A TRAINING REPORT

ON
STOCK PERFORMANCE ANALYSIS ON
TVS MOTORS COMPANY LIMITED.

Submitted to:
Satyug Darshan Institute of Engineering and Technology

By:
(ANAYA SHUKLA)
Roll No.-5019413
Batch 2016–2019

In Partial Fulfillment of
Bachelor of Business Administration
(IIFBS)

MAHARSHI DAYANAND UNIVERSITY

ROHTAK (HARYANA)
(November, 2017)

Satyug Darshan Institute of Engineering and Technology

Bhupani Lalpur Road, Village Bhupani
Faridabad - 121002, NCR, Haryana, India
 DECLARATION

I, Ms. ANAYA SHUKLA hereby declare that this training report is the record of authentic
work carried out during the time period from 1st Oct. 2016 to30th Sep.2017 by me in the partial
fulfillment of the requirement for the award of degree BBA (Industry integrated). This
piece of work has not been submitted to any other University or Institute for the award of any
degree/diploma earlier.

ANAYA SHUKLA

Date:
COMPANY CERTIFICATE
 BONAFIDE CERTIFICATE

This is to certify that Ms. ANAYA SHUKLA of Satyug Darshan Institute of Engineering and
Technology has successfully completed the project work titled “Stock Performance Analysis
on TVS MOTORS COMPANY LIMITED” in partial fulfillment of requirement for the
completion of Bachelor in Business Administration (IIFSB) course as prescribed by the
Maharishi Dayanand University, Rohtak, (HARYANA).

This project report is the record of authentic work carried out by her during the period from __to
__.She has worked under my guidance.

Mr. Ravi Bakshi

Assistant Professor, BBA Department
Project Guide (Internal)
Date:

Counter signed by

Mr. Ravi Bakshi

Department Coordinator (BBA Department)
Date:
 ACKNOWLEDGEMENT

It is a matter of Great Pleasure for me in submitting the project report on Stock Performance
Analysis on TVS MOTORS COMPANY for the fulfillment of the requirement of my course.

I am thankful to and owe a deep gratitude to all those who have helped me in preparing this
report. Words seem to be inadequate to express my sincere thanks to Mr. Ravi Bakshi & Mr.
Amit Virmani for their valuable guidance, constructive criticism, untiring efforts and immense
encouragement during the entire course of the study due to which my efforts have been
rewarded.

Also not to be forgotten are the Lecturers of BBA IIFBS who contributed their ideas and
suggestion.

ANAYA SHUKLA

Date:
 PREFACE

Many students may have work on this project in different way/styles. I have also tried to work on
this project in a different way.

It was for the first time I got the opportunity to work in such a prestigious and well known
organization. And things which I have experienced in my training time are going to help me
throughout my life time. I have worked on this project with great enthusiasm and zeal. I have
tried to cover almost all the things which I have experienced and learned from the company’s
management.

ANAYA SHUKLA

Date:
 TABLE OF CONTENT

S.No. PARTICULARS PAGE NO.

1. Introduction to the study

2. Company Profile

3. Literature Review

4. Research Methodology
4.1 Objective of the study
4.2 Need for the study
4.3 Scope of the study
4.4 Research Design
4.5 Sample Design
4.6 Data Collection
4.7 Limitations of the study

5. Data Analysis & Interpretation

6. Findings, Conclusion& Suggestions

7. Bibliography

Annexure
 CHAPTER-1

INTRODUCTION
TO
THE STUDY
Introduction
A stock market, equity market or share market is the aggregation of buyers and sellers (a
loose network of economic transactions, not a physical facility or discrete entity) of stocks (also
called shares), which represent ownership claims on businesses; these may
include securities listed on a public stock exchange as well as those only traded privately.
Examples of the latter include shares of private companies which are sold to investors
through equity crowd funding platforms. Stock exchanges list shares of common equity as well
as other security types, e.g. corporate bonds and convertible bonds.

Size of the Stock Market

Stocks can be categorized in various ways. One way is by the country where the company is
domiciled. For e.g. ,Nestle and Novartis are domiciled in Switzerland, so they may be
considered as part of the Swiss stock market, although their stock may also be traded on
exchanges in other countries, for example, as American depository receipts (ADRs) on U.S.
stock markets.
At the close of 2012, the size of the world stock market (total market capitalization) was about
US$55 trillion. By country, the largest market was the United States (about 34%), followed
by Japan (about 6%) and the United Kingdom (about 6%). These numbers increased in 2013.
As of 2015, there are a total of 60 stock exchanges in the world with a total market
capitalization of $69 trillion. Of these, there are 16 exchanges with a market capitalization of $1
trillion or more, and they account for 87% of global market capitalization. Apart from
the Australian Securities Exchange, these 16 exchanges are based in one of three continents:
North America, Europe and Asia
Trade:
Trade in stock markets means the transfer for money of a stock or security from a seller to a
buyer. This requires these two parties to agree on a price. Equities (stocks or shares) confer an
ownership interest in a particular company.
Participants in the stock market range from small individual stock investors to
larger trader investors, who can be based anywhere in the world, and may
include banks, insurance companies, pension funds and hedge funds. Their buy or sell orders
may be executed on their behalf by a stock exchange trader.
Some exchanges are physical locations where transactions are carried out on a trading floor, by a
method known as open outcry. This method is used in some stock exchanges and commodity
exchanges, and involves traders shouting bid and offer prices. The other type of stock exchange
has a network of computers where trades are made electronically. An example of such an
exchange is the NASDAQ.
A potential buyer bids a specific price for a stock, and a potential seller asks a specific price for
the same stock. Buying or selling at the market means you will accept any ask price or bid price
for the stock. When the bid and ask prices match, a sale takes place, on a first-come, first-served
basis if there are multiple bidders or askers at a given price.
The purpose of a stock exchange is to facilitate the exchange of securities between buyers and
sellers, thus providing a marketplace. The exchanges provide real-time trading information on
the listed securities, facilitating price discovery.
The New York Stock Exchange (NYSE) is a physical exchange, with a hybrid market for placing
orders electronically from any location as well as on the trading floor. Orders executed on the
trading floor enter by way of exchange members and flow down to a floor broker, who submits
the order electronically to the floor trading post for the Designated Market Make ("DMM") for
that stock to trade the order. The DMM's job is to maintain a two-sided market, making orders to
buy and sell the security when there are no other buyers or sellers. If a spread exists, no trade
immediately takes place – in this case the DMM may use their own resources (money or stock)
to close the difference. Once a trade has been made, the details are reported on the "tape" and
sent back to the brokerage firm, which then notifies the investor who placed the order.
Computers play an important role, especially for program trading.
The NASDAQ is a virtual exchange, where all of the trading is done over a computer network.
The process is similar to the New York Stock Exchange. One or more NASDAQ market
makers will always provide a bid and ask price at which they will always purchase or sell 'their'
stock.
The Paris Bourse, now part of Euro next, is an order-driven, electronic stock exchange. It was
automated in the late 1980s. Prior to the 1980s, it consisted of an open outcry
exchange. Stockbrokers met on the trading floor of the Palais Brongniart. In 1986, the CATS
trading system was introduced, and the order matching process was fully automated.
People trading stock will prefer to trade on the most popular exchange since this gives the largest
number of potential counterparties (buyers for a seller, sellers for a buyer) and probably the best
price. However, there have always been alternatives such as brokers trying to bring parties
together to trade outside the exchange. Some third markets that were popular are Instinet, and
later Island and Archipelago (the latter two have since been acquired by NASDAQ and NYSE,
respectively). One advantage is that this avoids the commissions of the exchange. However, it
also has problems such as adverse selection financial regulators are probing dark pools.
INDIAN STOCK MARKET
Before liberalization, Indian economy was tightly controlled and protected by number of
measures like licensing system, high tariffs and rates, limited investment in core sectors only.
During 1980’s, growth of economy was highly unsustainable because of its dependence on
borrowings to correct the current account deficit. To reduce the imbalances, the government of
India introduced economic policy in 1991 to implement structural reforms. The financial sector
at that time was much unstructured and its scope was limited only to bonds, equity, insurance,
commodity markets, mutual and pension funds. In order to structure the security market, a
regulatory authority named as SEBI (Security Exchange Board of India) was introduced and first
electronic exchange National Stock Exchange also set up. The purpose behind this was to
regularize investments, mobilization of resources and to give credit. Mark Twain once has
divided the people into types: one who has seen the great Indian monument, The Taj Mahal and
the second, who have not. The same can be said about investors. There are two types of
investors: those who are aware of the investment opportunities available in India and those who
are not. A stock market is a place where buyers and sellers of stocks come together, physically or
virtually. Participants in the market can be small individuals or large fund managers who can be
situated anywhere. Investors place their orders to the professionals of a stock exchange who
executes these buying and selling orders. The stocks are listed and traded on stock exchanges.
Some exchanges are physically located, based on open outcry system where transactions are
carried out on trading floor. The other exchanges are virtual exchanges whereas a network of
computers is composed to do the transactions electronically. The whole system is order-driven,
the order placed by an investor is automatically matched with the best limit order. This system
provides more transparency as it shows all buy and sell orders. The Indian stock market mainly
functions on two major stock exchanges, the BSE (Bombay Stock Exchange) and NSE (National
Stock Exchange). In terms of market capitalization, BSE and NSE have a place in top five stock
exchanges of developing economies of the world. Out of total fourteen stock exchanges of
emerging economies, BSE stood at fourth position 2 with market capitalization of $1,101.87b as
on June, 2012 and NSE at fifth position with market capitalization of $1079.39b as on June,
2012.
NATIONAL STOCK EXCHANGE

The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India,
located in Mumbai. The NSE was established in 1992 as the first demutualized electronic
exchange in the country. NSE was the first exchange in the country to provide a modern, fully
automated screen-based electronic trading system which offered easy trading facility to the
investors spread across the length and breadth of the country. Vikram Limaye is Managing
Director & Chief Executive Officer (MD & CEO) of NSE.
National Stock Exchange has a total market capitalization of more than US$1.41 trillion, making
it the world’s 12th-largest stock exchange as of March 2016. NSE's flagship index, the NIFTY
50, the 50 stock index is used extensively by investors in India and around the world as a
barometer of the Indian capital markets. However, only about 4% of the Indian economy / GDP
is actually derived from the stock exchanges in India.
NSE was set up by a group of leading Indian financial institutions at the behest of the
government of India to bring transparency to the Indian capital market. Based on the
recommendations laid out by the government committee, NSE has been established with a
diversified shareholding comprising domestic and global investors. The key domestic investors
include Life Insurance Corporation of India, State Bank of India, IFCI Limited IDFC Limited
and Stock Holding Corporation of India Limited. And the key global investors are Gagil FDI
Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda
Investments (Mauritius) Pte Limited and PI Opportunities Fund I.
NSE offers trading, clearing and settlement services in equity, equity derivatives, debt and
currency derivatives segments. It is the first exchange in India to introduce electronic trading
facility thus connecting together the investor base of the entire country. NSE has 2500 VSATs
and 3000 leased lines spread over more than 2000 cities across India.
The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock
exchange in 1993 under the Securities Contracts (Regulation) Act, 1956, when P. V. Narasimha
Rao was the Prime Minister of India and Manmohan Singh was the Finance Minister. NSE
commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The capital
market (equities) segment of the NSE commenced operations in November 1994, while
operations in the derivatives segment commenced in June 2000.
Unlike countries like the United States where nearly 70% of the GDP is derived from larger
companies and the corporate sector, the corporate sector in India accounts for only 12-14% of the
national GDP (as of October 2016). Of these only 7,800 companies are listed of which only 4000
trade on the stock exchanges at BSE and NSE. Hence the stocks trading at
the BSE and NSE account for only around 4% of the Indian economy, which derives most of its
income related activity from the so-called unorganized sector and households.

Markets
NSE offers trading in the following segments
Equities
 Equities
 Indices
 Mutual Funds
 Exchange Traded Funds
 Initial Public Offerings
 Security Lending and Borrowing Scheme
Derivatives

 Equity Derivatives (including Global Indices like CNX 500, Dow Jones and FTSE )
 Currency Derivatives
 Interest Rate Futures
Debt

 Corporate Bonds

Equity Derivatives
The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the
launch of index futures on 12 June 2000. The futures and options segment of NSE has made a
global mark. In the Futures and Options segment, trading in NIFTY 50 Index, NIFTY IT index,
NIFTY Bank Index, NIFTY Next 50 index and single stock futures are available. Trading in
Mini Nifty Futures & Options and Long term Options on NIFTY 50 are also available. The
average daily turnover in the F&O Segment of the Exchange during the financial year April 2013
to March 2014 stood at 1.52236 trillion (US$24 billion).
On 29 August 2011, National Stock Exchange launched derivative contracts on the world’s most
followed equity indices, the S&P 500 and the Dow Jones Industrial Average. NSE is the first
Indian exchange to launch global indices. This is also the first time in the world that futures
contracts on the S&P 500 index were introduced and listed on an exchange outside of their home
country, USA. The new contracts include futures on both the DJIA and the S&P 500, and options
on the S&P 500.
On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options)
on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its
kind of an index of the UK equity stock market launched in India. FTSE 100 includes 100 largest
UK listed blue chip companies and has given returns of 17.8 per cent on investment over three
years. The index constitutes 85.6 per cent of UK’s equity market cap.
On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan
Exchange Group, Inc. (JPX) on preparing for the launch of NIFTY 50 Index futures, a
representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a
subsidiary of JPX.
Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY
50 Index futures by March 2014, the integration date of the derivatives markets of OSE and
Tokyo Stock Exchange, Inc. (TSE), a subsidiary of JPX. This is the first time that retail and
institutional investors in Japan will be able to take a view on the Indian markets, in addition to
current ETFs, in their own currency and in their own time zone. Investors will therefore not face
any currency risk, because they will not have to invest in dollar denominated or rupee
denominated contracts.
In August 2008, currency derivatives were introduced in India with the launch of Currency
Futures in USD–INR by NSE. It also added currency futures in Euros, Pounds and Yen. The
average daily turnover in the F&O Segment of the Exchange on 20 June 2013 stood at 419.2616
billion (US$6.5 billion) in futures and 273.977 billion (US$4.3 billion) in options, respectively.
Interest Rate Futures
In December 2013, exchanges in India received approval from market regulator SEBI for
launching interest rate futures (IRFs) on a single GOI bond or a basket of bonds that will be cash
settled. Market participants have been in favour of the product being cash settled and being
available on a single bond. NSE will launch the NSE Bond Futures on 21 January on highly
liquid 7.16 percent and 8.83 percent 10-year GOI bonds. Interest Rate Futures were introduced
for the first time in India by NSE on 31 August 2009, exactly one year after the launch of
Currency Futures. NSE became the first stock exchange to get an approval for interest-rate
futures, as recommended by the SEBI-RBI committee.
Debt Market
On 13 May 2013, NSE launched India's first dedicated debt platform to provide a liquid and
transparent trading platform for debt related products.
The Debt segment provides an opportunity to retail investors to invest in corporate bonds on a
liquid and transparent exchange platform. It also helps institutions who are holders of corporate
bonds. It is an ideal platform to buy and sell at optimum prices and help Corporate to get
adequate demand, when they are issuing the bonds.
Trading Schedule
Trading on the equities segment takes place on all days of the week (except Saturdays and
Sundays and holidays declared by the Exchange in advance). The market timings of the equities
segment are:

 (1) Pre-open session

 Order entry & modification Open: 09:00 hrs
 Order entry & modification Close: 09:08 hrs
With random closure in last one minute. Pre-open order matching starts immediately after close
of pre-open order entry.

 (2) Regular trading session

 Normal/Retail Debt/Limited Physical Market Open: 09:15 hrs
 Normal/Retail Debt/Limited Physical Market Close: 15:30 hrs.

Exchange Traded Funds and Derivatives on National Stock Exchange

The following products are trading on NIFTY 50 Index in the Indian and international Market:
 7 Asset Management Companies have launched exchange-traded funds on NIFTY 50 Index
which are listed on NSE
 15 index funds have been launched on NIFTY 50 Index
 Unit linked products have been launched on NIFTY 50 Index by several insurance
companies in India
 World Indices
Derivatives Trading on NIFTY 50 Index:
Futures and Options trading on NIFTY 50 Index

 Trading in NIFTY 50 Index Futures on Singapore Stock Exchange(SGX)

 Trading in NIFTY 50 Index Futures on Chicago Mercantile Exchange(CME)

Trading
NSE’s trading systems, is a state of-the-art application. It has an up time record of 99.99% and
processes more than 450 million messages every day with sub millisecond response time.
NSE has taken huge strides in technology in these 20 years. In 1994, when trading started, NSE
technology was handling 2 orders a second. This increased to 60 orders a second in 2001. Today
NSE can handle 1, 60,000 orders/messages per second, with infinite ability to scale up at short
notice on demand, NSE have continuously worked towards ensuring that the settlement cycle
comes down. Settlements have always been handled smoothly. The settlement cycle has been
reduced from T+3 to T+2/T+1.
Financial Literacy
NSE has collaborated with several universities like Gokhale Institute of Politics & Economics
(GIPE), Pune, Bharati Vidyapeeth Deemed University (BVDU), Pune, Guru Gobind Singh
Indraprastha University, Delhi, Ravens haw University of Cuttack and Punjabi University,
Patiala, among others to offer MBA and BBA courses. NSE has also provided mock market
simulation software called NSE Learn to trade (NLT) to develop investment, trading and
portfolio management skills among the students.[10] The simulation software is very similar to the
software currently being used by the market professionals and helps students to learn how to
trade in the markets.
NSE also conducts online examination and awards certification, under its Certification in
Financial Markets (NCFM) programmers. present, certifications are available in 46 modules,
covering different sectors of financial and capital markets, both at the beginner and advanced
levels. The list of various modules can be found at the official site of NSE India. In addition,
since August 2009, it offered a short-term course called NSE Certified Capital Market
Professional (NCCMP). The NCCMP or NSE Certified Capital Market Professional is a 100-
hour program for over 3–4 months, conducted at the colleges, and covers theoretical and
practical training in subjects related to the capital markets. NCCMP covers subjects like equity
markets, debt markets, derivatives, macroeconomics, technical analysis and fundamental
analysis. Successful candidates are awarded joint certification from NSE and the concerned.
Companies Listed In Nifty-Fifty

S.no Name S.no Name

1 Ambuja Cement 26 ICICI Bank
2 Adani Ports 27 Indusild Bank
3 Arbindio pharmacy 28 IOC
4 Asian Paints 29 ITC Ltd.
5 Axis Bank 30 Kotak Mahindra Bank
6 Bajaj Auto 31 L&T
7 Bharati Infra 32 Luipin Pharma
8 Bajaj Finance 33 M&M Ltd.
9 Bosch 34 Maruti Suzuki
10 BPCL 35 NTPC
11 Bharati Airtel 36 ONGC
12 Cipla 37 Power Grid
13 Coal India 38 Dr.Redi Lab
14 Eicher 39 RELIANCE INDUSTRIES
15 Gail 40 RELIANCE INFRASTRUCTURE
16 Hindalco 41 SBI
17 HCL Tech. 42 TATA MOTERS
18 HDFC Bank 43 TATA STEEL
19 HDFC 44 TCS
20 Hero Motors 45 Tech Mahindra
21 Hero MotoCorp 46 Ultra tech Cement
Housing Development Finance
22 Corporation 47 UPL Ltd.
23 HUL 48 Wipro
24 India bulls Housing Finance 49 Yes Bank
25 Indian Oil Corporation 50 Zee Enterprise
BOMBAY STOCK EXCHANGE
The Bombay Stock Exchange (BSE) is an Indian stock exchange located at Dalal Street, Kala
Ghoda, Mumbai (formerly Bombay), Maharashtra, India.
Established in 1875, the BSE is Asia’s first stock exchange, It claims to be the world's fastest
stock exchange, with a median trade speed of 6 microseconds, The BSE is the world's 11th
largest stock exchange with an overall market capitalization of more than $ 2 Trillion as of July,
2017. More than 5500 companies are publicly listed on the BSE. Of these, as of November 2016,
there are only 7,800 listed companies of which only 4000 trade on the stock exchanges
at BSE and NSE. Hence the stocks trading at the BSE and NSE account for only about 4% of the
Indian economy.

Bombay Stock Exchange was founded by Premchand Roychand. He was one of the most
influential businessmen in 19th-century Bombay. A man who made a fortune in the stock
broking business and came to be known as the Cotton King, the Bullion King or just the Big
Bull. He was also the founder of the Native Share and Stock Brokers Association, an institution
that is now known as the BSE.
The Bombay Stock Exchange is the oldest stock exchange in Asia. Its history dates back to 1855,
when 22 stockbrokers would gather under banyan trees in front of Mumbai's Town Hall. The
location of these meetings changed many times to accommodate an increasing number of
brokers. The group eventually moved to Dalal Street in 1874 and became an official organization
known as "The Native Share & Stock Brokers Association" in 1875.
On August 31, 1957, the BSE became the first stock exchange to be recognized by the Indian
Government under the Securities Contracts Regulation Act. In 1980, the exchange moved to
the Phiroze Jeejeebhoy Towers at Dalal Street, Fort area. In 1986, it developed the S&P BSE
SENSEX index, giving the BSE a means to measure the overall performance of the exchange. In
2000, the BSE used this index to open its derivatives market, trading S&P BSE SENSEX futures
contracts. The development of S&P BSE SENSEX options along with equity derivatives
followed in 2001 and 2002, expanding the BSE's trading platform.
Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an
electronic trading system developed by CMC Ltd. in 1995. It took the exchange only 50 days to
make this transition. This automated, screen-based trading platform called BSE On-Line Trading
(BOLT) had a capacity of 8 million orders per day. The BSE has also introduced a centralized
exchange-based internet trading system, BSEWEBx.co.in to enable investors anywhere in the
world to trade on the BSE platform. Now BSE has raised capital by issuing shares and as on 3rd
may 2017 the BSE share which is traded in NSE only closed with Rs.999 .
The BSE is also a Partner Exchange of the United Nations Sustainable Stock Exchange initiative,
joining in September 2012.
Awards:
 Business World Digital Leadership and CIO Award
 The IDC Digital Transformation Awards 2017
 The Best Exchange of the year award for equity and currency derivatives in Tefla's
Commodity Economic Outlook Award 2017
 Best Brand award 2017 by Economic Times
 CIO POWER LIST 2017
 Best Corporate film encompassing Vision, History, Value and Spirit of Excellence award,
Best Corporate film on Employer Branding award and Most Influential HR Leaders in India
award at World HRD Congress 2017
 'Best Exchange of the year' award at 4th India Bullion & Jewellery awards 2017
 Red Hat Innovation Awards 2016 by Red Hat Solutions
 Scotch Achiever Award 2016 for SME Enablement
 Best IT Implementation Award 2016 in the “Most Complex Project Category” by PCQues
 InfoSec Maestros Awards 2016
 Lions CSR Precious Awards 2016
 Skoch Achiever Award 2016 for SME Enablement

 BSE has been awarded PCQUEST Best IT Implementation Awards 2016 for New Data
Centre & DR SITE in MOST COMPLEX PROJECT Category
 Golden Peacock Global Award for Excellence in Corporate Governance for the year
2015Lokmat HR Leadership Award at Mumbai in June-2014
 50 most talented global HR leaders in Asia at the World HRD congress at Mumbai in
February-2014
 FIICI-Frames Best Animation Film-International Category for the Investor Education
television commercial
 India Innovation Award for Big Data Implementation
 ICICI Lombard & ET Now Risk Manager Award in BFSI Category
 SKOCH Order of Merit for E-Boss for qualifying among India’s Best 2013
 SKOCH Financial Award 2013
 Financial Inclusion Awards – 2011
 Indian Merchant Chamber Award in the Large Enterprise Category for use of Information
Technology
 Best Managed Financial Derivatives Exchange in the Asia Pacific by The Asian Banker
 The Golden Peacock Global CSR Award for its initiatives in Corporate Social Responsibility
 BSE has won NASSCOM – CNBC-TV18’s IT User Awards, 2010 in Financial Services
category [
 BSE has won Skoch Virtual Corporation 2010 Award in the BSE StaR MF category
 Responsibility Award (CSR), by the World Council of Corporate Governance
 Annual Reports and Accounts of BSE have been awarded the ICAI awards for excellence in
financial reporting for four consecutive years from 2006 onwards
 Human Resource Management at BSE has won the Asia – Pacific HRM awards for its efforts
in employer branding through talent management at work, health management at work and
excellence in HR through technology
 CIO of the Year- Financial Sector: Ashish Kumar Chauhan, Dy Chief Executive Officer,
Bombay Stock Exchange
 The World Council of Corporate Governance has awarded the Golden Peacock Global CSR
Award in financial sector for BSE's initiatives in Corporate Social Responsibility (CSR) in
2007.

Companies Listed in Bombay Stock Exchange:

S.no Name S.no Name

1 Adani Ports 16 L&T
2 Asian Paints 17 M&M Ltd.
3 Axis Bank 18 Maruti Suzuki
4 Bajaj Auto 19 NTPC
5 Bharati Airtel 20 ONGC
6 Cipla 21 Power Grid
7 Coal India 22 Dr.Redi Lab
8 HDFC 23 RELIANCE INDUSTRIES
9 HDFC Bank 24 RELIANCE INFRASTRUCTURE
10 HUL 25 SBI
11 Hero Motors 26 SUN PHARMA
12 ICICI Bank 27 TATA MOTERS
13 INFOSYS 28 Tata Motors DVR
14 ITC Ltd. 29 TCS
15 Kotak Mahindra Bank 30 TATA STEEL
INTRODUCTION TO AUTOMOBILE INDUSTRY

Indian automobile industry has grown leaps and bounds since 1898, a time when a carhad
touched the Indian streets for the first time. At present it holds a promising tenth position in the
entire world with being number two in two wheelers and fourth in commercial vehicles.
Withstanding a growth rate of 18% per annum and an annual production of more than 2million
units, it may not be an exaggeration to say that this industry in the coming years will soon touch
a figure of 10 million units per year.
Besides a steady growth in India’s fiscal system, the expansion of Indian middle classhasalso
played a major role in drawing the attention of international auto manufacturers towards the
Indian Automobile Market. Moreover, India is one nation which provides skilled workforce at
cut-throat prices making itself a preferable manufacturing centre. The magnetism of the Indian
markets and the decline of global auto industries such as Japan Europe and US have triggered the
influx of new conglomerates along with huge capital investments in the sector. Overseas auto
players like Suzuki, Hyundai, Honda, etc have their manufacturing units in India and are
maximum utilization of their Indian functions to expand their business. As per a recent research
conducted by Deloitte, 2020 will witness the emergence of at least one Indian auto firm that
would not only feature among the best six car manufacturers but would also dominate the
international auto sector. Moreover, the global car sector would witness Accounting for 79% of
total four-wheeler` industry, cars rule the passenger automobile in India. The chief players in this
segment are Maruti Suzuki and Mahindra. While Maruti Suzuki enjoys full-fledged monopoly in
multi-purpose automobiles sector with 52% of market share, Mahindra have 42% market share in
utility vehicles. However in the area of commercial automobiles, Tata Motors rule the
Automobile Industry of India with 60% of market share besides being the fifth biggest producer
in the world of mediuman enormous competence building in low-priced nations like India and
China as most of the producers would alter base from industrial regions.

Domestic Automobile Market

As per statistics launched by Society of Indian Automobile Manufacturers (SIAM), the
passenger car transactions in domestic market have surged to 145,905 units in
January2011against the 2010 sales of 110,300 units. This indirectly refers to the 32.28% growth
in the domestic car sales. In January 2010, the total sales of automobiles grew to 1,114,156 units
as compared to the previous fiscal years 768,698 unit’s sales.

Segments of Indian Automobile Market

Two-wheelers In this segment, motorcycles accounts for major Indian Automobile market
share. The chief players in this segment is Hero Honda which delivers 50% motorbikes tothe
Indian market besides sharing 46% in scooter market and TVS for 82% in moped market. Three-
wheeler Around 41% of the three-wheelers in India is utilized for merchandise transfer purpose.
In this segment Piaggio and Bajaj are the leading players with 40% and 68% of market share
respectively. TVS motors are a new entrant in this segment.

Four-Wheelers & More than half of the auto parts output is consumed by OEMs.
 Cars rule the Indian passenger automobiles with 79% of market share
 Within the two-wheelers segment, motorcycles accounts for 80% of the sector volume.
Heavy marketable vehicles. Facts and Figures on different segments of Indian Automobile
Market & IT, HUBLI. In the entire Asia, India stands at the fourth position of car manufacturers
by superseding the benchmark of 1 million sales.

Future of Indian Automobile Market

In the financial year 2010, Automobile Industry of India is expected to witness a 10 to12%of
massive growth in its vehicles sales. As per a research conducted by Indian Auto Sector Outlook,
rivalry in the nations Automobile sector is anticipated to grow due to escalating influx of
international original equipment manufacturers (OEM).
CHAPTER-2

COMPANY
PROFILE
Corporate profile

TVS Motor Company was incorporated in 1982. It is third largest two-wheeler manufacturer in
India and one among the top ten in the world. TVS Motor is the flagship company of the$4
billion TVS Group. The company manufactures a wide range of two wheelers such as mopeds,
scooters and motorcycle. It has four manufacturing facilities located at Hosur, Mysore, Himachal
Pradesh and Indonesia and a production capacity of 300 thousand units a year.

TVS Motor Company Ltd, the flagship company of TVS Group is the third largest two-wheeler
manufacturer in India. The company manufactures a wide range of two-wheelers from mopeds to
racing inspired motorcycles. The company is having their manufacturing plants at Hosur in
Tamilnadu, Mysore in Karnataka and Solan in Himachal Pradesh. They are also having one unit
located at Indonesia. Their subsidiaries include Sundaram Auto Components Ltd, TVS Motor
Company (Europe) BV, TVS Motor (Singapore) Pte Ltd, PT TVS Motor Company, Indonesia,
TVS Energy Ltd and TVS Housing Ltd. TVS Motor Company Ltd is a part of Sundaram Clayton
group in TVS group of companies. In the year 1979, Sundaram-Clayton Ltd started Moped
Division at Hosur to manufacture TVS 50 mopeds.

In the year 1982, the company entered into a technical know-how and assistance agreement
with Suzuki Motor Co Ltd of Japan and in the year 1985, they incorporated a new company
Lakshmi Auto Components Pvt Ltd for the manufacture of critical engines and transmission
parts. In the year 1986, the company acquired the assets of the moped division from Sundaram
Clayton Ltd. Also, the name of the company was changed from Indo Suzuki Motorcycles Ltd to
TVS Suzuki Ltd. In the year 1992, they launched two modes of motor cycles namely, Samurai
and Shogun and in the year 1993, they launched TVS Scooty. During 1999-2000, TVS Suzuki
Ltd was amalgamated with Sundaram Auto Engineers Ltd, an unlisted group company which
was incorporated in the year 1992. As per the scheme, all the assets and liabilities of erstwhile
TVS Suzuki Ltd together with all obligations and contingent liabilities were vested in Sundaram
Auto Engineers (India) Ltd with effect from April 22, 1999. This merged entity was later
renamed TVS Suzuki Ltd. The TVS group and Suzuki Motor Corporation parted ways from their
15-year-old joint venture on September 27, 2001. The shares held by the Suzuki Motor
Corporation were acquired by Anusha Investments Ltd, a wholly owned subsidiary of Sundaram-
Clayton Ltd for Rs 9 crores. Thus, the company became a subsidiary of Sundaram-Clayton Ltd
with effect from November 15, 2001.Since, Suzuki Motor Corporation ceased to be a
shareholder of the company, the company cannot use the word Suzuki as the part of their name
and hence the name of the company was changed to TVS Motor Company Ltd. During the year
2002-03, the new stylish TVS Scooty Pep and the upgraded version of Fiero was launched in the
market. In April 1, 2003, the subsidiary company namely, Lakshmi Auto Components Ltd
acquired the entire paid up capital ofSundaram Auto Components Ltd. Consequently, Sundaram
Auto Components Ltd became a subsidiary company with effect from April 1, 2003. In October
2003, the company entered into a scheme of arrangement with Lakshmi Auto Components Ltd
and Sundaram Auto Components Ltd. As per the scheme, all the assets and liabilities of the
rubber and plastic businesses of Lakshmi Auto Components Ltd were transferred to Sundaram
Auto Components Ltd on slump sale basis on April 1, 2003 for a consideration of 12.25 crores.
The remaining business ofLakshmi Auto Components Ltd, namely engine components division
together with their investments in other bodies corporate was transferred to the company with
effect from April 2, 2003.
During the year 2003-04, the company launched new products such as TVS Centra, New Victor
GL, Fiero F2 & Fx and Scooty Pep. During the year 2004-05, they launched new products such
as TVS Star, New Victor GLX, New Victor GX and Scooty Pep Splash series. During the year
2005-06, the company entered into a joint venture with Columbian party for exploring
opportunities in Columbian market with an equity investment of Rs 5 million. The company
incorporated TVS Motor Company (Europe) B V in Netherlands as a wholly owned subsidiary of
the company with an investment of Rs 91.63 crores. During the year, TVS Motor SingaporePte
Ltd, Singapore became a wholly owned subsidiary of the company with an investment of
Rs30.51 crores. PT TVS Motor Company Indonesia was incorporated in Indonesia to
manufacture motorcycles and parts with an investment of USD 27.60 million and became
subsidiary of the company in view of it being the subsidiary of TVS Motor Company (Europe) B
V, which holds75% of the share capital. The remaining 25% was held by TVS Motor Singapore
Pte Ltd. PT TVS Motor Company Indonesia has acquired lands in Indonesia for setting up a
facility for manufacturing two wheelers. During the year 2006-07, the company has established a
new plant in Himachal Pradesh with an annual production capacity of 4, 00,000 units scalable to
6,00,000 units. PT
TVS Motor Company Indonesia, a subsidiary of the company, established a manufacturing
facility at Karawang, near Jakarta in Indonesia with production capacity of 3 lakh vehicles per
annum. During the year, the company launched multiple new products and variants such as, StaR
City ES, StaR Sport, Scooty Teenz and 99 Colors on Scooty PEP. During the year2007-08, the
company commenced commercial production from its Nalagarh Plant located in. They
commenced their commercial production from their state-of-the art plant located at Karawang in
Indonesia and launched TVS Neo, which is exclusively developed for the Indonesian market.
During the year, the company launched various new products and variants such as TVS Flame,
Apache RTR, StaR Sport, StaR City 110 cc, Scooty TeenZ Electric, TVS Tru4 Oil. In March
2008, the company launched their three wheeler, TVS King in two variants, namely two stroke
petrol and two stroke LPG. The company won the Team Tech 2007 Award of Excellence for
Integrated use of Advanced Computer Aided Engineering Technologies in product development.
. They also won the prestigious SAP ACE 2007 Awards for Customer Excellence in the Most
Innovative Net weaver Category for several SAP implementations that are put in place. In June
2008, the company entered into a contract manufacturing arrangement with MahabharatMotors
Manufacturing Pvt Ltd whereby TVS motor cycles will be manufactured at the latter two-
wheeler manufacturing facility that is located on the outskirts of Kolkata. TVS would help
Mahabharat Motors to set up the factory and provides engineering support to them. The
production would commence from June 2009. During the year 2008-09, the company launched
Scooty Streak, a tough and trendy variant of Scooty Pep+ and Apache RTR RD, premium
segment motorcycle. Also, they launched their three-wheeler, TVS King in six states. In June
2009, T V Sundaram Iyengar & Sons Ltd and their subsidiaries acquired the holding of foreign
collaborators, Clayton Dewandre Holdings Ltd in Sundaram-Clayton Ltd. Thus, Sundaram-
Clayton Ltd became a subsidiary of T V Sundaram Iyengar & Sons Ltd. Consequent to this
acquisition; the company also became the subsidiary of TVS with effect from June 3,
2009.During the year 2009-10, the company launched TVS JIVE and TVS Wego in the market.
They also launched a four stroke three-wheeler with superior features. They commenced export
of TVS Apache to Brazil. Also, they developed a pan India presence in three-wheelers. In
December 2009, the company acquired the entire shareholding of TVS Energy Ltd. Thus, TVS
Energy became a wholly owned subsidiary of the company. In June 2010, they acquired the
entire paid up capital of TVS Housing Ltd and thus, TVS Housing Ltd became a wholly owned
subsidiary of the company. In October 2010, the company won the SAP ACE Award for
Consumer Excellence 2010in Best Run Award in Automotive category. They also won the Silver
EDGE award from Information Week, a leading IT magazine for in house design and
development of Data Acquisition System for improving shop floor productivity. Information
Week annually recognize enterprises driving growth and excellence through IT. In November
2010, the company launched TVS TRU4 Premium, a semi-synthetic 4T Engine Oil. In February
2011, Indian Bank signed an MoU with the company for financing three wheelers manufactured
by the company. In March 2011, the company introduced ABS (Anti-lock Braking System) in
their premium segment motorcycle TVS Apache RTR 180, giving the bike formidable stopping
power and superior braking control that compliments its high performance capability.
Business Growth

The two wheelers being a major part of the industry are growing strongly with the growth of
India. The reasons for the strong growth are Economic liberalization; increase in per captain
come, various tax relief policies, easy accessibility of f inane, and launch of new models and
exciting discount offers made by dealers.

Market Share

In the two wheelers segment Hero Honda is the major company with over 50%of the market
share (by volume). A distant second is Bajaj with about25.65 % of the market share and TVS
motors is third in the race with just over 18 % market share. Together the top three companies
constitute for more than 93 % of the total sales in the industry other minor players being Honda
and Yamaha.

MISSION

We are committed to being a highly profitable, socially responsible, and leading manufacturer of
high value for money, environmentally friendly, lifetime personal transportation products under
the TVS brand, for customers predominantly in Asian markets and to provide fulfillment and
prosperity for employees, dealers and suppliers.

Company’s mission statement is clear and thoughtful which guide geographically dispersed
employees to work independently yet collectively towards achieving the organization’s goals.

VISION

Company’s vision is crystal clear and mind frame very directed “To improve the quality of life
through technology”. And continue to grow at a healthy pace, year after year, decade after
decade.

GOALS

• To consolidates its position as a global player in the two wheelers market.

• To leverage technological skills to drive growth.
 MILESTONES OF TVS MOTORS COMPANY:

 1912 Starts first rural bus service in Southern Tamil Nadu {from Pudukottai to Thanjavur }

 1919 Forays into vehicle sales, service and spare parts

 1929 Foray into Dealership Business representing General Motors

 1930 Bus Body Building operations started

 1936 Madras Auto Service acquired

 1939 Southern Roadways started & Built TVS Service station, Biggest in Asia then

 1943 Designs a unique gas plant that uses charcoal gas as fuel instead of petrol which was in
short supply during World War II

 1945 Sundaram Motors formed

 1956 T V Sundaram Iyengar was honored by the Union Government of India by unveiling busts
in Bronze and in Marble in the city of Madurai (Tamilnadu).

 1996 Enters logistics business

 2003 Enters customers centric car service business under brand name "My TVS"

 2004 Logistics business was hived off as a separate company called "TVS Logistics Services
Limited"

 2008 Forays into parts retail business for Heavy & Light Commercial Vehicle under brand name
"TVS Part Smart"

 2011 My TVS, the Customer Centric Car services business was hived off as a separate company
called "TVS Automobile Solutions Limited"

 2012 The All Car Services business of TVS Automobile Solutions Limited expanded its
network into Kolkata & Gujarat through separate JV's

 2012 Acquisition of Universal Component, United Kingdom

 2015 Forayed into Saudi Arabia, Started TVS Distribution & Service Middle East FDE for
servicing Commercial Vehicles.
Group companies:

• TV Sundaram Iyengar and Sons • Lakshmi Auto Components

• Lucas Indian Service • Axles India
• Brakes India • Harita Grammer
• India Motor Parts and Accessories • India Nippon Electricals
• Lucas TVS Limited • Madras Auto Service
• Southern Roadways • Sundaram Brake Linings
• Sundaram Fasteners • Sundaram Finance
• Sundaram Industries • Sundaram Motors
• Sundaram Clayton • Sundaram–Clayton

TVs motors marketing strategy

Product:
TVS caters to a wide range of automotive categories which include mopeds (XL, Super XL,
Super Heavy Duty, XL 100, XL 100 Comfort), Scooters (TVS Scooty pep, Scooty zest 110,
Wego 110, Jupiter), Motorcycles (Sport, Start city +110, Victor 2016 Phoenix 125, TVS Apache
RTR 160, 180, 200 and 200 4V) and 3 wheelers (King), which all come under the product
strategy in the marketing mix of TVS Motors. TVS has earnt a reputation of producing very
innovative solutions for its product lineup. It has innovated such products as TVS 50, India’s first
two seater moped, Scooty, India’s first Scooterette, TVS Champ, India’s first Digital Ignition,
Apache, India’s first bike to feature Anti Lock Braking System, Jive, first bike in India without a
clutch, Wego, first scooter featuring Body balance technology, Victor, first indigenously
developed Indian bike. So catering to mass markets as well as young working professionals,
smart independent women and sports oriented youngsters, TVS has a wide range of products.
Price:
TVS motors is one of the largest selling motorcycle brands in India. Strictly keeping in mind the
sentiments and value of Indians, TVS prices its products competitively, undercutting the
competition in case of Scooters, scooterettes, and entry level motorcycles. Traditionally TVS has
been known for its value pricing for its spare parts too, many of which are used in its own
products. Since buyers of these segments have constantly changing needs, TVS uses survival
strategy to remain competitive. Thus, mostly the pricing strategy in the marketing mix of TVS
Motors is based on competition. The hotly contested Rs50000 to Rs80000 segment sees a lot of
entrants each year but TVS continues to be profitable and drives home good sales because of its
pricing strategies. Through new tie ups with financial institutions and launch of updated variants,
TVS is able to attract customers without raising its product prices.

Place:
TVS motorcycles have a strong distribution network. Boasting of an extensive dealer network
exceeding 2000 in most states of India, TVS has presence which is bested only by competitors
like Hero MotoCorp and Bajaj. With manufacturing plants in Hosur, Nalagarh, Mysore,
Karawang, Indonesia. With a strong focus on rural markets, TVS as a brand is etched in the
memories of those living in outskirts and rural areas and not just cities and tier 1 towns. The
wide dealership network is the place strategy in the marketing mix of TVS Motors, Licensed
showrooms apart from authorized dealerships also stock and sell TVS vehicles, sometimes paired
with finance and loan schemes. Service camps are also organized in the hinterland for even better
rural penetration and reach.

Promotion:
TVS has been able to strengthen its brand in India with extensive marketing. It has clearly
understood its segmentation and positioning and directs its promotional activities to specific
target audiences. A multi faceted strategy of communications with a strong online presence helps
it to gain leverage as far as back of the mind recall is concerned. Good media relations, and
carefully targeted advertising campaigns as a part of the promotional strategy in the marketing
mix of TVS, further help build the brand to grow. Comprehensive brochures, ATL advertising,
standees, direct emailers etc all help boost TVS sales. Hence, all these points summarize the
marketing mix of TVS Motors.

SWOT Analysis of TVS

Strengths in the SWOT Analysis of TVS:

Multiple brands across portfolio: TCS offers mopeds, motorcycles, scooters and three wheelers
and has popular brands amongst all the categories. For example, motorcycles include popular
brands like Apache RTR and Star City etc. whereas scooters include TVS Jupiter and Scooty
pep+ etc.

Strong financial performance: TVS has experienced strong financial performance in recent
years. It recorded growth in revenues (12.3%) and operating margin (4.8%) in FY2016. Thus, the
company has improved its financial conditions which enhance shareholder’s value and supports
growth plans.

Strong R&D capabilities: TVS has set up a strong research and development department which
allows constant innovation in its product design and include newer technologies in its products.
This provides a competitive advantage to TVS.
Weaknesses in the SWOT Analysis of TVS:

Lack of Scale: Although TVS has experienced the increase in revenues in the recent past, it still
doesn’t stand tall when compared to large companies like Bajaj Auto and hero MotoCorp. These
companies have the capital advantage over TVS.

Overdependence on domestic market: India is TVS motor’s primary market contributing over
75 percent of its revenues. TVS has limited geographical diversity and hence is over dependent
on the Indian market. Any vulnerability in the Indian market will affect the company’s finances.

Opportunities in the SWOT Analysis of TVS:

Growing Indian 2-Wheeler market: India has witnessed rapid growth in the 2-wheeler market
which is expected to continue in the near future. India is the second fastest growing market in the
two-wheeler industry. This presents an opportunity for TVS to encapsulate the demand created.

Growth in three wheeler market: The three wheeler passenger as well as load carrier market is
growing in India. The three wheeler industry has grown with a CAGR of 4.4% from the period
2005-2015. This also creates and opportunity for TVS.

Optimistic outlook for global motorcycle industry: TVS must look forward to expanding
operations globally in order to tap the positive outlook for the global motorcycle industry which
is expected to grow at a CAGR of 6.3% till 2019.
Threats in the SWOT Analysis of TVS:

Intense competition: The Indian two-wheeler industry is highly competitive with the presence
of various multinational and national brands such as Yamaha, Bajaj Auto, Honda and hero
MotoCorp etc. TVS being subjected to such competition has to constantly innovate in order grow
in such intense competitive atmosphere.

Environmental regulations: The Company is subjected to various stringent environmental

regulations which are constantly upgraded and hence the compliance costs increase.

Improvement in public transport: The public transportation facilities in India are improving
which is a threat to the passenger vehicle industry as a whole

Awards and achievements:

2012 – CII–ITC Sustainability Awards 2012

• The Deming Prize – TVS Motor Company is the only two–wheeler company in the world to be
awarded the world's most prestigious and coveted recognition in Total Quality Management.
• Technology Award 2002 from the Ministry of Science, Government of India for the successful
commercialization of indigenous technology for TVS Victor.
• Asian Network for Quality Award 2004 – TVS Scooty Pep won the prestigious 'Outstanding
Design Excellence Award' from Business World and National Institute of Design.
• Progressive Manufacturer 100 Award – TVS wins coveted 2009 Progressive Manufacturer 100
Award for end–to–end automation of the entire business process of its lubricant brand, TVS
TRU4.
• TPM Excellence Award 2008 – First category by Japan Institute of Plant Maintenance (JiPm).
Most Investor friendly company by Business Today, one of India's leading business
• The 'Good Advertising' award by Auto India Best Brand Awards 2009.
• SAP ACE AWARD 2007 – The company won the SAP ACE 2007 Award for Customer
Excellence in the Most Innovative Netweaver Category.
• TEAM TECH 2007 Award – TVS Motor Company bagged the TEAM TECH 2007 Award of
Excellence for Integrated use of Computer Aided Engineering Technologies.
 TVS Motor Products

TVS Motor Company has been actively engaged in production of an impressive range of two-
wheelers that have easily captured the hearts of the consumers of all generations and all
segments of the society. The following is the list of its commendable initiatives:

 TVS 50 – India's 1st two-seater 50 cc moped was launched in August, 1980

 TVS Scooty – India's 1st indigenous 100 cc variomatic scooter was launched in June, 1994
 Shogun – India's 1st catalytic converter enabled 110 cc motorcycle was launched in
December,1996
 Shaolin – India's 1st 5-speed motorcycle was launched in October, 1997
 TVS Fiero – India's 1st 150, cc 4-stroke, motorcycle was launched in April, 2000
 TVS Victor – India's 1st 110, cc 4-stroke, indigenously designed and manufactured motorcycle
was launched in August,2001
 TVS Centra – A world class, 4-stroke,100 cc motorcycles fitted with revolutionary VT-i
engines for best in class mileage was launched in January,2004
 TVS Star – A 100 cc economical motorcycle, ideally suited for rough terrain was launched in
September,2004
 TVS Apache – Named “Bike of the year” for the year 2006 was launched in November,2005
 CHAPTER-3

REVIEW
OF
LITERATURE
Before giving details regarding the research methodology used in the study, it is appropriate to
present a brief overview of the research articles, case studies, and books written on this
particular topic. The area of study may be within the country or outside the country. Review of
literature helps a researcher to get acquainted with his/her selected research problem and also
may provide some guidelines in selecting a proper research methodology. It is also helpful in
finding out the research gaps in the existing literature. This will help the researcher in fine-
tuning his/her research problem and methodology. Another advantage of reviewing in the
existing literature is that in cases where the research problems are similar, the conclusions and
findings may be easily compared. This will help the researcher in determining whether his/her
findings are possible or not.
The researcher has to refer few books and magazines to refer few books and review for obtaining
and understanding.

Sources of literature

Report
Govt.
legislati Books
ons

Encycl
Thesis
opedias

Confer
ence
Indexes
process
ing

Interne
t
Newspa
sources
pers
and
sites
Abstra Statisti
ct cs
Charles (1999) has analyzed that the astonishing growth in Americans' stock portfolios in
the1990s has been a major force behind the growth of consumer spending. This article reviews
the relationship between stock market movements and consumption. Using various econometric
techniques and specifications, the authors find that the propensity to consume out of aggregate
household wealth has exhibited instability over the postwar period. They also show that the
dynamic response of consumption growth to an unexpected change in wealth is extremely short-
lived, implying that forecasts of consumption growth one or more quarters ahead are nottypically
improved by accounting for changes in existing wealth.

Bhardwaj (2003) has stated the literature on globalization, He found the pervasiveness of the
west’s perception of the world effect on Indian investors that affects the trends in investor’s
choice. They are hugely affected by the west’s views and so changes in Indian trends occur.

Ranganathan (2003), has stated the investor behavior from the marketing world and financial
economics has brought together to the surface an exciting area for study and research: behavioral
finance. The realization that this is a serious subject is, however, barely dawning. Analysts seem
to treat financial markets as an aggregate of statistical observations, technical and fundamental
analysis. A rich view of research waits this sophisticated understanding of how financial markets
are also affected by the ‘financial behavior’ of investors. With the reforms of
industrial policy, public sector, financial sector and the many developments in the Indian money
market and capital market, mutual funds that has become an important portal for the small
investors, is also influenced by their financial behavior. Hence, this study has made an attempt to
examine the related aspects of the fund selection behavior of individual investors towards Mutual
funds, in the city of Mumbai. From the researchers and academicians point of view, such a study
will help in developing and expanding knowledge in this field.

Shrotriya (2003) conducted a survey on investor preferences in which he depicted the linkage
of investment with the factor so considered while making investment. He says “There are
variousfactors and their linkage also. These factors help us how to ensure safety, liquidity, capital
appreciation and tax benefits along with returns.”

Dijk (2007) has conducted 25 years of research on the size effect in international equity returns.
Since Benz’s (1981) original study, numerous papers have appeared on the empirical regularity
that small firms have higher risk-adjusted stock returns than large firms. A quarter of a century
after its discovery, the outlook for the size effect seems bleak. Yet, empirical asset pricing models
that incorporate a factor portfolio mimicking underlying economic risks peroxide by firm size
are increasingly used by both academics and practitioners. Applications range from event studies
and mutual fund performance measurement to computing the cost of equity capital. The aim of
this paper is to review the literature on the size effect and synthesize the extensive debate on the
validity and persistence of the size effect as an empirical phenomenon as well as the theoretical
explanations for the effect. We discuss the implications for academic research and corporate
finance and suggest a number of avenues for further research.

Vasudev (2007) analyzed the developments in the capital markets and corporate governance in
India since the early 1990s when the government of India adopted the economic
liberalization programme. The legislative changes significantly altered the theme of Indian
CompaniesAct1956, which is based on the Companies Act 1948 (UK). The amendments, such as
the permission for nonvoting shares and buybacks, carried the statute away from the earlier “bus
iness model” and towards the 'financial model' of the Delaware variety. Simultaneously,
thegovernment established the Securities Exchange Board of India (SEBI), patterned on theSecur
ities and Exchange Commission of US. Through a number of other policy measures, the
government steered greater investments in the stock market and promoted the stock market as a
central institution in the society. The article points out that the reform effort was inspired, at least
in part, by the government’s reliance on foreign portfolio inflows into the Indian stock market to
fund the country’s trade and current account deficits.

Johnson (2008)has stated that Product quality is probably under-valued by firms because there is
little consensus about appropriate measures and methods to research quality. The authors suggest
that published ratings of a product's quality are a valid source of quality information with
important strategic and financial impact. The authors test this thesis by an event analysis
of abnormal returns to stock prices of firms whose new products are evaluated in the Wall Street
Journal. Quality has a strong immediate effect on abnormal returns, which is substantially
higher than that for other marketing events assessed in prior studies. In dollar terms, these returns
translate into an average gain of $500 million for firms that got good reviews and an average loss
of $200 million for firms that got bad reviews. Moreover, there are some important asymmetries.
Rewards to small firms with good reviews of quality are greater than those to large firms with
good reviews. On the other hand, large firms are penalized more by poor reviews of quality than
they are rewarded for good reviews. The authors discuss the research, managerial, investing,
and policy implications.

Patnaik and shah (2008) has analyzed on the preferences of foreign and domestic institutional
investors in Indian stock markets. Foreign and domestic institutional investors both prefer larger,
widely dispersed firms and do not chase returns. However, we and evidence of strong differences
in the behavior of foreign and domestic institutional investors.

Bhatnagar (2009) has analyzed of Corporate Governance and external finance in transition
economies relied heavily on external finance as their domestic saving rates have been much
lower than their investment rates. The less promising prospects for the global supply of external
finance the need for an increase in the multilateral financial institutions. India being
transition economy is changing from a centrally planned economy to a free market. It is
undergoing economic liberalization, macroeconomic stabilization where immediate highinflation
is brought like India. The problem in the Indian corporate sector is that of disciplining
thedominant shareholder and protecting the minority shareholders. Clearly, the problem of corpo
rate governance abuses by the dominant shareholder can be solved only by forces outside
the company itself particularly that of multilateral financial institutions in the economic
development. India has under control, and restructuring and privatization in order to create a
Financial sector and move from public to private ownership of resources. These changes often
may lead to increased inequality of incomes and wealth, dramatic inflation and a fall of GDP.

Mayank (2009) has analyzed the role of two important forces - the regulator and the capital
market as determinant of external finance in transition economies analyses the changing pattern
and future prospectus of external finance to India and reviews the role of external finance.
Under this framework, the study evaluates current Indian corporate governance practices in light
of external finance
.
Rajeshwari and Moorthyhas conducted the study and analyzed that Mutual Fund is a retail
product designed to target small investors, salaried people and others who are intimidated by the
mysteries of stock market but, nevertheless, like to reap the benefits of stock market investing. At
the retail level, investors are unique and are a highly heterogeneous group. Hence, their
fund/scheme selection also widely differs. Investors demand inter-temporal wealth
shiftingas he or she progresses through the life cycle. This necessitates the Asset ManagementCo
mpanies (AMCs) to understand the fund/scheme selection/switching behavior of the investors to
design suitable products to meet the changing financial needs of the investors. With this
background a survey was conducted among 350Mutual Fund Investors in 10 Urban and Semi
Urban centers to study the factors influencing the fund/scheme selection behavior of Retail
Investors. This paper discusses the survey findings. It’s hoped that it will have some useful
managerial implication for the AMCs in their product designing and marketing. From the above
reviews it can be concluded that many researches had been conducted before relating to the
investment patterns and the few researchers studied the literature only on the basis of returns.
Analysts treated financial markets as an aggregate of statistical observations, technical and
fundamental analysis but no researches had been conducted on Impact of global factors on Indian
Economy. This gap had been identified so that in this respect present study had been conduct.
 CHAPTER-4

RESEARCH
METHODOLOGY
OBJECTIVES OF THE STUDY
 Stock Performance analysis of TVS Motors Company Ltd.
 Objective of equity research is to study companies, analyze financials, and look at
quantitave and qualitative aspects mainly for decisions: whether to invest or not.
 Analyzes the stock performance in the stock exchange
 To find out the various changes of stock exchange
 To evaluate the performance of the stock exchange
 To analyze the TVS share price with nifty prices
 To analyze the TVS share price with auto index prices
SCOPE OF THE STUDY
The scope of the study is to analyze the stock’s performance analysis of TVs motors last one
year. Secondary data was collected from the existing of NSE India. ; Secondary data was
collected from book manuals, magazines and websites. The study has come out with valuable
suggestions on basis of concrete facts,
The study gathers information about rating the Awareness of two wheeler services, rating and
ranking the different features and services offered by the automobile sector. The study has come
out with valuable suggestions on basis of concrete facts, which help to frame its plan and
strategies to increase satisfaction level of stock in Stock market.
RESEARCH DESIGN
The formidable problem that follows the task of defining the research problem is the preparation
of the design of the research project, popularly known as “Research Design”. Research design is
a plan, structure and strategy of investigation conceived to obtain answers to research questions
and to control variance.
A research design can be defined as “Arrangement of condition for collection and analysis of
data in the manner that aims to combine relevance to the research purpose with economy in
procedure.” It consists of the blue print for the collection measurement and analysis of data. The
research used here is descriptive research.

The nature of my research is exploratory one. Because exploratory research studies are normally
concerned with finding out the general nature of the problem and the different variables that are
related to the problem. These kinds of research are very flexible, convenient and done by simple
survey. It gives subjective evaluation of the research. I analysis the data on the basis of quarterly
data and using correlation to find out the facts. Between the TVS Motors and NIFTY, OR TVS
Motors and Auto index.
 Research Design

Conclusive Research Design Exploratory Reserch Design

Descriptive Research Causal Research

DATA COLLECTION METHOD

The data that is used in study in collected by two methods.
1. Primary data
2. Secondary data
Primary Data

The primary data does not exist already in records and publications. The researcher has to gather
primary data a fresh for a specific survey. The primary data can be gathered by way of
observation method where the research mix with the people concerned with the use of particular
product and not important clauses by observing the respondents. The second method of
collection of primary data is by way of experimentation method where some variables are
allowed to vary under a controlled environment and its cause and effect relationship is studied.
The third method of collection of data is by way of conducting a survey. This method is used for
collection of primary data. The primary data was collected from customers in India city. For this
research study, data was collected from various account holders of the CitiFinancial. Data
collection was carried out using personal interview method guided by questionnaire as follows:
. Open-ended questions
. Closed ended questions
. Dichotomous questions
. Multiple-choice questions
. Ranking questions
. Rating questions
SECONDARY DATA
It is needed for conducting this research work collected from the various:
 Business magazines,
 Bank brouchers,
 Statistical and management book,
 Market research books etc.
Which are presented in the literature various in details

SAMPLING DESIGN
The precision and accuracy of survey results are affected by the manner in which the sample has
been chosen. The first thing for a sample plan is definition of the population to be investigated.
Defining the population is often one of the most difficult things to do in sampling. Although
ideal conditions might indicate threat the census would be preferable, such ideal conditions
rarely exist in the real world. A census is not feasible practically, therefore sample is used.
Two of major advantages of using a sample rather than a census are speed and timeliness. A
survey based on sample takes much less time to compete than based on census. In this particular
research study sample survey is done. Sample design is the most important heart of sample
planning. Sample design includes type of sample to use and the appropriate sampling unit.

LIMITATIONS OF THE STUDY

 The study is limited to all over India.
 The data collected are Secondary in nature. Hence there is no chance of biasness.
 Time limitation for compelling the project.
 Choice of research design

My Total study is based on secondary data collection and under the data analysis and
interpretation I used 12 months average base data interpretation I have less time and cost so I
collect only 1 year data and then interpretation of that data.
 CHAPTER-5

DATA
ANALYSIS
&
INTERPRETATION
 QUATERLY ANALYSIS OF STOCK PERFORMANCE OF
TVS Motors Company

October 2016-December 2016

Closing Closing Closing
Date Price Date Price Date Price
3-Oct-16 377.6 1-Nov-16 403.75 1-Dec-16 367.5
4-Oct-16 377.45 2-Nov-16 400.8 2-Dec-16 358.35
5-Oct-16 379.4 3-Nov-16 392.5 5-Dec-16 356.85
6-Oct-16 384.7 4-Nov-16 392.7 6-Dec-16 354.95
7-Oct-16 386.2 7-Nov-16 389.65 7-Dec-16 360.6
10-Oct-16 388.55 8-Nov-16 390.95 8-Dec-16 363.3
13-Oct-16 385.05 9-Nov-16 379.7 9-Dec-16 363.45
14-Oct-16 390.45 10-Nov-16 379.15 12-Dec-16 367.55
17-Oct-16 389.25 11-Nov-16 361.8 13-Dec-16 382.2
18-Oct-16 395.05 15-Nov-16 347.5 14-Dec-16 380.15
19-Oct-16 391.4 16-Nov-16 358.7 15-Dec-16 379.4
20-Oct-16 393.05 17-Nov-16 362.9 16-Dec-16 378.2
21-Oct-16 395.9 18-Nov-16 361.75 19-Dec-16 376.1
24-Oct-16 395.75 21-Nov-16 344.65 20-Dec-16 370.55
25-Oct-16 407.7 22-Nov-16 349.45 21-Dec-16 371.1
26-Oct-16 399.95 23-Nov-16 355.2 22-Dec-16 367.15
27-Oct-16 412.1 24-Nov-16 359.95 23-Dec-16 370.65
28-Oct-16 405 25-Nov-16 355.5 26-Dec-16 366.6
30-Oct-16 409.1 28-Nov-16 354.2 27-Dec-16 351.65
29-Nov-16 358.7 28-Dec-16 353.45
30-Nov-16 374.1 29-Dec-16 364.65
30-Dec-16 360.5
TABLE 5.1

Close Price
450

400

Close Price
350

300
3-Oct-16 3-Nov-16 3-Dec-16

FIGURE 5.1
INTERPRETATION:
The figure 5.1 shows the closing price of TVS Motors company. On 3rd October 2016, closing price is
377.6 which decreased to 360.5 at the end of quarter on 30th December 2016 due to various Ups & Downs
in stock market.
Under this Quarter demonetization play very important role in automobile sector. Which affects the share
prices of TVs Motors
January 2017-March 2017
Closing Closing Closing
Date Price Date Price Date Price
2-Jan-17 367.65 1-Feb-17 394.25 1-Mar-17 425.25
3-Jan-17 377.4 2-Feb-17 389.45 2-Mar-17 426.45
4-Jan-17 375.25 3-Feb-17 391.45 3-Mar-17 429.55
5-Jan-17 384.8 6-Feb-17 396.05 6-Mar-17 425.95
6-Jan-17 387.1 7-Feb-17 392.5 7-Mar-17 425.15
9-Jan-17 384.75 8-Feb-17 397.65 8-Mar-17 418.05
10-Jan-17 383.45 9-Feb-17 408 9-Mar-17 419.5
11-Jan-17 380.5 10-Feb-17 411.5 10-Mar-17 425.35
12-Jan-17 388.4 13-Feb-17 411.45 14-Mar-17 436.9
13-Jan-17 383.95 14-Feb-17 410 15-Mar-17 439.25
16-Jan-17 382.75 15-Feb-17 410.35 16-Mar-17 438.4
17-Jan-17 378.35 16-Feb-17 422.4 17-Mar-17 443
18-Jan-17 383.15 17-Feb-17 425.7 20-Mar-17 439.45
19-Jan-17 389.95 20-Feb-17 425.7 21-Mar-17 438.6
20-Jan-17 379.1 21-Feb-17 428.35 22-Mar-17 431.5
23-Jan-17 381 22-Feb-17 427.25 23-Mar-17 427.75
24-Jan-17 400.4 23-Feb-17 433 24-Mar-17 427.1
25-Jan-17 392.8 27-Feb-17 435.75 27-Mar-17 429.7
27-Jan-17 392.35 28-Feb-17 428.7 28-Mar-17 432.5
30-Jan-17 388.55 29-Mar-17 430.75
31-Jan-17 386.2 30-Mar-17 435.9
31-Mar-17 430.8
TABLE 5.2

500

400

300
Series1
200

100

0
2-Jan-17 2-Feb-17 2-Mar-17

FIGURE 5.2
INTERPRETATION:
The figure 5.2 shows the closing price of TVS Motors company. On 2nd January 2017,
closing price is 367.65 which was increased to 430.8 at the end of quarter on 31st March
2017 due to various Ups & Downs in stock market. In this quarter the price of share were
stable.
April 2017-June 2017
Closing Closing Closing
Date Price Date Price Date Price
3-Apr-17 436.1 2-May-17 495.5 1-Jun-17 533.75
5-Apr-17 452.5 3-May-17 497.7 2-Jun-17 540.3
6-Apr-17 450.65 4-May-17 497.25 5-Jun-17 542.4
7-Apr-17 468.4 5-May-17 492.1 6-Jun-17 536.25
10-Apr-17 474.2 8-May-17 502.5 7-Jun-17 536.15
11-Apr-17 473.8 9-May-17 498.7 8-Jun-17 544.1
12-Apr-17 475.1 10-May-17 494.55 9-Jun-17 552.4
13-Apr-17 474 11-May-17 499.75 12-Jun-17 552.5
17-Apr-17 472.85 12-May-17 516.7 13-Jun-17 555.6
18-Apr-17 470.5 15-May-17 524.7 14-Jun-17 546.9
19-Apr-17 471.1 16-May-17 532.65 15-Jun-17 540.55
20-Apr-17 489.1 17-May-17 532.55 16-Jun-17 550.3
21-Apr-17 482.15 18-May-17 527.75 19-Jun-17 551.8
24-Apr-17 485.7 19-May-17 525.5 20-Jun-17 548.15
25-Apr-17 489.35 22-May-17 527.8 21-Jun-17 546
26-Apr-17 502.55 23-May-17 524.65 22-Jun-17 542.5
27-Apr-17 502.8 24-May-17 525 23-Jun-17 536.35
28-Apr-17 496 25-May-17 543.05 27-Jun-17 534.05
26-May-17 534.6 28-Jun-17 534.85
29-May-17 533.9 29-Jun-17 545.45
30-May-17 541.05 30-Jun-17 549.2
31-May-17 538.3
TABLE 5.3

600
500
400
300
Series1
200
100
0
3-Apr-17 3-May-17 3-Jun-17

FIGURE 5.3
INTERPRETATION:
The figure 5.3 shows the closing price of TVS Motors Company. On 3rd April 2017, closing price
is 436.1 which was increased to at the549.2 end of quarter on 30th June 2017 due to various Ups
& Downs in stock market.
July 2017-September 2017
Closing Closing
Date Price Date Price Date Closing Price
3-Jul-17 552.35 1-Aug-17 596.4 1-Sep-17 608.25
4-Jul-17 551.45 2-Aug-17 590.55 4-Sep-17 614.4
5-Jul-17 547.3 3-Aug-17 586.7 5-Sep-17 612.75
6-Jul-17 555.45 4-Aug-17 599.3 6-Sep-17 620.35
7-Jul-17 573.45 7-Aug-17 602.9 7-Sep-17 632.35
10-Jul-17 571.15 8-Aug-17 595.3 8-Sep-17 634.95
11-Jul-17 566.95 9-Aug-17 590.7 11-Sep-17 638.95
12-Jul-17 564.2 10-Aug-17 580.75 12-Sep-17 641.85
13-Jul-17 571.8 11-Aug-17 536.8 13-Sep-17 637.8
14-Jul-17 569.5 14-Aug-17 553.85 14-Sep-17 640.8
17-Jul-17 571.9 16-Aug-17 585.3 15-Sep-17 651.35
18-Jul-17 571.4 17-Aug-17 580.05 18-Sep-17 662.8
19-Jul-17 573.65 18-Aug-17 584.6 19-Sep-17 658.45
20-Jul-17 572.25 21-Aug-17 574.35 20-Sep-17 654.9
21-Jul-17 572.2 22-Aug-17 582.6 21-Sep-17 650.55
24-Jul-17 577.3 23-Aug-17 584.6 22-Sep-17 636.2
25-Jul-17 570.3 24-Aug-17 595.15 25-Sep-17 643.45
26-Jul-17 570.6 28-Aug-17 604.65 26-Sep-17 646.75
27-Jul-17 575.25 29-Aug-17 594.55 27-Sep-17 644.5
28-Jul-17 582.95 30-Aug-17 610.55 28-Sep-17 644.7
31-Jul-17 582.1 31-Aug-17 603.7 29-Sep-17 657.05
TABLE 5.4

700
600
500
400
300 Series1

200
100
0
3-Jul-17 3-Aug-17 3-Sep-17

FIGURE 5.4
INTERPRETATION:
The figure 5.3 shows the closing price of TVS Motors company. On 3rd April 2017, closing price is
552.35 which was increased to 657.05 at the end of quarter on 30th June 2017 due to various Ups &
Downs in stock market.
 Correlation between TVs Motors Company & Nifty
S. No. X Y (X-Ẍ) Y-Ῡ (X-Ẍ)² (Y-Ῡ)² (X-Ẍ)(Y-Ῡ)
1 392.8 8666.74 -81.43 -438.74 6630.8 192492.78 35726.5
2 370.2 8250.75 -104.1 -854.73 10836.8 730563.37 88977.3
3 366.6 8114.02 -107.7 -991.46 11599.2 982992.93 106780.2
4 384.2 8386.2 -90.07 -719.28 8112.6 517363.71 64785.5
5 412.6 8813.34 -61.64 -292.14 3799.4 85345.77 18007.5
6 430.8 9047.05 -43.48 -58.43 1888.3 3414.06 2540.5
7 475.9 9214.57 1.69 109.09 2.9 11900.62 184.3
8 518.5 9436.98 44.22 331.5 1955.4 109892.25 14658.9
9 543.8 9606.95 69.54 501.47 4835.8 251472.16 34872.2
10 568.7 9850.11 94.49 744.63 8928.3 554473.83 70360.08
11 587.3 9901.18 113.05 795.7 12780.3 633138.49 89953.8
12 639.7 9977.91 165.42 872.43 27363.8 761134.1 144317.3
Σ(X- Σ(Y- Σ(X-Ẍ)(Y-Ῡ)
ΣX=5691 ΣY=109265.8 Ẍ)²=98733.6 Ῡ)²=4834184.07 =671164.08

X= Average of closing price of TVs Motors Company Ltd.

Y= Average of closing price of Nifty 50.

Correlation (r) = Σ(X-Ẍ)(Y-Ῡ)

√Σ(X-Ẍ) ²√Σ(Y-Ῡ) ²
61164.08
(r) = = 0.9
√98733.6 √4834184.07

INTERPRETATION:

In this Analysis there is positive relation between TVS Motors Company and NIFTY
When the price increases of Nifty then also the price of my company is increases the correlation
shows the positive relation so that we can assume that the company gaining profit during the
Demonetization, GST and Budget .
 Correlation between TVs Motors Company & Nifty
Auto Index

S. No. X Y (X-Ẍ) Y-Ῡ (X-Ẍ)² (Y-Ῡ)² (X-Ẍ)(Y-Ῡ)

1 392.8 10164.9 -81.43 25.65 6630.8 657.9 -2088.7
2 370.2 9301.07 -104.1 -838.1 10836.8 702411.6 87246.2
3 366.6 9066.43 -107.7 -1072.8 11599.2 1150899.8 115541
4 384.2 9646.21 -90.07 -493.0 8112.6 243049 44404.5
5 412.6 9854.74 -61.64 -284.6 3799.4 80997.1 17542.7
6 430.8 9847.48 -43.48 -291.8 1888.3 85147.2 12687.5
7 475.9 9996.58 1.69 -142.7 2.9 20363.2 -241.16
8 518.5 10444.7 44.22 305.4 1955.4 93269.1 13504.8
9 543.8 10829.2 69.54 689.9 4835.8 475962.0 47975.6
10 568.7 10879.8 94.49 740.6 8928.3 548488.3 69979.3
11 587.3 10760.9 113.05 621.7 12780.3 386510.8 70283.2
12 639.7 10879.1 165.42 739.9 27363.8 547452.0 122394
Σ(X- Σ(Y- Σ(X-Ẍ)(Y-Ῡ)
ΣX=5691 Ẍ)²=98733.6 Ῡ)²=4335208 =599299.14

X= Average of closing price of TVs Motors Company Ltd.

Y= Average of closing price of Nifty Auto Index.

Correlation (r) = Σ(X-Ẍ)(Y-Ῡ)

√Σ(X-Ẍ) ²√Σ(Y-Ῡ) ²

(r) = 599299.14 = 0.9

√98733.6 √4335208

INTERPRETATION:

In this Analysis there is positive relation between TVS Motors Company and NIFTY Auto Index
When the price increases of Nifty Auto Index then also the price of my company is increases
the correlation shows the positive relation so that we can assume that the company gaining profit
during the Demonetization, GST and Budget .
 CHAPTER-6

FINDINGS,
CONCLUSION
&
SUGGESTIONS
FINDINGS OF THE STUDY

By analyzing the stock prices of TVS Motors Company from 1 October,

2016 to 30 September, 2017 we can see the following results:

 According to the Balance sheet (March 2017) of TVS Motors Company the
shareholders fund is increasing at increasing rate of 22.98%. This shows
there is a considerable increase in the current assets with respect to current
liabilities. In this situation the company can easily manage the requirement
for working capital to meet its day to day expenses.

 The above table reveals the quarterly TVS Motors Company for the year
2016-2017. The Company’s share price shows a slight amount of deviation.
The company capital, surplus and reserves also didn’t show much of
deviation. Finally it can be concluded that the company’s financial position
is satisfied.

 From the above graph it can be observed that there is fluctuating trend in
stock prices on TVS Motors Company during the study period. The
management should take remedial measures to improve the present position.

 The trend analysis for the above years shows a very good amount increase.
This is mainly due to the reason that these data’s have been arrived in
comparison with the last 5 years current assets value. There was a
phenomenal increase in growth in term of assets during 2016-2017 and this
is one of the major reasons that the projections are showing a good increase.
In reality if we assume that the same increase in trend continues in 2017-
2018.
CONCLUSION:

 The company’s overall position is at a good position. Particularly the

current year’s position is well due to a raise in the profit than the
previous year. 
 It’s better for the organization to diversify the funds to different
sectors in the present market scenario. 
 TVS Motors company is showing fluctuations in its profitability
position in the past few years, which is concluded with the financial
statement analysis. 
 The Assets were increased but the working capital is decreased which
says that the firm is not able to meet its current liabilities. 
 The calculation of Current and Liquid Ratio will enable the creditors
to access the current financial position of the concern in relation to
their debts. 
 Preparation of financial statements enables the government to find out
whether the organization is following various rules and regulations or
not. These statements provide a base for regulation of the company. 
 It is not only helpful to analyze the present financial position it also
enables to study the future prospects and the expansion plans of the
concern. 
 Watch the overall performance of revenue and profit, needless to say
you should invest in a company whose numbers are going up.


SUGGESTIONS:

 After the analysis of financial statements, it is clear that the

company’s status is not good, because the net working capital of the
company has decreased from last year’s position. 
 Company’s Profits are huge in the current year, it’s better to declare
dividend to shareholders. 
 The Company is utilizing its fixed assets, which majorly help in the
growth of the organization. The Company should maintain that
perfectly. 
 Steps have to be taken to increase the current assets position of the
firm so as to improve the liquidity position of the company. 
 Steps can be taken to reduce the current liability of the firm so as to
have a Stable financial position. 
 Steps can be taken to increase the net profit so as to increase the
overall financial performance. 
 CHAPTER-7
BIBLIOGRAPHY
 Web Preferences:
 www.TVSMotorscompany.com
 www.moneycontrol.com
 www.nseindia.com
 www.scribd.com
 www.economictimes.com
 www.google.com

 Book Preferences:
 Business Statistics, Archana Bhatia &Mukesh Bansal.
 S.P GUPTA, Statistical Methods, New Delhi, Sultan Chand & Sons
Publications,2002
 C.R. Kothari, Research Methodology, New Delhi, New Age Publishers,1995
ANNEXURE
CLOSING PRICE OF TVS MOTORS COMPANY

Date Closing Price Date Closing Price Date Closing Price

3-Oct-16 377.6 1-Nov-16 403.75 1-Dec-16 367.5

4-Oct-16 377.45 2-Nov-16 400.8 2-Dec-16 358.35

5-Oct-16 379.4 3-Nov-16 392.5 5-Dec-16 356.85

6-Oct-16 384.7 4-Nov-16 392.7 6-Dec-16 354.95

7-Oct-16 386.2 7-Nov-16 389.65 7-Dec-16 360.6

10-Oct-16 388.55 8-Nov-16 390.95 8-Dec-16 363.3

13-Oct-16 385.05 9-Nov-16 379.7 9-Dec-16 363.45

14-Oct-16 390.45 10-Nov-16 379.15 12-Dec-16 367.55

17-Oct-16 389.25 11-Nov-16 361.8 13-Dec-16 382.2

18-Oct-16 395.05 15-Nov-16 347.5 14-Dec-16 380.15

19-Oct-16 391.4 16-Nov-16 358.7 15-Dec-16 379.4

20-Oct-16 393.05 17-Nov-16 362.9 16-Dec-16 378.2

21-Oct-16 395.9 18-Nov-16 361.75 19-Dec-16 376.1

24-Oct-16 395.75 21-Nov-16 344.65 20-Dec-16 370.55

25-Oct-16 407.7 22-Nov-16 349.45 21-Dec-16 371.1

26-Oct-16 399.95 23-Nov-16 355.2 22-Dec-16 367.15

27-Oct-16 412.1 24-Nov-16 359.95 23-Dec-16 370.65

28-Oct-16 405 25-Nov-16 355.5 26-Dec-16 366.6

30-Oct-16 409.1 28-Nov-16 354.2 27-Dec-16 351.65

29-Nov-16 358.7 28-Dec-16 353.45

30-Nov-16 374.1 29-Dec-16 364.65

30-Dec-16 360.5
 Closing
Date Closing Price Date Closing Price Date Price

2-Jan-17 367.65 1-Feb-17 394.25 1-Mar-17 425.25

3-Jan-17 377.4 2-Feb-17 389.45 2-Mar-17 426.45

4-Jan-17 375.25 3-Feb-17 391.45 3-Mar-17 429.55

5-Jan-17 384.8 6-Feb-17 396.05 6-Mar-17 425.95

6-Jan-17 387.1 7-Feb-17 392.5 7-Mar-17 425.15

9-Jan-17 384.75 8-Feb-17 397.65 8-Mar-17 418.05

10-Jan-17 383.45 9-Feb-17 408 9-Mar-17 419.5

11-Jan-17 380.5 10-Feb-17 411.5 10-Mar-17 425.35

12-Jan-17 388.4 13-Feb-17 411.45 14-Mar-17 436.9

13-Jan-17 383.95 14-Feb-17 410 15-Mar-17 439.25

16-Jan-17 382.75 15-Feb-17 410.35 16-Mar-17 438.4

17-Jan-17 378.35 16-Feb-17 422.4 17-Mar-17 443

18-Jan-17 383.15 17-Feb-17 425.7 20-Mar-17 439.45

19-Jan-17 389.95 20-Feb-17 425.7 21-Mar-17 438.6

20-Jan-17 379.1 21-Feb-17 428.35 22-Mar-17 431.5

23-Jan-17 381 22-Feb-17 427.25 23-Mar-17 427.75

24-Jan-17 400.4 23-Feb-17 433 24-Mar-17 427.1

25-Jan-17 392.8 27-Feb-17 435.75 27-Mar-17 429.7

27-Jan-17 392.35 28-Feb-17 428.7 28-Mar-17 432.5

30-Jan-17 388.55 29-Mar-17 430.75

31-Jan-17 386.2 30-Mar-17 435.9

31-Mar-17 430.8
 Closing Closing
Date Closing Price Date Price Date Price

3-Apr-17 436.1 2-May-17 495.5 1-Jun-17 533.75

5-Apr-17 452.5 3-May-17 497.7 2-Jun-17 540.3

6-Apr-17 450.65 4-May-17 497.25 5-Jun-17 542.4

7-Apr-17 468.4 5-May-17 492.1 6-Jun-17 536.25

10-Apr-17 474.2 8-May-17 502.5 7-Jun-17 536.15

11-Apr-17 473.8 9-May-17 498.7 8-Jun-17 544.1

12-Apr-17 475.1 10-May-17 494.55 9-Jun-17 552.4

13-Apr-17 474 11-May-17 499.75 12-Jun-17 552.5

17-Apr-17 472.85 12-May-17 516.7 13-Jun-17 555.6

18-Apr-17 470.5 15-May-17 524.7 14-Jun-17 546.9

19-Apr-17 471.1 16-May-17 532.65 15-Jun-17 540.55

20-Apr-17 489.1 17-May-17 532.55 16-Jun-17 550.3

21-Apr-17 482.15 18-May-17 527.75 19-Jun-17 551.8

24-Apr-17 485.7 19-May-17 525.5 20-Jun-17 548.15

25-Apr-17 489.35 22-May-17 527.8 21-Jun-17 546

26-Apr-17 502.55 23-May-17 524.65 22-Jun-17 542.5

27-Apr-17 502.8 24-May-17 525 23-Jun-17 536.35

28-Apr-17 496 25-May-17 543.05 27-Jun-17 534.05

26-May-17 534.6 28-Jun-17 534.85

29-May-17 533.9 29-Jun-17 545.45

30-May-17 541.05 30-Jun-17 549.2

31-May-17 538.3
 Closing Closing
Date Closing Price Date Price Date Price

3-Jul-17 552.35 1-Aug-17 596.4 1-Sep-17 608.25

4-Jul-17 551.45 2-Aug-17 590.55 4-Sep-17 614.4

5-Jul-17 547.3 3-Aug-17 586.7 5-Sep-17 612.75

6-Jul-17 555.45 4-Aug-17 599.3 6-Sep-17 620.35

7-Jul-17 573.45 7-Aug-17 602.9 7-Sep-17 632.35

10-Jul-17 571.15 8-Aug-17 595.3 8-Sep-17 634.95

11-Jul-17 566.95 9-Aug-17 590.7 11-Sep-17 638.95

12-Jul-17 564.2 10-Aug-17 580.75 12-Sep-17 641.85

13-Jul-17 571.8 11-Aug-17 536.8 13-Sep-17 637.8

14-Jul-17 569.5 14-Aug-17 553.85 14-Sep-17 640.8

17-Jul-17 571.9 16-Aug-17 585.3 15-Sep-17 651.35

18-Jul-17 571.4 17-Aug-17 580.05 18-Sep-17 662.8

19-Jul-17 573.65 18-Aug-17 584.6 19-Sep-17 658.45

20-Jul-17 572.25 21-Aug-17 574.35 20-Sep-17 654.9

21-Jul-17 572.2 22-Aug-17 582.6 21-Sep-17 650.55

24-Jul-17 577.3 23-Aug-17 584.6 22-Sep-17 636.2

25-Jul-17 570.3 24-Aug-17 595.15 25-Sep-17 643.45

26-Jul-17 570.6 28-Aug-17 604.65 26-Sep-17 646.75

27-Jul-17 575.25 29-Aug-17 594.55 27-Sep-17 644.5

28-Jul-17 582.95 30-Aug-17 610.55 28-Sep-17 644.7

31-Jul-17 582.1 31-Aug-17 603.7 29-Sep-17 657.05

CLOSING PRICE OF NIFTY 50

Date Closing Price Date Closing Price Date Closing Price

03-Oct-16 8738.1 01-Nov-16 8626.25 01-Dec-16 8192.9

04-Oct-16 8769.15 02-Nov-16 8514 02-Dec-16 8086.8

05-Oct-16 8743.95 03-Nov-16 8484.95 05-Dec-16 8128.75

06-Oct-16 8709.55 04-Nov-16 8433.75 06-Dec-16 8143.15

07-Oct-16 8697.6 07-Nov-16 8497.05 07-Dec-16 8102.05

10-Oct-16 8708.8 08-Nov-16 8543.55 08-Dec-16 8246.85

13-Oct-16 8573.35 09-Nov-16 8432 09-Dec-16 8261.75

14-Oct-16 8583.4 10-Nov-16 8525.75 12-Dec-16 8170.8

17-Oct-16 8520.4 11-Nov-16 8296.3 13-Dec-16 8221.8

18-Oct-16 8677.9 15-Nov-16 8108.45 14-Dec-16 8182.45

19-Oct-16 8659.1 16-Nov-16 8111.6 15-Dec-16 8153.6

20-Oct-16 8699.4 17-Nov-16 8079.95 16-Dec-16 8139.45

21-Oct-16 8693.05 18-Nov-16 8074.1 19-Dec-16 8104.35

24-Oct-16 8708.95 21-Nov-16 7929.1 20-Dec-16 8082.4

25-Oct-16 8691.3 22-Nov-16 8002.3 21-Dec-16 8061.3

26-Oct-16 8615.25 23-Nov-16 8033.3 22-Dec-16 7979.1

27-Oct-16 8615.25 24-Nov-16 7965.5 23-Dec-16 7985.75

28-Oct-16 8638 25-Nov-16 8114.3 26-Dec-16 7908.25

30-Oct-16 8625.7 28-Nov-16 8126.9 27-Dec-16 8032.85

29-Nov-16 8142.15 28-Dec-16 8034.85

30-Nov-16 8224.5 29-Dec-16 8103.6

30-Dec-16 8185.8
Date Closing Price Date Closing Price Date Closing Price

02-Jan-17 8179.5 01-Feb-17 8716.4 01-Mar-17 8945.8

03-Jan-17 8192.25 02-Feb-17 8734.25 02-Mar-17 8899.75

04-Jan-17 8190.5 03-Feb-17 8740.95 03-Mar-17 8897.55

05-Jan-17 8273.8 06-Feb-17 8801.05 06-Mar-17 8963.45

06-Jan-17 8243.8 07-Feb-17 8768.3 07-Mar-17 8946.9

09-Jan-17 8236.05 08-Feb-17 8769.05 08-Mar-17 8924.3

10-Jan-17 8288.6 09-Feb-17 8778.4 09-Mar-17 8927

11-Jan-17 8380.65 10-Feb-17 8793.55 10-Mar-17 8934.55

12-Jan-17 8407.2 13-Feb-17 8805.05 14-Mar-17 9087

13-Jan-17 8400.35 14-Feb-17 8792.3 15-Mar-17 9084.8

16-Jan-17 8412.8 15-Feb-17 8724.7 16-Mar-17 9153.7

17-Jan-17 8398 16-Feb-17 8778 17-Mar-17 9160.05

18-Jan-17 8417 17-Feb-17 8821.7 20-Mar-17 9126.85

19-Jan-17 8435.1 20-Feb-17 8879.2 21-Mar-17 9121.5

20-Jan-17 8349.35 21-Feb-17 8907.85 22-Mar-17 9030.45

23-Jan-17 8391.5 22-Feb-17 8926.9 23-Mar-17 9086.3

24-Jan-17 8475.8 23-Feb-17 8939.5 24-Mar-17 9108

25-Jan-17 8602.75 27-Feb-17 8896.7 27-Mar-17 9045.2

27-Jan-17 8641.25 28-Feb-17 8879.6 28-Mar-17 9100.8

30-Jan-17 8632.75 29-Mar-17 9143.8

31-Jan-17 8561.3 30-Mar-17 9173.75

31-Mar-17 9173.75
Date Closing Price Date Closing Price Date Closing Price

03-Apr-17 9237.85 02-May-17 9313.8 01-Jun-17 9616.1

05-Apr-17 9265.15 03-May-17 9311.95 02-Jun-17 9653.5

06-Apr-17 9261.95 04-May-17 9359.9 05-Jun-17 9675.1

07-Apr-17 9198.3 05-May-17 9285.3 06-Jun-17 9637.15

10-Apr-17 9181.45 08-May-17 9314.05 07-Jun-17 9663.9

11-Apr-17 9237 09-May-17 9316.85 08-Jun-17 9647.25

12-Apr-17 9203.45 10-May-17 9407.3 09-Jun-17 9668.25

13-Apr-17 9150.8 11-May-17 9422.4 12-Jun-17 9616.4

17-Apr-17 9139.3 12-May-17 9400.9 13-Jun-17 9606.9

18-Apr-17 9105.15 15-May-17 9445.4 14-Jun-17 9618.15

19-Apr-17 9103.5 16-May-17 9512.25 15-Jun-17 9578.05

20-Apr-17 9136.4 17-May-17 9525.75 16-Jun-17 9588.05

21-Apr-17 9119.4 18-May-17 9429.45 19-Jun-17 9657.55

24-Apr-17 9217.95 19-May-17 9427.9 20-Jun-17 9653.5

25-Apr-17 9306.6 22-May-17 9438.25 21-Jun-17 9633.6

26-Apr-17 9351.85 23-May-17 9386.15 22-Jun-17 9630

27-Apr-17 9342.15 24-May-17 9360.55 23-Jun-17 9574.95

28-Apr-17 9304.05 25-May-17 9509.75 27-Jun-17 9511.4

26-May-17 9595.1 28-Jun-17 9491.25

29-May-17 9604.9 29-Jun-17 9504.1

30-May-17 9624.55 30-Jun-17 9520.9

31-May-17 9621.25
Date Closing Price Date Closing Price Date Closing Price

03-Jul-17 9615 01-Aug-17 10114.65 01-Sep-17 9974.4

04-Jul-17 9613.3 02-Aug-17 10081.5 04-Sep-17 9912.85

05-Jul-17 9637.6 03-Aug-17 10013.65 05-Sep-17 9952.2

06-Jul-17 9674.55 04-Aug-17 10066.4 06-Sep-17 9916.2

07-Jul-17 9665.8 07-Aug-17 10057.4 07-Sep-17 9929.9

10-Jul-17 9771.05 08-Aug-17 9978.55 08-Sep-17 9934.8

11-Jul-17 9786.05 09-Aug-17 9908.05 11-Sep-17 10006.05

12-Jul-17 9816.1 10-Aug-17 9820.25 12-Sep-17 10093.05

13-Jul-17 9891.7 11-Aug-17 9710.8 13-Sep-17 10079.3

14-Jul-17 9886.35 14-Aug-17 9794.15 14-Sep-17 10086.6

17-Jul-17 9915.95 16-Aug-17 9897.3 15-Sep-17 10085.4

18-Jul-17 9827.15 17-Aug-17 9904.15 18-Sep-17 10153.1

19-Jul-17 9899.6 18-Aug-17 9837.4 19-Sep-17 10147.55

20-Jul-17 9873.3 21-Aug-17 9754.35 20-Sep-17 10141.15

21-Jul-17 9915.25 22-Aug-17 9765.55 21-Sep-17 10121.9

24-Jul-17 9966.4 23-Aug-17 9852.5 22-Sep-17 9964.4

25-Jul-17 9964.55 24-Aug-17 9857.05 25-Sep-17 9872.6

26-Jul-17 10020.65 28-Aug-17 9912.8 26-Sep-17 9871.5

27-Jul-17 10020.55 29-Aug-17 9796.05 27-Sep-17 9735.75

28-Jul-17 10014.5 30-Aug-17 9884.4 28-Sep-17 9768.95

31-Jul-17 10077.1 31-Aug-17 9917.9 29-Sep-17 9788.6

CLOSING PRICE OF AUTO INDEX

Closing Closing
Date Price Date Price Date Closing Price

3-Oct-16 10275.5 1-Nov-16 10105.55 1-Dec-16 9041

4-Oct-16 10289.7 2-Nov-16 9973.8 2-Dec-16 8888.7

5-Oct-16 10344 3-Nov-16 9948.25 5-Dec-16 9046.25

6-Oct-16 10269.85 4-Nov-16 9870.75 6-Dec-16 9014

7-Oct-16 10344.3 7-Nov-16 9892.6 7-Dec-16 9053.25

10-Oct-16 10335.8 8-Nov-16 10079.7 8-Dec-16 9299.05

13-Oct-16 10203 9-Nov-16 9819.8 9-Dec-16 9252.3

14-Oct-16 10223.45 10-Nov-16 9758.15 12-Dec-16 9092

17-Oct-16 10008.4 11-Nov-16 9308.3 13-Dec-16 9196

18-Oct-16 10150.05 15-Nov-16 8828.6 14-Dec-16 9146.05

19-Oct-16 10092.55 16-Nov-16 8918.65 15-Dec-16 9118.25

20-Oct-16 10088.7 17-Nov-16 8915.6 16-Dec-16 9153.5

21-Oct-16 10101.6 18-Nov-16 8983.85 19-Dec-16 9098.05

24-Oct-16 10188.2 21-Nov-16 8681.6 20-Dec-16 9023.05

25-Oct-16 10143.7 22-Nov-16 8852.9 21-Dec-16 9013

26-Oct-16 10056.55 23-Nov-16 8891.15 22-Dec-16 8961.3

27-Oct-16 9912.85 24-Nov-16 8754.5 23-Dec-16 8987.25

28-Oct-16 10056.7 25-Nov-16 8780.4 26-Dec-16 8854.75

30-Oct-16 10048.5 28-Nov-16 8826.65 27-Dec-16 8991.8

29-Nov-16 9017.95 28-Dec-16 8981.15

30-Nov-16 9113.8 29-Dec-16 9109.05

30-Dec-16 9141.75
Date Closing Price Date Closing Price Date Closing Price

2-Jan-17 9326.9 1-Feb-17 10191.95 1-Mar-17 9670.6

3-Jan-17 9300.3 2-Feb-17 10058.8 2-Mar-17 9705.5

4-Jan-17 9330.9 3-Feb-17 9975.1 3-Mar-17 9680.5

5-Jan-17 9522.3 6-Feb-17 10031.1 6-Mar-17 9800

6-Jan-17 9506.65 7-Feb-17 9931.7 7-Mar-17 9753.55

9-Jan-17 9495.95 8-Feb-17 9994.25 8-Mar-17 9701.25

10-Jan-17 9616.6 9-Feb-17 10028.05 9-Mar-17 9754.35

11-Jan-17 9703.65 10-Feb-17 9987.3 10-Mar-17 9779.25

12-Jan-17 9676.95 13-Feb-17 9973.3 14-Mar-17 9910.4

13-Jan-17 9600.7 14-Feb-17 9820.6 15-Mar-17 9987.65

16-Jan-17 9650.7 15-Feb-17 9523.35 16-Mar-17 10056.5

17-Jan-17 9641.85 16-Feb-17 9686.35 17-Mar-17 10009.4

18-Jan-17 9644.8 17-Feb-17 9683.6 20-Mar-17 10009.3

19-Jan-17 9709 20-Feb-17 9743.95 21-Mar-17 9963.75

20-Jan-17 9601 21-Feb-17 9758.9 22-Mar-17 9803.95

23-Jan-17 9665 22-Feb-17 9768.45 23-Mar-17 9897.95

24-Jan-17 9828.2 23-Feb-17 9761.75 24-Mar-17 9878.35

25-Jan-17 9967.7 27-Feb-17 9666.85 27-Mar-17 9808.2

27-Jan-17 10014.85 28-Feb-17 9654.65 28-Mar-17 9887.8

30-Jan-17 9928.65 29-Mar-17 9845.75

31-Jan-17 9837.75 30-Mar-17 9860.3

31-Mar-17 9880.2
Date Closing Price Date Closing Price Date Closing Price

3-Apr-17 9921.1 2-May-17 10294.75 1-Jun-17 10891.55

5-Apr-17 10033.55 3-May-17 10273 2-Jun-17 10942.2

6-Apr-17 10035.3 4-May-17 10211.8 5-Jun-17 10967.95

7-Apr-17 9993.75 5-May-17 10107.95 6-Jun-17 10849.2

10-Apr-17 10030.5 8-May-17 10167.05 7-Jun-17 10932.4

11-Apr-17 10040.05 9-May-17 10157.8 8-Jun-17 10939.65

12-Apr-17 9987.15 10-May-17 10303.9 9-Jun-17 11047.45

13-Apr-17 9907.4 11-May-17 10410.75 12-Jun-17 10963.85

17-Apr-17 9889.45 12-May-17 10429.2 13-Jun-17 10910.2

18-Apr-17 9813.7 15-May-17 10481.3 14-Jun-17 10905.25

19-Apr-17 9831.35 16-May-17 10597.45 15-Jun-17 10839.4

20-Apr-17 9909.9 17-May-17 10669.7 16-Jun-17 10869.2

21-Apr-17 9858.8 18-May-17 10436.35 19-Jun-17 10893.3

24-Apr-17 9978.2 19-May-17 10409.8 20-Jun-17 10900.7

25-Apr-17 10090.35 22-May-17 10339.95 21-Jun-17 10835.5

26-Apr-17 10189.7 23-May-17 10380.65 22-Jun-17 10820.75

27-Apr-17 10173.1 24-May-17 10386.3 23-Jun-17 10637.45

28-Apr-17 10255.15 25-May-17 10588.1 27-Jun-17 10576.2

26-May-17 10711.55 28-Jun-17 10582.65

29-May-17 10753.5 29-Jun-17 10568.15

30-May-17 10802.05 30-Jun-17 10540.25

31-May-17 10870.8
Date Closing Price Date Closing Price Date Closing Price

3-Jul-17 10680.95 1-Aug-17 11170.9 1-Sep-17 10823.6

4-Jul-17 10629.55 2-Aug-17 11134.25 4-Sep-17 10738.4

5-Jul-17 10704.8 3-Aug-17 11058.8 5-Sep-17 10771.2

6-Jul-17 10746.55 4-Aug-17 11137.55 6-Sep-17 10746.1

7-Jul-17 10729 7-Aug-17 11158.85 7-Sep-17 10837.8

10-Jul-17 10795.2 8-Aug-17 11117.8 8-Sep-17 10779

11-Jul-17 10876.15 9-Aug-17 10925.65 11-Sep-17 10839.75

12-Jul-17 10904.35 10-Aug-17 10606.5 12-Sep-17 10965.9

13-Jul-17 10936.65 11-Aug-17 10457.75 13-Sep-17 10916

14-Jul-17 10892.25 14-Aug-17 10600.15 14-Sep-17 10949

17-Jul-17 10936.45 16-Aug-17 10778.75 15-Sep-17 10971.45

18-Jul-17 10954.4 17-Aug-17 10694.65 18-Sep-17 11104.85

19-Jul-17 11012.15 18-Aug-17 10676.35 19-Sep-17 11170.75

20-Jul-17 10960.7 21-Aug-17 10572.75 20-Sep-17 11103.45

21-Jul-17 10955.4 22-Aug-17 10482.9 21-Sep-17 11051.9

24-Jul-17 10968.8 23-Aug-17 10552.8 22-Sep-17 10927.05

25-Jul-17 10932.5 24-Aug-17 10571.45 25-Sep-17 10808.45

26-Jul-17 11003.55 28-Aug-17 10592.35 26-Sep-17 10816

27-Jul-17 10919 29-Aug-17 10503.5 27-Sep-17 10646.05

28-Jul-17 10934.85 30-Aug-17 10572.35 28-Sep-17 10683.65

31-Jul-17 11002.65 31-Aug-17 10612.55 29-Sep-17 10811.25