Beruflich Dokumente
Kultur Dokumente
ON
“ Title of the project A study on comparison Aditya Birla sum life
and HDFC in Mutual Fund.
“For Company Name Marwadi shares and finance LTD.
Submitted to
ATMIYA Institute of Technology & Science
Under
Gujarat Technological University
UNDER THE GUIDANCE OF
Submitted by
(Rinkal chauhan)
Enrollment No.:177030592020
M.B.A – SEMESTER III
1
COLLEGE CERTIFICATE
2
PREFACE
Practical training has been incorporating studies of MBA, which make the management
studies to conclude themselves with the practical vision of management. This is very
important and useful as it cultivate in the student understanding of professionalism and make
them ready to face the real life challenges in their concern future. Thus a student gets
theoretical aspects in classroom and how these are applied in practical training in industry.
The main purpose of practical training is develop experimental knowledge & consciousness
about industrial environment and business practice in the student as a augmentation to
theoretical studies of administration and management in specific area like finance ,marketing,
HRM, logistics etc.it increases the skills, ability and attitude to perform specific job in
industrial environment .
Luckily, I got golden opportunity to visit and complete my one and half month taining at
MARWADI SHARES & FINANCE LTD. I got to chance to see the functioning of quality
management & absorb a lot of learning of subject.
3
ACKNOWLEDGMENT
The successful completion of this interim report could not have been possible without the co-
operation and support of my faculty guide & company guide.
4
DECLARATION
5
Executive Summary
The only aim of SIP is not to have a one way approach that is not only the benefit of the
student but also the company should the be benefited
The value addition done by me was the survey conducted by me. The survey carried out
was
To conducted a survey this was carried out to know the “preference of film magazine in
the city ’’. this survey includes things like no. of magazines readers in the city. The
language they prefer, the magazines they read and why are those reading the magazines
of times publications the staunch readers and what aspect do the people like in the the
magazines of times publication.
We carried a survey of 100 people by formulating a questionnaire which is attached at the
end.
6
TABLE OF CONTENTS
Sr. No. Particulars Page No.
Preface
Acknowledgment
Declaration
Executive Summary
7
Part – I
Industry
Information
8
PART-1 About the Industry
The first mordent –day mutual fund, Massachusetts investors trust, was the create on March
21, 1924 .it was the first mutual fund with an open-end capitalization, allowing for the
continuous issue and redemption of shares by the investment company.
Types of
mutual fund
9
Advantages of mutual fund
1. Diversification
2. Professional Management
3. Simplicity
4. Liquidity
5. Costs
6. Tax efficiency
7. How to select mutual fund
8. Option to choose SIP or Lump sum
9. Safe and transparent
10
1.2 WORLD MARKET
Assets allocation funds offering a mix of debt and equity can provide for more balanced
investment with the opportunity to invest in targeted regions of the world
Taxation
All international funds are treated as non-equity funds under taxation rules.
Gains from international funds are taxed at the marginal rate if sold within three years
from data of purchase.
Gains realized from sale after three years are eligible for indexation benefits in year of
sale (20% with indexation and 10%without indexation).
List of commodity mutual fund in India
A number of companies offer commodity funds in the country, with the popular ones
mentioned below.
Axis Gold Fund
Invesco India Gold fund.
Reliance Gold savings Fund
Birla sun life Gold Fund.
Canada Rebeca Gold saving Fund.
11
1.3 Indian Market
The funds introduced by the public sectors banks, by way of historic progression, are
list below;
SBI Mutual fund
Can bank mutual fund
Punjab National Bank Mutual fund
Indian Bank Mutual fund
Bank of India Mutual fund
Bank of Baroda mutual fund
Financial goal
Investment among
Investment duration
12
2. Kodak select focus fund (G)
3. Motile Oswald most focused multicar 35fund (G)
You can have a look at all the best mutual funds (including debt, balanced, liquid and ELSS
( Equity linked saving scheme)fund .
13
1.4 Growth of the Industry
By combining their fund these shareholders are able to obtain wide diversification of
risk and professional management of a caliber which they could ordinarily not afford as
individual. The small investors thus obtain at a relatively low cost the same investment
program and management as a large investors.
Investment companies still operate today under the federal status called “The Investment
company Act of 1940”, which provide for the registration and regulation of such companies.
These companies are also subject to regulation of such companies. These company are also
subject to regulation by the “blue-sky” laws of various states in which they operate, by the
requirement of the securities Act of 1933, and all sale promotion material must conform to a
statement of policy issued by the S.E.C.and, with respect to its members, administered by
the national association of securities dealer. There are two organizational terms of particular
importance. The “investment manager” of an investment company is the organization which
is responsible for the management of the investment company. Its services usually include
general administrative activities, in addition to advice and recommendation as to the
purchase, holding, or sale of portfolio securities. The “sponsor” is the distributor and
underwriter of, a mutual fund’s shares, and is usually an affiliate of, or the same company as,
the investment manager.
14
GROWTH AND DEVLOPMENT OF MUTUAL FUND OF INDIA
The mutual fund industry that started its journey in the country In 1963 has turned as one
of the importance constituents of the financial sectors. The industry has witnessed
sufficient expansion and standardization of large number of private sectors funds both
domestic and foreign. In the following para’s the following the that the mutual fund
industry has achieved over a certain period of time has been analyzed in respect of the
following parameters.
Numbers of funds
Fund scheme offered
Mobilization of fund
Assets under management
Household savings mobilized
Performance of AMCs in terms of earnings and profitability
Types of
mutual fund
by by invetment
constitution objective
15
By constitution
Closed – ended
Open – ended
Interval
By Investment objective
Equity fund
Debt funds
Hybrid fund
Money market fund
16
Part – II
Organization
Information
17
18
Marwadi shares and finance ltd.
Marwadi group was incorporated in 1992 with the vision of providing superior
standards of financial services focusing on professionalism, speed and ethics to wider
corporate services in India and proposed to start its operations in the subcontinent &
overseas. The foundation is on “values” systems- “value” addition to corporate, retails
and HNI individuals through superior wealth creation practices. All actions are based
on stringent “values”- integrity, confidentiality & commitment. “True value” for
money through a holistic business practices. Finally, “value” for client satisfaction,
predominates our relationship criteria.
19
A Mutual fund is a trust that pools the savings of a number of investors who share common
financial goal, investment may be in share, debt securities, money market securities or a
combination of these. Those securities are professionally managed on behalf of the unit-
holders, and each investor holds a pro-rata share of the portfolio i.e. entitled to any profit
when the securities are sold, but subject to any losses in value as well.
The income earned through these investments and the capital appreciation realized are shared
by its unit holders in proportion of the number of unit owned by them. Thus a mutual fund is
the most suitable investment for the common man low.
Vision:
“Providing superior standards of financial services, focusing on professionalism, speed &
ethics to a wider corporate service in India & proposed to start its operation in the sub-
continent & overseas”
Mission:
“To be a world class services provider by arranging all conceivable financial services
under one roof at affordable cost through cost effective delivery system, and to achieve
the organic growth of business by adding newer lines of business”
20
GENERAL INFORMATION OF MSFL
Name
Marwadi Shares and Finance Ltd.
Establishment
1992
Registered office
Marwadi Financial Plaza
Address
Marwadi Shares and Finance,
Nana Mauva Main Road,
150, Ft.Ring Road
Rajkot – 360001
Ph No
(0281) 2332001
E-Mail
reception.msfl@marwadionline.net
Web Site
www.marwadionline.com
Form of organization
Limited company
Department
Marketing, Training, Operation, Audit, HR, Finance &Accounts, Risk Management,
Commodity, Mutual Funds, Collection & System
Membership
NSE BSE MCX NCDEX NSDL CDSL
21
Managing Director:
Mr. Ketan Marwadi
22
Introduction to functional department
Finance
Finance is regarded as the lifeblood of a business enterprise. It is the basic foundation
of all kinds of economic activates. Finance is the master key that provides access to all the
sources for being employed in manufacturing and merchandising activities. The success os an
organization largely depend on efficient management of its finance.
Meaning of financial function
Finance is one the functional areas in an organization. It is one of most important of all
business function department player a vital role in the organization. It may be described as
heart in the human body. The basic function of the heart in the human body is to pump the
necessary blood to all parts of the body. Similarly, the finance department in the organizes
has to supply the necessary finances to all the other department (function) to carryout their
activates. It is the responsibility to the financial requirement and supply the needed fund at
the right time.
Objective of financial
management
23
Profit maximization
It is an important concept in economy theory. It simply means that maximization the
rupee income of the firm. According to this approach, action that increase profits
should be undertaken and those that decrease profit maximization criterion implies
that the investment, financing and dividend policy decisions of a firm should be
oriented to the maximization of profit.
.
Wealth maximization
This is also known as value maximization. Or net present worth maximization. Net
present value is the difference between the gross present value of benefit from an
investment proposal and the investment required achieving these benefits. The gross
present value of a course of action is found out by discounting or capitalizing its
benefits at a rate which reflects their timing or unceraitny
24
Marketing
Mutual fund shares are market accordingly to the rules established by the
investment company Act of 1940.
Consumer Marketing:
Consumer marketing of mutual funs is similar to the way other financial products are
sold. Marketers emphasize safety, reliability and performance. In addition they may be
provide information on their diversity of choice, marketers try to ease of use and low
costs. Marketers try to access all segments of the population. They use broad marketing
platforms such as television, newspaper and the internet. Marketers especially focus on
financially oriented media such as CNBC television and BusinessWeek magazine.
Distribution channels
There are number of distribution channels that are exiting and the channels are still
expanding. The channels can be divided into the following heads.
Direct Marketing:
Personal selling
Telemarketing
Direct mail
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Advertisement in newspaper and magazine
Hoarding and banners
Direct Marketing
Personal selling
Telemarketing
Direct mail
Joint call
Selling through intermediaries like broker, agents, bank etc.
According to kaushik raja, the following are the forms of advertising adopted by mutual
funds.
a. Tombstone advertisement
b. Product launch advertisement
c. Advertisement through hoardings/posters
d. Advertisement through audio-visual media
26
Human Resource:
Human resources are the people who make up the workforce of an organization,
business sectors, or economy. “Human capital” is sometimes used synonymously with
“human resources” , although human capital typically refers to a more narrow effect
(i.e.,the knowledge the individuals embody and economic growth). Likewise, other
terms sometime used include “manpower”, “talent”, “labor”, “personnel”, or simply
“people”.
HR policies
Salary and composition
Employee training
Employee recreation
Motivational activities
Administrative functions
27
SELECTION
After application of number of employees, they are secured through different method
to recruitment. The selection procedure is concerned with securing relevant information about
applicant.
PLACEMENT
Once a candidate has been selected he is placed on a job for which he was selected.
Thus placement means entrusting the proper job to the employee who is selected for it.
Placement is the responsibility of the superior or colleague with whom the employee
has to work. The human resource department should monitor the right placement so that the
new entrant settles down satisfactory in the work place.
HR Department of Organization
The internal organization of structure of the personnel department varies widely in different
companies, depending upon that size. For example in small companies personnel functions
are discharged by the line executives. But in the large company, where personal activities are
generally of a complex nature separate department is organized for the purpose which is
called H R Department as in MSFPL. Here, Mr. Akshay Goswami is working as a manager.
28
6 SWOT ANALYSIS OF MSFL:
Swot Analysis is one of the tools to measure company performance. A firm has try to
develop its weak areas, retain its strengths, look for new opportunities with considering
competitor’s upcoming strategies, that is what SWOT is all about.
T-Threats: elements in the environment that could cause trouble for the business.
STRENGTHS WEAKNESSES
29
ORGANIZATIONAL STRUCTURE
.
SR. MANAGER-
MANAGER-DP OPERATION
FRONT
MANAGER-DP
FRONT
MANAGER-
CLEARING &
SETTLEMENT 30
Part – III
Primary Study
31
3.1 introduction to the study:
32
HDFC Mutual Fund: HDFC Assets management Company Ltd. (AMC) was incorporated
under the the company Act. 1956, on December 10, 1999, and was approved to act as an
assets Management company for the HDFC Mutual Fund by SEBI vide its latter dated July 3,
2000.
On obtaining the regulatory approvals, the following Scheme of Zurich Mutual Fund have
migrated to HDFC Mutual fund on June 19, 2003.
Why HDFC Mutual Fund
HDFC Mutual is one of the largest mutual fund and Well-established fund house in the
country with focus on delivering consistent fund Performance across categories since the
launch of the scheme(S) in July 2000. While our past experience dose make us a veteran, we
still strive to get batter.
1956, on December
33
3.2 Literature Review:
Mattapan P K and Damodharan E (2006) evaluated 40 schemes for the
period April 1995 to March 2000. The study identified that majority of the schemes earned
returns higher than the market but lower than 91 days treasury bill rate. The average risk of
the schemes was higher than the market. 15 schemes had an above average monthly return.
Growth schemes earned average monthly return. The risk and return of the schemes were not
always in conformity with their stated investment objectives. 23 schemes outperformed in
terms risk. 19 schemes with positive alpha values indicated superior performance.
Debasish (2009) studied the performance of selected schemes of mutual funds based
on risk and return models and measure. The study covered the period from April 1996 to
March 2005 (nine years). The study revealed that Franklin Templeton and UTI were the best
performance and Birla Sun Life, HDFC and LIC mutual funds showed poor performance.
Mehta Sushilkumar (2010) analyze the performance of mutual fund schemes of SBI
and UTI and found out that SBI schemes have performed better than the UTI in the year.
Zhi Da, Pengjie GAO, and Ravi Jagannathan (2011) in the article “Impatient
Trading, Liquidity Provision, and Stock Selection by Mutual Funds” showed that a mutual
fund's stock selection skill can be decomposed into additional components that include
liquidity-absorbing impatient trading and liquidity provision. The study proved that past
performance predicts future performance better among funds trading in stocks affected more
by information events Past winners earn a risk-adjusted after-fee excess return of 35 basis
points per month in the future. Most of that superior performance comes from impatient
trading. The paper also states that impatient trading is more important for growth-oriented
funds, and liquidity provision is more important for younger income funds.
34
3.4 Problem Statement:
Birla sun life:
The life Insurance market was an under developed market that was only tapped by the state
owned LIC till the entry of private insurers. Insurances industry, as on 1.4.2000, comprised
mainly two players: the state insurers- life insurance Corporation of India and general
insurers, the general Insurance Corporation of India.
The penetration of life insurance products was 19% of the total 400 million of the insurable
population.
With an annual growth rate of 15-20% and the largest number of life insurance policies in
force, the potential of the Indian Insurance industry is huge.
2008-09 221791.26
2007-08 201351.41
2006-07 156075.84
2005-06 105875.76
2004-05 82,854.80
2003-04 66653.75
2002-03 55747.55
2001-02 50094.46
This study is an endeavor to analyze the tremendous impact made by private sector
insurance companies in achieving this phenomenal growth in the life insurance sector.
The aim of the study reach those with limited knowledge of insurance and to provide
a comprehensive picture of awareness scenario across the country.
35
3.3 BACKGROUND OF THE STUDY
A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through these
investments and the capital appreciations realized are shared by its unit holders in proportion
to the number of units owned by them. Thus a Mutual Fund is the most suitable investment
for the common man as it offers an opportunity to invest in a diversified, professionally
managed basket of securities at a relatively low cost. The flow chart below describes broadly
the working of a mutual fund:
Investors
Fund manager
Securities
Returns
36
Research Objective:
To know the opportunities available for investment in mutual fund schemes.
To know about the investment options with respect to various schemes offered
by the mutual funds.
To find out which income level people invest in mutual fund schemes more.
37
Research Design
Exploratory Research
Descriptive Research
Casual Research
Causal Reserch
38
4.2 SOURCES OF DATA
39
Data Analysis
&
Interpretation
40
TABLE 1 Mid cap fund 2018 Birla sun life and HDFC
NAV Sale
NAV Date Return
Price (Rs.)
31-Mar-18 -0.00940852 -2.1786E-05
28-Mar-18 -0.27834246 -0.00064452
27-Mar-18 1.151497896 0.00266643
26-Mar-18 1.093735009 0.002532849
23-Mar-18 -0.96912114 -0.00224432
22-Mar-18 -0.67943758 -0.0015735
21-Mar-18 0.299722362 0.000694139
20-Mar-18 0.01577735 3.65403E-05
19-Mar-18 -1.18178984 -0.00273721
16-Mar-18 -0.92984461 -0.00215371
15-Mar-18 -0.11108711 -0.00025731
14-Mar-18 -0.27081089 -0.00062728
13-Mar-18 0.532128825 0.001232607
12-Mar-18 0.600684718 0.001391505
9-Mar-18 -0.16158101 -0.00037432
8-Mar-18 0.355494574 0.000823552
7-Mar-18 -1.10100231 -0.00255068
6-Mar-18 -0.78332976 -0.00181478
5-Mar-18 -0.5053734 -0.00117093
1-Mar-18
Mean 0.15432 -0.14951
Variance 0.492378 -0.636438
T-test -0.01973
Sig. 0.984372
41
Table-2 Large cap Fund 2018 Aditya Birla and HDFC
31-Mar-18 NAV Sale -0.92841
Price (Rs.
)
28-Mar-18 -0.01434 0.762162
27-Mar-18 -0.6458 1.708912
26-Mar-18 0.784877 -1.4054
23-Mar-18 1.289447 -0.65361
22-Mar-18 -0.99347 0.177623
21-Mar-18 -0.45863 0.282439
20-Mar-18 0.244241 -1.19334
19-Mar-18 0.31226 -1.35152
16-Mar-18 -1.22426 -0.51929
15-Mar-18 -1.20945 0.05625
14-Mar-18 -0.43872 0.543297
13-Mar-18 0.009335 1.467829
12-Mar-18 0.421862 -0.51405
9-Mar-18 1.638876 0.945698
8-Mar-18 -0.2329 -1.26983
7-Mar-18 0.583258 -1.3316
6-Mar-18 -0.825 -0.99115
5-Mar-18 -0.86486 -0.7992
1-Mar-18 -0.98664
Mean -0.13736 -0.92841
variance 0.694804 1.013323
T- TEST 0.295447
sig 0.769398
There is null Hypothesis is accepted , difference between average return 2018 monthy of
Birla sun life and HDFC Large cap fund.
The difference between mean is both the company is negative results there is no sig.
difference in returns and p value is greter than 0.05
42
TABLE -3 Mid cap fund Birla sun life and HDFC 2017
NAV Date NAV Sale Price (Rs.) NAV Sale Price (Rs.)
31-Mar-17 1.35628 0.873071
30-Mar-17 0.648679 0.860149
29-Mar-17 0.479891 0.622918
28-Mar-17 0.467744 0.464713
27-Mar-17 -0.02158 0.107516
24-Mar-17 0.618937 0.304865
23-Mar-17 0.839477 0.754331
22-Mar-17 -0.83249 -0.97869
21-Mar-17 -0.46475 -0.28678
20-Mar-17 0.231105 0.271008
17-Mar-17 -0.06856 0.188613
16-Mar-17 1.079662 1.011222
15-Mar-17 0.82748 0.672357
14-Mar-17 1.22101 0.890996
10-Mar-17 -0.07068 -0.11894
9-Mar-17 -0.07063 -0.25634
8-Mar-17 -0.38142 -0.25568
7-Mar-17 0.118642 0.160853
6-Mar-17 0.514273 0.226979
3-Mar-17
Mean 0.434732 0.437446
VARIANCE .0785873 0.437446
T TEST -.01044
SIG. 0.992534
Average returns both the company are AB and HDFC are similar in mean
returns
There is sig value (0.99)
The null hypothesis is accepted as p value is greter than 0.05
43
TABLE :4 Large cap fund Birla sun life and HDFC IN 2017
RERURN
NAV Date RETURND
S
31-Mar-17 0.358609 0.173494
30-Mar-17 0.37037 0.442918
29-Mar-17 0.424328 0.623548
28-Mar-17 0.441989 0.634859
27-Mar-17 -0.43483 -0.50828
24-Mar-17 0.231044 0.598874
23-Mar-17 0.868644 0.657473
22-Mar-17 -0.88719 -1.26104
21-Mar-17 -0.20432 -0.26863
20-Mar-17 -0.21433 -0.30018
17-Mar-17 -0.10966 -0.18448
16-Mar-17 1.060742 1.122853
15-Mar-17 0.243348 0.25809
14-Mar-17 1.607181 1.801197
10-Mar-17 -0.20384 -0.1782
9-Mar-17 0.1074 0.111273
8-Mar-17 -0.26778 -0.48072
7-Mar-17 -0.19777 -0.21408
6-Mar-17 0.548181 0.685621
3-Mar-17
Mean 0.434723 0.437446
Variance 0.785873 0.505561
t- test -0.01044
significant 0.991725
The difference between both the compny is AB 0.358609and HDFC 0.195505 is mean value
if HDFC VALUE IS high returns .
There is no sig. difference between average returns 2017 of monthly of Biral sun life and
HDFC large cap fund.
44
TABLE 5 MID CAP FUND Birla sun life and HDFC 2016
NAV Date RETURNS RETURN
31-Mar-16 0.988728 0.736418
30-Mar-16 1.665615 1.292011
29-Mar-16 0.248272 0.109899
28-Mar-16 -1.70822 -0.949
23-Mar-16 -0.1958 0.218188
22-Mar-16 0.220159 0.356521
21-Mar-16 1.328807 1.290946
18-Mar-16 1.262093 1.066184
17-Mar-16 0.712201 0.63044
16-Mar-16 -0.01978 0.139006
15-Mar-16 -0.78984 -0.38368
14-Mar-16 0.517777 0.524896
11-Mar-16 0 0.087075
10-Mar-16 -0.20668 -0.14491
9-Mar-16 0.60399 0.127688
8-Mar-16 -0.22722 -0.56844
4-Mar-16 0.957463 0.984906
3-Mar-16 0.915908 0.870025
2-Mar-16 1.986245 1.923307
1-Mar-16
Mean 0.434723 0.437446
Variance 0.785873 0.505561
T-test 0.0 1044
Significant 0.991725
45
Table 6 : large cap fund birla sun life and HDFC 2016
BIRLA HDFC
NAV Date
RETURNS RETURNS
31-Mar-16 0.206279 0.062477
30-Mar-16 1.691249 2.346323
29-Mar-16 -0.16361 0.042757
28-Mar-16 -1.21541 -1.86445
23-Mar-16 0.038805 0.260895
22-Mar-16 0.220379 0.233064
21-Mar-16 1.047943 1.581546
18-Mar-16 0.905426 1.25237
17-Mar-16 0.278348 0.42271
16-Mar-16 0.345814 0.456181
15-Mar-16 -0.68688 -0.55718
14-Mar-16 0.504481 0.856541
11-Mar-16 0.186207 0.103859
10-Mar-16 -0.71966 -0.80995
9-Mar-16 0.832168 0.852284
8-Mar-16 -0.17279 -0.35707
4-Mar-16 0.32671 0.829937
3-Mar-16 1.085125 1.511956
2-Mar-16 2.04966 2.841147
1-Mar-16
Mean 0.355802 0.529757
Variance 0.647404 1.213641
T- test -0.555802
Significant 0.581771
Average returns mean is Aditya Birla mean returns is 0.355802 and HDFC mean returns is
0.529757 , HDFC is higher mean returns provided compare to Aditya Birla.
46
FINDINGS:
Though the number of open-ended scheme remained higher than the closed ended
scheme, the growth rate was much higher for closed- enden scheme.
Overall, growth scheme and income scheme could generated resources of above
75% in march 2016 and both showed growth during the periods under study.
All the selected scheme of HDFC mutual fund outperformed the benchmark index
BSE Sensex in terms of sharpe and treynor measures for the majority of the year
under study.
47
CONCLUSION:
48
LIMITATION OF STUDY
While some funds are turned to make the most of a risking market,
Given choice, most investors would opt for a fund that can sqeeze out that
extra alpha exess returns over the index- during a sharp rally.
These funds boast a low downside capture holdigs ground durings a market
decline.
During big. Market falls ,some aggressive funds move into cash to contain
losses.
49
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