divided Total shareholder’s equity
•Return on Equity Ratio is called Roe. It is a profit measure that can be generated with the money that has
been invested by its shareholders.
•Return on equity = Net Income of company divided by Shareholder’s equity

• Examples of Fundamental Analysis

28
 • Reliance Industries Ltd.
Particulars Amount

Market capital Rs 1233326.67

Cr

Book value Rs 760.81

ROCE 10.62%
Current price Rs 1823.45

P/E ratio 31.33

Dividend Yield 0.36%

Industry P/E 37.15

Face value Rs 10.00

 
YEARLY RESULTS OF RELIANCE MAR '20 MAR '19 MAR '18 MAR '17 MAR '16  
INDUSTRIES (in Rs. Cr.)

Net Sales/Income from operations 596,743.00 569,209.00 391,677.00 305,382.00 273,999.00  

Other Operating Income -- -- -- -- --  

Total Income From Operations 596,743.00 569,209.00 391,677.00 305,382.00 273,999.00  

EXPENDITURE  

Consumption of Raw Materials 260,621.00 275,237.00 207,448.00 175,087.00 158,199.00  

Purchase of Traded Goods 149,667.00 123,930.00 68,628.00 42,431.00 28,055.00  

Increase/Decrease in Stocks -5,048.00 -4,680.00 -8,610.00 -5,218.00 2,560.00   29

 -- -- -- -- --  
Power & Fuel

Employees Cost 14,075.00 12,488.00 9,523.00 8,388.00 7,407.00  

Depreciation 22,203.00 20,934.00 16,706.00 11,646.00 11,565.00  
Excise Duty -- -- -- -- --  
Admin. And Selling Expenses -- -- -- -- --  
R & D Expenses -- -- -- -- --  
Provisions And Contingencies -- -- -- -- --  
Exp. Capitalized -- -- -- -- --  
Other Expenses 89,211.00 78,067.00 50,512.00 38,500.00 36,074.00  
P/L Before Other Inc., Int., Except. Items & Tax 66,014.00 63,233.00 47,470.00 34,548.00 30,139.00  
Other Income 13,956.00 8,386.00 8,862.00 9,443.00 7,479.00  
Exceptional Items -4,444.00 -- 1,087.00 -- 4,574.00  

P/L Before Tax 53,499.00 55,124.00 49,367.00 40,142.00 38,501.00

Tax 13,726.00 15,390.00 13,346.00 10,201.00 8,876.00

P/L After Tax from Ordinary Activities 39,773.00 39,734.00 36,021.00 29,941.00 29,625.00

Prior Year Adjustments -- -- -- -- --

Extra Ordinary Items -- -- -- -- --

Net Profit/(Loss) For the Period 39,773.00 39,734.00 36,021.00 29,941.00 29,625.00

-526.00 -249.00 -5.00 68.00 -116.00  

Minority Interest

107.00 103.00 59.00 -108.00 236.00  

Share Of P/L Of Associates
 Net P/L After M.I & Associates 39,354.00 39,588.00 36,075.00 29,901.00 29,745.00  

Equity Share Capital 6,339.00 5,926.00 5,922.00 2,959.00 2,948.00  

Reserves Excluding Revaluation Reserves 446,992.00 381,186.00 287,569.00 259,876.00 227,765.00  

Equity Dividend Rate (%) -- -- -- -- --  

EPS BEFORE EXTRA ORDINARY  

Basic EPS 70.66 66.82 60.94 101.33 100.97  

Diluted EPS 70.66 66.80 60.89 101.14 100.75  

EPS AFTER EXTRA ORDINARY  

Basic EPS. 63.49 66.82 60.94 101.33 100.97  

Diluted EPS. 63.49 66.80 60.89 101.14 100.75

Suggestion
 The year on year income of the company grows every year and company gives extraordinary performance in 2018-2019.
 The P/E ratio of company is also good and shows that the growth of the company is consistent.
 The dividend yield of company is also good, company also announce and give a certain percentage of dividend every year.
 Recently company closes some big deals that affects the price of the share.
 Company also increases its reserve every year, that is good.
31
Technical Analysis

Technical analysis is a means of examining and predicting price movements in the financial markets, by using historical price charts
and market statistics. It is based on the idea that if a trader can identify previous market patterns, they can form an accurate
prediction of future price trajectories.
Assumption of Analysis
• History repeat itself ; this is true about prices of the stocks . Technical experts keep up that costs move in a repeating nature after
some time, particularly when considering market conduct and human feelings.
• Prices and Markets Discounts everything , technical analyst base their work on is that because price supposedly takes financials,
the economy and the overall market into account inherently, examining these factors separately is unnecessary.
• Prices Are Trend-Driven , one of the biggest assumptions technical analysis makes is that prices follow trends and aren't random. 
Much of technical analysis involves examining data and chart patterns of historical prices as well as current ones, as technical
analysts believe those prices move in trends of different lengths like short term, medium term and long term. 
Charts and Patterns
1.Candlestick chart , 2.Bar chart
3.Line chart
32
Volume
Another major factor used in technical analysis is volume. Volume is simply the number of shares or contracts that trade for a certain
security over a certain period, which is generally one day. 
For technical analysis, looking at the volume of a stock or security can help analysts determine the strength of a price movement or
trend by showing the amount of shares being traded in that direction (up or down).
Trend
Trend is perhaps one of the most important indicators of a stock or security's future performance. Technical analysis prizes examining
historical trends to forecast how the stock's price will be in the future.
33
The three main types of trends are "uptrends," "downtrends" and "horizontal" trends. Uptrends are characterized by higher lows and
higher highs, while downtrends are characterized by lower lows and lower highs. (Horizontal trends involve highs and lows that are
essentially unchanged.)
Support and resistance
When looking at charts and price movements of a stock or security, technical analysts will also examine the stock's "support" and
"resistance" levels. Those are the security's previous lows (support) and highs (resistance) that are above or below the stock's current
price. These can help indicate if a stock is on a bullish or bearish trend.
Support represents a price where demand for a stock is high enough to typically prevent the price from dipping below that line.
Resistance represents the point where sellers of the stock will come in a dump their shares, keeping the security from moving above a
higher price. 

34
Moving Averages
When looking at a daily stock chart, the jagged lines going up and down can sometimes look messy or confusing. That's why
examining so-called "moving averages" -- the average of a stock's past price movements -- can help show trends more clearly. These
focus on a security's average price movements instead of its day-to-day changes.
Risk profiling
It is a process that helps you identify the optimal level of risk that is just right for you as an investor. Your own risk appetite can be
best understood after considering, the amount of risk you are able to take,  your willingness to take risks and the risk you will need to
take to achieve your financial goals. It is profiled keeping in mind multiple factors such as your habits, behaviors, family orientation,
attitude towards risk, age etc. Risk appetite refers to the amount of risk you have the capacity to absorb, and this broadly helps
determine the asset classes (equity, debt, gold, etc.) and style of investment that you are comfortable with (growth, value, etc.). 
Your risk profile is broadly a factor of:
1.Your risk capacity,
2.Your risk tolerance and
3.The risk you need to take to achieve your planned financial goals

35
 Risk profile Investor profile Possible asset allocation

Very low risk capacity and tolerance; unable to take on risk due to Equity: 0-10%
Very low risk having too many financial obligations and/or modest income and
wealth build up; has low tolerance towards risk. Debt and cash: 90-100%

Low risk capacity and tolerance; cannot take on too much risk due to
having financial obligations and/or modest income and wealth build Equity: 10-30%
Low risk up; has low tolerance towards risk; slightly higher risk profile as Debt and cash: 70-90%
compared to the ‘Very low risk’ investor.

Medium level of risk capacity and tolerance; can take on risk but not
too much due to financial obligations and/or modest income and Equity: 40-60%
Medium risk wealth build up; has low-medium tolerance towards risk; higher risk Debt and cash: 40-60%
profile as compared to the ‘Low risk’ investor.

High level of risk capacity and tolerance; can take on risk; financial
High risk obligations are taken care of; has good income and wealth build up; Equity: 70-90%
has medium-high tolerance towards risk; higher risk profile as Debt and cash: 10-30%
compared to the ‘Medium risk’ investor.

 Very high level of risk capacity and tolerance; can take on risk;
financial obligations are taken care of; has good income and wealth Equity: 90-100%
 Very high risk build up; has high tolerance towards risk; higher risk profile as Debt and cash: 0-10%
compared to the ‘High risk’ investor.
Findings
The benefits of the company I got to know during my internship is :
• They have Extended network of branches across India and abroad.
• Best trading area exchanging terminals India. 'Full-service broker' offering a wide scope of well known money related items and
advice to its clients. Offers 'Trader Multiple’ which allows upto12.5 times multiple on the available margin force certain select
36
scripts.
• Offers Equity SIP through which customers can place buy orders for a pre-specified amount or quantity in scripts of their choice at
regular intervals over a period. Similar facility is also available in Commodity and Mutual Fund.
• Offers to trade in forex, derivatives, mutual fund, IPO and buy insurance.
• Official website content is dividend according to the requirements of experts and beginners. Website is simple in design, fast to
access , regularly updated and easy to find relevant current information.
• Daily reports on market trends and technical breakouts are very useful.
• Got famous for its equity-based research of share market.
Conclusion
The financial system contributes to the economy depends upon the quantity and quality of its service and efficiency with which it
provides them. Financial System of any country consists of financial markets, financial intermediation and financial instruments or
financial products. The term "finance" in our simple understanding it is perceived as equivalent to 'Money'. The word "system", in the
term "financial system", implies a set of complex and closely connected or interlined institutions, agents, practices, markets,

transactions, claims, and liabilities in the economy . The financial system is concerned about money, credit, and finance-the three
terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial
instruments, and financial intermediation
37
38