Impact of announcements like Dividend, Merger on stock price of selected CNX Nifty Companies
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1 Continuous issue 18 October December 2016 Impact of announcements like Dividend, Merger on stock price of selected CNX Nifty Companies Abstract The study looks at the Impact of Dividend Announcement &Merger Announcement on stock price of selected scripts of NSE over a selected time period. The study is significant in the way it tries to statistically measure actual volatility in the Indian market. The step- by- stepanalysis of volatilityin Nifty usingstudents testwith - 7 days to +7 days window. It will give clear picture about the possibleextent of volatility from similar events in thefuture.then Findings and Conclusion, states whether there is any impact of Dividend Announcement and whether the Indian Stock market is semi strong efficient market or not. Keywords: Dividend, Merger, Efficient, Volatility When company takes corporate action it is a process that will bring change to its stock. This knowledge, in turn, will help the investor in determining whether to buy, sell or hold the stock. Literature Review AbdelbasetRamadan Queiri, Nizark. Dwaikat&HarunaA. Yelwa(2014), The testing of the dividends signalinghypothesis and maturity hypothesis is based on post performance analysis of firms characteristics in Malaysia. Investigating what increased dividends convey have been done in Malaysia through observing market reaction. Dr.AmalenduBhuniya(2012), Examinedthe impact of Dividend Announcement, returns for the period January December 2010 on sample of 100 Dividend Payment Companies Listed on NSE. Exhibited that investors do not gain valuefromdividend Announcements, findings shows Daily Abnormal return getsa pick 15 days Before Dividend Announcement and 15 days After Announcement. Kumar (2009) examined the post-merger operatingperformanceof a sample of 30 companies involvedin merger activities during the period in India..It was found that the post-merger profitability, show no improvement when compared with premerger values. Objectives To study the impact of announcements like Dividend and Merger announcement on the shareprice of selected scripts. Companies are from CNX NIFTY as on 29 October 2015 will be taken into consideration. Sampling frame For a firm to be included in the sample, the following criterions are followed: (a) (b) The firm should be listed and in S & P CNX NIFTY index. It should have paid 10% annual dividend in the previous year and increased annual dividend in the current year under study. 1 P a g e
2 Table 1 :- Selection of Sample Steps for sample selection Description Firm 1 Original Sample 50 2 Data Missing of 3 companies So only 47 companies available 3 No dividend declared 6 companies Now only 41 companies available 4 Decrease in dividend 10 companies deducted Now only 31 companies available. 5 Increase in dividend less than 10%,11 companies deducted Now only 20companies available for research. 20 events of dividend increases from selected sample, which have increased dividend by 10% during theyear and Table 2: Sample for dividend announcement SR COMPANY NAME INDUSTRY SYMBOL 1. Ambuja Cement CEMENT & CEMENTPRODUCTS AMBUJACEM 2. Asian Paints Ltd. CONSUMER GOODS ASIANPAINT 3. Axis Bank Ltd. FINANCIAL SERVICES AXISBANK 4. Bank of Baroda FINANCIAL SERVICES BANKBARODA 5. Bharat Petroleum Corporation Ltd. ENERGY BPCL 6. Bosch Ltd. AUTOMOBILE BOSCHLTD 7. Dr. Reddy's Laboratories Ltd. PHARMA DRREDDY 8. Hindustan Unilever Ltd. CONSUMER GOODS HINDUNILVR 9. Housing Development FinanceCorporation Ltd. FINANCIAL SERVICES HDFC 10. I T C Ltd. CONSUMER GOODS ITC 11. ICICI Bank Ltd. FINANCIAL SERVICES ICICIBANK 12. Larsen & Toubro Ltd. CONSTRUCTION LT 13. Lupin Ltd. PHARMA LUPIN 14. Maruti Suzuki India Ltd. AUTOMOBILE MARUTI 15. State Bank of India FINANCIAL SERVICES SBIN 16. Sun Pharmaceutical Industries Ltd. PHARMA SUNPHARMA 17. Tata Consultancy Services Ltd. IT TCS 18. Vedanta Ltd. METALS VEDL 19. Yes Bank Ltd. FINANCIAL SERVICES YESBANK 20. Zee Entertainment Enterprises Ltd. MEDIA&ENTERTAINMENT ZEEL Table 3: Sample for Merger Announcement Sr no. Company Name Date of Merging Alpha Beta 1 State Bank Of India 27-Aug Sun Pharmaceutical Industries Ltd. 29-May HDFC 25-Feb NMDC 31-Dec Mahindra & Mahindra Ltd. 12-Mar Hindustan Unilever Ltd. 29-Apr Grasim Industries Ltd. 07-Jan ICICI Bank Ltd. 26-Aug P a g e
3 9 Zee Entertainment Enterprises Ltd. 14-Jan Hero MotoCorp Ltd. 04-Jun Asian Paints Ltd. 07-Feb Maruti Suzuki India Ltd. 12-Jun Idea Cellular Ltd. 13-Jun Ambuja Cements Ltd. 07-Oct Wipro Ltd. 22-Apr HCL Technologies Ltd. 11-Apr Bharat Heavy Electricals Ltd. 04-Aug Kotak Mahindra Bank Ltd. 20-Feb Table 4: Result of Divided Announcement (Calculated by the Author) 2011 MAR T-value T-Table Results ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT There is no abnormal return in this period. This gives an insight that market is efficient and no linkage of information exists. The t calculated valueof mean abnormalreturn is less than criticalvalue. Hence itis statistically insignificant. Null hypothesiswill beaccepted Table 5: Result of Divided Announcement (Calculated by the Author) 2012 MAR T-value T-Table Results ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT 3 P a g e
4 ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT Table 6: Result of Divided Announcement (Calculated by the Author) 2013 MAR T-value T-Table Results E ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT E ACCEPT E ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT Table 7: Result of Divided Announcement (Calculated by the Author) 2014 MAR T-value T-Table Results ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT 4 P a g e
5 Table 8: Result of Divided Announcement (Calculated by the Author) 2015 MAR T-value T-Table Results ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT Merger Announcement 2015 MAR T-value T-Table Results ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT ACCEPT There is no abnormal return before 7 days of announcement and after 7 days ofannouncement. This givesan inside that market is efficient and no linkageof information exists. The t-value isless than critical value.hence null hypothesiswill beaccepted. Conclusion There is no impact of dividend announcement onselected scriptsof cnxnifty. Indian Stock Market is Semi-Strong Efficient Market. Results confirm the theoretical background regarding the impact of dividend announcement on stock prices. The semi- strong form efficiency therefore is testedandproved. 5 P a g e
6 References There is no impact on share price of SBI, Sunpharma, HDFC, NMDC, M & M, HUL, Grasim Industries Ltd., ICICT Bank, Zee Entertainment enterprise, Hero Moto crop Ltd., Asian Paints Ltd., MarutiSuzuki India Ltd., Idea Cellular Ltd., AmbujaCements Ltd., Wipro Ltd.,HCL Technologies Ltd., BharatHeavy Electricals Ltd., Kotak Mahindra BankLtd. I. Dr. A Bhunia, (2012), The Impact of Dividend Announcement on Stock Return; Evidence from NSE, International Journal of Management And Business Affairs, 2012,Vol 2(3), July2012( ) ISSSN II. III. IV. K Sarvanan, Dr. A. Mahadevan,S. Gunasekar(2012) Market Reaction to Dividend Announcement: An Empirical Study Using Event Study Technique Prestige International Journal of Management &IT- Sanchayan, Vol. 1(1), 2012, pp ISSN: (Print) 141 Laabs, Douglas S. THE IMPACT OF INCREASED DIVIDEND ANNOUNCEMENTS ON STOCK PRICE: A TEST OF MARKET EFFICIENCY ASBBS Annual Conference: Las Vegas February2013 QueiriAbdelbasetR, NizarK. Dwaikat, and HarunaA. Yelwa(2014) The Performance of Firms Post Dividend Announcement: A Test of Signaling Hypothesis Validity in Malaysian Stock Market International Conference on Economics, Social Sciences and Languages (ICESL'14) May 14-15, 2014Singapore ******************************************************************* Aabha S. Singhvi Assistant Professor, Finance Department, GIDC Rajju Shroff ROFEL Institute of Management Studies, Vapi. Research Scholar, Faculty of Management, PAHER, Udaipur Dr Pankajray Patel Director, Gujarat Technological University, Ahmedabad Copyright KCG. All Rights Reserved. Powered By: Knowledge Consortium of Gujarat 6 P a g e
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