IMPACT OF PIOTROSKI SCORE ON P/E RATIO: A STUDY ON INDIAN CEMENT SECTOR
|
|
- Ann Small
- 5 years ago
- Views:
Transcription
1 IMPACT OF PIOTROSKI SCORE ON P/E RATIO: A STUDY ON INDIAN CEMENT SECTOR Sri Ayan Chakraborty Faculty: Management: University Program (Techno India University), ICA Eduskills chakrabortyayankumar78@gmail.com ABSTRACT The intrinsic value of a firm depends on several factors like growth in Earnings per Share, Debt Equity ratio etc, which have an impact on its Market Price. During several decades diverse capital market anomalies have been established that stood the test of time and independent scrutiny. Piotroski F Score, named after Professor Joseph Piotroski is a discrete score between 0-9 which plays a significant role in determining the financial strength of a firm. It is used to determine the best value stocks, with nine being the best and zero being the worst. Every criterion when met one point is awarded; otherwise, no points are awarded. The points are then added up to determine the best value stocks. The criteria are divided into 3 groups namely: Profitability, Leverage & Liquidity and Operating Efficiency. This paper focuses on analyzing the Profitability, Leverage & Liquidity and Operating Efficiency ratios as well as the impact of Operating Cash Flow/Total Assets, Leverage, MV/BV, Return on Equity and Piotroski F Score on P/E of the Leading Indian Cement Companies. Keywords: Leverage, Operating Cash Flow, Return on Assets, Piotroski F Score, P/E, Current Ratio, Long Term Debt, Operating Margin, P/E ratio. I. OBJECTIVE OF THE STUDY 1. To analyze the Profitability, Leverage & Liquidity and Operating Efficiency Ratios leading Cement Companies and calculate the Piotroski F Score.. To show the change in Piotroski F Score over the years from 01 to To highlight the impact of Operating Cash Flow/Total Assets, Leverage, MV/BV, ROE and Piotroski F Score on P/E ratio. REVIEW OF LITERATURE A number of researchers in finance and accounting have extensively researched on F Score and its impact on Market Return. These have motivated the corporate to identify and improvise upon their financial performance. A brief review of some of these studies has been presented. Jegadeesh and Titman s (001) study affirms that buying winning stocks and selling losing stocks based on their past performance provides abnormal returns and this zero cost momentum strategy provides abnormal returns. Sehgal and Balakrishnan (00) report continuation of trend in short term and significant high returns of value investing strategy in Indian market from July 1989 to March 1999 for 364 companies. Fama and French (01) have added momentum as a fourth factor to their three factor model to explain the excess return. Academic literature on value investing has grown leaps and bounds around the momentum strategies. Fama & French, 1993; Pontiff & Lawrence (1998) believed that the stock with high market to book value is often financially distressed and thus the larger returns generated by the stock is simply a compensation for risk. 59
2 After Basu (1977, 1983) and Rosenberg, Reid and Lanstein (1985) conducted early research on the systematic outperformance of value stocks over growth stocks, the explanation for this return difference has been the topic of discussions among academics and practitioners alike. Ou and Penman (1989) similarly showed the array of financial ratios created from historical Financial Statements have the power to predict a a firm s future earnings. Lev B, Thiagarajan (1993) analyzed 1 financial ratios and demonstrated their positive effect on future earnings growth. They showed that fundamental signals are correlated with contemporaneous returns after considering Current Earnings, firm size and macro variable factors. II. SCOPE OF STUDY The financial statement is a mirror, which reflects the financial position and operational strength and weakness of concern. But a mere look at the financial statement will not reveal some crucial information. To bring out the hidden information, financial statements over a period are analyzed. This study is concerned with the analysis of Profitability, Leverage & Liquidity and Efficiency ratios of the Leading Indian Cement Firms as well as impact of Operating CF/ TA, Asset Turnover, Leverage, Current Ratio, Operating Margin & F Score on P/E ratio. PERIOD OF STUDY The study covers a period of 6 years from to METHODOLOGY Sources of Data The study is based on analysis of secondary data. Information required for the study has been collected from the Annual Reports of Ultratech Cement, ACC, Ambuja Cement, Shree Cement, India Cement, Prism Cement, Binani Cement, Ramco Cement, Birla Corp, JK Cement and different books, journal, magazines, and data collected from various websites. III. TOOLS APPLIED In this study various tools: Financial Tools Ratio Analysis and Statistical Tools (i.e.) Mean and ANOVA, t-test has been used for data analysis. MEAN = Sum of variable/n Standard Deviation is used to see how measurements for a group are spread out from Mean. A low Standard Deviation means that most of the numbers are very close to the average and vice-versa. (SD) = X /N-( X/N) Coefficient of Variation is a standardized measure of dispersion of a probability distribution or frequency distribution. It is the ratio of standard deviation to mean. Higher the coefficient of variation, the greater the level of dispersion around mean and vice-versa. Coefficient of Variation (COV) = SD/MEAN* 100 t-test (Two-Sample Assuming Unequal Variances): t-test assesses whether the means of two groups are statistically different from each other. Hypothesis An ANOVA is statistical hypothesis in which the sampling distribution of test statistic when null hypotheses is true. Null hypotheses have been set and adopted for the analysis of data. The null hypotheses are represented by H 0. It is a negative statement which avoids personal bias of investigator during data collection as well as the time of drawing conclusion. IV. LIMITATION OF THE STUDY 1. The study is related to a period of 6 years.. Data is secondary i.e. they are collected from the published Annual Reports 3. Profitability, Leverage & Liquidity and Efficiency ratios have been considered for this study. Indian Cement Sector & its Key Players Because of its strong linkages to other sectors including construction, the Indian Cement Industry plays an important role in the development of economy. ULTRATECH CEMENT: Headquartered in Mumbai, Ultra-Tech Cement Ltd was founded in It has a production capacity of 93 million tonnes per annum (MTPA) of grey cement. It operates across India, Bangladesh, Bahrain, UAE, and Sri Lanka. ACC: Headquartered in Mumbai, ACC was founded in It is the second largest cement company with annual production capacity of 33.4 million tonnes. Its operations include over 40 ready mix concrete plants, 1 sales offices, & several zonal offices. AMBUJA CEMENT: Headquartered in Mumbai, Ambuja was founded in It is the third largest cement company with annual production capacity of 9.65 million tonnes. It has 5 integrated cement manufacturing plants and 8 cement grinding units. 60
3 SHREE CEMENTS: Headquartered in Kolkata, Shree Cements was founded in1979 in Bewar in Ajmer district of Rajasthan. It is the fourth largest cement company with annual production capacity of 13.5 million tonnes. It has 6 cement manufacturing plants located at Beawar, Ras, Khushkhera, Jaipur, Rajasthan and Uttarakhand. RAMCO CEMENT: Headquartered in Chennai, Ramco was founded in It is the fifth largest cement company with annual production capacity of million tonnes. It has 8 manufacturing plants including grinding unit. It also produces Ready Mix Concrete and Dry Mortar products. INDIA CEMENTS: Headquartered in Tirunelveli, India Cements was founded in It is the sixth largest cement company with annual production capacity of 15.5 million tonnes. It manufactures cement for various applications including, precast concrete items, concrete components, and multi-storey buildings, as well as runways, concrete roads, bridges and for general-purpose use. PRISM CEMENT: Prism is India s 8th leading integrated Building Materials Company, with a wide range of products from cement, ready-mixed concrete, tiles, and bath products to kitchens. BINANI CEMENT: Headquartered in Mumbai, Binani was founded in the year 187. It is the seventh largest cement company with annual production capacity of 11.5 million tonnes. It has integrated plants in India &China, and grinding units in Dubai. BIRLA CORP: M.P Birla is one of the top Industrial groups in India. It offers wide range of products including auto interiors, cables, jute, cement etc. JK CEMENT: Headquartered in Mumbai, J.K Cement was founded by Lala Kamlapat Singhania. It is one of the top manufacturers of white cement in India. It has 3 cement production plants located in Karnataka, Andhra Pradesh, & Maharashtra. It produces types of cements namely Portland Slag Cement, Ordinary Portland Cement and Ground Granulated Blast Furnace Slag. PREFACE Though investments in Emerging Market are an important destination for investors still Investors face challenge while investing in market deep value stocks. Investment Valuation by applying F Score is limited to trading in market space. F Score can be used to measure the financial strength of a portfolio in terms of Return & Liquidity, analysis of a particular stock, effect of management decision on financial health of a firm. F score calculation is based on 9 criteria divided into 3 groups namely Profitability, Leverage, Liquidity and Source of Funds & Operating Efficiency. 1. Profitability Return on Assets Operating Cash Flow Accruals (Operating CF/ Total Assets) Revenue: It is the income a business generates from its Operating Activities, after deducting Sales Returns and Indirect Taxes. It plays a pivotal role behind the success and growth of an enterprise. EXHIBIT 1: REVENUE Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK ,90,775 1,0,37 85,10 58,981 46,310 45,498 30,694 3,36,869 5, ,11,561 1,13,58 97,395 55,903 51,595 47,73 44,811 38,308 6,030 9, ,14,433 1,11,501 91,099 58,873 50,848 49,616 47,356 36,835 30,164 7, ,40,558 1,17,388 99,305 64,536 50,604 55,840 43,31 36,554 3,099 33, ,51,53 1,17,97 93,880 55,136 55,348 5,31 37,844 35,818 3,68 37, ,53,749 1,11,676,00,940 84,9 58,609 50,113 36,660 39,673 43,477 40,63 Mean,7,101 1,1,415 1,11,305 6,953 5,19 50,170 40,113 36,571 31,0 3,431 SD 5,337 5,643 44,19 10,964 4,5 3,593 6,174,533 7,084 6,019 COV CAGR (%) The above Exhibit depicts that Ultratech reported the highest mean in terms of Revenue followed by ACC and Ambuja Cement. Ambuja reported the highest CAGR of 18.7% followed by Birla Corp & JK Cements. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Revenue of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Revenue of Cement Firms differ over years) 61
4 EXHIBIT : REVENUE: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT 6 13,6,608.00,7, ,19,38, ACC 6 6,74, ,1, ,18,4, AMBUJA CEMENT 6 6,67, ,11, ,95,9,33, SHREE CEMENT 6 3,77, , ,0,14, INDIA CEMENT 6 3,13, ,18.8 1,80,81, PRISM CEMENT 6 3,01, , ,9,06, BINANI CEMENT 6,40, ,11.6 3,81,1,39.1 RAMCO CEMENT 6,19, , ,13,98.79 BIRLA CORP 6 1,87, , ,01,86, JK CEMENT 6 1,94, , ,6,9, ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups,01,31,14,77, ,36,79,41, E Within Groups 14,54,4,87, ,08,85,754.6 Total,15,85,57,65, Above analysis shows that the F value ( ) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Revenue of Cement Firms differs over the years. Assets are resources owned by enterprise from which it can generate or yield future benefits. Total Assets include both Non Current Assets (Tangible & Intangible) and Current Assets. EXHIBIT 3: TOTAL ASSETS Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK 011-1,49,037 1,19,10 1,15,767 46,951 86,695 40,439 67,506 60,58 40,747 35, ,95,898 1,19,8 1,3,456 66,39 9,5 45,754 65,10 64,714 45,93 40, ,1,940 1,1,011 1,9,568 7,685 91,317 46,0 69,676 68,455 48,85 57, ,83,678 1,6,816 1,38,785 85,546 1,08,38 48,701 77,03 69,398 51,017 69, ,1,033 1,8,000 1,41,330 94,63 1,06,915 50,131 79,047 69,443 5,93 75, ,,187 1,33,865 3,7,330 1,11,660 1,09,347 48,753 73,760 70,705 96,978 70,185 Mean 3,47,46 1,4,697 1,6,706 79,634 99,138 46,663 7,05 67,16 55,859 58,135 SD 69,37 5,873 81,06,711 10,19 3,473 5,57 3,839 0,574 16,760 COV CAGR (%) The above Exhibit depicts that Ultratech reported the highest mean in terms of Total Assets followed by Ambuja & ACC. Ambuja reported the highest CAGR of 3.106% followed by Birla Corp & Shree Cements. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Total Assets of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Total Assets of Cement Firms differ over years) EXHIBIT 4: TOTAL ASSETS: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT 6 0,84, ,47, ,81,4,78,33.84 ACC 6 7,48, ,4, ,44,95,94.73 AMBUJA CEMENT 6 9,76, ,6, ,59,44,3, SHREE CEMENT 6 4,77, , ,58,01, INDIA CEMENT 6 5,94, , ,5,90, PRISM CEMENT 6,79, , ,0,64, BINANI CEMENT 6 4,3, , ,05,51, RAMCO CEMENT 6 4,03, ,16.7 1,47,39, BIRLA CORP 6 3,35, , ,3,89,007.7 JK CEMENT 6 3,48, , ,08,81,
5 ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups 4,39,84,6,58, ,87,14,06, E Within Groups 64,10,65,79, ,8,1,31, Total 5,03,94,9,37, Above analysis shows that the F value ( ) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Total Assets of Cement Firms differs over the years. Return on Assets measures the quality of the Assets owned and shows how profitable a company's assets are in generating its revenues. Higher the ratio, it indicates that a company is utilizing its Assets effectively. EXHIBIT 5: RETURN ON ASSETS (%) Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that Prism reported the highest mean in terms of Return on Assets followed by ACC and Shree Cements. Ultratech, ACC, Ambuja, Shree, Prism, J K Cements & Birla Corp reported a Negative CAGR, indicating that Return on Assets have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Return on Assets of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Return on Assets / Total Assets of Cement Firms differ over years) EXHIBIT 6: RETURN ON ASSETS (%): CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups 18, , E Within Groups 4, Total, Above analysis shows that the F value (1.879) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Long-Term Debt / Total Assets of Cement Firms differs over the years. Operating Cash Flow is the Cash generated by a business from its Operations during a financial period. It indicates whether a company have sufficient amount of Cash to maintain and grow its operations. EXHIBIT 7: OPERATING CASH FLOWS 63
6 Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK ,833 15,760 15,318 19,63 9,419,667 5,13 8,638,450 5, ,379 15,769 18,600 1,597 7,318,599 5,844 7,014 1,964 3, ,545 10,634 1,675 14,007 5, ,14 5,086 3,588 3, ,90 13,5 16,755 1,385 6,451 1, ,316,818, ,55 14,566 15,566 15,661 9,637 4,61 3,400 10,888,487 5, ,935 13,905 8,151,016 7,565 6,756 3,597 11,174 6,773 7,595 Mean 40,308 14,06 17,844 15,988 7,59 3,199 3,95 8,686 3,347 4,770 SD 6,485 1,903 5,409 3,888 1,71,178,56,33 1,76 1,804 COV CAGR (%) The above Exhibit depicts that Ultratech reported the highest mean in terms of Operating Cash Flows followed by Ambuja & Shree Cement. Birla Corp reported the highest CAGR of.556%. ACC, India and Binani Cements reported a Negative CAGR, indicating that Operating Cash Flows have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Operating Cash Flows of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Operating Cash Flows of Cement Firms differ over years) EXHIBIT 8: OPERATING CASH FLOWS: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT 6,41, , ,0,5,31.35 ACC 6 84, , ,1,53.99 AMBUJA CEMENT 6 1,07, ,843.77,9,56,53. SHREE CEMENT 6 95, , ,51,14, INDIA CEMENT 6 45, , ,61,4.63 PRISM CEMENT 6 19, , ,44,40.88 BINANI CEMENT 6 19, , ,88, RAMCO CEMENT 6 5, , ,38,834.5 BIRLA CORP 6 0, , ,05, JK CEMENT 6 8, , ,54,04.96 ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups 6,99,7,97, ,74,77, E Within Groups 57,31,88, ,14,63, Total 7,57,04,86, Above analysis shows that the F value (67.804) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Operating Cash Flows of Cement Firms differs over the years. Operating Cash Flow on Total Assets is an efficiency ratio which rates the cash flows of company assets without being affected by income measurements. It is calculated by dividing Operating Cash Flows by Total Assets. 64
7 EXHIBIT 9: OPERATING CASH FLOWS / TOTAL ASSETS (%) Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that Shree Cements reported the highest mean in terms of Operating Cash Flows / Total Assets followed by Ramco. Prism reported the highest CAGR of 16.01%. Ultratech, ACC, Ambuja, Shree, India, Binani & JK Cements all reported a Negative CAGR, indicating that Operating Cash Flows / Total Assets ratio have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Operating Cash Flows / Total Assets of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Operating Cash Flows / Total Assets of Cement Firms differ over years) EXHIBIT 10: OPERATING CASH FLOWS / TOTAL ASSETS (%): CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups 1, E Within Groups Total, Above analysis shows that the F value (8.654) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Operating Cash Flows / Total Assets (%) of Cement Firms differs over the years.. Leverage, Liquidity & Source of Funds Long-term Debt/ Total Assets Current Ratio Shares Outstanding 65
8 EXHIBIT 11: LONG TERM DEBT Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK ,433 5, ,177 17, ,631 34, , ,5.4 9, , ,431 1,31. 1,480 33, , , , , ,467, ,478 38, ,03.5 9, , , ,080 5, ,340 48, , , , , ,307 1,65. 14,769 51, , , , , ,187 4, ,900 54, , , ,06.3 Mean 54, ,75.0, ,433 43, ,851 14, ,664.3 SD 6,054.9, ,498.4,719.6, , ,377 1,95.7 8,970. COV CAGR (%) The above Exhibit depicts that Ultratech reported the highest mean in terms of Long-Term Debt indicating the maximum Debt Capital followed by Binani. Birla Corp reported the highest CAGR of 40.0%. ACC, Ambuja, Shree & Ramco Cements reported a Negative CAGR, indicating that Debt Capital have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Long-Term Debt of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Long-Term Debt of Cement Firms differ over years) EXHIBIT 1: LONG TERM DEBT: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT 6 3,7, , ,66,61,41.44 ACC 6 5, ,0,37.91 AMBUJA CEMENT 6, ,69.66 SHREE CEMENT 6 31, ,74.983,45,59.3 INDIA CEMENT 6 1,3,095.3, ,96,380.0 PRISM CEMENT 6 80, , ,87, BINANI CEMENT 6,60, , ,17,10, RAMCO CEMENT 6 77, , ,91,57,971.9 BIRLA CORP 6 84, , ,77,73, JK CEMENT 6 1,9, , ,04,64, ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups 17,03,37,75, ,89,6,41, E Within Groups,0,00,5, ,04,01, Total 19,05,38,7, Above analysis shows that the F value (46.846) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Long-Term Debt of Cement Firms differs over the years. Debt Asset Ratio: It measures the Long Term Debt of a company as a percentage of Total Assets. A high Debt / Asset ratio indicates high amount of Interest expenses which has to be paid irrespective of the profit volume. 66
9 EXHIBIT 13: LONG TERM DEBT / TOTAL ASSETS Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that Binani reported the highest mean in terms of Long-Term Debt / Asset ratio indicating high leverage Ratio followed by JK Cements. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Long-Term Debt / Total Assets of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Long-Term Debt / Total Assets of Cement Firms differ over years) EXHIBIT 14: LONG TERM DEBT / TOTAL ASSETS: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups E Within Groups Total Above analysis shows that the F value (59.803) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Long-Term Debt / Total Assets of Cement Firms differs over the years. Current Ratio: It measures the Liquidity of a firm and plays a significant role in management of Working Capital EXHIBIT 15: CURRENT RATIO Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%)
10 The above Exhibit depicts that Birla Corp reported the highest mean in terms of Current Ratio followed by JK Cements. India Cements reported the highest CAGR of 8.15%. ACC, Ambuja, Prism, Binani Cements & Birla Corp reported a Negative CAGR, indicating that Current Ratio have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Current Ratio of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Current Ratio of Cement Firms differ over years) EXHIBIT 16: CURRENT RATIO: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups E Within Groups Total Above analysis shows that the F value (6.648) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Current Ratio of Cement Firms differs over the years Shares Outstanding: It depicts the total number of shares issued by the companies which are fully paid up. EXHIBIT 17: SHARES OUTSTANDING (MILLIONS) Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that there have been no change in the number of Eq Shares for Ultratech, ACC, Shree, India, Prism, Ramco, Birla Corp & J K Cements over the years. Ambuja reported the highest CAGR of 5.1% followed by Binani of 1.19% 68
11 3. Operating Efficiency Operating Margin Asset Turnover Operating Margin: It is an important margin ratio which indicates the Operating Profit as a percentage of Net Revenue. EXHIBIT 18: OPERATING MARGIN % Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that Ramco reported the highest mean in terms of Operating Profit Margin followed by Shree & Ambuja Cements. Prism Cements reported the highest CAGR of 8.535%. Ultratech, ACC, Ambuja, India, Binani, Birla Corp & JK Cements reported a Negative CAGR, indicating that Operating Profit Margin have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Operating Margin of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Operating Margin of Cement Firms differ over years) EXHIBIT 19: OPERATING MARGIN %: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups 1, E Within Groups Total, Above analysis shows that the F value (11.96) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Operating Margin of Cement Firms differs over the years Asset Turnover: It is an important turnover ratio which reflects the quality of the Assets and its impact on Revenue generation. 69
12 EXHIBIT 0: ASSET TURNOVER Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that Prism reported the highest mean in terms of Asset Turnover followed by ACC, Shree Cements. Binani reported the highest CAGR of 1.796%. Ultratech, ACC, Ambuja, Shree, Prism, Birla Corp & JK Cements reported a Negative CAGR, indicating that the Asset Turnover have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Asset Turnover of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Asset Turnover of Cement Firms differ over years) EXHIBIT 1: ASSET TURNOVER: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups E Within Groups Total Above analysis shows that the F value (1.879) is more than the table value ( ) so, null hypothesis is rejected. Therefore it is concluded that Asset Turnover of Cement Firms differs over the years. Piotroski Score: Joseph Piotroski devised a methodology based on nine parameters to assess the overall financial strength of a Company. The points obtained from Profitability, Margin, Liquidity & Leverage are then added up to determine the best value stocks. 70
13 EXHIBIT : PIOTROSKI SCORE: ULTRATECH CEMENT Year Net Income (ML) Total Assets (ML) Return on Assets 76.6% % % 1 6.7% % % Operating Cash Flow (ML) Operating CF/ Total Assets 13.59% 1 1.9% % % % % 1 Cash Flow Return on Assets Long-Term Debt Long-term Debt/ Total Assets 19.45% 17.47% % % % % 0 Current Ratio Operating Margin % 17.1% 18.15% % % % % 1 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 5/9 4/9 4/9 6/9 5/9 Piotroski Score (%) The above Exhibit depicts that Ultratech Cement s Piotroski Score have decreased from 5/9 to 4/9 for both & , which have again increased to 6/9 in between and finally decreased to 5/ EXHIBIT 3: PIOTROSKI SCORE: ACC Year Net Income (ML) Total Assets (ML) Return on Assets 85.9% 1 95.% 1 9.1% 1 9.6% 1 9.% % Operating CF (ML) Operating CF/ Total Assets 13.% 1 13.% % % % % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 4.5% 0.71% 1 0% 100% 0% 0% 0% 0% 0% 0 Current Ratio Operating Margin % 15.65% 13.7% % % % % 1 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 7/9 4/9 5/9 3/9 5/9 Piotroski Score (%) The above Exhibit depicts that ACC s Piotroski Score have decreased from 7/9 to 4/9 in which have again increased to 5/9 in , again decreased to 3/9 in & finally increased to 5/9 in between EXHIBIT 4: PIOTROSKI SCORE: SHREE CEMENT Year Net Income (ML) Total Assets (ML) Return on Assets 15.6% % % % % % Operating CF (ML) Operating CF/ Total Assets 41.03% % % % % % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 17.4% 6.68% % % % % 1 Current Ratio Operating Margin % 15.65% 3.48% % % 0.71% % 0 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 6/9 5/9 4/9 5/9 7/9 Piotroski Score (%)
14 The above Exhibit depicts that Shree Cement s Piotroski Score have decreased from 6/9 to 5/9 in which further decreased to 4/9 in , again increased to 5/9 in & finally increased to 7/9 in between EXHIBIT 5: PIOTROSKI SCORE: INDIA CEMENT Year Net Income (ML) Total Assets (ML) Return on Assets 53.4% % % % % % Operating CF (ML) Operating CF/ Total Assets 10.86% % % % % 1 6.9% 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 0.1% 3.1% % % % 1.4% 0 Current Ratio Operating Margin % 14.7% 1.33% % % % % 0 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 6/9 4/9 6/9 7/9 6/9 Piotroski Score (%) The above Exhibit depicts that India Cement s Piotroski Score have decreased from 6/9 to 4/9 in which increased to 6/9 in , 7/9 in & again decreased to 6/9 in between EXHIBIT 6: PIOTROSKI SCORE: PRISM CEMENT Year Net Income (ML) Total Assets (ML) Return on Assets 11.5% % % % % % Operating CF (ML) Operating CF/ Total Assets 6.59% % 1 1.3% % 1 9.% % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 6.9% 7.8% % % % % 1 Current Ratio Operating Margin % 3.4% 3.00% 0 3.4% % % % 0 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 3/9 7/9 7/9 6/9 4/9 Piotroski Score (%) The above Exhibit depicts that Prism Cement s Piotroski Score have increased from 3/9 in to 7/9 in both & , again decreased to 6/9 in between and finally decreased to 4/9 in EXHIBIT 7: PIOTROSKI SCORE: BINANI CEMENT Year Net Income (ML) Total Assets (ML) Return on Assets 45.5% % % % % % Operating CF (ML) Operating CF/ Total Assets 7.7% % % % % % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 51.03% 5.1% % % % % 0 Current Ratio Operating Margin % 5.54% 6.44% % % 0.7% % 1 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 6/9 3/9 /9 4/9 7/9 Piotroski Score (%)
15 The above Exhibit depicts that Binani Cement s Piotroski Score have decreased from 6/9 to 3/9 in which further decreased to /9 in then increased gradually to 4/9 in & 7/9 in between EXHIBIT 8: PIOTROSKI SCORE: RAMCO CEMENT Year Net Income (ML) Total Assets (ML) Return on Assets 53.% 1 59.% % 1 5.7% % % Operating CF (ML) Operating CF/ Total Assets 14.6% % % % % % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 4.77% 1.53% 1.1% % % 1 7.3% 1 Current Ratio Operating Margin %.1% 0.01% % % % 1 4.4% 1 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 7/9 3/9 4/9 5/9 8/9 Piotroski Score (%) The above Exhibit depicts that Ramco Cement s Piotroski Score have decreased from 7/9 to 3/9 in , since then it have increased over the years and finally reached 8/9 in between EXHIBIT 9: PIOTROSKI SCORE: BIRLA CORP Year Net Income (ML) Total Assets (ML) Return on Assets 56.1% % % 1 6.9% 1 6.5% % Operating CF (ML) Operating CF/ Total Assets 6.01% % % 1 5.5% % % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 18.46% 19.81% % % % % 0 Current Ratio Operating Margin % 17.45% 15.99% % % % % 1 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 5/9 7/9 7/9 4/9 4/9 Piotroski Score (%) The above Exhibit depicts that Birla Corp s Piotroski Score have increased from 5/9 in to 7/9 in both & , again decreased to 4/9 in both & EXHIBIT 30: PIOTROSKI SCORE: J K CEMENTS Year Net Income (ML) Total Assets (ML) Return on Assets 71.0% 1 7.5% % % % % Operating CF (ML) Operating CF/ Total Assets 14.54% % 1 6.3% % % % 1 Cash Flow Return on Assets Long-Term Debt LTD/ TA 7.87% 6.44% % % % % 0 Current Ratio Operating Margin % 16.84% 16.44% % % % % 1 Shares Outstanding (ML) Asset Turnover (Average) Piotroski Score 6/9 3/9 8/9 6/9 6/9 Piotroski Score (%)
16 The above Exhibit depicts that J K Cement s Piotroski Score have decreased from 6/9 to 3/9 in which increased to 8/9 in , again decreased and have been 6/9 in both & EXHIBIT 31: PIOTROSKI SCORE: CEMENT FIRMS Year Ultratech ACC Ambuja Shree India Prism Binani Ramco Birla Corp JK Mean SD COV CAGR (%) The above Exhibit depicts that both India & J K Cements reported the highest mean in terms of Piotroski Score followed by Ambuja, Shree, Prism, Ramco Cements and Birla Corp. Ramco Cements reported the highest CAGR of 5.9%. Ultratech, ACC, Ambuja, Prism & Birla Corp reported a Negative CAGR, indicating that Piotroski Score have declined over the years. Hypothesis: =µ =µ 3 =µ 4 =µ 5 =µ 6 =µ 7 =µ 8 =µ 9 =µ 10 (Piotroski Score of Cement Firms doesn t differ over years) µ µ 3 µ 4 µ 5 µ 6 µ 7 µ 8 µ 9 µ 10 (Piotroski Score of Cement Firms differ over years) EXHIBIT 3: PIOTROSKI SCORE: CEMENT FIRMS: ANOVA ANOVA: Single Factor Groups Count Sum Average Variance ULTRATECH CEMENT ACC AMBUJA CEMENT SHREE CEMENT INDIA CEMENT PRISM CEMENT BINANI CEMENT RAMCO CEMENT BIRLA CORP JK CEMENT ANOVA: VARIATION Source of Variation SS df MS F P-value F crit Between Groups Within Groups Total Above analysis shows that the F value ( ) is less than the table value ( ) so, null hypothesis is accepted. Therefore it is concluded that Piotroski Score of Cement Firms does not differ over the years T-Test: It is used to determine the difference between two sample means from two normally distributed populations with unknown variances. It uses small sample size in order to test the difference between the samples when two normal distributions are unknown. If t Stat value lies between - t Critical two tail and + t Critical two test we don t reject Null Hypothesis. Piotroski Score is used to assess financial strength of a company. This Score helps to determine is used the value stocks. An analyse have been done by conducting T Test to show the effect of Operating CF/ Total Assets, Asset Turnover Ratio, Leverage, Current Ratio & Operating Margin on P/E ratio. 74
17 EXHIBIT 33: T-TEST: Two-Sample Assuming Unequal Variances: ULTRATECH CEMENT Operating CF/TA LTD/ TA MV E / BV E ROE F SCORE P/E Mean Variance Observations Hypothesized Mean Difference df t Stat P(T<=t) one-tail t Critical one-tail P(T<=t) two-tail t Critical two-tail OPERATING CASH FLOW/TOTAL ASSETS & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between Operating Cash Flow/Total Assets & P/E, Variance is not Equal) µ (There is significant no relationship between Operating Cash Flow/Total Assets & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances LONG TERM DEBT/ TOTAL ASSETS & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between Long Term Debt/Total Asset & P/E, Variance is not Equal) µ (There is significant no relationship between Long Term Debt/Total Asset & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances MV E / BV E & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between MV E / BV E & P/E, Variance is not Equal) µ (There is significant no relationship between MV E / BV E & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances ROE & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between ROE & P/E, Variance is not Equal) µ (There is significant no relationship between ROE & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances F SCORE & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between F Score & P/E, Variance is not Equal) µ (There is significant no relationship between F Score & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances EXHIBIT 34: T-TEST: Two-Sample Assuming Unequal Variances: ACC Operating CF/TA LTD/ TA MV E / BV E ROE F SCORE P/E Mean Variance Observations Hypothesized Mean Difference df t Stat P(T<=t) one-tail t Critical one-tail P(T<=t) two-tail t Critical two-tail OPERATING CASH FLOW/TOTAL ASSETS & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between Operating Cash Flow/Total Assets & P/E, Variance is not Equal) µ (There is significant no relationship between Operating Cash Flow/Total Assets & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances LONG TERM DEBT/ TOTAL ASSETS & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between Long Term Debt/Total Asset & P/E, Variance is not Equal) µ (There is significant no relationship between Long Term Debt/Total Asset & P/E, Variance is Equal) 75
18 Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances MV E / BV E & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between MV E / BV E & P/E, Variance is not Equal) µ (There is significant no relationship between MV E / BV E & P/E, Variance is Equal) Here t Stat value lies between & Therefore, we reject Null Hypothesis stating that variances are equal. ROE & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between ROE & P/E, Variance is not Equal) µ (There is significant no relationship between ROE & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances F SCORE & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between F Score & P/E, Variance is not Equal) µ (There is significant no relationship between F Score & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances EXHIBIT 35: T-TEST: Two-Sample Assuming Unequal Variances: AMBUJA Operating CF/TA LTD/ TA MV E / BV E ROE F SCORE P/E Mean Variance Observations Hypothesized Mean Difference df t Stat P(T<=t) one-tail t Critical one-tail P(T<=t) two-tail t Critical two-tail OPERATING CASH FLOW/TOTAL ASSETS & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between Operating Cash Flow/Total Assets & P/E, Variance is not Equal) µ (There is significant no relationship between Operating Cash Flow/Total Assets & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances LONG TERM DEBT/ TOTAL ASSETS & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between Long Term Debt/Total Asset & P/E, Variance is not Equal) µ (There is significant no relationship between Long Term Debt/Total Asset & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances MV E / BV E & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between MV E / BV E & P/E, Variance is not Equal) µ (There is significant no relationship between MV E / BV E & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances ROE & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between ROE & P/E, Variance is not Equal) µ (There is significant no relationship between ROE & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances F SCORE & PRICE-EARNINGS (P/E) RATIO = µ (There is significant relationship between F Score & P/E, Variance is not Equal) µ (There is significant no relationship between F Score & P/E, Variance is Equal) Here the t Stat value do not lie between & Therefore, we accept Null Hypothesis stating that the variances 76
International Journal of Business and Administration Research Review, Vol.3, Issue.20, Oct- Dec Page 45
WORKING CAPITAL MANAGEMENT: A STUDY ON INDIAN CEMENT COMPANIES Sri Ayan Chakraborty Faculty,Management: University Program,Institute of Computer Accountants. Abstract Corporate finance deals with mainly
More informationIMPACT OF DPS ON MPS: A STUDY ON LEADING INDIAN CEMENT COMPANIES
DOI: 10.1917/ijms.018.0111 IMPACT OF DPS ON MPS: A STUDY ON LEADING INDIAN CEMENT COMPANIES Sri Ayan Chakraborty Faculty of Management, Institute of Computer Accountants, Kolkata, India Abstract Risks
More informationAn Analysis Of EVA & MVA of Indian Cement Industries
Volume 5 Issue 5, May 18 ISSN: 23944404 An Analysis Of EVA & MVA of Indian Industries Chitsimran Amanpreet Kaur Assistant Professor, Department of Accounting and Law, Lovely Professional University Abstract:
More informationIJBARR E- ISSN X ISSN MAXIMIZATION OF SHAREHOLDERS WEALTH: A STUDY ON INDIAN PHARMA COMPANIES
MAXIMIZATION OF SHAREHOLDERS WEALTH: A STUDY ON INDIAN PHARMA COMPANIES Sri Ayan Chakraborty Management: University Program (Techno India University), ICA Eduskills. Abstract Value Based Analysis is a
More informationZ SCORES: AN EFFECTIVE WAY OF ANALYSING BANKS RISKS
: AN EFFECTIVE WAY OF ANALYSING BANKS RISKS Sri Ayan Chakraborty Faculty: Accounting & Finance Nopany Institute of Management Studies, Kolkata Abstract Risk is recognised as the most important toll which
More informationFINANCIAL PERFORMANCE ANALYSIS OF SELECT CEMENT COMPANIES
FINANCIAL PERFORMANCE ANALYSIS OF SELECT CEMENT COMPANIES DR. A.Y. KETTIRAMALINGAM 1 K.SOWMIYA 2 P.SANGEETHA 3 1 Associate Professor, School of Commerce PG, Rathnavel Subramaniam College of Arts & Science
More informationVolume-4, Issue-5, October-2017 ISSN No:
A PROFITABILITY ANALYSIS FROM THE VIEW POINT OF SHAREHOLDERS OF SELECTED INDIAN CEMENT COMPANY Pravin T Patel Ass. Prof. Aroma College of College, Research scholar of Babasaheb Ambedkar, Open University,
More informationEffect of NPA on Banks Profitability
Effect of NPA on Banks Profitability Sri Ayan Chakraborty Faculty: Accounting & Finance Nopany Institute of Management Studies, Kolkata Abstract Banking business involves borrowing from the public in the
More informationFinancial Performance of Cement Companies- A Critical Appraisal
Financial Performance of Cement Companies- A Critical Appraisal Anas Khan 1 Dr Basman Omar AL-Dalayeen 2 1. Research Scholar, Department of Commerce, Aligarh Muslim University, Aligarh-India 2. Al-Hussein
More informationDIVIDEND POLICY AND FINANCIAL PERFORMANCE OF INDIAN CEMENT COMPANIES AN EMPIRICAL STUDY
Journal of Management (JOM) Volume 5, Issue 6, November December 2018, pp. 157 165, Article ID: JOM_05_06_021 Available online at http://www.iaeme.com/jom/issues.asp?jtype=jom&vtype=5&itype=6 Journal Impact
More informationGrowth and Profitability of Selected Cement Industries in India
Volume 5, Issue 1 June 2016 5 RESEARCH ARTICLE ISSN: 2278-5213 Growth and Profitability of Selected Cement Industries in India R. Sasikala 1 * and K.P. Balakrishnan 2 1 Dept. of Commerce (CA), Bharathiar
More informationScholars Journal of Economics, Business and Management e-issn
Scholars Journal of Economics, Business and Management e-issn 2348-5302 Senthilkumar M et al.; Sch J Econ Bus Manag, 2016; 3(4):188-193 p-issn 2348-8875 SAS Publishers (Scholars Academic and Scientific
More informationTrends in Dividend Behaviour of Selected Old Private Sector Banks in India
7 Trends in Dividend Behaviour of Selected Old Private Sector Banks in India Dr. V. Mohanraj, Associate Professor in Commerce, Sri Vasavi College, Erode Dr. S. Sounthiri, Assistant Professor in Commerce
More informationFactors affecting the share price of FMCG Companies
Factors affecting the share price of FMCG Companies Authors: Dharia Dilasha, Kakadia Sachita ABSTRACT To review the factors affecting the share prices of various FMCG companies like revenues, operating
More informationIJRESS Volume 5, Issue 8 (August, 2015) (ISSN ) International Journal of Research in Economics and Social Sciences (IMPACT FACTOR 5.
Fundamental Analysis of the Financial Institutions in India (With Special Reference to Selected Banks) Sri. Megharaja.B Assistant Professor and Research Scholar Department of Studies and Research in Commerce
More informationInternational Journal of Business and Administration Research Review, Vol. 3, Issue.12, Oct - Dec, Page 59
PERFORMANCE EVALUATION, COMPARATIVE ANALYSIS AND FACTORS INFLUENCING THE EFFICIENCY OF DISTRICT CENTRAL CO-OPERATIVE BANKS A STUDY WITH REFERENCE TO SOUTHERN STATES OF INDIA Mr.F.Franco authers * Dr.R.Karpagavalli**
More informationImpact of Capital Structure on Firm's Profitability: A Study of selected listed Cement Companies in India
Volume 8, Issue 7, January 2016 Impact of Capital Structure on Firm's Profitability: A Study of selected listed Cement Companies in India Mr. Bhushan Singh Research Scholar, Department of Accounting and
More informationRole of Working Capital Management in Liquidity of the Indian Cement Companies- A Comparative study
Available online at : http://euroasiapub.org Vol. 6, Issue 12, December - 2016, pp. 86~95 ISSN(o): 2231-4334 ISSN(p): 2349-6517, Impact Facr: 5.96 Thomson Reuters ID: L-5236-2015 Role of Management in
More informationFinancial Performance Drives Market Performance-An Evidence from Indian Industries
Volume 116 No. 21 2017, 787-798 ISSN: 1311-8080 (printed version); ISSN: 1314-3395 (on-line version) url: http://www.ijpam.eu ijpam.eu Financial Performance Drives Market Performance-An Evidence from Indian
More informationWorking Capital and Liquidity Performance of Cement Companies - An Empirical Analysis
International Journal of Business and Management Invention (IJBMI) ISSN (Online): 2319 8028, ISSN (Print): 2319 801X Volume 7 Issue 8 Ver. I August. 2018 PP 54-60 Working Capital and Liquidity Performance
More informationSeasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements
Seasonal Analysis of Abnormal Returns after Quarterly Earnings Announcements Dr. Iqbal Associate Professor and Dean, College of Business Administration The Kingdom University P.O. Box 40434, Manama, Bahrain
More informationResearch Guru Volume-10 Issue-2(September,2016) (ISSN: X)
Analysis of Profitability of Indian Banks: A Comparative Study of Abstract: Selected Public and Private Banks. Amit K Parmar Asst. Professor Govt. Comm. College Sec.15, Gandhinagar amitbhatera66@gmail.com
More informationCash Ratio Analysis of Indian Steel Industries: A Case Study of TATA Steel Ltd. and JSW Steel Ltd.
Analysis of Indian Steel Industries: A Case Study of TATA Steel Ltd. and JSW Steel Ltd. Dr. Vineet Singh 1 and Nand Kishore Bhardwaj 2 1 (Assistant Professor, Department of Commerce, Guru Ghasidas Vishwavidyalaya,
More informationInternational Journal of Management (IJM), ISSN (Print), ISSN (Online), Volume 5, Issue 6, June (2014), pp.
INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976-6510(Online), ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 5, Issue 6, June
More informationAn Empirical Analysis on Effect of IPO s on Long Run Stock Performance of Selected Listed Companies in the National Stock Exchange of India
An Empirical Analysis on Effect of IPO s on Long Run Stock Performance of Selected Listed Companies in the National Stock Exchange of India K. Bhagya Lakshmi Assistant Professor School of Management Studies,
More informationAnalysis of Productivity of Indian Banks: A Comparative Study of Selected Public and Private Banks
Analysis of Productivity of Indian Banks: A Comparative Study of Selected Public and Private Banks Amit K Parmar Asst. Professor Govt. Comm. College Sec.15, Gandhinagar Abstract:- Dr. A. R. Kulkarni Co-Guide
More informationMadras Cements Ltd 9 th October, 2012 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Madras Cements Ltd 9 th October, 2012 BUY CMP Target Price Rs.186.35 Rs.240.00 Madras Cements Ltd is the flagship company of the Ramco
More informationEffect of F Score on Stock Performance: Evidence from Indian Equity Market
International Journal of Economics and Finance; Vol. 9, No. 2; 2017 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Effect of F Score on Stock Performance: Evidence
More informationManagement Science Letters
Management Science Letters 3 (2013) 73 80 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl Investigating different influential factors on capital
More informationA STUDY ON THE IMPACT OF LIQUIDITY RATIOS ON PROFITABILITY OF SELECTED CEMENT COMPANIES IN INDIA
DOI: 10.21917/ijms.2018.0117 A STUDY ON THE IMPACT OF LIQUIDITY RATIOS ON PROFITABILITY OF SELECTED CEMENT COMPANIES IN INDIA P. Megaladevi Department of Management Studies, Jay Shriram Group of Institutions,
More informationFV N = PV (1+ r) N. FV N = PVe rs * N 2011 ELAN GUIDES 3. The Future Value of a Single Cash Flow. The Present Value of a Single Cash Flow
QUANTITATIVE METHODS The Future Value of a Single Cash Flow FV N = PV (1+ r) N The Present Value of a Single Cash Flow PV = FV (1+ r) N PV Annuity Due = PVOrdinary Annuity (1 + r) FV Annuity Due = FVOrdinary
More informationFindings, Suggestions and Conclusion
Findings, Suggestions and Conclusion 214 CHAPTER VI SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION 6.1. INTRODUCTION In the modern times, paper has become a basic material and one of the essential daily
More informationA Study Equity Analysis with Reference to Cement Sector on Kotak Securities
A Study Equity Analysis with Reference to Cement Sector on Kotak Securities B.Anjali Department of Business Administration Malla Reddy Engineering College (Autonomous) Maisammaguda, Secunderabad Mrs. k.
More informationActive versus Passive Equity Fund Management in India
Active versus Passive Equity Fund Management in India B.Suresh Naidu, Research Scholar, Department of Management Studies, Sri Venkateswara University, Tirupati-517502 Dr.B.SUDHIR Associate Professor, Department
More informationFactors in the returns on stock : inspiration from Fama and French asset pricing model
Lingnan Journal of Banking, Finance and Economics Volume 5 2014/2015 Academic Year Issue Article 1 January 2015 Factors in the returns on stock : inspiration from Fama and French asset pricing model Yuanzhen
More informationFINANCIAL PERFORMANCE OF SELECTED PRIVATE SECTOR SUGAR COMPANIES IN TAMIL NADU AN EVALUATION.
Received:17,April,2014 Journal of Multidisciplinary Scientific Research, 2014,2(3):10-14 ISSN: 2307-6976 Available Online: http://jmsr.rstpublishers.com/ FINANCIAL PERFORMANCE OF SELECTED PRIVATE SECTOR
More informationPRIVATE EQUITY INVESTMENTS AND EXITS AND ITS COLLISION WITH CAPITAL MARKET IN INDIA
PRIVATE EQUITY INVESTMENTS AND EXITS AND ITS COLLISION WITH CAPITAL MARKET IN INDIA ABSTRACT 1 Dr. P. Chellasamy 2 Mr. Shankar, R The Private Equity is the most vibrant industry in the monetary markets
More informationEVALUATING THE FINANCIAL HEALTH OF TEXTILE COMPANIES IN TAMIL NADU SINCE 2008 Dr. Anas Khan 1, Anubhav Mittal 2 1
EVALUATING THE FINANCIAL HEALTH OF TEXTILE COMPANIES IN TAMIL NADU SINCE 2008 Dr. Anas Khan 1, Anubhav Mittal 2 1 Assistant Professor, Vidyotma Girls Degree College, Lawar, Meerut 2 Assistant Professor,
More informationA COMPARATIVE STUDY OF THE PROFITABILITY PERFORMANCE IN THE BANKING SECTOR: EVIDENCE FROM INDIAN PRIVATE SECTOR BANK
A COMPARATIVE STUDY OF THE PROFITABILITY PERFORMANCE IN THE BANKING SECTOR: EVIDENCE FROM INDIAN PRIVATE SECTOR BANK Dr. Dharmendra S. Mistry, Post-Graduate Department of Business Studies, Research Scholar,
More informationPERFORMANCE EVALUATION OF LEADING FMCG FIRMS
ISSN: 395-66 (ONLINE) ICTACT JOURNAL ON MANAGEMENT STUDIES, AUGUST 0, VOLUME: 03, ISSUE: 03 DOI: 0.9/ijms.0.0080 PERFORMANCE EVALUATION OF LEADING FMCG FIRMS Sri Ayan Chakraborty Department of Accounting
More informationFINANCIAL DETERMINANTS OF EQUITY SHARE PRICES: AN EMPIRICAL ANALYSIS STUDY WITH REFERENCE TO SELECTED COMPANIES LISTED ON BOMBAY STOCK EXCHANGE
FINANCIAL DETERMINANTS OF EQUITY SHARE PRICES: AN EMPIRICAL ANALYSIS STUDY WITH REFERENCE TO SELECTED COMPANIES LISTED ON BOMBAY STOCK EXCHANGE Kiran Challa 25 G. V. Chalam 26 ABSTRACT The stock market
More informationCHAPTER IV COST STRUCTURE ANALYSIS. Please purchase PDF Split-Merge on to remove this watermark.
CHAPTER IV COST STRUCTURE ANALYSIS CHAPTER IV COST STRUCTURE ANALYSIS INTRODUCTION This is an age of mass production as a result of which competition in every industry is cut-throat. Therefore, it is utmost
More informationWORKING CAPITAL ANALYSIS OF SELECT CEMENT COMPANIES IN INDIA
CHAPTER - IV WORKING CAPITAL ANALYSIS OF SELECT CEMENT COMPANIES IN INDIA CHAPTER IV WORKING CAPITAL ANALYSIS OF SELECT CEMENT COMPANIES IN INDIA In this chapter an attempt has been made to analyse the
More informationPERFORMANCE OF NEW GENERATION PRIVATE SECTOR BANKS IN INDIA: A BALANCED SCORECARD EVALUATION
PERFORMANCE OF NEW GENERATION PRIVATE SECTOR BANKS IN INDIA: A BALANCED SCORECARD EVALUATION V.Annapurna 1, Dr.G.Manchala 2 1 Assistant Professor, Siva Sivani Institute of Management, Secunderabad 2 Professor,
More informationCOMPREHENSIVE ANALYSIS OF BANKRUPTCY PREDICTION ON STOCK EXCHANGE OF THAILAND SET 100
COMPREHENSIVE ANALYSIS OF BANKRUPTCY PREDICTION ON STOCK EXCHANGE OF THAILAND SET 100 Sasivimol Meeampol Kasetsart University, Thailand fbussas@ku.ac.th Phanthipa Srinammuang Kasetsart University, Thailand
More informationImpact of Performance Parameters on Customers Satisfaction level of Bancassurance Services in Public and Private Sector Banks
Impact of Performance Parameters on Customers Satisfaction level of Bancassurance Services in Public and Private Sector Banks Ms. Nancy Arora 1, Dr. Arti Gaur 2 1.Ph.D, Research Scholar - Department of
More informationFINANCING OF WORKING CAPITAL IN SELECT CEMENT COMPANIES- A POLICY PERSPECTIVE
FINANCING OF WORKING CAPITAL IN SELECT CEMENT COMPANIES- A POLICY PERSPECTIVE Dr. K. Bhagyalakshmi 1, Dr. P. Krishnama Chary 2 1 Lecturer, Dept. of Commerce and Business Management, University College
More informationPERFORMANCE EVALUATION OF LIQUID DEBT MUTUAL FUND SCHEMES IN INDIA
International Journal of Management, IT & Engineering Vol. 8 Issue 6, June 2018, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: Double-Blind Peer Reviewed Refereed Open Access International Journal
More informationA Study on Impact of WPI, IIP and M3 on the Performance of Selected Sectoral Indices of BSE
A Study on Impact of WPI, IIP and M3 on the Performance of Selected Sectoral Indices of BSE J. Gayathiri 1 and Dr. L. Ganesamoorthy 2 1 (Research Scholar, Department of Commerce, Annamalai University,
More informationStudy of one-way ANOVA with a fixed-effect factor
Study of one-way ANOVA with a fixed-effect factor In the last blog on Introduction to ANOVA, we mentioned that in the oneway ANOVA study, the factor contributing to a possible source of variation that
More informationFundamental Determinants affecting Equity Share Prices of BSE- 200 Companies in India
Fundamental Determinants affecting Equity Share Prices of BSE- 200 Companies in India Abstract Ms. Sunita Sukhija Assistant Professor, JCD Instiute of Business Management, JCDV, SIRSA (Haryana)-125055
More informationAnalysis and Comparative Study of J.K. Cement Ltd and Ultra Tech Cement Limited
International Journal of Commerce and Management Research ISSN: 2455-1627, Impact Factor: (RJIF 5.22) www.managejournal.com Volume 2; Issue 4; April 2016; Page No. 22-27 Analysis and Comparative Study
More informationCapital structure and its impact on firm performance: A study on Sri Lankan listed manufacturing companies
Merit Research Journal of Business and Management Vol. 1(2) pp. 037-044, December, 2013 Available online http://www.meritresearchjournals.org/bm/index.htm Copyright 2013 Merit Research Journals Full Length
More informationImpact of international financial reporting standards on monetary ratios
2017; 3(10): 45-49 ISSN Print: 2394-7500 ISSN Online: 2394-5869 Impact Factor: 5.2 IJAR 2017; 3(10): 45-49 www.allresearchjournal.com Received: 10-08-2017 Accepted: 11-09-2017 Dr. E Nixon Amirtharaj Assistant
More informationCHAPTER-5 BUSINESS RISK AND VALUE ADDED: AN IMPACT ASSESSMENT AND ANALYSIS. Business and risk are inseparable. The nature and the magnitude of risks
CHAPTER-5 BUSINESS RISK AND VALUE ADDED: AN IMPACT ASSESSMENT AND ANALYSIS Business and risk are inseparable. The nature and the magnitude of risks that companies have to cope with increased at a mind-blogging
More informationDeterminants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis
Article can be accessed online at http://www.publishingindia.com Determinants of Capital structure with special reference to indian pharmaceutical sector: panel Data analysis Abstract m.s. ramaratnam*,
More informationDay of the Week Effect of Stock Returns: Empirical Evidence from Bombay Stock Exchange
International Journal of Research in Social Sciences Vol. 8 Issue 4, April 2018, ISSN: 2249-2496 Impact Factor: 7.081 Journal Homepage: Double-Blind Peer Reviewed Refereed Open Access International Journal
More informationCAPITAL MARKET EXPOSURE AND TESTING OF EFFICIENT MARKET HYPOTHESIS: A STUDY ON PUBLIC SECTOR BANKS IN INDIA
Volume - 5, Issue- 12, December 2017 IC Value 2016 : 61.33 e-issn : 2347-9671 p- ISSN : 2349-0187 EPRA International Journal of Economic and Business Review SJIF Impact Factor(2017) : 7.144 ISI Impact
More informationConfidence Bands for Investment Decisions
CHAPTER 5 Confidence Bands for Investment Decisions 5.1 Introduction A simple buy and hold strategy may not often yield good returns for an investor. Timely booking of profits is essential for making money
More informationDeterminants of Capital Structure in Nigeria
International Journal of Innovation and Applied Studies ISSN 2028-9324 Vol. 3 No. 4 Aug. 2013, pp. 999-1005 2013 Innovative Space of Scientific Research Journals http://www.issr-journals.org/ijias/ Determinants
More informationImpact of Macroeconomic Determinants on Profitability of Indian Commercial Banks
Abstract Research Journal of Management Sciences E-ISSN 2319 1171 Impact of Macroeconomic Determinants on Profitability of Indian Commercial Banks Ketan Mulchandani 1* and N.K. Totala 2 1 Institute of
More informationSHORT TERM SOLVENCY ANALYSIS OF LEAD AUTOMOBILE PLAYERS IN INDIA
International Journal of Advanced Research in Management (IJARM) Volume 6, Issue 3, Sep-Dec (2015), pp. 11-17, Article ID: 10220150603002 Available online at http:// http://www.iaeme.com/currentissue.asp?jtype=ijarm&vtype=6&itype=3
More informationAnalysis of Market Reaction Around the Bonus Issues in Indian Market
Analysis of Market Reaction Around the Bonus Issues in Indian Market Dhanya Alex Ph.D Associate Professor, FISAT Business School, Mookkannoor, Angamaly, Kochi, PO Box 683577, India Abstract When the companies
More informationPerformance Evaluation of Selected Mutual Funds
Pacific Business Review International Volume 5 Issue 7 (January 03) 60 Performance Evaluation of Selected Mutual Funds Poonam M Lohana* With integration of national and international market, global mutual
More informationACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period -
4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503
More informationChapter 8 TECHNICAL ANALYSIS AND TRADING VOLUME. future price movements. However, brokers of today use trading volume along with the
155 Chapter 8 TECHNICAL ANALYSIS AND TRADING VOLUME Technical analysis is concerned with analyzing past price statistics to predict future price movements. However, brokers of today use trading volume
More informationResearch Report of Ultratech Cement. -March 2012
Research Report of Ultratech Cement. -March 2012 Chairman- Shri Kumar Mangalam Birla Wholetime Director shri O P Puranmalka BSE code 532538 Industry Cement Face Value 10 Divident yield (%) 0.42% Book Value
More informationJournal of Radix International Educational and Research Consortium 1 P a g e
A Journal of Radix International Educational and Research Consortium RIJEB RADIX INTERNATIONAL JOURNAL OF ECONOMICS & BUSINESS MANAGEMENT NSE- TRADING OF CURRENCY FUTURES POONAM ABSTRACT The introduction
More informationValue Investing in Thailand: The Test of Basic Screening Rules
International Review of Business Research Papers Vol. 7. No. 4. July 2011 Pp. 1-13 Value Investing in Thailand: The Test of Basic Screening Rules Paiboon Sareewiwatthana* To date, value investing has been
More informationCEMENT April Contents. Advantage India. Market overview. Investments. Policy and regulatory framework. Opportunities. Industry associations
CEMENT April 2010 CEMENT April 2010 Contents Advantage India Market overview Investments Policy and regulatory framework Opportunities Industry associations 2 ADVANTAGE INDIA Advantage India The Indian
More informationImpact of Leverage on Profitability of Textile Industry of Bangladesh: A Study on Listed Companies in Dhaka Stock Exchange
Volume 3 Issue 2 July 2017 ISSN 2206-480X www.ajaef.net.au Impact of Leverage on Profitability of Textile Industry of Bangladesh: A Study on Listed Companies in Dhaka Stock Exchange Nusrat Jahan and Md.
More informationA Value Relevant Fundamental Investment Strategy
Uppsala University Department of Bu siness studies Bachelor Thesis, Autumn 2010 Tutor: Jiri Novak Date: 2011 01 05 A Value Relevant Fundamental Investment Strategy The use of weighted fundamental signals
More informationInternational Journal of Innovative Research in Management Studies (IJIRMS) ISSN (Online): Volume 1 Issue 4 May 2016
A STUDY ON STOCK SELECTION WITH SPECIAL REFERENCE TO BOOK VALUE, EARNING PER SHARE AND MARKET PRICE S.Mahalakshmi* *II Year MBA Student, School of Management, SASTRA University, Thanjavur, South India
More informationFinancial soundness of Indian banking industry: bankometer analysis
2018; 4(3): 357-362 ISSN Print: 2394-7500 ISSN Online: 2394-5869 Impact Factor: 5.2 IJAR 2018; 4(3): 357-362 www.allresearchjournal.com Received: 21-01-2018 Accepted: 22-02-2018 Dr. K Abirami Assistant
More informationCOMPARATIVE ANALYSIS OF BOMBAY STOCK EXCHANE WITH NATIONAL AND INTERNATIONAL STOCK EXCHANGES
Opinion - International Journal of Business Management (e-issn: 2277-4637 and p-issn: 2231 5470) Special Issue on Role of Statistics in Management and Allied Sciences Vol. 3 No. 2 Dec. 2013, pg. 79-88
More informationChapter 7 RELATIVE STRENGTH INDEX - A CRITERION. 7.1 Introduction Revolutionary changes have taken place in the modern financial market and it
134 Chapter 7 RELATIVE STRENGTH INDEX - A CRITERION 7.1 Introduction Revolutionary changes have taken place in the modern financial market and it has created a greater competitive and complex situation
More informationAssessing the Probability of Failure by Using Altman s Model and Exploring its Relationship with Company Size: An Evidence from Indian Steel Sector
DOI: 10.15415/jtmge.2017.82003 Assessing the Probability of Failure by Using Altman s Model and Exploring its Relationship with Company Size: An Evidence from Indian Steel Sector Abstract Corporate failure
More informationFinancial Performance of Cement Industry in India Using Extended Dupont Approach
Asian Journal of Managerial Science ISSN: 2249-6300 Vol.7 No.2, 2018, pp. 16-20 The Research Publication, www.trp.org.in Financial Performance of Cement Industry in India Using Extended Dupont Approach
More informationIMPACT OF FINANCIAL MANAGEMENT ON PROFITABILITY: EVIDENCES FROM TEXTILE SECTOR OF INDIA
DOI: 10.18843/ijcms/v9i1/07 DOI URL: http://dx.doi.org/10.18843/ijcms/v9i1/07 IMPACT OF FINANCIAL MANAGEMENT ON PROFITABILITY: EVIDENCES FROM TEXTILE SECTOR OF INDIA Dr. Ashvin R. Dave, M.B.A., Ph. D.
More informationDo Indian Mutual funds with high risk adjusted returns show more stability during an Economic downturn?
Do Indian Mutual funds with high risk adjusted returns show more stability during an Economic downturn? Kalpakam. G, Faculty Finance, KJ Somaiya Institute of management Studies & Research, Mumbai. India.
More informationInternational Journal of Multidisciplinary Consortium
Impact of Capital Structure on Firm Performance: Analysis of Food Sector Listed on Karachi Stock Exchange By Amara, Lecturer Finance, Management Sciences Department, Virtual University of Pakistan, amara@vu.edu.pk
More informationA study on impact of cost structure on financial performance of selected pharmaceutical companies in India
2016; 2(2): 90-94 ISSN Print: 2394-7500 ISSN Online: 2394-5869 Impact Factor: 5.2 IJAR 2016; 2(2): 90-94 www.allresearchjournal.com Received: 07-12-2015 Accepted: 10-01-2016 Dr. JP Kumar Director, Rathinam
More informationHow Markets React to Different Types of Mergers
How Markets React to Different Types of Mergers By Pranit Chowhan Bachelor of Business Administration, University of Mumbai, 2014 And Vishal Bane Bachelor of Commerce, University of Mumbai, 2006 PROJECT
More informationMUTUAL FUND: BEHAVIORAL FINANCE S PERSPECTIVE
34 ABSTRACT MUTUAL FUND: BEHAVIORAL FINANCE S PERSPECTIVE MS. AVANI SHAH*; DR. NARAYAN BASER** *Faculty, Shree Chimanbhai Patel Institute of Management and Research, Ahmedabad. **Associate Professor, Shri
More informationAN ANALYTICAL STUDY ON SEASONAL ANOMALIES OF TEN (10) SENSEX (BSE) LISTED STOCKS FROM THE TIME PERIOD 2006 (FEBRUARY) TO 2014(FEBRUARY)
AN ANALYTICAL STUDY ON SEASONAL ANOMALIES OF TEN (10) SENSEX (BSE) LISTED STOCKS FROM THE TIME PERIOD 2006 (FEBRUARY) TO 2014(FEBRUARY) Abstract G.Vignesh Prabhu Manager Placement & Sr. Lecturer, ISSM
More informationKARACHI UNIVERSITY BUSINESS SCHOOL UNIVERSITY OF KARACHI BS (BBA) VI
88 P a g e B S ( B B A ) S y l l a b u s KARACHI UNIVERSITY BUSINESS SCHOOL UNIVERSITY OF KARACHI BS (BBA) VI Course Title : STATISTICS Course Number : BA(BS) 532 Credit Hours : 03 Course 1. Statistical
More informationInvestor s Meet June 16
Investor s Meet June 16 GROWTH CHART CAPACITY & PRODUCTION JKLC* Mn. MT. As on 31 st March 2011 2012 2013 2014 2015 2016 Jun 17(E) Sept 18(E) Clinker Capacity 3.96 4.13 4.29 4.62 6.27 6.27 6.60 6.79 Cement
More information1 of :18 PM
1 of 12 09-02-16 5:18 PM Continuous Issue - 10 July- October -2014 Efficient Market Hypotheses Testing - With Reference to Dividend, Bonus Share and Split Share Abstract EMH is one of the well-known methods
More informationANALYSIS OF RISK ADJUSTED MEASURES OF SELECTED LARGE-CAP EQUITY MUTUAL FUNDS IN INDIA
ANALYSIS OF RISK ADJUSTED MEASURES OF SELECTED LARGE-CAP EQUITY MUTUAL FUNDS IN INDIA S. Sivaprakkash, Ph.D. Research Scholar, PG & Research Department of Commerce, Loyola College, Chennai, India. Dr.
More informationResearch Article Volume 6 Issue No. 5
DOI 10.4010/2016.1292 ISSN 2321 3361 2016 IJESC Research Article Volume 6 Issue No. 5 The Effect of Working Capital Management in the Liquidity of Nokia Corporation: A Study with Special Reference to the
More informationThe Determinants of Capital Structure: Analysis of Non Financial Firms Listed in Karachi Stock Exchange in Pakistan
Analysis of Non Financial Firms Listed in Karachi Stock Exchange in Pakistan Introduction The capital structure of a company is a particular combination of debt, equity and other sources of finance that
More informationPerformance of RRBs Before and after Amalgamation
Performance of RRBs Before and after Amalgamation DR. MINAXI M. JARIWALA Lecturer, Vivekanand College for B.Ed. Gujarat (India) DR. MARTINA R. NORONHA Vice-Principle S.P.B. English Medium College of Commerce
More informationIMPACT OF FINANCIAL LEVERAGE ON MARKET VALUE ADDED: EMPIRICAL EVIDENCE FROM INDIA
Journal of Entrepreneurship, Business and Economics ISSN 2345-4695 2016, 4(2): 40 58 IMPACT OF FINANCIAL LEVERAGE ON MARKET VALUE ADDED: EMPIRICAL EVIDENCE FROM INDIA Bhargav Pandya Faculty of Management
More informationOPERATIONAL AND FINANCIAL PERFORMANCE OF URBAN COOPERATIVE BANKS IN INDIA
OPERATIONAL AND FINANCIAL PERFORMANCE OF URBAN COOPERATIVE BANKS IN INDIA Dr. P. Sanjeevi Professor Department of Management Studies, BITS Visakhapatnam Mr. P. ManojBabu Asst. Professor Department of Management
More informationDividends and Share Repurchases: Effects on Common Stock Returns
Dividends and Share Repurchases: Effects on Common Stock Returns Nell S. Gullett* Professor of Finance College of Business and Global Affairs The University of Tennessee at Martin Martin, TN 38238 ngullett@utm.edu
More informationTURNOVER (OR) ACTIVITY PERFORMANCE OF UNIT TRUST OF INDIA
TURNOVER (OR) ACTIVITY PERFORMANCE OF UNIT TRUST OF INDIA Dr. M. Gurupandi, Assistant Professor, Department of Commerce, School of Management, Alagappa University, Karaikudi Abstract: Mutual fund is a
More informationA Study on the Financial Performance Efficiency of Selected Cement Industries in India
International Journal of Emerging Engineering Research and Technology Volume 2, Issue 3, June 2014, PP 106-111 ISSN 2349-4395 (Print) & ISSN 2349-4409 (Online) A Study on the Financial Performance Efficiency
More informationA Study on Evaluating P/E and its Relationship with the Return for NIFTY
www.ijird.com June, 16 Vol 5 Issue 7 ISSN 2278 0211 (Online) A Study on Evaluating P/E and its Relationship with the Return for NIFTY Dr. Hemendra Gupta Assistant Professor, Jaipuria Institute of Management,
More informationFUNDAMENTAL FACTORS INFLUENCING RETURNS OF
FUNDAMENTAL FACTORS INFLUENCING RETURNS OF SHARES LISTED ON THE JOHANNESBURG STOCK EXCHANGE IN SOUTH AFRICA Marise Vermeulen* Stellenbosch University Received: September 2015 Accepted: February 2016 Abstract
More informationRelationship between Business Cycles and Financial Criteria of Performance Appraisal in Companies Listed in Tehran Stock Exchange
Relationship between Business Cycles and Financial Criteria of Performance Appraisal in Companies Listed in Tehran Stock Exchange Naser Yazdanifar Master of Accounting (Corresponding Author) Department
More information