IPO's Project by K V Sai Mahesh PDF

A STUDY ON PRICE PERFORMANCE OF INITIAL PUBLIC OFFERINGS (IPOs) -
EVIDENCE FROM SELECT NSE MARKET AT DEALMONEY SECURITIES PVT LTD

BANGALORE
INDEX
Sl. NO. CONTENTS PAGE NO.
Chapter 1 Introduction 1 -14
Chapter 2 Research Design 15 – 23
Chapter 3 Company Profile 24 - 33
Chapter 4 Data Analysis and Interpretation 34- 81
Chapter 5 Findings, Conclusions and Suggestions 82 – 89
Seshadripuram First Grade College, Yelahanka

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CHAPTER - 1
INTRODUCTION:
In India now a day’s Initial Public Offerings plays a very vital role. Now a days the
awareness about IPOs are increasing day by day and individuals are investing more in IPOs.
This report is prepared to know about the Price Performance of Initial Public Offerings
(IPOs): Evidence from National Stock Exchange (NSE) during 2016-2017. And also know
about IPO process and the factor which affects the IPOpriceperformance. During2016-
2017total64IPOs are issued through NationalStockExchange (NSE) inthat5companies are
taken as sample for the purpose of analysis of Price Performance of Initial Public Offerings.
Initial public offering (IPO) is a type (P F) Public Offering in which shares of a company
are sold to institutional investors and usually also retail (individual) investors; as IPO is
underwritten by one or more investment banks, who also arrange for the shares to be listed on
one or more stock exchanges. Through this process, colloquially know as floating, or going
public, a privately held company is transformed into a public company. Initial public
offerings can be used: to raise new equity capital for the company concerned; to monetize the
investments of private shareholders such as company founders or private equity investments
of private shareholders such as company founders or private equity investors; and to enable
easy trading of existing holdings or future capital rising by becoming publicly traded
enterprises.
After the IPO, share traded freely in the open market are known as the free float. Stock
exchanges stipulate a minimum free float. Stock exchanges stipulated a minimum free float
both in absolute terms (the total value as determined by the share price multiplied by the

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number of share sold to the public) and as a proportion of the total share capital (i.e., the
number of shares sold to the public divided by the total share outstanding). Although IPO
offers many benefits, there are also significant costs involved; chiefly those associated with
the process such as banking and legal fees, and the ongoing requirement to disclose important
and sometimes sensitive information.
Details of the proposed offering are disclosed to potential purchasers in the form of a lengthy
document known as a prospectus. Most companies undertake an IPO with the assistance of an
investment banking firm acting in the capacity of an underwriter. Underwriters provide
several services, including help with correctly assessing the value of shares (share price) and
establishing a public market for shares (initial sale). Alternative methods such as the Dutch-
auction have also been explored and applied for several IPOs.
Indian Stock Market
Prior to liberalization, Indian economy was powerfully controlled and protected by number of
measures like licensing system, high tariffs and rates, limited investment in core sector only.
During 1980’s development of economy was highly weak because of its dependence on
borrowings to spot on the current account deficit. To decrease the imbalances, the
government of India introduced economic policy in 1991 to execute structural reforms. The
financial part at that moment was much unstructured and its range was limited only to bonds,
equity, insurance, commodity markets, mutual and pension funds. In order to make-up the
security market, a regulatory authority named as SEBI (Securities Exchange Board of India)
was introduced and first electronic exchange National Stock Exchange also set up.

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The intention behind this was to regularize investments, mobilization of resources and to give
credit.
HISTORY OF THE STOCK BROKING BUSINESS:
Indian stock marketplaces are one of the oldest in Asia. In 1887 Indian Stock market formally
established in Bombay, “Native share and brokers association” also known as (the stock
exchange). In 1895, the stock exchange acquired proof in the identical street and it was
inaugurated in 1899. Thus, the stock exchange at Bombay was consolidated. And gradually
with the time number of exchange were enlarged and at currently it reached to the 21 stock
exchange.
Stock Market: it is a place where public listed company’s shares are traded in the market.
The primary market is where companies float shares to the general public in an initial public
offering (IPO) to raise capital.
Description: Once new securities have been sold in the primary market, they are traded in the
secondary market- where one investor buys shares from another investor at the prevailing
market price or at whatever prices both the buyer and seller agree upon. The secondary
market or the stock exchanges are regulated by the regulatory authority. In India, the
secondary and primary markets are governed by the Security and Exchange Board of India
(SEBI).
A stock exchange facilitates stock brokers to trade company stocks and other securities. A
stock may be bought or sold only if it is listed on an exchange.
Stock Exchange: an exchange is an institution, organization, or association which hosts a

market where stocks, bonds, options and futures and commodities are traded and buyers and
sellers come together to trade during specific hours on business days.
Securities that are not listed on a stock exchange are sold Over-The-Counter (OTC).
Companies trading in OTC are smaller and riskier because they do not meet the requirements
stock exchange.

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CAPITAL MARKET:
Capital market is a market where buyers and sellers engage in trade of financial securities
like bonds, stocks, etc. The buying/selling is undertaken by participants such as individuals
and institutions.
Capital market help channelize surplus funds from savers to institutions which then invest
them into productive use. Generally, this market trades mostly in long-term securities.
The capital market is divided into two segments:
1. Primary market
2. Secondary market.
 Primary market:
The primary market is the part of capital market and it represents the new issue market where
new securities or bonds that have been issued for the first time. Both the new and existing
ones can raise capital on the new issue market. And the key function of the primary market is
to make possible capital growth by allowing individuals to switch savings into investments.
In a primary market, companies, governments or public sector institutions can raise funds
through bond issues and corporations can raise capital through the sale of new stock through
an Initial Public Offering (IPO). This is often done through an investment bank or finance
syndicate of securities dealers. The process of selling new shares to investors is call
underwriting. Dealers earn a commission that is built into the price of the security offering,
though it can be found in the prospectus.
Instead of going through underwriters, corporations can make a primary issue or right issue
of its debt or stock, which involves the issue by a corporation of its own debt or new stock

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directly to institutional investors or the public or it can seek additional capital from existing
shareholders.
Features of primary market:
 It facilitates capital development in the economy.

 Funds collected in this market are utilized for the purchase if fixed assets.
 It is a process of going public that is converting private capital into public capital.
 Secondary market:
Secondary market is one important constituent of capital market and where previously issued
securities, such as stocks and bonds, are traded among investors. Secondary market is an
organized market for the purchase and sale of industrial and financial security. It is
convenient place where trading in securities is conducted in systematic manner that is as per
certain rules and regulations.
The secondary market, also called the aftermarket and follow on public offering is the
financial market in which previously issued financial instruments such as stock, bonds,
options and futures are bought and sold. Another frequent usage of “secondary market” is to
refer to loans which are sold by a mortgage bank to investors such as Fannie Mae and
Freddie Mac.
The term “secondary market” is also used to refer to the market for any used goods or assets,
or an alternative use for an existing product or assets where the customers based is the second
market (for example, corn has been traditionally used primarily for food production and feed
stock, but a “second” or “third” market has developed for use in ethanol production).
With primary issuances of securities or financial instrument, or the primary market, investors
purchase these securities directly from issuers such as corporations issuing shares in an IPO
or Private placement, or directly from the federal government in the case of treasuries. After
the initial issuance, investors can purchase from other investors in the secondary marker.

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The secondary market for a variety of assets can vary from loans to stocks, from fragmented
to centralized, and from illiquid to very liquid. The major stock exchanges are the most
visible example of liquid secondary markets- in this case, for stocks of publicly traded
companies. Exchanges such as the New York Stock Exchange.
Features of secondary market:
 Secondary market does not directly contribute to the capital formation.

 Securities are not issued directly by the company to investors.
Secondary market provides liquidity to the investment and enhances the marketability
of securities.
SECURITIES EXCHANGE BOARD OF INDIA (SEBI):
In 1988, the Securities and Exchange Board of India (SEBI) was established by the
government of India through an executive resolution, and was later upgraded as a fully
autonomous body (a Statutory Board) in the year 1992 with the passing of the Securities and
Exchange Board of India Act (SEBI Act) on 30th January 1992. In place of Government
Control, a statutory and autonomous regulatory board with defined responsibilities, to cover
both development and regulation of the market, and independent powers has been set up.
Paradoxically, this is a positive outcome of the Securities Scam of 1990-91.

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Objectives of the SEBI Act
The objective of the SEBI Act is to provide for the establishment of a Board called Securities
and Exchange Board of India. The objective of the Board as laid down in its preamble is as
below:
 To care for the interest of investors in securities;

 To encourage the expansion of the securities market;
 To control the securities market; and
 For matters connected there with or incidental there to.
Functions of SEBI
Following are the functions of SEBI:
 To register and standardize the working of stock brokers,

 To register and legalize the working of bankers to an issue,
 To control and manage securities market,
 To exercise the powers under securities contracts (Regulations) Act,
 To regulate the working of mutual funds,
 To control fraudulent and unfair trade practices relating to securities market,
 To forbid insiders-trading in securities.
SEBI regulations for IPO:
According to regulation 26(1) SEBI (Issue of Capital and Disclosure Requirement)

Regulation, 2009 “ELIGIBILITY NORMS FOR AN UNLISTED COMPANY TO MAKE
AN IPO” is
1. Issuer must have net tangible assets of Rs 3 crore in each of the 3 preceding years.
 Not more than 50% are kept in monetary assets, or
 If more than 50% held in monetary assets than the surplus have to be utilized
in business or project.
2. Issuer has minimum average pre-tax operating profit of Rs 15 crore, during 3 most
profitable years out of the immediately preceding 5 years.
3. Issuer has a net worth of Rs 1 crore in each of the preceding 3 full year.

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4. The issue limit or previous issues in same financial year, does not exceed the 5 times
of pre-issue net worth.
5. If issuing company has changed its name in last year then the revenue collected by
the issuer in last one year must be from the activity suggested by new name.
REGULATION 26(2),provides that
If any issuing company fails to furnish the conditions mentioned in the regulation 26(1) they
can still make an IPO through following conditions:
 Through book building process.

 By allocating 75Qualified Institutional Buyers (QIB) out of total offer.
 If any company fails to allocate 75% to QIB then the company should have to refund
the received whole subscription amount.
BOOK BUILDING:
Book building process is tool which is used in the stock markets while piecing securities for
the first time in the market. When shares are offered through IPOs, it can be either be done at
a fixed price. In this process of discovering the price by proving investors with a price range
and then asking them to bid the issue is called book building process. It is one of most
preferable mechanism in the secondary market and also it is recommended by major stock
exchanges and developed countries.
Advantages of Book-building process:
1. The prices of securities are to be lay down on the basis of reasonable fashion.
2. The goal of this process is to set the prices of securities more.
3. This method allows company to allocate securities on the basis of transparency basis
which leads to health co-operation.
4. Through this process the company can flexible to change, increase or decrease the
price.
BOOK BUILDING PROCESS:

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Book building process plays a very vital role in IPO. Because it helps for discovering of price
without this tool it is difficult for discovering price. The below diagram shows the book
building process:
Step 1 : In book building process first the company which is planning for IPO it will starts its
process with book-built route. This progression is interactive and exciting one.
Step 2: In second step the issuing company or issuer selects one merchant banker who acts
has a book runner. Book runner is the primary underwriter in debt and equity market.
Step 3: The issuer specifies the number of number of shares to be issued and the price band
for the orders.
Step 4: The issuer will appoints the syndicate member with whom the investors order will
positioned and the syndicate member enters all the orders into a ‘electron book’ this method
called as bidding and it is similar to the auction.
Step5: The book kept open for the 5 days, after 5 days the book will be closed.

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Step 6: Bids cannot be entered less than the floor price. Floor price means minimum price of
the issue.
Step 7: Bidder will revises all the prices before closing of the issue.
Step 8: Aster closing of the book building period the book runner evaluates the all the bids on
the basis of criteria prescribed by the SEBI:
 Price aggression
 Investor quality
 Earliness of bids, etc.
Step 7: After above step the book runner and issuing company finalizes price and based on
the final price securities are allocated.
Step 8: securities should only be allocated to the successful bidders.
 Retail investor and high net worth individuals receives securities on the basis of
proportion.
 Retile investor have applied for 1000 shares and the issue is oversubscribed 10 times
in retile basis the he will qualify to get 100 shares.
 If the oversubscription is more and issue price is also more now they can’t bid for
many shares Rs. 50,000 entry is reached.
Book-building method helps company to know about that at which price you are willing to
buy the securities and based on the price bulk the investors are planning to pay. The price
band of the issue is varies based on the value of the issuing company and market situation.
LEADING STOCK EXCHANGES IN INDIA:
Following are the major stock exchanges in India given below:
Stock Exchanges in India

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1. Bombay Stock Exchange (BSE).

2. National Stock Exchange (NSE).
Bombay stock Exchange (BSE):
Bombay stock Exchange is the oldest stock exchange in Asia now it is commonly known as
BSE. It was established “The Native Share and Stock Brokers association” in 1875.
Over the past 135 years, BSE has facilitated the growth of the Indian corporate sector by
providing it with an efficient capital raising platform.
Today, BSE is the world’s number one exchange in terms of the listed companies (over 4000).
It is the world’s most active in terms of number of transactions handled through its electronic
trading system and it is in the top ten of global exchanges in terms of the market
capitalization of its listed companies (as of 31st December, 2009).
BSE is the first stock exchange in India and second in the world to obtain an ISO 9001:2000
certifications. It is also the exchange in the country and second in the world to receive
Information Security Management System. The BSE Index SENSEX is India’s first and most
popular stock market benchmark index, Exchange Traded Funds (ETF) on SENSEX, listed
on BSE and in Hong Kong. Futures and options on the index are also traded at BSE.
National Stock Exchange (NSE):
The National Stock Exchange of India (NSE) is India’s largest securities exchange in terms of
daily trade numbers. It offers automated electronic trading of a variety of securities, including
equity, corporate debt, central and state government securities, commercial papers, certificate
of deposits and exchange funds. The exchange has more than 1000 listed members. Owned
by more than twenty different financial and insurance institutions, NSE specializes in three
market segments: wholesale debt, capital market (automated screen-based system) and
futures and options (derivatives is the largest segment of the exchange). NSE started
operations in 1994.
The National Stock Exchange of India Limited (NSE) was promoted by IDBI, ICICI, IFCI,
GIC, LIC, State Bank of India, SBI Capital Markets Ltd, SHCIL and IL & FS as a Joint Stock
Company under the companies Act, 1956, on November 27, 1992. The Government of India

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has granted recognition with effect from April 26, 1993. Initially for period of 5 years. The
GOI has appointed IDBI as a lead promoter. To form the infrastructure of NSE, IDBI has
appointed a Hong Kong Bound consulting firm M/s International Consulting Limited for
helping in setting of the NSE.

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CHAPTER- 2
CONCEPTUAL BACKGROUND AND LITERATURE REVIEW
2.1 Introduction:
Initial public offer or public offering play very important role in Indian primary market
because it is a way of going public and now a days it is turn out to be a one of the favoured
investment for the investor. Now a day’s many companies coming up with IPO to raise funds
from public. IPO is source of raising funds from general public and it is done when an
unlisted company makes either a fresh issue or sale of its existing securities, for general
public for the first time. After close of an IPO the shares are to be listed on stock exchange
and traded on an exchange. Sometimes investing in IPO is risk making activity because it is
based on the market behaviour or business cycle fluctuations and based on the company
goodwill or performance the IPOs will attract the investor.
There are several reasons for a company to go for public offerings:
1. Through IPO company can able to raise capital at very low cost
2. Sale of securities through IPO in secondary market provides more liquidity to the
existing shareholders and it will also provide an opportunity to a shareholder to
convert their investment into cash through this they can diversify their investments.
3. IPO will increase the chance of probable mergers and acquisitions.
2.2 Literature review:
1. T. P. Madhusoodanan and M. Thiripalraju (1997): This article analyse the Indian

IPO market in short run and long run underpricing. The results shows that, compare to
other countries, in India underpricing of IPOs in short was very high as well as long
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run offerings also gives very huge returns compared to the other countries reports
reported.
2. Sahil Narang (May 2017): The objective of this review is to examining of Indian
secondary market in first day of trading and highlighting the underpricing of IPO. In
this review 27 IPOs are taken for sample (from January 1, 2017 to December 31,
2009). During this period (2007- to 2009) IPOs are underpriced and sample of 27
IPOs are generated 17.15% average raw return. The average market adjusted
abnormal return was 17.72%, and during 2009 the market adjusted abnormal return
was negative. Period from 008-2009 in Indian securities market shows downward
trend.
3. Rajesh K. et al. (2001): In this paper one model was developed and through that
managers strategically underprice the IPOs for maximizing personal wealth from
selling share at lockup expiration. 1st day underpricing gathers information by
attracting attention of the stock and then shifting the demand curve for stock
outwards, this helps managers to sale of shares on sample of IPOs in 1995. Through
this they found that higher ownership by managers is positively correlated with 1 st day
underpricing. Underpricing will positively correlate with research coverage; research
coverage is positively correlates with stock returns and insider selling at lockup
expiration.
4. Rohit Kumar Shrivastav et al. (2017): This article gather the information
performance of big and small size of IPOs which are introduced from 2006 to 2015
and NSE and also it will analyse the listing day gain, one month and one year capital
gain of IPOs. The results obtained from this article explains that average gain on the
day was 10.28%, whereas one month returns was 9.67% and one year gain was
10.30%. 80% big size IPOs are underpriced and 20% small IPOs are underpriced.
5. K. Hema Divya (2013): This paper will evaluate the IPOS market during the
financial year 2010-2011 and also to know about factors which are causing of IPOs
underpricing or overpricing in India. In this the data covers the IPOs of a range of
companies adopting the book building direction also faces underpricing. There is an
extent of over suBSEription of an IPO, which will examines the 1 st day gains and the
oversuBSEription leads to larger 1st day gains for the IPOs.

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6. Dr M. Appala Raju (2017): The aim of this article is to know about the influencing
factors of underpricing. The result shows that firms’ value, liquidity and market
conditions are plays a key role in influencing underpricing. After 2012 market
condition factor influenced the underpricing of IPOs which are. The co companies
which are issued IPOs after 2012, faced by a market condition factor, liquidity will
also determines the firms underpricing and the 3 rd factor is a combination of both the
factor.
7. Rohit Bansal et al. (2017): The paper attempts to analyse the extent of IPOs
underpricing and overpricing of IPOs which are coming through book building and
fixed price decision. The study concludes that both the book building and fixed price
options will provides different results and vital difference in level of magnitude of
underpricing in IPOs that which are priced in the course of book building with those
that are priced through the fixed price option.
8. Ravi Kumar et al. (2011): The present study has chosen to know about the
underpricing of IPOs in from listing day to the six months and later listing day to the
long period and also know about the stimulating factors of IPOs pricing performance.
Obtained results shows that the underpricing is more severe in short run that is from
listing day to the six months afterwards listing and subscription level , issue size,
listing lead time and age are the influencing factors for IPO pricing performance and
these factors will influence the listing day of the company performance.
9. Dr Pramod Kumar Upadhay (2016): The focus of this review is to check the
behaviour of IPOs during different periods. The study results concluded that are
fluctuations in returns of IPOs in short run and in ling run and Indian IPOs has both
characters that are underpricing and overpricing.
10. Mr. Salaj Das (2014): This article analyse the IPOs which are issued and traded on
NSE in the period 2001-2010 and 20 IPOs are selected in that 9 from boom period
and 11 from recession period. The results shows that there no major difference in
listing performance IPOs in boom and recession period.
11. Ms Madhuri Malhotra et al. (2015): The objective of this article is to know about
the how the IPOs are issued through book building in short run. And also know about
the 1st day returns of 288 book built IPOs in India for 7 years (2004-2010). The study
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concluded that IPOs are underpriced and over subscription and market fluctuations
are key factors stimulating underpricing of IPOs.
12. Arun Kumar Gopalaswamy et al. (2008): The objective of this article is to know
about variations in long run post issue performance of the IPOs which are issued in
primary market and that which are through the fixed price offer and book building
offer, also to check the underperformance of these to methods. The results concluded
that the IPOs issued through these two methods were shows that there is no variation
direction in short run and in long run, book building method performs well compared
to fixed price offer.
13. Prof. Sweety Nishant Shah et al. (2015): The objective of this review is to know
about the listing day performance, to know about the market adjusted abnormal return
in 1st day of trading and to identify the factors that are causing for listing day
performance. By taking 113 IPO sample from January 2010 to December 2014 which
are listed on NSE. The study concluded that there is average positive return in listing
day. The market adjusted abnormal return is 7.19%.
14. Disha Mehta et al. (2016): The aim this article is to check the presentation of IPOs
on listing day and also 3 years from listing day. And also know about the relationship
between the factors that affecting IPO performance and impact of grading
performance. The results shows that the IPOs are underpriced due to the over
expectation of investors and after this it will give the declining trend. Indian IPOs
provides very huge abnormal return over the 3 year after the issue of IPO.
15. Saravanan et al. (2014): This article analyse the listing day performance of 127 IPOs
which are issued during the period of 2008-2012 in NSE. The article results shows
that the market adjusted abnormal return is 7.5% which is lesser compared to previous
period and also there is vital difference relationship of underpricing and age, size of
the issue , delay of listing day performance and return day of the market trading not
shows the importance difference in degree of underpricing.
16. Seal et al. (2012): This article explores the long run arrangement of IPOs and also to
know about the seasonality equity offerings. The results concluded that 156.79% IPOs
are found that average 5 years buy and hold return as compared to the average return

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of seasonality offerings to be 427.33%which will demonstrates the long term

underperformance.
17. Lakshmi et al.(2016): This article aim is to analyse the pre and post issue of IPOs of
30 companies which are listed in NSE during 2005-2015. The gathered results
concluded that there is key vital difference in performance of IPOs and there is
difference in return of capital employed, profitability, market to book ratio and return
on asset performance of the firms.
18. Rames et al (2015): This review objective is to know about the price performance of
Indian IPOs listed on NSE, for this study 150 IPOs are taken as sample that are in
primary capital market during the period from May 2007 to December 2011. In this
review the short and long run performance of IPOs are examined by taking 1 month, 2
months, 6 months and 1year data of IPOs. The result found that overpricing is
prevalent in long run than in the short run.
19. Purnandam et al (2004): The aim of this article is to analyse the underpricing of
IPOs by studying more than 2000 firms from 1980 to 1997. The study concludes that
the IPOs are overvalued compared to the valuation based on the industry price and 1 st
day IPOs provides high return but later it will provides low long run stock adjusted
return.
20. Kumar (2010): This review explores the efficiency of IPOs by taking IPOs samples
which are listed from the 2003-2007 by considering issuer cost that are direct and
indirect costs. The review find conclusion that there is no difference in total cost
point of view and also there is no difference in book building or fixed price offerings.
However compared to the fixed price offering there high cost associated with book.
2.3STATEMENT OF THE PROBLEM

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The study is to conduct for the purpose is to know about the price performance of Indian
IPOs which are listed in NSE during 2016-2017. And also know about the underpricing and
overpricing of IPOs through short term and long term performance of IPOs i.e. (30 th day, 90th
day and 1 year) that which is listed during the period on 2016 to 2017.
2.4NEED FOR THE STUDY
 Through IPO company can increase public awareness and it can also generate
publicity by making their products known to a new customers.
 Through IPO company can gain huge profits by offering shares to public in primary
market.
 IPO boost the company reputation which in turn company can expand their market
position.
 To make IPO bidding and process information is available to everyone.
2.5OBJECTIVES OF THE STUDY
 To identify the extent of short run and long run under pricing of IPOs in India.
 To check the price performance of IPOs which are listed in NSE.
 To examine the factors causing IPO under Pricing.
 To know about the IPOs process.
2.6SCOPE OF THE STUDY
1. Study deals with IPO by company which were listed through NSE during 2016-17.
2. The study is mainly focus on the price performance of IPOs.
3. To measure the short term and long term IPOs which are listed in NSE.
2.7RESEARCH METHODOLOGY

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Research methodology is an efficient process of exploring new things or verifying historical

information.
1. Time and period of the study: To check the price performance of IPOs, the data has
been gathered from the IPOs which are issued during 2016-2017.
2. Data collection: TO collect the information about the IPOs which are issued during
2016-17, NSE official website is used for secondary data for market index data
collection and company’s brochure has revived for to collect the opening price and
closing price.
3. Sample selection: During 2016-17, 64 companies are issued IPOs are issued through
NSE market. In that 5 companies are taken as sample for analysis.
4. Sources of data: In this study to check the price performance of IPOs, the data used
is secondary data. The data is about listing day return (Ri), market return (Mi).
LIMITATIONS OF THE STUDY
 The study is limited to IPOs issued in the year 2016-17.
 The performance of IPOs is measured only based on the issue price, listing price and
price movements.
 The study is conducted for short span of time so the findings cannot be generated for
all times.
Some confidential information related to the IPOs is not included.

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Chapter scheme:
Chapter 1: Introduction
Introduction, Industry profile and Company profile: Promoters, vision, mission and
quality policy. Products / services profile, areas of operation, infrastructure facilities,
competitor’s information, SWOT analysis, future growth and prospectus
Chapter 2: Research design
Statement of the problem, Need for the study, Objectives, Scope of the study, Research
methodology, Chapter scheme.
Chapter 3: Conceptual background and literature review
Theoretical background of the study, literature review with research gap (with
maximum 0 literature reviews).
Chapter 4: Analysis and Interpretation
Analysis and interpretation of the data- collected with relevant tables and graphs,
results obtained by the using statistical tools must me included.
Chapter 5: Findings, Conclusion and Suggestions
Summary of findings, Conclusion and Suggestions / Recommendations
Bibliography. prospectus and financial statement.

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Chapter 3
COMPANY PROFILE:
BACKGROUND:
Dealmoney Securities PVT Ltd was established in the year 2006, Dealmoney is one of the
leading full financial service brokerage organizations in the country today. Dealmoney
mainly believes in creating the trust towards their client and customers as every business
relation is based on elation of trust.
Dealmoney strive to design solutions by getting a precise, complete understanding of their

customer’s needs, investment requirements, and capital protection. Their strategic business
branches remain focused on serving local individual customers with distinct needs and
preferences.
The organization is helmed by a professional, qualified team with great zeal. The company
has its headquarters in Mumbai and main branch is in Bangalore Mr. Mahendra Doshi is the
executive chairman, and CEO is Mr. Dishant sagwaria has 20years of experience on advising
business on valuations, mergers and acquisitions, and structuring of transactions. He is also
the former CEO of Ahmadabad and Vadodara stock Exchange.

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Company led by people with high acumen and ambition, Dealmoney believes that strong
relationships are based on trust. They aim to be not just an advisor, but a comrade to their
clients in the financial world. With over 450 dedicated employees present in 20 Indian states.
Dealmoney is promoted by new silk route – A leading Asia-focused growth capital PE firm
with over $1.5 billion under management. Dhanalakshmi Bank is amongst their esteemed
shareholders.
PROMOTERS:
Dealmoney Securities Private Ltd was promoted by skilled, qualified professionals.
Dishant sagwaria (President & CEO)
Dishant is an experienced individual when it comes to finances and knowing the markets
inside out. He has an extensive experience of over 20 years in the industry, and has been the
former CEO of the Ahmadabad Stock Exchange and Baroda Stock Exchange. Dishant has
also been the senior vice President of HSBC Invest Direct securities, and has also served as
the Vice President of IL&FS Invest smart Limited. He is proficient in advising business in
valuation, Mergers & Acquisitions and structuring of transactions.
Prasad Kambale (National Sales head – Retail Sales Channel)
Prasad comes with an extensive experience in the Indian Capital Markets, with expertise
across equities, commodities, currencies, mutual funds and wealth advisory. Prasad has 15
years of active industry experience in the financial services industry and has managed teams
across South India and believes in adding continuous value to all stakeholders.
Vikram Rathod (Director – Distribution Channel)
Vikram is an innovative, high-energy executive, having more than 14 years of experience in

financial services sector, having worked for organizations such as Dealmoney and Netambit.
He’s been spearheading the Dealmoney growth story for the last 6 years, having built its
Distribution team to a salesforce speading across India with more than 100 locations.
Manoj Chaudhary (National Sales head – Direct Channel)

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Manoj Chaudhary, a post graduate in business management from JBIMS, has rich experience
of more than 2 decades in the financial services industry, having senior management
assignments in various segments like – Retail assets, SME Funding, Structured Finance,
Distribution of financial products, Wealth Management, Equity Broking. In the past he has
the partnered with multiple large foreign banks and private sector banks. He has worked with
large financial services group at senior level assignments in Strategic Planning, Sales &
Marketing, and Business Development & Channel Management.
Amarpal Singh (National Sales Head – Derivative Channel)
Amarpal has done Master of Finance and Control (MFC). Amarpal brings with him rich
experience of over 13 years in Retail, HNI, franchisee and Corporate Sales worked with
Religare Securities Ltd., Indiabulls securities Ltd. and Consortium securities Ltd.
Michael Dsouza (Head – Operations and Risk Management)
With a masters Degree in Financial Management from Mumbai University, Michael has over
22 years of experience in the financial risk and compliance domain. He has also worked with
OTC Exchange of India, National Stock Exchange of India and Artha Broking Services Ltd.
(a Times Group Company).
VISION:
o To build a world-class, customer-centric financial service entity that accomplishes

the financial needs of ‘middle-class India’ with global processes.
o To focus on profitable growth
o To unlock potential across four dimensions: Individual, Team, customer and
Marketplace
o To foster strong, trustworthy relationships with our clients which are beyond finances
o To not only grow for our clients, but also grow with them
o To deliver the best possible results as per our clients’ needs
o To not only merely advise our clients about their investment plans, but also to
educate them.
MISSION:
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o To forge strong, sustained relationships with our clients by creating value for them
o To get a thorough insight into our clients’ financial needs and goals and offer
customized solutions
o Uphold clients’ trust in our product and services
o Strive to protect and increase clients’ capitals
o Enable transparent and knowledge based investment process and system
o Maximize profits and minimize risks for our clients
o Fostering a secured, welcoming financial environment
o Equipping our clients with the right kind of knowledge for attaining their financial
goals
QUALITY POLICY:
To achieve and retain leadership, Dealmoney aims for complete customer satisfaction, by
combining its human and technological resources, to provide superior quality financial
services, in the process; Dealmoney strives to exceed customer’s expectation.
Quality Objectives:
 Provide high quality of work life for all its employees and equip them with adequate
knowledge and skills so as to respond to customer’s needs.
 Use State-of-the art information technology in developing new and innovative
financial products and services to meet the changing needs of investors and clients.
 Strive to be a reliable source of value-edit products and services and constantly guide
the individual and institution in making judicious choices of same.
 Strive to keep all stakeholders (share holders, clients, investors, employees, suppliers
and regulatory authorities) proud and satisfy.

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PRODUCTS/ SERVICES PROFILE
PRODUCTS:
1. Equity: It is a total equity share capital of a company divided into equal units of
smaller denominations.
2. Commodity: Commodity market is a market that trades in primary economic sector
rather than did products.
3. Mutual fund: Mutual funds are pool of funds from multiple investors and invest these
in securities such as stocks, bonds, money-market instruments and other similar
assets.
4. Insurance: Insurance is a means of protection from financial loss. It is form of risk
management used to hedge against the risk of a contingent, uncertain loss.
SERVICES:
1. Advisory services:
 M & A advisory
 Financial advisory services
 Private equity transactions
2. Wealth management:
 Portfolio advisory services
 On-line mutual fund
 Insurance advisory
 Estate planning services
3. Mutual funds: mutual funds are extremely popular investment funds and it present
selection of schemes and different investment objectives. In order to offset potential
losses, the funds are well diversified. Mutual funds benefits are as follows:
 Professional management of funds
 Diversification of portfolio
 Low cost of investment
 Well regulated
 Highly liquid in nature
AREAS OF OPERATION:

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Dealmoney Securities Private Ltd has its headquarters in Mumbai and 800 locations with 20
branches throughout India. The company has its operation in different areas are:
Chandigarh, Jaipur, Lucknow, Ahmadabad, Kolkata, Nagpur, Bhubaneshwar, Hyderabad,

Bangalore, Davangere, Cochin, Chennai, Coimbatore, Delhi, Noida, Thane, Pune, Vadodara,
Vijayawada, Andheri, Salem, Ludhiana.
INFRASTRUCTURE FACILITIES:
Office environment:
The environment within the office makes the employees feel comfortable in working. The
friendly and cordial atmosphere at office is like a motivation for employees.
Interior and infrastructure:
The office is well furnished and has computer software on which price moments of the shares
are displayed.
Technology:
It is a web exchanging record through this one can purchase and offer shares in a minute from
one PC with web association. Individual can get association with its internet exchanging
gadgets that guides to take full control on his/her interests in securities.
COMPETITORS INFORMATION:
1. Angel Broking Private Ltd: The Angel Broking Private Ltd was established in 1987.
It is one of the leading brokerage firms which is situated in Mumbai, India.
2. HDFC Securities Ltd: HDFC Securities Ltd was founded in the year 2000. The
headquartered located in Mumbai, Maharashtra. It is one of the leading stock
brokerage firms in India.

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3. Karvy Stock Broking Ltd: It was established in the year 1982 and it is also a one of
the leading brokerage firm in India which is located in Hyderabad. The company’s
offices are located all over India.
4. Kotak securities Ltd: The Kotak Securities Ltd was established in the year 1994 and
it’s headquartered in Mumbai, Maharashtra. It is the subsidiary of Kotak Mahindra
Group and Corporate member of National Stock Exchange of India and Bombay
Stock Exchange.
5. Sharekhan Ltd: It is one of the top leading stock brokerage firms in India. It was
established in the year 2000 and its headquartered located in Mumbai.
6. India Infoline: India Infoline or IIFL is one of the leading full-service stock brokers.
It was incorporated in 1995 and located in Mumbai.
7. Motilal Oswal: Motilal Oswal or MOSL is one of the oldest Full-service stock
broking in India. It was established in the year 1987 and its headquartered located in
Mumbai.
8. Zerodha: It is a one of the leading brokerage firm which was incorporated in the year
2010 and headquartered located in Bengaluru.
SWOT ANALYSIS:
This technique is developed by Albert Humphrey, who led a research project at Stanford
University. SWOT analysis provides a good overview of whether the company’s overall
situation is in good position or not. A SWOT analysis is a tool which helps to know about the
Strengths, Weakness, Opportunities and threats involved in a business activity.
SWOT analysis groups key pieces of information into main categories:
1. Internal factors: The strengths and Weakness are internal to the company
2. External factors: The opportunities and Threats are external to the company.
STRNGTHS:
1. Dealmoney brand: The biggest strength is the brand value of the company. As
Dealmoney is one of the most leading companies and has more goodwill, it will
attract the more customers towards company.
2. Low prizing: The brokerage charge of Dealmoney is lower compare to the other
brokerage firms.
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3. Co-operative and experienced team: The biggest strength is co-operative and

experienced team. Because it will helps company to gain more profits and good name.
4. One stop shop for all the clients: it is the company which have umbrella of services to
its customers where they can get all services in one shop.
5. Sound financial position: Sound financial position will help company to compete with
other firms and get good place in the market.
6. The company has developed technology: Technology plays a very vital role in the
company. Without well developed technology company cannot do proper activities
and cannot compete with other firms.
7. Growing turnover: Growing turnover is the biggest advantage to the company.
WEAKNESSES:
1. Lack of awareness due to less advertisement: Dealmoney Company is not investing

more in advertisements this leads to less awareness about the company.
2. Low investment in research and development department.
3. Due to stock market fluctuations many people are hesitate to invest.
OPPORTUNITIES:
1. Attracting new customers through advertisement: Through advertisement company

can get many new customers it is the biggest opportunity.
2. Changing mind set of customers: Many people think that investing in securities is loss
making business, if company should change this mind set by showing good
performance.
3. Opening of new branches in many cities.
4. Via introduction of new products and schemes.
THREATS:
1. Entry of new foreign brokerage firms.

2. Competition from existing companies is a big disadvantage.
3. New government policies and regulations will effect more to company.
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4. Economic slowdown and recession in other countries will affect the company as
well as stock market.
FUTURE GROWTH AND PROSPECTS:
 It aims to meet new heights in terms of customer service with its new business
strategies.
 Opening of new branches to other areas.
 Dealmoney Securities Private Ltd is planning to increase share value of a company.
 Dealmoney Securities Private Ltd want be a good position in the stock market.

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Chapter 4
Data analysis and Interpretation
Underpricing and Overpricing:
In IPO when the offer price of new issue is less than the first trade it is called as IPO
underpriced. IPO under pricing can be calculated as percentage of difference between closing
price on listing date and from the offer price of the issue. And overpricing means the market
value of the issue is more than price of an IPO.

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MAER: If Market Adjusted Excess Return is higher than it indicates overpricing, if it is less
than the MAER it shows underpricing and if it is equal it shows it is moving along with
market.
IPO price performance. During 2016-2017 total 64 IPOs are issued through National Stock
Exchange (NSE) in that 5 companies as sample
Following are the names of the company which I have taken
1. HPLElectricandPowerLimited’s
2. PNBHOUSINGFINANCELIMITED (PNBHFL)
3. Quesscorp Limited
4. Healthcare Global Enterprises Limited
5. Equitas Holdings Limited (EHL)

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HPLElectricandPowerLimited’s:- manufactures and sells electric equipment under the HPL

brand in India and Internationally. The company operates through four segments: Metering,
Switchgear, Lighting & Electronics and Cables. It offers digital panel and energy, din rail and
single module, and multi-function meters, as well as load manager and demand controllers,
and power factor control regulators for industrial applications.
Table: 1 Table showing HPL Electric and Power Limited’s IPOs return
Date Open Close Return Date Open Close NSE MAER

Price Price Return
04-10-16 190 189.3 -36.84% 04-10-16 8770 8769.15 -0.0096 -36.22%
05-10-16 190.0 186.5 -186.79% 05-10-16 8806.35 8743.95 -0.7085 -397.83%
5
06-10-16 186.4 182.6 -206.49% 06-10-16 8768.7 8709.55 -0.6745 -427.22%
5
07-10-16 182.9 177.7 -286.96% 07-10-16 8721.7 8697.6 -0.2763 -358.35%
5
10-10-16 178.2 177.9 -19.64% 10-10-16 8735.35 8708.8 -0.3039 15.46%
5
13-10-16 176.9 171.6 -302.35% 13-10-16 8671.5 8573.35 -1.1318 1434.44%
5
14-10-16 172 174 116.28% 14-10-16 8594 8583.4 -0.1233 146.71%
17-10-16 175 168.8 -354.29% 17-10-16 8612.95 8520.4 -1.0745 3311.18%
18-10-16 170 168.9 -61.76% 18-10-16 8556.05 8677.9 1.4241 -84.23%
5
19-10-16 169.1 188.5 1146.91% 19-10-16 8697.5 8659.1 -0.4415 2132.63%
5 5
20-10-16 187.4 184.4 -157.42% 20-10-16 8693.35 8699.4 0.0695 -153.68%
5
21-10-16 185 185.8 43.24% 21-10-16 8708.6 8693.05 -0.1785 74.38%
24-10-16 186.8 184.9 -101.69% 24-10-16 8709.85 8708.95 -0.0103 -101.70%
5 5
25-10-16 185.2 183.1 -110.69% 25-10-16 8721.7 8691.3 -0.3485 -116.41%
5
26-10-16 183 178.9 -224.04% 26-10-16 8657.3 8615.25 -0.4857 -341.20%
27-10-16 178 175.4 -143.26% 27-10-16 8607.1 8615.25 0.0946 -139.52%
5

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28-10-16 174.8 175.6 45.77% 28-10-16 8625 8638 0.1507 26.67%

30-10-16 175.1 177.2 122.79% 30-10-16 8672.35 8625.7 -0.5379 382.14%
5
01-11-16 177.3 173.8 -197.35% 01-11-16 8653.15 8626.25 -0.3108 -241.26%
5 5
02-11-16 173 172.2 -46.24% 02-11-16 8542.8 8514 -0.3371 -18.90%
03-11-16 172.0 168.8 -188.90% 03-11-16 8499.85 8484.95 -0.1752 -207.79%
5
04-11-16 168.2 163.5 -279.35% 04-11-16 8503.6 8433.75 -0.8214 -1104.27%
5 5
07-11-16 165.3 165.0 -18.14% 07-11-16 8535.75 8497.05 -0.4533 49.75%
5 5
08-11-16 165.2 159.3 -357.03% 08-11-16 8540 8543.55 0.0415 -346.78%
5 5
09-11-16 157 149.4 -484.08% 09-11-16 8067.5 8432 4.5181 -169.60%
10-11-16 152.3 158.8 426.65% 10-11-16 8555.6 8525.75 -0.3488 708.85%
5 5
11-11-16 154.8 154.5 -19.38% 11-11-16 8456.65 8296.3 -1.8961 -189.96%
15-11-16 155.0 143 -777.17% 15-11-16 8284.85 8108.45 -2.1291 499.70%
5
16-11-16 147 132.5 -986.39% 16-11-16 8205.65 8111.6 -1.1461 5964.49%
17-11-16 132.5 125.9 -498.11% 17-11-16 8105.1 8079.95 -0.3102 -677.23%
18-11-16 128 100.7 - 18-11-16 8097.55 8074.1 -0.2895 -2955.98%
5 2128.91
%
21-11-16 96.1 90.7 -561.91% 21-11-16 8102.1 7929.1 -2.1352 306.88%
22-11-16 81.65 81.65 0.00% 22-11-16 7989.15 8002.3 0.1645 -14.13%
23-11-16 76.8 89.6 1666.67 23-11-16 8051.2 8033.3 -0.2223 2171.73%
%
24-11-16 88.55 87.2 -152.46% 24-11-16 8011.8 7965.5 -0.5778 -224.27%
25-11-16 87.8 88.25 51.25% 25-11-16 8007.95 8114.3 1.3280 -35.03%
28-11-16 89 89.95 106.74% 28-11-16 8080.65 8126.9 0.5723 31.49%
29-11-16 93.4 94.95 165.95% 29-11-16 8131.55 8142.15 0.1303 135.28%
30-11-16 95.95 95.6 -36.48% 30-11-16 8172.15 8224.5 0.6405 -61.28%
01-12-16 96 100 416.67% 01-12-16 8244 8192.9 -0.6198 1259.09%
02-12-16 99.7 108 832.50% 02-12-16 8153.55 8086.8 -0.8186 5042.31%
05-12-16 110.2 110.95 68.06% 05-12-16 8088.75 8128.75 0.4945 12.45%
06-12-16 111.7 106.8 -438.68% 06-12-16 8153.15 8143.15 -0.1226 -486.02%
07-12-16 108.7 105.3 -308.19% 07-12-16 8168.4 8102.05 -0.8122 -1209.01%
5
08-12-16 106.1 105.4 -61.26% 08-12-16 8152.1 8246.85 1.1622 -82.09%
5
09-12-16 107.3 104.4 -274.80% 09-12-16 8271.7 8261.75 -0.1202 -298.70%
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5
12-12-16 104.7 101.1 -343.68% 12-12-16 8230.65 8170.8 -0.7271 -993.11%
5 5
13-12-16 101 100.5 -44.55% 13-12-16 8196.15 8221.8 0.3129 -57.77%
5
14-12-16 102.2 99.8 -239.61% 14-12-16 8229.35 8182.45 -0.5699 -424.60%
5
15-12-16 99 99.55 55.56% 15-12-16 8128.4 8153.6 0.3100 18.74%
16-12-16 100.5 99.55 -94.53% 16-12-16 8178.2 8139.45 -0.4738 -89.60%
19-12-16 99.95 100.4 45.02% 19-12-16 8126 8104.35 -0.2664 97.69%
20-12-16 100.4 101.7 134.46% 20-12-16 8110.6 8082.4 -0.3476 259.44%
5
21-12-16 104 102.1 -182.69% 21-12-16 8105.85 8061.3 -0.5496 -283.60%
22-12-16 103 100.5 -242.72% 22-12-16 8043.85 7979.1 -0.8049 -831.75%
23-12-16 99.9 99.05 -85.09% 23-12-16 7972.5 7985.75 0.1661 -87.21%
26-12-16 99.45 95.5 -397.18% 26-12-16 7965.1 7908.25 -0.7137 -1138.16%
27-12-16 96.5 95.4 -113.99% 27-12-16 7915.05 8032.85 1.4883 -105.62%
28-12-16 95.5 94.95 -57.59% 28-12-16 8047.55 8034.85 -0.1578 -49.64%
29-12-16 95 96.35 142.11% 29-12-16 8030.6 8103.6 0.9090 26.82%
30-12-16 96.6 98.15 160.46% 30-12-16 8119.65 8185.8 0.8146 43.53%
02-01-17 98 98.6 61.22% 02-01-17 8210.1 8179.5 -0.3727 157.02%
03-01-17 99 100.5 151.52% 03-01-17 8196.05 8192.25 -0.0463 163.74%
04-01-17 100.8 100.4 -39.66% 04-01-17 8202.65 8190.5 -0.1481 -29.17%
5 5
05-01-17 101.7 101.6 -9.83% 05-01-17 8226.65 8273.8 0.5731 -42.68%
06-01-17 102 102.2 19.61% 06-01-17 8281.85 8243.8 -0.4594 121.27%
09-01-17 101.5 106.7 512.32% 09-01-17 8259.35 8236.05 -0.2821 752.93%
10-01-17 108 109.5 143.52% 10-01-17 8262.7 8288.6 0.3134 85.40%
5
11-01-17 110.4 110.75 31.70% 11-01-17 8327.8 8380.65 0.6346 -19.43%
12-01-17 109.6 114.4 433.20% 12-01-17 8391.05 8407.2 0.1924 347.14%
5
13-01-17 115 118.8 330.43% 13-01-17 8457.65 8400.35 -0.6774 1234.65%
16-01-17 119.4 119.65 20.94% 16-01-17 8390.95 8412.8 0.2603 -4.05%
17-01-17 120.8 116.65 -343.54% 17-01-17 8415.05 8398 -0.2026 -405.43%
18-01-17 115.6 118.2 224.91% 18-01-17 8403.85 8417 0.1564 180.95%
19-01-17 118 116.9 -93.22% 19-01-17 8418.4 8435.1 0.1983 -94.34%
20-01-17 116.6 113.55 -261.58% 20-01-17 8404.35 8349.35 -0.6544 -567.56%
23-01-17 114.4 118.05 319.06% 23-01-17 8329.6 8391.5 0.7431 140.40%
24-01-17 118.3 116.6 -143.70% 24-01-17 8407.05 8475.8 0.8177 -124.04%
25-01-17 117.15 116.55 -51.22% 25-01-17 8499.45 8602.75 1.2153 -77.98%
27-01-17 116.95 115.25 -145.36% 27-01-17 8610.5 8641.25 0.3571 -133.42%
30-01-17 115.2 114.35 -73.78% 30-01-17 8635.55 8632.75 -0.0324 -72.91%
31-01-17 114.8 112.25 -222.13% 31-01-17 8629.45 8561.3 -0.7897 -680.82%
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01-02-17 112.75 114.05 115.30% 01-02-17 8570.35 8716.4 1.7041 -20.38%

02-02-17 114 115.5 131.58% 02-02-17 8724.75 8734.25 0.1088 108.84%
03-02-17 115.85 114.6 -107.90% 03-02-17 8735.15 8740.95 0.0663 -107.41%
06-02-17 116.95 116.8 -12.83% 06-02-17 8785.45 8801.05 0.1775 -25.97%
07-02-17 118.5 116.75 -147.68% 07-02-17 8805.7 8768.3 -0.4247 -182.88%
08-02-17 116.85 116 -72.74% 08-02-17 8774.55 8769.05 -0.0626 -70.92%
09-02-17 116.4 119.3 249.14% 09-02-17 8795.55 8778.4 -0.1949 333.71%
10-02-17 120.2 119.35 -74.84% 10-02-17 8812.35 8793.55 -0.2133 -68.02%
5
13-02-17 120 117.05 -245.83% 13-02-17 8819.8 8805.05 -0.1672 -275.12%
14-02-17 117 116.8 -17.09% 14-02-17 8819.9 8792.3 -0.3129 20.67%
15-02-17 116.7 113 -317.05% 15-02-17 8778.95 8724.7 -0.6179 -668.13%
16-02-17 107 113.4 598.13% 16-02-17 8739 8778 0.4462 382.71%
17-02-17 114.45 114.25 -17.47% 17-02-17 8883.7 8821.7 -0.6979 173.18%
20-02-17 114.25 114.75 43.76% 20-02-17 8818.55 8879.2 0.6877 -14.82%
21-02-17 114.85 114.35 -43.54% 21-02-17 8890.75 8907.85 0.1923 -52.64%
22-02-17 114.55 114.4 -13.09% 22-02-17 8931.6 8926.9 -0.0526 -8.27%
23-02-17 114.25 113.35 -78.77% 23-02-17 8956.4 8939.5 -0.1886 -73.84%
27-02-17 113.8 112.5 -114.24% 27-02-17 8943.7 8896.7 -0.5255 -130.00%
28-02-17 112.5 111.4 -97.78% 28-02-17 8898.95 8879.6 -0.2174 -97.16%
01-03-17 112.45 110.3 -191.20% 01-03-17 8904.4 8945.8 0.4649 -162.25%
02-03-17 111.05 109.1 -175.60% 02-03-17 8982.85 8899.75 -0.9250 -1109.25%
03-03-17 109 108.4 -50.46% 03-03-17 8883.5 8897.55 0.1581 -57.22%
5
06-03-17 108.6 108.7 13.81% 06-03-17 8915.1 8963.45 0.5423 -26.21%
5
07-03-17 109.3 108.4 -86.88% 07-03-17 8977.75 8946.9 -0.3436 -80.01%
5
08-03-17 108.3 108.6 32.32% 08-03-17 8950.7 8924.3 -0.2949 87.67%
5
09-03-17 108 107.2 -74.07% 09-03-17 8914.5 8927 0.1402 -77.26%
10-03-17 108.8 107.1 -160.77% 10-03-17 8953.7 8934.55 -0.2138 -177.31%
5
14-03-17 109.6 106.2 -305.66% 14-03-17 9091.65 9087 -0.0511 -316.74%
5
15-03-17 106.9 105.3 -154.28% 15-03-17 9086.85 9084.8 -0.0225 -155.53%
5
16-03-17 105.8 107.7 184.31% 16-03-17 9129.65 9153.7 0.2634 125.03%
5
17-03-17 108.2 105.9 -212.57% 17-03-17 9207.8 9160.05 -0.5185 -333.83%
20-03-17 105.9 105.9 -4.72% 20-03-17 9166.95 9126.85 -0.4374 69.37%
5
21-03-17 106.1 104.8 -122.47% 21-03-17 9133.95 9121.5 -0.1363 -126.01%

38
BANGALORE
5 5
22-03-17 104.1 104.6 52.83% 22-03-17 9047.2 9030.45 -0.1851 87.56%
5
23-03-17 104.5 103.4 -100.48% 23-03-17 9048.75 9086.3 0.4149 -100.34%
5
24-03-17 106 114.6 811.32% 24-03-17 9104 9108 0.04393 772.97%
27-03-17 114.5 113.1 -122.27% 27-03-17 9093.45 9045.2 -0.5306 -147.45%
28-03-17 113.3 114.35 92.67% 28-03-17 9081.5 9100.8 0.2125 58.90%
29-03-17 115 114.6 -34.78% 29-03-17 9128.7 9143.8 0.1654 -44.04%
30-03-17 114.8 114.05 -65.33% 30-03-17 9142.6 9173.75 0.3407 -74.14%
31-03-17 114.8 119.05 370.21% 31-03-17 9158.9 9173.75 0.1621 304.61%
03-04-17 119.7 125.7 501.25% 03-04-17 9220.6 9237.85 0.1870 406.50%
05-04-17 129 133.8 372.09% 05-04-17 9264.4 9265.15 0.0080 368.30%
06-04-17 132.5 138.1 418.71% 06-04-17 9245.8 9261.95 0.1746 341.58%
5
07-04-17 138 134.2 -275.36% 07-04-17 9223.7 9198.3 -0.2753 -342.01%
10-04-17 136 136.8 58.82% 10-04-17 9225.6 9181.45 -0.4785 204.59%
11-04-17 137 136.7 -21.90% 11-04-17 9184.55 9237 0.5710 -50.29%
12-04-17 137 136.7 -18.25% 12-04-17 9242.5 9203.45 -0.4225 41.56%
5
13-04-17 136.9 136.9 -3.65% 13-04-17 9202.5 9150.8 -0.5618 119.88%
5
17-04-17 136 127.7 -610.29% 17-04-17 9144.75 9139.3 -0.0595 -642.63%
18-04-17 130.3 128.9 -107.44% 18-04-17 9163 9105.15 -0.6313 -120.19%
19-04-17 127.2 126 -94.34% 19-04-17 9112.2 9103.5 -0.0954 -93.74%
20-04-17 127.4 132.3 384.62% 20-04-17 9108.1 9136.4 0.3107 269.73%
21-04-17 133.5 133.2 -18.73% 21-04-17 9179.1 9119.4 -0.6503 132.47%
5
24-04-17 134.2 131.1 -230.91% 24-04-17 9135.35 9217.95 0.9041 -168.75%
5 5
25-04-17 132.1 130.3 -136.26% 25-04-17 9273.05 9306.6 0.3618 -126.63%
26-04-17 131.2 132.8 118.10% 26-04-17 9336.2 9351.85 0.1676 86.79%
5
27-04-17 133.3 130.9 -183.73% 27-04-17 9359.15 9342.15 -0.1816 -202.31%
5
28-04-17 131.9 131.4 -37.89% 28-04-17 9340.95 9304.05 -0.3950 2.66%
5 5
02-05-17 133.9 131.6 -175.44% 02-05-17 9339.85 9313.8 -0.2789 -204.62%
5
03-05-17 132.1 131.5 -45.42% 03-05-17 9344.7 9311.95 -0.3504 -15.97%
04-05-17 133.4 133.8 33.73% 04-05-17 9360.95 9359.9 -0.0112 35.25%
5
05-05-17 133.8 129.4 -325.11% 05-05-17 9374.55 9285.3 -0.9520 -4794.30%

39
BANGALORE
5
08-05-17 130.6 132.4 137.77% 08-05-17 9311.45 9314.05 0.0279 131.31%
5 5
09-05-17 133.3 134.2 67.49% 09-05-17 9337.35 9316.85 -0.2195 114.61%
5 5
10-05-17 134.1 134.1 3.73% 10-05-17 9339.65 9407.3 0.7243 -39.84%
5
11-05-17 134 134 0.00% 11-05-17 9448.6 9422.4 -0.2772 38.37%
12-05-17 133 131.6 -105.26% 12-05-17 9436.65 9400.9 -0.3788 -108.47%
15-05-17 130.6 134.6 306.16% 15-05-17 9433.55 9445.4 0.1256 260.84%
5 5
16-05-17 134.5 135.7 89.22% 16-05-17 9461 9512.25 0.5416 22.73%
17-05-17 135 141.9 511.11% 17-05-17 9517.6 9525.75 0.0856 462.91%
18-05-17 140.2 136.7 -246.08% 18-05-17 9453.2 9429.45 -0.2512 -295.09%
5
19-05-17 138.5 137.3 -83.03% 19-05-17 9469.9 9427.9 -0.4435 -69.51%
5
22-05-17 138.2 139.0 61.51% 22-05-17 9480.25 9438.25 -0.4430 189.97%
5
23-05-17 139.5 122.8 - 23-05-17 9445.05 9386.15 -0.6236 -3005.34%
5 1193.55%
24-05-17 124.7 118.45 -505.01% 24-05-17 9410.9 9360.55 -0.5350 -971.02%
5
25-05-17 119.65 122.5 242.37% 25-05-17 9384.05 9509.75 1.3395 46.34%
5
26-05-17 123.2 125.5 190.75% 26-05-17 9507.75 9595.1 0.9187 51.53%
5
29-05-17 126 120.7 -420.63% 29-05-17 9560.05 9604.9 0.4691 -318.25%
30-05-17 120.8 120.8 4.14% 30-05-17 9590.65 9624.55 0.3534 -23.06%
5
31-05-17 120.1 118.9 -99.92% 31-05-17 9636.55 9621.25 -0.1587 -99.90%
01-06-17 119 118.3 -58.82% 01-06-17 9603.55 9616.1 0.1306 -63.58%
02-06-17 121 119.6 -115.70% 02-06-17 9657.15 9653.5 -0.0377 -116.32%
05-06-17 120.8 118.65 -177.98% 05-06-17 9656.3 9675.1 0.1946 -165.27%
06-06-17 120.4 118.05 -199.25% 06-06-17 9704.25 9637.15 -0.6914 -421.67%
5
07-06-17 119 118.1 -75.63% 07-06-17 9663.95 9663.9 -0.0005 -75.62%
08-06-17 118.15 118.35 16.93% 08-06-17 9682.4 9647.25 -0.3630 83.57%
09-06-17 118.1 122.7 389.50% 09-06-17 9638.55 9668.25 0.3081 274.20%
12-06-17 122 120 -163.93% 12-06-17 9646.7 9616.4 -0.3140 -193.21%
13-06-17 119.5 119.4 -8.37% 13-06-17 9615.55 9606.9 -0.0899 0.69%
14-06-17 120 119.45 -45.83% 14-06-17 9621.55 9618.15 -0.0353 -43.85%
15-06-17 119.6 133.0 1124.58% 15-06-17 9617.9 9578.05 -0.4143 1990.91%

40
BANGALORE
5
16-06-17 134 132.2 -130.60% 16-06-17 9595.45 9588.05 -0.0771 -133.15%
5
19-06-17 131.3 131.8 38.07% 19-06-17 9626.4 9657.55 0.3235 4.31%
5 5
20-06-17 132.5 129.6 -218.79% 20-06-17 9670.5 9653.5 -0.1757 -244.12%
5 5
21-06-17 129.7 132.7 235.16% 21-06-17 9648.1 9633.6 -0.1502 294.44%
5
22-06-17 133.2 134.5 97.60% 22-06-17 9642.65 9630 -0.1311 127.43%
23-06-17 135 129.5 -407.41% 23-06-17 9643.25 9574.95 -0.7082 -1153.73%
27-06-17 129.5 131.1 127.41% 27-06-17 9594.05 9511.4 -0.8614 1541.63%
5
28-06-17 130.5 133.6 241.38% 28-06-17 9520.2 9491.25 -0.3040 390.55%
5
29-06-17 136 131.8 -305.15% 29-06-17 9522.95 9504.1 -0.1979 -355.78%
5
30-06-17 131.9 128.7 -238.82% 30-06-17 9478.5 9520.9 0.4473 -195.91%
5
03-07-17 128.7 130.4 132.04% 03-07-17 9587.95 9615 0.2821 80.98%
5 5
04-07-17 130.9 130.0 -64.94% 04-07-17 9645.9 9613.3 -0.3379 -47.03%
5
05-07-17 130.2 130.2 0.00% 05-07-17 9619.75 9637.6 0.1855 -15.65%
5 5
06-07-17 130.2 129.5 -49.92% 06-07-17 9653.6 9674.55 0.2170 -58.85%
5
07-07-17 130.1 132.7 203.69% 07-07-17 9670.35 9665.8 -0.0470 218.68%
5
10-07-17 134.4 133.9 -37.19% 10-07-17 9719.3 9771.05 0.5324 -59.01%
5 5
11-07-17 132.1 134.3 166.54% 11-07-17 9797.45 9786.05 -0.1163 201.64%
12-07-17 134.8 133.9 -66.74% 12-07-17 9807.3 9816.1 0.0897 -69.48%
5 5
13-07-17 133.9 134 3.73% 13-07-17 9855.8 9891.7 0.3642 -23.96%
5
14-07-17 134.4 134.6 11.16% 14-07-17 9913.3 9886.35 -0.2718 52.66%
5
17-07-17 135.8 132.6 -235.64% 17-07-17 9908.15 9915.95 0.0787 -225.74%
18-07-17 132.1 128.5 -268.74% 18-07-17 9832.7 9827.15 -0.0564 -278.83%
5
19-07-17 129.6 128.3 -96.45% 19-07-17 9855.95 9899.6 0.4428 -97.54%

41
BANGALORE
5
20-07-17 129.5 132.2 212.36% 20-07-17 9920.2 9873.3 -0.4727 492.45%
5
21-07-17 132.8 133.4 45.18% 21-07-17 9899.6 9915.25 0.1580 25.36%
24-07-17 133.8 131.9 -138.27% 24-07-17 9936.8 9966.4 0.2978 -129.48%
5
25-07-17 132.0 131.2 -60.58% 25-07-17 10010.5 9964.55 -0.4595 -27.07%
5 5 5
26-07-17 131.8 130.7 -83.43% 26-07-17 9983.65 10020.6 0.3706 -87.91%
5 5 5
27-07-17 130.8 129 -141.38% 27-07-17 10063.2 10020.5 -0.4243 -171.89%
5 5 5
28-07-17 127.7 128.5 62.65% 28-07-17 9996.55 10014.5 0.1795 37.89%
31-07-17 129.6 127.3 -181.26% 31-07-17 10034.7 10077.1 0.4225 -157.12%
5
01-08-17 127.5 127.1 -27.45% 01-08-17 10101.0 10114.65 0.1346 -36.06%
5 5
02-08-17 127.1 125.1 -157.29% 02-08-17 10136.3 10081.5 -0.5406 -224.72%
5 5
03-08-17 125.1 123.8 -99.92% 03-08-17 10081.1 10013.6 -0.6695 -99.76%
5 5 5
04-08-17 124.2 124.3 12.08% 04-08-17 10008.6 10066.4 0.5775 -28.95%
5
07-08-17 122.4 123.7 110.29% 07-08-17 10074.8 10057.4 -0.1727 154.20%
5
08-08-17 123 121.6 -113.82% 08-08-17 10068.3 9978.55 -0.8919 -227.86%
5
09-08-17 121.3 122.7 111.25% 09-08-17 9961.15 9908.05 -0.5330 352.42%
5
10-08-17 124.9 119.9 -400.32% 10-08-17 9872.85 9820.25 -0.5327 -742.77%
11-08-17 116 118.3 198.28% 11-08-17 9712.15 9710.8 -0.0139 202.48%
14-08-17 119.1 121.3 184.72% 14-08-17 9755.75 9794.15 0.3936 104.30%
16-08-17 126.9 130.2 256.01% 16-08-17 9825.85 9897.3 0.7271 106.12%
5
17-08-17 130.4 136.1 440.95% 17-08-17 9945.55 9904.15 -0.4162 826.71%
5
18-08-17 140.9 138.7 -156.14% 18-08-17 9865.95 9837.4 -0.2893 -179.00%
21-08-17 139.9 135 -353.70% 21-08-17 9864.25 9754.35 -1.1141 2123.00%
5
22-08-17 135.7 133 -202.58% 22-08-17 9815.75 9765.55 -0.5114 -309.95%
5
23-08-17 133.9 137.3 253.92% 23-08-17 9803.05 9852.5 0.5044 135.25%

42
BANGALORE
24-08-17 136.7 132.5 -310.79% 24-08-17 9881.2 9857.05 -0.2444 -378.97%

5
28-08-17 132.5 128.9 -267.92% 28-08-17 9907.15 9912.8 0.0570 -258.86%
5
29-08-17 128.2 127.3 -70.20% 29-08-17 9886.4 9796.05 -0.9138 246.00%
30-08-17 128.4 128.8 31.14% 30-08-17 9859.5 9884.4 0.2525 4.70%
5 5
31-08-17 130 127.8 -169.23% 31-08-17 9905.7 9917.9 0.1231 -161.64%
01-09-17 128.2 129.7 116.96% 01-09-17 9937.65 9974.4 0.3698 58.39%
5 5
04-09-17 129 131.4 189.92% 04-09-17 9984.15 9912.85 -0.7141 914.18%
5
Consolidated Report of HPL Limited
Return MAER
-
30th day 984.39 30th day 5964.49
price % price %
90th day 249.14 90th day
price % price 333.71%
189.92
1 year price % 1 year price 914.18%
Analysis:
In this above table shows the return on the investment.
 At 30th day return is 984.39% and MAER is 5964.49%.

 At the period of 1 year the return is 189.92% and MAER is 914.18%.

43
BANGALORE
HPL Limited
250
200
150 Open Price

Close Price
Axis Title 100
Return
50
0
10-May-16 22-Sep-17 04-Feb-19
-50
Axis Title
Graph number 4.1
Interpretation: The above graph 4.1 shows the Company return and 03ket adjusted excess
return. By using the table results I conclude that HPL Limited’s IPO was underpriced or
overpriced. In short run MAER is higher so it indicates that IPO was overpriced in short run,
In 90th day performance also MAER is higher and I shows that it is overpriced and in long run
also MAER shows that it is overpriced.

44
BANGALORE
PNBHOUSINGFINANCELIMITED (PNBHFL):- is a 32 years old public sector Housing

Finance Company (HFC), head quartered in New Delhi with branches in major cities across
India. The company is promoted by Punjab National Bank and is registered with state owned
bank and regulation authority of India – National Housing Bank (NHB). The company
provides housing loans & loan against property as a part of its product portfolio and also
holds the license to accept public deposits.
Table: 2TableshowingPNBHousingFinanceLimited’sIPOReturns

Price Price Return
07-11-16 139.1 140.45 97.05% 07-11-16 8535.75 8497.05 -0.4533 260.50%
08-11-16 139.9 140.6 46.45% 08-11-16 8540 8543.55 0.0415 40.60%
5
09-11-16 129 142.2 1023.26 09-11-16 8067.5 8432 4.5181 103.56%
%
10-11-16 147 159.3 836.73% 10-11-16 8555.6 8525.75 -0.3488 1338.68%
11-11-16 157.4 155.7 -111.15% 11-11-16 8456.65 8296.3 -1.8961 -87.56%
5
45
BANGALORE
15-11-16 157 154.7 -146.50% 15-11-16 8284.85 8108.45 -2.1291 -58.82%

16-11-16 158.5 148.8 -611.99% 16-11-16 8205.65 8111.6 -1.1461 3402.89%
17-11-16 149.6 147.6 -136.99% 17-11-16 8105.1 8079.95 -0.3102 -153.63%
5
18-11-16 148.7 149.75 70.61% 18-11-16 8097.55 8074.1 -0.2895 140.16%
21-11-16 150.9 136.45 -960.58% 21-11-16 8102.1 7929.1 -2.1352 658.06%
5
22-11-16 138.7 137.4 -97.30% 22-11-16 7989.15 8002.3 0.1645 -97.68%
5
23-11-16 138.5 137.5 -72.20% 23-11-16 8051.2 8033.3 -0.2223 -64.26%
24-11-16 135.8 137.85 150.96% 24-11-16 8011.8 7965.5 -0.5778 494.54%
25-11-16 139.2 140.3 79.02% 25-11-16 8007.95 8114.3 1.3280 -23.10%
28-11-16 134.7 137.1 178.17% 28-11-16 8080.65 8126.9 0.5723 76.92%
29-11-16 137 136.1 -65.69% 29-11-16 8131.55 8142.15 0.1303 -69.65%
30-11-16 136.8 138.15 98.68% 30-11-16 8172.15 8224.5 0.6405 21.11%
01-12-16 138.9 136.35 -187.12% 01-12-16 8244 8192.9 -0.6198 -329.16%
5
02-12-16 135.4 134 -103.40% 02-12-16 8153.55 8086.8 -0.8186 -118.73%
05-12-16 133.5 135.65 161.05% 05-12-16 8088.75 8128.75 0.4945 74.67%
06-12-16 136.9 134.05 -211.76% 06-12-16 8153.15 8143.15 -0.1226 -227.38%
5
07-12-16 134.9 131.4 -259.45% 07-12-16 8168.4 8102.05 -0.8122 -949.40%
08-12-16 132.5 133.1 45.28% 08-12-16 8152.1 8246.85 1.1622 -32.81%
09-12-16 133.9 135.2 93.32% 09-12-16 8271.7 8261.75 -0.1202 119.75%
5
12-12-16 135 130.85 -307.41% 12-12-16 8230.65 8170.8 -0.7271 -860.18%
13-12-16 130.8 129.4 -110.81% 13-12-16 8196.15 8221.8 0.3129 -108.24%
5
14-12-16 129.7 127.1 -204.24% 14-12-16 8229.35 8182.45 -0.5699 -342.37%
5
15-12-16 125.5 126.3 63.75% 15-12-16 8128.4 8153.6 0.3100 24.99%
16-12-16 126.5 125.25 -98.81% 16-12-16 8178.2 8139.45 -0.4738 -97.75%
19-12-16 125.1 124.35 -59.95% 19-12-16 8126 8104.35 -0.2664 -45.41%
20-12-16 124.9 121.45 -276.22% 20-12-16 8110.6 8082.4 -0.3476 -370.15%
21-12-16 121.7 120.55 -94.49% 21-12-16 8105.85 8061.3 -0.5496 -87.78%
22-12-16 120 119.4 -50.00% 22-12-16 8043.85 7979.1 -0.8049 156.36%
23-12-16 119.45 120 46.04% 23-12-16 7972.5 7985.75 0.1661 25.23%
26-12-16 119.5 115.05 -372.38% 26-12-16 7965.1 7908.25 -0.7137 -1051.53%
27-12-16 114.6 116 122.16% 27-12-16 7915.05 8032.85 1.4883 -10.72%
28-12-16 116.8 113.95 -244.01% 28-12-16 8047.55 8034.85 -0.1578 -270.99%
29-12-16 113.45 113.15 -26.44% 29-12-16 8030.6 8103.6 0.9090 -61.47%
30-12-16 113 115.45 216.81% 30-12-16 8119.65 8185.8 0.8146 74.58%
02-01-17 117 115.6 -119.66% 02-01-17 8210.1 8179.5 -0.3727 -131.34%
03-01-17 115.45 118.05 225.21% 03-01-17 8196.05 8192.25 -0.0463 241.02%
46
BANGALORE
04-01-17 118.4 115.25 -266.05% 04-01-17 8202.65 8190.5 -0.1481 -294.92%

05-01-17 116.65 117.65 85.73% 05-01-17 8226.65 8273.8 0.5731 18.06%
06-01-17 118.15 119.05 76.17% 06-01-17 8281.85 8243.8 -0.4594 225.91%
09-01-17 119.75 119.75 0.00% 09-01-17 8259.35 8236.05 -0.2821 39.30%
10-01-17 120.9 119.4 -128.15% 10-01-17 8262.7 8288.6 0.3134 -121.43%
5
11-01-17 120.6 123.6 248.76% 11-01-17 8327.8 8380.65 0.6346 113.36%
12-01-17 124.2 126 140.85% 12-01-17 8391.05 8407.2 0.1924 101.97%
5
13-01-17 126 125.1 -71.43% 13-01-17 8457.65 8400.35 -0.6774 -11.41%
16-01-17 124.3 128.7 349.82% 16-01-17 8390.95 8412.8 0.2603 256.89%
5
17-01-17 129.9 130.25 26.94% 17-01-17 8415.05 8398 -0.2026 59.20%
18-01-17 130.8 130.35 -38.21% 18-01-17 8403.85 8417 0.1564 -46.57%
5
19-01-17 130.5 132.25 130.22% 19-01-17 8418.4 8435.1 0.1983 92.11%
5
20-01-17 131.8 127.95 -292.11% 20-01-17 8404.35 8349.35 -0.6544 -655.91%
23-01-17 127.2 129.75 200.47% 23-01-17 8329.6 8391.5 0.7431 72.37%
24-01-17 130.4 131.4 76.69% 24-01-17 8407.05 8475.8 0.8177 -2.80%
25-01-17 131.7 133.25 117.69% 25-01-17 8499.45 8602.75 1.2153 -1.74%
27-01-17 134.2 137.35 234.72% 27-01-17 8610.5 8641.25 0.3571 146.64%
30-01-17 137.4 137.65 14.55% 30-01-17 8635.55 8632.75 -0.0324 18.39%
5
31-01-17 137.9 135.55 -170.41% 31-01-17 8629.45 8561.3 -0.7897 -434.88%
01-02-17 136.7 140.55 281.64% 01-02-17 8570.35 8716.4 1.7041 41.13%
02-02-17 140.6 142.6 142.25% 02-02-17 8724.75 8734.25 0.1088 118.46%
03-02-17 142.9 150.15 503.67% 03-02-17 8735.15 8740.95 0.0663 466.09%
5
06-02-17 152.5 149.2 -216.39% 06-02-17 8785.45 8801.05 0.1775 -198.84%
07-02-17 149.9 151.65 113.37% 07-02-17 8805.7 8768.3 -0.4247 270.90%
5
08-02-17 151.9 149.9 -134.91% 08-02-17 8774.55 8769.05 -0.0626 -137.25%
5
09-02-17 150 144.65 -356.67% 09-02-17 8795.55 8778.4 -0.1949 -418.83%
10-02-17 145.3 145.1 -13.76% 10-02-17 8812.35 8793.55 -0.2133 9.62%
13-02-17 145.7 142.35 -229.92% 13-02-17 8819.8 8805.05 -0.1672 -256.02%
14-02-17 142.9 144.05 80.48% 14-02-17 8819.9 8792.3 -0.3129 162.67%
15-02-17 143.7 139.8 -271.40% 15-02-17 8778.95 8724.7 -0.6179 -548.64%
16-02-17 140.7 140.95 17.77% 16-02-17 8739 8778 0.4462 -18.57%
17-02-17 142.0 140.25 -126.72% 17-02-17 8883.7 8821.7 -0.6979 -188.44%
5
20-02-17 140.2 143.05 199.64% 20-02-17 8818.55 8879.2 0.6877 77.54%

47
BANGALORE
5
21-02-17 143.7 143.8 6.96% 21-02-17 8890.75 8907.85 0.1923 -10.29%
22-02-17 144 141.95 -142.36% 22-02-17 8931.6 8926.9 -0.0526 -144.71%
23-02-17 142.2 140.15 -144.16% 23-02-17 8956.4 8939.5 -0.1886 -154.43%
27-02-17 140 139.65 -25.00% 27-02-17 8943.7 8896.7 -0.5255 58.06%
28-02-17 140 141.4 100.00% 28-02-17 8898.95 8879.6 -0.2174 155.57%
01-03-17 142 142.65 45.77% 01-03-17 8904.4 8945.8 0.4649 -0.49%
02-03-17 143.6 139.25 -306.30% 02-03-17 8982.85 8899.75 -0.9250 -2854.20%
5
03-03-17 139 139.95 68.35% 03-03-17 8883.5 8897.55 0.1581 45.36%
06-03-17 140.6 141.55 63.99% 06-03-17 8915.1 8963.45 0.5423 6.32%
5
07-03-17 142.9 141.5 -97.97% 07-03-17 8977.75 8946.9 -0.3436 -96.91%
08-03-17 141.5 141.25 -17.67% 08-03-17 8950.7 8924.3 -0.2949 16.77%
09-03-17 140.9 141.15 17.74% 09-03-17 8914.5 8927 0.1402 3.26%
10-03-17 142.2 141.7 -35.16% 10-03-17 8953.7 8934.55 -0.2138 -17.52%
14-03-17 145 143.8 -82.76% 14-03-17 9091.65 9087 -0.0511 -81.83%
15-03-17 143 145.4 167.83% 15-03-17 9086.85 9084.8 -0.0225 174.01%
16-03-17 146.5 148.2 116.04% 16-03-17 9129.65 9153.7 0.2634 71.00%
17-03-17 148.8 144.8 -268.82% 17-03-17 9207.8 9160.05 -0.5185 -450.67%
20-03-17 144.5 145.2 48.44% 20-03-17 9166.95 9126.85 -0.4374 163.87%
21-03-17 145.3 142.85 -172.00% 21-03-17 9133.95 9121.5 -0.1363 -183.36%
5
22-03-17 140.7 136.4 -305.61% 22-03-17 9047.2 9030.45 -0.1851 -352.33%
23-03-17 136.5 135.85 -51.26% 23-03-17 9048.75 9086.3 0.4149 -65.56%
5
24-03-17 136.4 141.5 373.90% 24-03-17 9104 9108 0.0439 353.95%
27-03-17 141.3 147.25 417.40% 27-03-17 9093.45 9045.2 -0.5306 1002.27%
5
28-03-17 148.1 148.8 47.27% 28-03-17 9081.5 9100.8 0.2125 21.45%
29-03-17 149 148.85 -10.07% 29-03-17 9128.7 9143.8 0.1654 -22.83%
30-03-17 149 153.2 281.88% 30-03-17 9142.6 9173.75 0.3407 184.83%
31-03-17 152.5 149.9 -170.49% 31-03-17 9158.9 9173.75 0.1621 -160.66%
03-04-17 151.9 149.95 -128.37% 03-04-17 9220.6 9237.85 0.1870 -123.90%
05-04-17 150.7 151.2 33.18% 05-04-17 9264.4 9265.15 0.0080 32.11%
06-04-17 150.4 151.55 73.11% 06-04-17 9245.8 9261.95 0.1746 47.37%
5
07-04-17 150.8 149.45 -92.81% 07-04-17 9223.7 9198.3 -0.2753 -90.07%
5
10-04-17 149.4 152.25 190.76% 10-04-17 9225.6 9181.45 -0.4785 457.62%
11-04-17 152.4 158.25 383.86% 11-04-17 9184.55 9237 0.5710 207.98%
12-04-17 158 158.8 50.63% 12-04-17 9242.5 9203.45 -0.4225 160.84%
13-04-17 158.1 156.3 -113.85% 13-04-17 9202.5 9150.8 -0.5618 -131.61%
17-04-17 156.3 158.8 159.95% 17-04-17 9144.75 9139.3 -0.0595 176.42%
48
BANGALORE
18-04-17 158.7 155.9 -179.53% 18-04-17 9163 9105.15 -0.6313 -315.72%

5
19-04-17 156.6 153.2 -220.24% 19-04-17 9112.2 9103.5 -0.0954 -232.93%
5
20-04-17 154.1 154.85 48.67% 20-04-17 9108.1 9136.4 0.3107 13.43%
21-04-17 155.9 154.9 -64.14% 21-04-17 9179.1 9119.4 -0.6503 2.56%
24-04-17 155.4 155.15 -19.30% 24-04-17 9135.35 9217.95 0.9041 -57.62%
5
25-04-17 156.6 161.1 287.36% 25-04-17 9273.05 9306.6 0.3618 184.44%
26-04-17 161.9 167.15 321.09% 26-04-17 9336.2 9351.85 0.1676 260.63%
5
27-04-17 165.7 164.7 -63.35% 27-04-17 9359.15 9342.15 -0.1816 -55.21%
5
28-04-17 165.3 168.85 214.76% 28-04-17 9340.95 9304.05 -0.3950 420.30%
02-05-17 170 170.7 41.18% 02-05-17 9339.85 9313.8 -0.2789 95.78%
03-05-17 172 174.9 168.60% 03-05-17 9344.7 9311.95 -0.3504 313.53%
04-05-17 178.5 179.45 53.22% 04-05-17 9360.95 9359.9 -0.0112 54.96%
05-05-17 181.7 174.3 -409.90% 05-05-17 9374.55 9285.3 -0.9520 -6562.48%
5
08-05-17 174.4 176.1 94.58% 08-05-17 9311.45 9314.05 0.0279 89.30%
5
09-05-17 177 173.6 -192.09% 09-05-17 9337.35 9316.85 -0.2195 -218.00%
10-05-17 174 172.15 -106.32% 10-05-17 9339.65 9407.3 0.7243 -103.67%
11-05-17 172.6 172 -34.76% 11-05-17 9448.6 9422.4 -0.2772 -9.73%
12-05-17 172 169.15 -165.70% 12-05-17 9436.65 9400.9 -0.3788 -205.77%
15-05-17 169.9 166.8 -185.35% 15-05-17 9433.55 9445.4 0.1256 -175.82%
5
16-05-17 167.3 174.15 406.33% 16-05-17 9461 9512.25 0.5416 228.43%
5
17-05-17 173 165.05 -459.54% 17-05-17 9517.6 9525.75 0.0856 -431.18%
18-05-17 163.4 158.5 -299.88% 18-05-17 9453.2 9429.45 -0.2512 -366.94%
19-05-17 159.5 155.2 -269.59% 19-05-17 9469.9 9427.9 -0.4435 -404.75%
22-05-17 157.5 150.95 -415.87% 22-05-17 9480.25 9438.25 -0.4430 -667.12%
23-05-17 151.9 149.75 -144.78% 23-05-17 9445.05 9386.15 -0.6236 -218.98%
5
24-05-17 149.7 147.45 -150.30% 24-05-17 9410.9 9360.55 -0.5350 -208.18%
25-05-17 148.5 150.7 148.15% 25-05-17 9384.05 9509.75 1.3395 6.07%
26-05-17 151 150.65 -23.18% 26-05-17 9507.75 9595.1 0.9187 -59.96%
29-05-17 150.4 145.1 -355.60% 29-05-17 9560.05 9604.9 0.4691 -273.98%
5
30-05-17 143.9 146.35 170.26% 30-05-17 9590.65 9624.55 0.3534 99.68%
31-05-17 146.8 150.5 248.55% 31-05-17 9636.55 9621.25 -0.1587 314.34%
5

49
BANGALORE
01-06-17 151 151.9 59.60% 01-06-17 9603.55 9616.1 0.1306 41.16%

02-06-17 153.4 153.05 -22.82% 02-06-17 9657.15 9653.5 -0.0377 -19.78%
05-06-17 153.4 153.8 22.81% 05-06-17 9656.3 9675.1 0.1946 2.80%
5
06-06-17 154.1 149.5 -298.51% 06-06-17 9704.25 9637.15 -0.6914 -743.36%
07-06-17 149.5 152.35 190.64% 07-06-17 9663.95 9663.9 -0.0005 190.79%
08-06-17 152.8 151.3 -98.17% 08-06-17 9682.4 9647.25 -0.3630 -97.12%
09-06-17 151 152.15 76.16% 09-06-17 9638.55 9668.25 0.3081 34.66%
12-06-17 151 148.4 -172.19% 12-06-17 9646.7 9616.4 -0.3140 -205.24%
13-06-17 148.8 148.75 -3.36% 13-06-17 9615.55 9606.9 -0.0899 6.19%
14-06-17 149.6 152 160.43% 14-06-17 9621.55 9618.15 -0.0353 169.97%
15-06-17 148.6 147.45 -77.39% 15-06-17 9617.9 9578.05 -0.4143 -61.39%
16-06-17 148.5 147.65 -57.24% 16-06-17 9595.45 9588.05 -0.0771 -53.67%
19-06-17 148.5 147.25 -84.18% 19-06-17 9626.4 9657.55 0.3235 -88.04%
20-06-17 146.9 143.9 -204.22% 20-06-17 9670.5 9653.5 -0.1757 -226.45%
21-06-17 144.1 146.2 145.73% 21-06-17 9648.1 9633.6 -0.1502 189.19%
22-06-17 146.9 145.55 -95.27% 22-06-17 9642.65 9630 -0.1311 -94.56%
5
23-06-17 145.7 143.9 -126.93% 23-06-17 9643.25 9574.95 -0.7082 -192.31%
5
27-06-17 144.4 137 -512.47% 27-06-17 9594.05 9511.4 -0.8614 -3077.48%
28-06-17 134.4 136.5 156.25% 28-06-17 9520.2 9491.25 -0.3040 268.22%
29-06-17 138 138.05 3.62% 29-06-17 9522.95 9504.1 -0.1979 29.20%
30-06-17 136.8 137.3 32.88% 30-06-17 9478.5 9520.9 0.4473 -8.19%
5
03-07-17 137.5 139.25 127.27% 03-07-17 9587.95 9615 0.2821 77.26%
04-07-17 139.4 136.55 -204.45% 04-07-17 9645.9 9613.3 -0.3379 -257.77%
05-07-17 136.4 136.6 14.66% 05-07-17 9619.75 9637.6 0.1855 -3.28%
06-07-17 140.4 143.3 202.92% 06-07-17 9653.6 9674.55 0.2170 148.90%
5
07-07-17 143.6 144.2 41.78% 07-07-17 9670.35 9665.8 -0.0470 48.78%
10-07-17 148 153.25 354.73% 10-07-17 9719.3 9771.05 0.5324 196.73%
11-07-17 154.3 149.4 -320.70% 11-07-17 9797.45 9786.05 -0.1163 -349.76%
5
12-07-17 149.8 152.35 166.83% 12-07-17 9807.3 9816.1 0.0897 144.86%
5
13-07-17 153.9 152.25 -107.21% 13-07-17 9855.8 9891.7 0.3642 -105.29%
14-07-17 150 153.65 243.33% 14-07-17 9913.3 9886.35 -0.2718 371.52%
17-07-17 153.3 152.9 -29.34% 17-07-17 9908.15 9915.95 0.0787 -34.50%
5
18-07-17 152.9 154.85 127.53% 18-07-17 9832.7 9827.15 -0.0564 141.15%
19-07-17 156.6 158.3 108.56% 19-07-17 9855.95 9899.6 0.4428 44.54%
20-07-17 156.9 156.75 -12.74% 20-07-17 9920.2 9873.3 -0.4727 65.50%
5
50
BANGALORE
21-07-17 158 158.25 15.82% 21-07-17 9899.6 9915.25 0.1580 0.01%

24-07-17 158.5 161.3 176.66% 24-07-17 9936.8 9966.4 0.2978 113.16%
25-07-17 162.2 162.95 43.14% 25-07-17 10010.5 9964.55 -0.4595 164.84%
5 5
26-07-17 162.5 158.9 -221.54% 26-07-17 9983.65 10020.6 0.3706 -188.67%
5
27-07-17 159.9 154.15 -362.61% 27-07-17 10063.2 10020.5 -0.4243 -556.18%
5 5 5
28-07-17 154 158.85 314.94% 28-07-17 9996.55 10014.5 0.1795 251.77%
31-07-17 154.9 162.3 477.73% 31-07-17 10034.7 10077.1 0.4225 306.13%
01-08-17 163.8 157.5 -384.62% 01-08-17 10101.0 10114.65 0.1346 -350.84%
5
02-08-17 159 158.95 -3.14% 02-08-17 10136.3 10081.5 -0.5406 110.84%
03-08-17 157.8 149.3 -541.65% 03-08-17 10081.1 10013.6 -0.6695 -1436.59%
5 5 5
04-08-17 149.0 151.05 134.18% 04-08-17 10008.6 10066.4 0.5775 48.45%
5
07-08-17 151.3 152.1 52.88% 07-08-17 10074.8 10057.4 -0.1727 84.79%
08-08-17 153 148.8 -274.51% 08-08-17 10068.3 9978.55 -0.8919 -1714.39%
5
09-08-17 148.5 148.3 -13.47% 09-08-17 9961.15 9908.05 -0.5330 85.32%
10-08-17 147.5 143.15 -294.92% 10-08-17 9872.85 9820.25 -0.5327 -517.18%
11-08-17 139 140.35 97.12% 11-08-17 9712.15 9710.8 -0.0139 99.90%
14-08-17 141.5 143.2 120.14% 14-08-17 9755.75 9794.15 0.3936 57.96%
16-08-17 143.9 147.55 253.65% 16-08-17 9825.85 9897.3 0.7271 104.76%
17-08-17 148.1 146.3 -121.54% 17-08-17 9945.55 9904.15 -0.4162 -136.90%
18-08-17 144 142.15 -128.47% 18-08-17 9865.95 9837.4 -0.2893 -140.07%
21-08-17 143 137.6 -377.62% 21-08-17 9864.25 9754.35 -1.1141 2332.63%
22-08-17 139 138 -71.94% 22-08-17 9815.75 9765.55 -0.5114 -42.57%
23-08-17 139 142.65 262.59% 23-08-17 9803.05 9852.5 0.5044 141.01%
24-08-17 141.5 144.3 197.88% 24-08-17 9881.2 9857.05 -0.2444 294.23%
28-08-17 144.3 144.85 38.12% 28-08-17 9907.15 9912.8 0.0570 30.66%
29-08-17 143.2 141 -157.07% 29-08-17 9886.4 9796.05 -0.9138 -762.67%
5
30-08-17 142.2 142.5 17.57% 30-08-17 9859.5 9884.4 0.2525 -6.13%
5
31-08-17 142.6 143.8 84.15% 31-08-17 9905.7 9917.9 0.1231 63.96%
01-09-17 144.1 144.45 24.29% 01-09-17 9937.65 9974.4 0.3698 -9.27%
04-09-17 144.5 142.65 -128.03% 04-09-17 9984.15 9912.85 -0.7141 -198.04%
05-09-17 143.3 143.6 20.94% 05-09-17 9933.25 9952.2 0.1907 1.56%
06-09-17 142.2 139 -228.47% 06-09-17 9899.25 9916.2 0.1712 -209.69%
5
07-09-17 140.4 138.95 -103.28% 07-09-17 9945.85 9929.9 -0.1603 -103.90%

51
BANGALORE
08-09-17 139.4 137.85 -111.19% 08-09-17 9958.65 9934.8 -0.2394 -114.71%

11-09-17 138.9 138.15 -54.00% 11-09-17 9971.75 10006.0 0.3439 -65.77%
5
12-09-17 139.4 141.5 150.65% 12-09-17 10056.8 10093.0 0.3599 84.30%
5 5
13-09-17 141.9 143 73.97% 13-09-17 10099.2 10079.3 -0.1975 116.80%
5 5
14-09-17 143 145.25 157.34% 14-09-17 10107.4 10086.6 -0.2057 224.02%
15-09-17 144.2 144.65 31.21% 15-09-17 10062.3 10085.4 0.2290 6.75%
5
18-09-17 146 144.75 -85.62% 18-09-17 10133.1 10153.1 0.1973 -87.99%
19-09-17 145.5 143.9 -109.97% 19-09-17 10175.6 10147.5 -0.2756 -113.76%
5
20-09-17 144 144.8 55.56% 20-09-17 10160.9 10141.1 -0.1948 93.20%
5 5
21-09-17 144.2 141.8 -166.44% 21-09-17 10139.6 10121.9 -0.1745 -180.49%
22-09-17 141.7 137.7 -282.29% 22-09-17 10094.3 9964.4 -1.2873 534.36%
5
25-09-17 137.5 137.65 10.91% 25-09-17 9960.1 9872.6 -0.8785 812.87%
26-09-17 137.5 136.65 -61.82% 26-09-17 9875.25 9871.5 -0.0379 -60.31%
27-09-17 137.3 132.65 -338.67% 27-09-17 9920.6 9735.75 -1.8632 176.47%
28-09-17 132.8 130.75 -154.37% 28-09-17 9736.4 9768.95 0.3343 -140.75%
29-09-17 131.9 129.05 -216.07% 29-09-17 9814.3 9788.6 -0.2618 -257.25%
03-10-17 130.8 129.6 -95.53% 03-10-17 9893.3 9859.5 -0.3416 -93.21%
5
04-10-17 129.9 129.95 3.85% 04-10-17 9884.35 9914.9 0.3090 -20.67%
05-10-17 130.4 132.35 149.54% 05-10-17 9927 9888.7 -0.3858 306.30%
06-10-17 133 137.05 304.51% 06-10-17 9908.15 9979.7 0.7221 134.89%

52
BANGALORE
Consolidated Report of PNB Housing and Finance Limited
Return MAER
30th day 30th day
price -98.81% price -97.75%
90th day 90th day
price 167.83% price 174.01%
1 year price 304.51% 1 year price 134.89%
Analysis:
 At 30th day return is -98.81% and MAER is -97.75%.


53
BANGALORE
PNB Housing and Finance Limited

200
150
Open Price
100
Close Price
Axis Title
50 Return
0
10-May-16 22-Sep-17 04-Feb-19
-50
Axis Title
Graph number 4.2
Interpretation: The above graph 4.2 results conclude that in short run return of PNB
Housing and Finance Limited and MAER both showing negative performance means IPO is
overpriced against positive values represents underpricing, 90 th day MAER is higher compare
to company return so it is overpriced and in 1 year company return is higher compare to the
MAER it is underpriced.

54
BANGALORE
Quesscorp Limited is a provider of business services with headquarters based in Bangalore.

It is a step-down subsidiary of Fairfax Financial Holdings Group; held through its Indian
listed subsidiary, Thomas cook India. And is listed on the BombaystockExchange and
(NSE). Starting operations from 2007 Quess Corp operates in India with 64 offices across
India along with a presence in North America, the Middle East and South East Asia.
Table: 3 TableshowingQuessCorpLimited’sIPOReturn

Price Price Return
12-07-16 500 503.1 62.00% 12-07-16 8502.6 8521.0 0.2169 33.12%
5
13-07-16 503 467.7 -701.79% 13-07-16 8540.4 8519.5 -0.2453 -897.39%
5
14-07-16 468.6 487.7 407.60% 14-07-16 8515.7 8565 0.5783 221.60%
5
15-07-16 487 491.45 91.38% 15-07-16 8565.4 8541.4 -0.2807 166.09%
5
18-07-16 492 501.95 202.24% 18-07-16 8564.0 8508.7 -0.6463 754.51%
5
19-07-16 502.3 495.05 -145.32% 19-07-16 8514.3 8528.5 0.1673 -138.82%
5 5
20-07-16 495.0 496.3 25.25% 20-07-16 8515.4 8565.8 0.5918 -21.32%
5 5 5
21-07-16 496.9 487.9 -181.12% 21-07-16 8582.7 8510.1 -0.8458 -626.39%
22-07-16 490 482.8 -146.94% 22-07-16 8519.6 8541.2 0.2529 -137.46%

55
BANGALORE
5
25-07-16 485.8 481.95 -80.27% 25-07-16 8519.9 8635.6 1.3579 -91.63%
5 5 5
26-07-16 485.8 489.9 83.36% 26-07-16 8633.7 8590.6 -0.4992 266.14%
5 5 5
27-07-16 494.7 523.75 587.22% 27-07-16 8599.4 8615.8 0.1907 477.15%
28-07-16 527 524.8 -41.75% 28-07-16 8636.9 8666.3 0.3398 -56.52%
5
29-07-16 526.8 510.2 -315.11% 29-07-16 8668.3 8638.5 -0.3437 -427.80%
01-08-16 517.4 592.9 1458.11% 01-08-16 8654.3 8636.5 -0.2051 1860.14%
5 5
02-08-16 598 602.5 75.25% 02-08-16 8647.4 8622.9 -0.2838 144.73%
5
03-08-16 602 588.3 -227.57% 03-08-16 8635.2 8544.8 -1.0462 2655.46%
5
04-08-16 595 622.15 456.30% 04-08-16 8599.9 8551.1 -0.5680 1187.82%
5
05-08-16 626 621.3 -75.08% 05-08-16 8600.2 8683.1 0.9645 -87.31%
5
08-08-16 625.7 559.05 - 08-08-16 8712.8 8711.35 -0.0172 -
5 1065.92 5 1082.84%
%
09-08-16 561.5 535.6 -461.26% 09-08-16 8727.8 8678.2 -0.5677 -935.73%
5
10-08-16 539.7 550.3 196.41% 10-08-16 8686.7 8575.3 -1.2824 -
1149.52%
11-08-16 552 532.35 -355.98% 11-08-16 8572.8 8592.1 0.2257 -308.84%
5
12-08-16 535.9 529.8 -113.83% 12-08-16 8605.4 8672.1 0.7750 -107.79%
5 5
16-08-16 530.1 519.35 -202.79% 16-08-16 8670.2 8642.5 -0.3194 -251.05%
5 5
17-08-16 518.9 525.65 130.08% 17-08-16 8639.8 8624.0 -0.1822 181.38%
5
18-08-16 528 543.8 299.24% 18-08-16 8648.8 8673.2 0.2821 211.39%
5 5
19-08-16 544.9 542.5 -44.04% 19-08-16 8694.3 8666.9 -0.3151 -18.30%
22-08-16 546.4 569.45 421.85% 22-08-16 8667 8629.1 -0.4367 826.44%
5
23-08-16 573.8 553.5 -353.78% 23-08-16 8628.3 8632.6 0.0492 -341.87%
5
24-08-16 552.2 549.85 -42.56% 24-08-16 8648.5 8650.3 0.0208 -43.73%

56
BANGALORE
25-08-16 550.2 541.8 -153.57% 25-08-16 8668.8 8592.2 -0.8842 -562.58%

5 5
26-08-16 542 541.7 -5.54% 26-08-16 8614.3 8572.5 -0.4852 83.51%
5 5
29-08-16 544.4 531.6 -235.12% 29-08-16 8583.7 8607.4 0.2761 -205.89%
5 5
30-08-16 532.1 548.8 313.85% 30-08-16 8646.7 8744.3 1.1287 94.41%
5 5
31-08-16 543.1 550.8 141.78% 31-08-16 8754.0 8786.2 0.3672 76.83%
5
01-09-16 553.0 545.25 -141.04% 01-09-16 8793.6 8774.6 -0.2154 -152.31%
5 5
02-09-16 548.7 536.55 -222.32% 02-09-16 8796.3 8809.6 0.1511 -206.26%
5 5 5
06-09-16 542.8 552.4 176.86% 06-09-16 8852.7 8943 1.0200 37.06%
07-09-16 550 542.55 -135.45% 07-09-16 8968.7 8917.9 -0.5658 -181.67%
5
08-09-16 542.4 543.8 25.81% 08-09-16 8915.5 8952.5 0.4150 -11.09%
09-09-16 544.8 540.15 -85.35% 09-09-16 8934.3 8866.7 -0.7566 -39.81%
12-09-16 534.6 520 -273.10% 12-09-16 8732.9 8715.6 -0.1986 -316.02%
5
14-09-16 517.1 531.45 276.52% 14-09-16 8710.6 8726.6 0.1831 218.24%
5 5
15-09-16 525 548.85 454.29% 15-09-16 8743.8 8742.5 -0.0148 462.65%
5 5
16-09-16 552 548.5 -63.41% 16-09-16 8780.8 8779.8 -0.0113 -62.98%
5 5
19-09-16 549 544.4 -83.79% 19-09-16 8788.4 8808.4 0.2270 -86.79%
5
20-09-16 545.2 536 -169.65% 20-09-16 8816.1 8775.9 -0.4559 -228.02%
5
21-09-16 539 544.65 104.82% 21-09-16 8790.3 8777.1 -0.1495 140.85%
5
22-09-16 545.6 546.5 16.50% 22-09-16 8873.3 8867.4 -0.0664 24.79%
5 5
23-09-16 549.9 563.6 249.14% 23-09-16 8880.7 8831.5 -0.5540 682.83%
5 5
26-09-16 565 549.6 -272.57% 26-09-16 8807.9 8723.0 -0.9633 -
5 4807.18%
27-09-16 548.6 555.15 118.47% 27-09-16 8748.9 8706.4 -0.4857 324.86%
5
28-09-16 565.1 548.3 -298.15% 28-09-16 8711.2 8745.1 0.3897 -242.58%

57
BANGALORE
5 5
29-09-16 550 556.8 123.64% 29-09-16 8792.7 8591.2 -2.2911 -273.21%
5
30-09-16 552.2 559.1 124.95% 30-09-16 8581.5 8611.15 0.3455 67.19%
03-10-16 561 583 392.16% 03-10-16 8666.1 8738.1 0.8302 168.90%
5
04-10-16 584.3 593.35 154.02% 04-10-16 8770 8769.1 -0.0096 156.50%
5 5
05-10-16 589.7 607.15 295.91% 05-10-16 8806.3 8743.9 -0.7085 1258.56%
5 5
06-10-16 609 616.25 119.05% 06-10-16 8768.7 8709.5 -0.6745 573.08%
5
07-10-16 618.1 629.45 183.63% 07-10-16 8721.7 8697.6 -0.2763 291.92%
10-10-16 630.2 616.85 -211.84% 10-10-16 8735.3 8708.8 -0.3039 -260.67%
5
13-10-16 614.8 592.95 -355.40% 13-10-16 8671.5 8573.3 -1.1318 1836.78%
5
14-10-16 597 591.1 -98.83% 14-10-16 8594 8583.4 -0.1233 -98.66%
17-10-16 591.9 601.4 159.64% 17-10-16 8612.9 8520.4 -1.0745 -
5 5 3583.03%
18-10-16 607 605.6 -23.06% 18-10-16 8556.0 8677.9 1.4241 -68.26%
5
19-10-16 610 594.75 -250.00% 19-10-16 8697.5 8659.1 -0.4415 -368.58%
20-10-16 616 630.55 236.20% 20-10-16 8693.3 8699.4 0.0695 214.33%
5
21-10-16 633 626.05 -109.79% 21-10-16 8708.6 8693.0 -0.1785 -111.92%
5
24-10-16 627 604.6 -357.26% 24-10-16 8709.8 8708.9 -0.0103 -359.94%
5 5
25-10-16 609 593.8 -249.59% 25-10-16 8721.7 8691.3 -0.3485 -329.63%
26-10-16 590 587 -50.85% 26-10-16 8657.3 8615.2 -0.4857 -4.43%
5
27-10-16 590 587.1 -49.15% 27-10-16 8607.1 8615.2 0.0946 -53.55%
5
28-10-16 589.9 597.15 122.90% 28-10-16 8625 8638 0.1507 93.71%
30-10-16 599 598.8 -3.34% 30-10-16 8672.3 8625.7 -0.5379 109.19%
5
01-11-16 600.2 610.35 169.11% 01-11-16 8653.1 8626.2 -0.3108 290.51%
5 5
02-11-16 596.2 594.25 -32.71% 02-11-16 8542.8 8514 -0.3371 1.52%
03-11-16 594.1 585.15 -151.48% 03-11-16 8499.8 8484.9 -0.1752 -162.42%
5 5 5

58
BANGALORE
04-11-16 584.5 555.7 -492.73% 04-11-16 8503.6 8433.7 -0.8214 -

5 2299.14%
07-11-16 561 567.2 110.52% 07-11-16 8535.7 8497.0 -0.4533 285.13%
5 5
08-11-16 570 571.65 28.95% 08-11-16 8540 8543.5 0.0415 23.80%
5
09-11-16 550 570.25 368.18% 09-11-16 8067.5 8432 4.5181 -15.16%
10-11-16 579 591.15 209.84% 10-11-16 8555.6 8525.7 -0.3488 375.87%
5
11-11-16 581.1 582.8 29.25% 11-11-16 8456.6 8296.3 -1.8961 -244.23%
5
15-11-16 585 594.2 157.26% 15-11-16 8284.8 8108.4 -2.1291 -327.83%
5 5
16-11-16 590 590.7 11.86% 16-11-16 8205.6 8111.6 -1.1461 -865.35%
5
17-11-16 585.0 596.4 194.00% 17-11-16 8105.1 8079.9 -0.3102 326.27%
5 5
18-11-16 592.8 592.9 0.84% 18-11-16 8097.5 8074.1 -0.2895 41.95%
5 5
21-11-16 593.6 578.05 -261.96% 21-11-16 8102.1 7929.1 -2.1352 42.67%
22-11-16 586 596.5 179.18% 22-11-16 7989.1 8002.3 0.1645 139.72%
5
23-11-16 600.1 602.15 34.16% 23-11-16 8051.2 8033.3 -0.2223 72.52%
24-11-16 600 616.1 268.33% 24-11-16 8011.8 7965.5 -0.5778 772.62%
25-11-16 621.8 609.8 -192.99% 25-11-16 8007.9 8114.3 1.3280 -139.94%
5
28-11-16 618.9 614.8 -67.05% 28-11-16 8080.6 8126.9 0.5723 -79.04%
5 5
29-11-16 620.7 677.95 922.35% 29-11-16 8131.5 8142.1 0.1303 804.45%
5 5
30-11-16 684 660.3 -346.49% 30-11-16 8172.1 8224.5 0.6405 -250.25%
5
01-12-16 661.1 643.85 -261.67% 01-12-16 8244 8192.9 -0.6198 -525.26%
5
02-12-16 632.1 623.15 -141.59% 02-12-16 8153.5 8086.8 -0.8186 -329.36%
5
05-12-16 620 640.9 337.10% 05-12-16 8088.7 8128.7 0.4945 192.47%
5 5
06-12-16 646 634.25 -181.89% 06-12-16 8153.1 8143.1 -0.1226 -193.34%
5 5
07-12-16 638.1 640.8 41.53% 07-12-16 8168.4 8102.0 -0.8122 653.91%
5 5

59
BANGALORE
08-12-16 644 652.55 132.76% 08-12-16 8152.1 8246.8 1.1622 7.65%

5
09-12-16 655.2 657 27.47% 09-12-16 8271.7 8261.7 -0.1202 44.90%
5
12-12-16 654.3 658.2 59.61% 12-12-16 8230.6 8170.8 -0.7271 484.98%
5
13-12-16 658 653.75 -64.59% 13-12-16 8196.1 8221.8 0.3129 -73.03%
5
14-12-16 656.4 663.65 110.45% 14-12-16 8229.3 8182.4 -0.5699 389.32%
5 5
15-12-16 655 669.7 224.43% 15-12-16 8128.4 8153.6 0.3100 147.65%
16-12-16 669.9 671.6 25.38% 16-12-16 8178.2 8139.4 -0.4738 138.28%
5
19-12-16 659.9 669.7 147.74% 19-12-16 8126 8104.3 -0.2664 237.72%
5 5
20-12-16 669 661.45 -112.86% 20-12-16 8110.6 8082.4 -0.3476 -119.71%
21-12-16 663 646.25 -252.64% 21-12-16 8105.8 8061.3 -0.5496 -438.90%
5
22-12-16 654 633.7 -310.40% 22-12-16 8043.8 7979.1 -0.8049 -
5 1178.76%
23-12-16 634 630.9 -48.90% 23-12-16 7972.5 7985.7 0.1661 -56.18%
5
26-12-16 628.8 616.9 -189.25% 26-12-16 7965.1 7908.2 -0.7137 -411.78%
5
27-12-16 610 640 491.80% 27-12-16 7915.0 8032.8 1.4883 137.83%
5 5
28-12-16 639.1 642 44.59% 28-12-16 8047.5 8034.8 -0.1578 71.68%
5 5 5
29-12-16 635.1 648.7 214.14% 29-12-16 8030.6 8103.6 0.9090 64.56%
30-12-16 651.7 657.05 82.09% 30-12-16 8119.65 8185.8 0.8146 0.34%
02-01-17 650.1 656.5 98.45% 02-01-17 8210.1 8179.5 -0.3727 216.36%
03-01-17 658.7 664.05 81.22% 03-01-17 8196.0 8192.2 -0.0463 90.03%
5 5
04-01-17 663 669.4 96.53% 04-01-17 8202.6 8190.5 -0.1481 130.70%
5
05-01-17 667.1 669.35 32.98% 05-01-17 8226.6 8273.8 0.5731 -15.47%
5 5
06-01-17 666 668.2 33.03% 06-01-17 8281.8 8243.8 -0.4594 146.10%
5
09-01-17 673 666.85 -91.38% 09-01-17 8259.3 8236.0 -0.2821 -88.00%
5 5
10-01-17 666 653.5 -187.69% 10-01-17 8262.7 8288.6 0.3134 -166.76%

60
BANGALORE
11-01-17 659 675.75 254.17% 11-01-17 8327.8 8380.6 0.6346 116.67%

5
12-01-17 671 678.3 108.79% 12-01-17 8391.0 8407.2 0.1924 75.09%
5
13-01-17 684 677.55 -94.30% 13-01-17 8457.6 8400.3 -0.6774 -82.32%
5 5
16-01-17 680 664.55 -227.21% 16-01-17 8390.9 8412.8 0.2603 -200.93%
5
17-01-17 664.9 667.6 39.85% 17-01-17 8415.0 8398 -0.2026 75.39%
5 5
18-01-17 676.9 675.1 -27.33% 18-01-17 8403.8 8417 0.1564 -37.16%
5 5
19-01-17 680 667.7 -180.88% 19-01-17 8418.4 8435.1 0.1983 -167.49%
20-01-17 664 669.25 79.07% 20-01-17 8404.3 8349.3 -0.6544 418.17%
5 5
23-01-17 666.3 670.6 63.78% 23-01-17 8329.6 8391.5 0.7431 -6.04%
5
24-01-17 690.1 684.4 -82.60% 24-01-17 8407.0 8475.8 0.8177 -90.43%
5
25-01-17 700 730.95 442.14% 25-01-17 8499.4 8602.7 1.2153 144.72%
5 5
27-01-17 731 711.3 -269.49% 27-01-17 8610.5 8641.2 0.3571 -224.89%
5
30-01-17 705 684.6 -289.36% 30-01-17 8635.5 8632.7 -0.0324 -295.71%
5 5
31-01-17 690 677.7 -178.26% 31-01-17 8629.4 8561.3 -0.7897 -472.21%
5
01-02-17 678.7 677.5 -17.68% 01-02-17 8570.3 8716.4 1.7041 -69.56%
5
02-02-17 674.1 676.45 34.86% 02-02-17 8724.7 8734.2 0.1088 21.62%
5 5
03-02-17 688 673.1 -216.57% 03-02-17 8735.1 8740.9 0.0663 -209.31%
5 5
06-02-17 676.1 677.55 20.71% 06-02-17 8785.4 8801.0 0.1775 2.50%
5 5 5
07-02-17 678.3 683 69.29% 07-02-17 8805.7 8768.3 -0.4247 194.28%
08-02-17 687.9 679.65 -120.65% 08-02-17 8774.5 8769.0 -0.0626 -122.03%
5 5 5
09-02-17 683.7 675.65 -117.74% 09-02-17 8795.5 8778.4 -0.1949 -122.04%
5
10-02-17 676.2 657.55 -275.81% 10-02-17 8812.3 8793.5 -0.2133 -323.48%
5 5
61
BANGALORE
13-02-17 662 649.5 -188.82% 13-02-17 8819.8 8805.0 -0.1672 -206.66%

5
14-02-17 649.5 659.7 157.04% 14-02-17 8819.9 8792.3 -0.3129 274.12%
15-02-17 657.9 652.35 -85.11% 15-02-17 8778.9 8724.7 -0.6179 -61.03%
5 5
16-02-17 652.9 648.05 -74.28% 16-02-17 8739 8778 0.4462 -82.22%
17-02-17 654.0 654.95 13.76% 17-02-17 8883.7 8821.7 -0.6979 276.57%
5
20-02-17 649.3 648.8 -7.70% 20-02-17 8818.5 8879.2 0.6877 -45.31%
5
21-02-17 651.6 655.3 56.01% 21-02-17 8890.7 8907.8 0.1923 30.85%
5 5 5
22-02-17 657.8 654.4 -51.69% 22-02-17 8931.6 8926.9 -0.0526 -49.00%
23-02-17 658.9 645.2 -208.67% 23-02-17 8956.4 8939.5 -0.1886 -233.94%
5
27-02-17 649 649.55 8.47% 27-02-17 8943.7 8896.7 -0.5255 128.61%
28-02-17 651 652.9 29.19% 28-02-17 8898.9 8879.6 -0.2174 65.08%
5
01-03-17 646 651.05 78.17% 01-03-17 8904.4 8945.8 0.4649 21.63%
02-03-17 650.0 636.95 -201.52% 02-03-17 8982.8 8899.7 -0.9250 -
5 5 5 1455.38%
03-03-17 640.1 638.5 -25.78% 03-03-17 8883.5 8897.5 0.1581 -35.91%
5 5
06-03-17 638.1 638.95 13.32% 06-03-17 8915.1 8963.4 0.5423 -26.53%
5
07-03-17 639.9 640.7 12.50% 07-03-17 8977.7 8946.9 -0.3436 71.40%
5
08-03-17 641 638.55 -38.22% 08-03-17 8950.7 8924.3 -0.2949 -12.38%
09-03-17 633.3 639 89.21% 09-03-17 8914.5 8927 0.1402 65.94%
5
10-03-17 639 665.5 414.71% 10-03-17 8953.7 8934.5 -0.2138 554.75%
5
14-03-17 690 679.4 -153.62% 14-03-17 9091.6 9087 -0.0511 -156.51%
5
15-03-17 688 680.05 -115.55% 15-03-17 9086.8 9084.8 -0.0225 -115.91%
5
16-03-17 695 689.15 -84.17% 16-03-17 9129.6 9153.7 0.2634 -87.47%
5
17-03-17 694 684.1 -142.65% 17-03-17 9207.8 9160.0 -0.5185 -188.60%
5
20-03-17 686 685.75 -3.64% 20-03-17 9166.9 9126.8 -0.4374 71.28%
5 5

62
BANGALORE
21-03-17 682.7 692.3 139.88% 21-03-17 9133.9 9121.5 -0.1363 177.73%

5 5
22-03-17 699.3 688.55 -153.73% 22-03-17 9047.2 9030.4 -0.1851 -165.93%
5
23-03-17 691.9 689.2 -39.02% 23-03-17 9048.7 9086.3 0.4149 -56.91%
5
24-03-17 689.2 691.25 29.74% 24-03-17 9104 9108 0.0439 24.28%
27-03-17 690.2 690.75 7.24% 27-03-17 9093.4 9045.2 -0.5306 128.47%
5 5
28-03-17 687.7 688.5 11.63% 28-03-17 9081.5 9100.8 0.2125 -7.93%
29-03-17 688.5 688.7 2.90% 29-03-17 9128.7 9143.8 0.1654 -11.70%
30-03-17 688.7 689.7 14.52% 30-03-17 9142.6 9173.7 0.3407 -14.58%
5
31-03-17 694.9 690.4 -65.47% 31-03-17 9158.9 9173.7 0.1621 -70.29%
5 5
03-04-17 683 706.75 347.73% 03-04-17 9220.6 9237.8 0.1870 277.17%
5
05-04-17 710 719.95 140.14% 05-04-17 9264.4 9265.1 0.0080 138.21%
5
06-04-17 723.9 729.7 80.12% 06-04-17 9245.8 9261.9 0.1746 53.34%
5
07-04-17 721.5 723.05 21.48% 07-04-17 9223.7 9198.3 -0.2753 67.65%
10-04-17 723.5 722.9 -8.98% 10-04-17 9225.6 9181.4 -0.4785 74.55%
5 5
11-04-17 710.1 741.7 445.01% 11-04-17 9184.5 9237 0.5710 246.90%
5
12-04-17 760.2 762.75 32.88% 12-04-17 9242.5 9203.4 -0.4225 130.10%
5 5
13-04-17 765 751.15 -181.05% 13-04-17 9202.5 9150.8 -0.5618 -284.95%
17-04-17 750 759.05 120.67% 17-04-17 9144.7 9139.3 -0.0595 134.65%
5
18-04-17 755.5 749.15 -84.05% 18-04-17 9163 9105.1 -0.6313 -56.74%
5
19-04-17 750 745.75 -56.67% 19-04-17 9112.2 9103.5 -0.0954 -52.09%
20-04-17 748.8 761.1 163.58% 20-04-17 9108.1 9136.4 0.3107 101.10%
5
21-04-17 758 782.6 324.54% 21-04-17 9179.1 9119.4 -0.6503 1114.32%
24-04-17 782 779.25 -35.17% 24-04-17 9135.3 9217.9 0.9041 -65.95%
5 5
25-04-17 781.1 797.75 212.51% 25-04-17 9273.0 9306.6 0.3618 129.48%
5 5
26-04-17 800 793.65 -79.38% 26-04-17 9336.2 9351.8 0.1676 -82.34%

63
BANGALORE
5
27-04-17 785.2 791.75 83.42% 27-04-17 9359.1 9342.1 -0.1816 124.13%
5 5
28-04-17 779 794.45 198.33% 28-04-17 9340.9 9304.0 -0.3950 393.14%
5 5
02-05-17 790.5 789.2 -16.45% 02-05-17 9339.8 9313.8 -0.2789 15.87%
5
03-05-17 794.4 791.15 -40.91% 03-05-17 9344.7 9311.95 -0.3504 -9.03%
04-05-17 784.9 803.95 242.05% 04-05-17 9360.9 9359.9 -0.0112 245.93%
5 5
05-05-17 796.6 816.45 248.54% 05-05-17 9374.5 9285.3 -0.9520 7168.19%
5 5
08-05-17 808.1 825.85 219.65% 08-05-17 9311.45 9314.0 0.0279 210.97%
5
09-05-17 825 847.65 274.55% 09-05-17 9337.3 9316.8 -0.2195 379.91%
5 5
10-05-17 840.0 879 463.66% 10-05-17 9339.6 9407.3 0.7243 226.89%
5 5
11-05-17 880.3 857.85 -255.58% 11-05-17 9448.6 9422.4 -0.2772 -315.27%
5
12-05-17 862.8 833.6 -338.99% 12-05-17 9436.6 9400.9 -0.3788 -484.75%
5 5
15-05-17 835 841.65 79.64% 15-05-17 9433.5 9445.4 0.1256 59.59%
5
16-05-17 849 849.65 7.66% 16-05-17 9461 9512.2 0.5416 -30.17%
5
17-05-17 840 824 -190.48% 17-05-17 9517.6 9525.7 0.0856 -183.34%
5
18-05-17 818 832.25 174.21% 18-05-17 9453.2 9429.4 -0.2512 266.21%
5
19-05-17 839.9 835.65 -50.60% 19-05-17 9469.9 9427.9 -0.4435 -11.23%
22-05-17 836.2 820.15 -191.94% 22-05-17 9480.2 9438.2 -0.4430 -265.07%
5 5
23-05-17 815 784.55 -373.62% 23-05-17 9445.0 9386.1 -0.6236 -826.95%
5 5
24-05-17 780 820.05 513.46% 24-05-17 9410.9 9360.5 -0.5350 1219.32%
5
25-05-17 830 840.9 131.33% 25-05-17 9384.0 9509.7 1.3395 -1.12%
5 5
26-05-17 842 848.65 78.98% 26-05-17 9507.7 9595.1 0.9187 -6.72%
5
29-05-17 849.7 841.2 -100.04% 29-05-17 9560.0 9604.9 0.4691 -100.02%

64
BANGALORE
5
30-05-17 840.9 864.45 280.06% 30-05-17 9590.6 9624.5 0.3534 180.80%
5 5
31-05-17 863 894.45 364.43% 31-05-17 9636.5 9621.2 -0.1587 452.08%
5 5
01-06-17 909.4 913.85 48.38% 01-06-17 9603.5 9616.1 0.1306 31.23%
5 5
02-06-17 914.9 928.3 146.46% 02-06-17 9657.1 9653.5 -0.0377 156.15%
5
05-06-17 922.1 915.1 -75.91% 05-06-17 9656.3 9675.1 0.1946 -79.84%
06-06-17 915.1 902.4 -138.78% 06-06-17 9704.2 9637.1 -0.6914 -225.69%
5 5
07-06-17 896.8 899.35 28.43% 07-06-17 9663.9 9663.9 -0.0005 28.50%
5
08-06-17 904.7 905.45 8.29% 08-06-17 9682.4 9647.2 -0.3630 70.01%
5
09-06-17 895.2 895.6 3.91% 09-06-17 9638.5 9668.2 0.3081 -20.57%
5 5 5
12-06-17 893.9 894.85 10.07% 12-06-17 9646.7 9616.4 -0.3140 60.47%
5
Consolidated Report of Quess Corp Limited
Return MAER
30th day 421.85 30th day 826.44
price % price %
-
90th day 261.96 90th day
price % price 42.67%
1 year price 10.07% 1 year price 60.47%
Analysis:


65
BANGALORE
Quess Corp Limited

1000
800
600 Open Price

Close Price
Axis Title 400
Return
200
0
31-Jan-16 18-Aug-16 06-Mar-17 22-Sep-17
-200
Axis Title
Graph number 4.3
Interpretation: The above graph 4.3 explains the price performance of IPO. In short run
MAER performance is higher so in indicates that it is overpriced, in 90 th day company return
is higher so it shows that it is underpriced and in 1 year MAER performance shows
performance is higher so it indicates that it is overpriced.

66
BANGALORE
Healthcare Global Enterprises Limited:- together with its subsidiaries, provides specialty
healthcare services focusing on cancer in India. It offers cancer diagnosis and treatment
services through radiation therapy, medical oncology, and surgery; and fertility treatment
services, as well as reproductive medicine services, including assisted reproduction,
gynaecological endoscopy, and fertility preservation operates multi-specialty hospitals in
Ahmadabad and Bhavnagar in the state of Gujarat, and one under operations and
Management contract in Hubli in state of Karnataka that provides cardiology, neurology,
orthopaedic, in...
Table: 4 TableshowingHealthcareGlobalEnterprisesLimited’sIPOReturn

Price Price Return
30-03-16 210.2 171 - 30-03-16 7651.1 7735.2 1.0991 -940.75%
1864.89
%
31-03-16 169.7 178.5 521.51% 31-03-16 7727.6 7738.4 0.1391 445.61%
5 5
01-04-16 178.1 175.1 -168.44% 01-04-16 7718.0 7713.0 -0.0647 -173.19%
5 5
04-04-16 175.3 181.1 327.92% 04-04-16 7733.1 7758.8 0.3316 221.33%
5 5
05-04-16 180 181.3 72.22% 05-04-16 7736.3 7603.2 -1.7204 -339.04%
06-04-16 181.4 181.9 27.56% 06-04-16 7636.0 7614.3 -0.2841 78.21%
5 5
07-04-16 183 179.4 -196.72% 07-04-16 7630.4 7546.4 -1.1002 865.24%
5
67
BANGALORE
08-04-16 179 182.1 175.98% 08-04-16 7542.3 7555.2 0.1703 135.80%

5 5
11-04-16 182.5 183 24.65% 11-04-16 7577.8 7671.4 1.2351 -44.23%
5
12-04-16 183.2 192 480.35% 12-04-16 7669.2 7708.9 0.5176 282.40%
5 5
13-04-16 193 190.3 -137.31% 13-04-16 7777.1 7850.4 0.9425 -119.20%
5 5 5
18-04-16 191.2 193.5 117.65% 18-04-16 7908.1 7914.7 0.0828 101.00%
5 5
20-04-16 189 187.1 -97.88% 20-04-16 7950.0 7914.7 -0.4440 -96.19%
5 5 5
21-04-16 187.7 192.3 245.07% 21-04-16 7953.6 7912.0 -0.5230 623.47%
5 5
22-04-16 191.7 191.4 -18.25% 22-04-16 7891.8 7899.3 0.0950 -25.35%
5
25-04-16 192.9 187.3 -292.82% 25-04-16 7894.8 7855.0 -0.5034 -488.36%
5 5
26-04-16 187 181.8 -278.07% 26-04-16 7828.1 7962.6 1.7181 -165.51%
5 5
27-04-16 182 184 109.89% 27-04-16 7942 7979.9 0.4772 42.09%
28-04-16 182.1 184.6 137.29% 28-04-16 7967.4 7847.2 -1.5080 -567.08%
5
29-04-16 183.5 183.3 -10.90% 29-04-16 7844.2 7849.8 0.0707 -16.79%
5
02-05-16 180 181.2 66.67% 02-05-16 7822.7 7805.9 -0.2147 112.25%
03-05-16 181.4 184.9 190.14% 03-05-16 7824.8 7747 -0.9942 50575.19%
5
04-05-16 184 181.9 -114.13% 04-05-16 7724.1 7706.5 -0.2278 -118.30%
5 5
05-05-16 182 180.5 -79.67% 05-05-16 7731 7735.5 0.0582 -80.79%
5
06-05-16 180 181.6 91.67% 06-05-16 7717.6 7733.4 0.2047 59.10%
5 5 5
09-05-16 181 180.7 -16.57% 09-05-16 7755.2 7866.0 1.4287 -65.65%
5 5
10-05-16 180.3 179.8 -27.73% 10-05-16 7873.5 7887.8 0.1809 -38.81%
5
11-05-16 178 176.2 -98.31% 11-05-16 7804.6 7848.8 0.5663 -98.92%
5 5 5
12-05-16 177.7 178.6 50.65% 12-05-16 7871.4 7900.4 0.3677 10.14%
5
68
BANGALORE
13-05-16 177.5 195 985.92% 13-05-16 7881 7814.9 -0.8387 6633.36%

16-05-16 199.9 190.5 -470.24% 16-05-16 7831.2 7860.7 0.3773 -368.81%
5
17-05-16 190.8 189.4 -70.75% 17-05-16 7896.8 7890.7 -0.0772 -68.31%
5 5 5
18-05-16 187.8 187.4 -18.64% 18-05-16 7846.7 7870.1 0.2982 -37.33%
5 5 5
19-05-16 187 184.0 -157.75% 19-05-16 7875.5 7783.4 -1.1694 240.83%
5
20-05-16 185.0 180.8 -229.67% 20-05-16 7792.2 7749.7 -0.5454 -385.25%
5
23-05-16 181.9 180.0 -101.70% 23-05-16 7813.9 7731.0 -1.0609 -72.03%
5 5 5
24-05-16 180.7 180.1 -33.20% 24-05-16 7738.0 7748.8 0.1395 -41.38%
5 5 5 5
25-05-16 181.2 183.5 126.93% 25-05-16 7811.8 7934.9 1.5758 -11.90%
26-05-16 183.9 183.5 -19.03% 26-05-16 7974.4 8069.6 1.1938 -63.09%
5 5 5
27-05-16 186 182.2 -201.61% 27-05-16 8081.9 8156.6 0.9242 -152.81%
5 5 5
30-05-16 180.2 184.7 249.72% 30-05-16 8166.5 8178.5 0.1469 204.92%
31-05-16 183.2 181.2 -109.14% 31-05-16 8209.8 8160.1 -0.6059 -123.20%
5 5 5
01-06-16 181.4 180.3 -57.88% 01-06-16 8179.2 8179.9 0.0091 -58.27%
5 5
02-06-16 179.8 179.6 -13.90% 02-06-16 8156.9 8218.9 0.7607 -51.10%
5 5
03-06-16 180 180.0 2.78% 03-06-16 8246.2 8220.8 -0.3080 48.53%
5
06-06-16 179.8 178 -102.86% 06-06-16 8228.7 8201.0 -0.3366 -104.32%
5 5 5
07-06-16 179.1 180.7 89.31% 07-06-16 8235.5 8266.4 0.3752 37.66%
5 5 5 5
08-06-16 180.7 181.5 44.27% 08-06-16 8285.5 8273.0 -0.1502 69.78%
5
09-06-16 181.5 180.8 -35.81% 09-06-16 8273.3 8203.6 -0.8430 309.01%
5 5
10-06-16 179.3 182.8 195.15% 10-06-16 8180.2 8170.0 -0.1246 237.19%
5 5 5 5
13-06-16 180.8 182 66.37% 13-06-16 8102.2 8110.6 0.1030 50.83%
5
14-06-16 181.4 182.1 35.82% 14-06-16 8134.4 8108.8 -0.3140 98.02%

69
BANGALORE
5 5
15-06-16 182.6 182.5 -5.48% 15-06-16 8139.4 8206.6 0.8256 -48.22%
16-06-16 182 180.7 -68.68% 16-06-16 8180.6 8140.7 -0.4877 -38.86%
5 5 5
17-06-16 180 179.7 -16.67% 17-06-16 8176.6 8170.2 -0.0788 -9.53%
5
20-06-16 178.4 180.0 92.49% 20-06-16 8115.7 8238.5 1.5124 -23.39%
5 5
21-06-16 180.4 179.3 -60.96% 21-06-16 8255.4 8219.9 -0.4300 -31.50%
5 5
22-06-16 179.7 179 -41.72% 22-06-16 8213.6 8203.7 -0.1211 -33.69%
5 5
23-06-16 179.1 178.3 -47.45% 23-06-16 8201.1 8270.4 0.8450 -71.52%
5 5 5
24-06-16 176 171.3 -264.20% 24-06-16 8029.1 8088.6 0.7410 -194.31%
5
27-06-16 170.1 174.4 255.73% 27-06-16 8039.3 8094.7 0.6884 110.68%
5 5
28-06-16 174.3 180 324.06% 28-06-16 8096.0 8127.8 0.3927 204.47%
5 5 5
29-06-16 180.5 181.1 36.01% 29-06-16 8173.1 8204 0.3780 -1.30%
5
30-06-16 181.4 183.6 121.25% 30-06-16 8260.2 8287.7 0.3329 65.99%
5 5 5 5
01-07-16 183.8 183.1 -35.36% 01-07-16 8313.0 8328.3 0.1840 -45.41%
5 5 5
04-07-16 180.1 188.4 460.86% 04-07-16 8376.7 8370.7 -0.0722 504.52%
5
05-07-16 189.5 190.0 29.02% 05-07-16 8379.3 8335.9 -0.5173 167.32%
5 5
07-07-16 188.5 190.3 98.14% 07-07-16 8342 8337.9 -0.0491 108.39%
5
08-07-16 190 189.8 -7.89% 08-07-16 8350 8323.2 -0.3209 35.64%
5
11-07-16 185 190.3 286.49% 11-07-16 8413.3 8467.9 0.6483 134.47%
5
12-07-16 188 188.2 13.30% 12-07-16 8502.6 8521.0 0.2169 -6.90%
5 5
13-07-16 188.1 188.5 21.27% 13-07-16 8540.4 8519.5 -0.2453 60.68%
5
14-07-16 181.7 189.2 412.77% 14-07-16 8515.7 8565 0.5783 224.88%
5
70
BANGALORE
15-07-16 188.5 189.1 31.83% 15-07-16 8565.4 8541.4 -0.2807 83.30%

5
18-07-16 186 190.3 231.18% 18-07-16 8564.0 8508.7 -0.6463 836.35%
5
19-07-16 188.1 194.5 340.24% 19-07-16 8514.3 8528.5 0.1673 277.13%
5
20-07-16 195.5 193.0 -125.32% 20-07-16 8515.4 8565.8 0.5918 -115.91%
5 5 5
21-07-16 193.2 195.5 119.05% 21-07-16 8582.7 8510.1 -0.8458 1321.35%
22-07-16 195.5 199 179.03% 22-07-16 8519.6 8541.2 0.2529 122.70%
5
25-07-16 199 199.4 20.10% 25-07-16 8519.9 8635.6 1.3579 -49.07%
5 5
26-07-16 198.1 193.4 -237.25% 26-07-16 8633.7 8590.6 -0.4992 -374.07%
5 5
27-07-16 192.1 196.5 231.65% 27-07-16 8599.4 8615.8 0.1907 178.53%
5
28-07-16 198.9 203.5 233.79% 28-07-16 8636.9 8666.3 0.3398 149.13%
5 5
29-07-16 202 203.2 61.88% 29-07-16 8668.3 8638.5 -0.3437 146.69%
5
01-08-16 202.0 204 96.51% 01-08-16 8654.3 8636.5 -0.2051 147.21%
5 5
02-08-16 203.1 202.5 -29.53% 02-08-16 8647.4 8622.9 -0.2838 -1.60%
5 5 5
03-08-16 201 203.3 114.43% 03-08-16 8635.2 8544.8 -1.0462 -4731.38%
5
04-08-16 202 205.7 183.17% 04-08-16 8599.9 8551.1 -0.5680 555.52%
5
05-08-16 205 207.4 117.07% 05-08-16 8600.2 8683.1 0.9645 10.50%
5
08-08-16 205.2 207.1 95.03% 08-08-16 8712.8 8711.3 -0.0172 98.45%
5 5 5
09-08-16 205.9 205.0 -41.28% 09-08-16 8727.8 8678.2 -0.5677 35.83%
5 5
10-08-16 205 202.6 -117.07% 10-08-16 8686.7 8575.3 -1.2824 -39.55%
11-08-16 202.5 200.1 -118.49% 11-08-16 8572.8 8592.1 0.2257 -115.08%
5 5 5
12-08-16 199.3 200.6 65.23% 12-08-16 8605.4 8672.1 0.7750 -6.92%
5 5
16-08-16 207.5 201.5 -289.16% 16-08-16 8670.2 8642.5 -0.3194 -377.96%
5 5
71
BANGALORE
17-08-16 199.2 199.6 22.59% 17-08-16 8639.8 8624.0 -0.1822 49.92%

5 5
18-08-16 203.9 205.9 98.06% 18-08-16 8648.8 8673.2 0.2821 54.48%
5 5 5 5
19-08-16 204.9 208.2 161.01% 19-08-16 8694.3 8666.9 -0.3151 281.13%
5 5
22-08-16 210.9 214.4 165.96% 22-08-16 8667 8629.1 -0.4367 372.15%
5
23-08-16 219.8 211.65 -370.79% 23-08-16 8628.3 8632.6 0.0492 -358.08%
5
24-08-16 212.6 214.2 75.24% 24-08-16 8648.5 8650.3 0.0208 71.67%
5 5
25-08-16 219.8 217.1 -122.84% 25-08-16 8668.8 8592.2 -0.8842 -297.23%
5
26-08-16 217 212.4 -211.98% 26-08-16 8614.3 8572.5 -0.4852 -317.54%
5 5
29-08-16 212.4 211.15 -58.85% 29-08-16 8583.7 8607.4 0.2761 -67.75%
5 5
30-08-16 211.9 214.6 127.42% 30-08-16 8646.7 8744.3 1.1287 6.83%
5 5
31-08-16 217 219.8 129.03% 31-08-16 8754.0 8786.2 0.3672 67.51%
5
01-09-16 219.0 215.9 -141.52% 01-09-16 8793.6 8774.6 -0.2154 -152.93%
5 5 5
02-09-16 215.5 214.4 -48.72% 02-09-16 8796.3 8809.6 0.1511 -55.46%
5 5 5
06-09-16 216.3 213.6 -124.83% 06-09-16 8852.7 8943 1.0200 -112.29%
07-09-16 216.5 212.7 -175.48% 07-09-16 8968.7 8917.9 -0.5658 -273.86%
5 5 5
08-09-16 214.4 215.2 37.30% 08-09-16 8915.5 8952.5 0.4150 -2.97%
5 5
09-09-16 215.1 215.5 18.59% 09-09-16 8934.3 8866.7 -0.7566 387.30%
5 5
12-09-16 212.1 215.2 148.51% 12-09-16 8732.9 8715.6 -0.1986 210.13%
5 5
14-09-16 215.7 218.3 122.86% 14-09-16 8710.6 8726.6 0.1831 88.36%
5 5
15-09-16 216.5 215.1 -66.96% 15-09-16 8743.8 8742.5 -0.0148 -66.46%
5 5 5
16-09-16 215.4 215 -18.57% 16-09-16 8780.8 8779.8 -0.0113 -17.63%
5 5
19-09-16 215.9 215.2 -32.42% 19-09-16 8788.4 8808.4 0.2270 -44.92%

72
BANGALORE
5
20-09-16 218.5 215 -160.18% 20-09-16 8816.1 8775.9 -0.4559 -210.63%
21-09-16 215 214.9 -2.33% 21-09-16 8790.3 8777.1 -0.1495 14.86%
5 5
22-09-16 215.0 216.4 62.78% 22-09-16 8873.3 8867.4 -0.0664 74.37%
5 5 5
23-09-16 215.4 215.1 -11.61% 23-09-16 8880.7 8831.5 -0.5540 98.20%
5 5 5
26-09-16 215.0 215.2 6.98% 26-09-16 8807.9 8723.0 -0.9633 2818.01%
5 5
27-09-16 215 216.3 60.47% 27-09-16 8748.9 8706.4 -0.4857 212.05%
28-09-16 216.7 218.3 76.14% 28-09-16 8711.2 8745.1 0.3897 26.75%
5 5
29-09-16 220 220.7 34.09% 29-09-16 8792.7 8591.2 -2.2911 -203.86%
5 5
30-09-16 221 221.0 2.26% 30-09-16 8581.5 8611.1 0.3455 -24.00%
5 5
03-10-16 221 220.3 -31.67% 03-10-16 8666.1 8738.1 0.8302 -62.67%
5
04-10-16 220.0 220.2 9.09% 04-10-16 8770 8769.1 -0.0096 10.16%
5 5 5
05-10-16 221 223.7 124.43% 05-10-16 8806.3 8743.9 -0.7085 670.14%
5 5 5
06-10-16 226.0 229.8 168.10% 06-10-16 8768.7 8709.5 -0.6745 723.82%
5 5 5
07-10-16 231.6 227.1 -196.42% 07-10-16 8721.7 8697.6 -0.2763 -233.23%
5
10-10-16 223.0 222.1 -42.59% 10-10-16 8735.3 8708.8 -0.3039 -17.52%
5 5
13-10-16 225 221.2 -168.89% 13-10-16 8671.5 8573.3 -1.1318 422.40%
5
14-10-16 220.1 230.0 449.69% 14-10-16 8594 8583.4 -0.1233 527.03%
5 5
17-10-16 230.5 228.4 -88.94% 17-10-16 8612.9 8520.4 -1.0745 -248.41%
5 5
18-10-16 229.8 232.9 132.70% 18-10-16 8556.0 8677.9 1.4241 -4.01%
5 5
19-10-16 230.8 231.5 28.16% 19-10-16 8697.5 8659.1 -0.4415 129.47%
5
20-10-16 233 231.5 -64.38% 20-10-16 8693.3 8699.4 0.0695 -66.70%
5
21-10-16 232.8 236.9 178.26% 21-10-16 8708.6 8693.0 -0.1785 238.75%

73
BANGALORE
5 5
24-10-16 230 241.3 491.30% 24-10-16 8709.8 8708.9 -0.0103 497.48%
5 5
25-10-16 242 241.9 -4.13% 25-10-16 8721.7 8691.3 -0.3485 47.16%
26-10-16 239.3 241.1 75.22% 26-10-16 8657.3 8615.2 -0.4857 240.71%
5
27-10-16 240.6 242.7 89.36% 27-10-16 8607.1 8615.2 0.0946 72.98%
5 5
28-10-16 239.5 244.9 225.42% 28-10-16 8625 8638 0.1507 182.80%
5 5
30-10-16 246.4 248.4 81.17% 30-10-16 8672.3 8625.7 -0.5379 292.07%
5
01-11-16 241 251.6 439.83% 01-11-16 8653.1 8626.2 -0.3108 683.36%
5 5
02-11-16 247.5 247.1 -16.16% 02-11-16 8542.8 8514 -0.3371 26.48%
03-11-16 249.2 248.3 -38.11% 03-11-16 8499.8 8484.9 -0.1752 -24.96%
5 5 5
04-11-16 250.2 248.8 -53.96% 04-11-16 8503.6 8433.7 -0.8214 157.82%
5 5
07-11-16 250 249.4 -24.00% 07-11-16 8535.7 8497.0 -0.4533 39.04%
5 5
08-11-16 250.9 247.6 -131.50% 08-11-16 8540 8543.5 0.0415 -130.24%
5 5 5
09-11-16 215 240.3 1179.07 09-11-16 8067.5 8432 4.5181 131.79%
5 %
10-11-16 244.9 248.6 149.01% 10-11-16 8555.6 8525.7 -0.3488 282.44%
5 5
11-11-16 247.7 250 92.85% 11-11-16 8456.6 8296.3 -1.8961 -315.21%
5
15-11-16 254 246.6 -289.37% 15-11-16 8284.8 8108.4 -2.1291 67.70%
5 5 5
16-11-16 245 247.1 85.71% 16-11-16 8205.6 8111.6 -1.1461 -1370.61%
5
17-11-16 249.9 250 2.00% 17-11-16 8105.1 8079.9 -0.3102 47.89%
5 5
18-11-16 251 251.6 23.90% 18-11-16 8097.5 8074.1 -0.2895 74.41%
5
21-11-16 254.5 251.9 -102.14% 21-11-16 8102.1 7929.1 -2.1352 -98.11%
5 5
22-11-16 255 257.8 111.76% 22-11-16 7989.1 8002.3 0.1645 81.83%
5 5
23-11-16 258.3 253.0 -203.25% 23-11-16 8051.2 8033.3 -0.2223 -232.77%

74
BANGALORE
5
24-11-16 253.5 251.6 -74.95% 24-11-16 8011.8 7965.5 -0.5778 -40.66%
25-11-16 254.9 253.1 -72.56% 25-11-16 8007.9 8114.3 1.3280 -88.21%
5 5
28-11-16 254.7 256.9 86.36% 28-11-16 8080.6 8126.9 0.5723 18.52%
5 5 5
29-11-16 257.2 248.6 -336.25% 29-11-16 8131.5 8142.1 0.1303 -309.00%
5 5 5
30-11-16 251.5 249.6 -75.55% 30-11-16 8172.1 8224.5 0.6405 -85.09%
5
01-12-16 250.5 248.6 -73.85% 01-12-16 8244 8192.9 -0.6198 -31.22%
5
02-12-16 249.0 249.0 0.00% 02-12-16 8153.5 8086.8 -0.8186 451.46%
5 5 5
05-12-16 248.0 248.6 22.17% 05-12-16 8088.7 8128.7 0.4945 -18.25%
5 5 5
06-12-16 250 250.2 8.00% 06-12-16 8153.1 8143.1 -0.1226 23.10%
5 5
07-12-16 248.8 249.1 12.06% 07-12-16 8168.4 8102.0 -0.8122 496.92%
5 5 5
08-12-16 250.3 248.5 -71.91% 08-12-16 8152.1 8246.8 1.1622 -87.01%
5
09-12-16 251.7 250.8 -35.76% 09-12-16 8271.7 8261.7 -0.1202 -26.97%
5
12-12-16 241.1 249.7 356.70% 12-12-16 8230.6 8170.8 -0.7271 1573.87%
5
13-12-16 249.4 251.0 66.16% 13-12-16 8196.1 8221.8 0.3129 26.55%
5 5
14-12-16 251.9 250.6 -53.58% 14-12-16 8229.3 8182.4 -0.5699 7.93%
5 5 5
15-12-16 250.2 249.6 -23.98% 15-12-16 8128.4 8153.6 0.3100 -41.97%
5 5
16-12-16 249.5 241.1 -336.67% 16-12-16 8178.2 8139.4 -0.4738 -549.80%
5
19-12-16 242.9 244.1 49.40% 19-12-16 8126 8104.3 -0.2664 103.67%
5
20-12-16 242 247.6 233.47% 20-12-16 8110.6 8082.4 -0.3476 411.22%
5
21-12-16 244.9 245.5 22.45% 21-12-16 8105.8 8061.3 -0.5496 171.88%
5 5
22-12-16 241.2 236.3 -205.18% 22-12-16 8043.8 7979.1 -0.8049 -639.29%
5 5
75
BANGALORE
23-12-16 235 239.2 178.72% 23-12-16 7972.5 7985.7 0.1661 139.00%

5
26-12-16 236.0 233.2 -118.62% 26-12-16 7965.1 7908.2 -0.7137 -165.04%
5 5 5
27-12-16 233 232.1 -38.63% 27-12-16 7915.0 8032.8 1.4883 -75.34%
5 5
28-12-16 232 244.8 553.88% 28-12-16 8047.5 8034.8 -0.1578 676.41%
5 5 5
29-12-16 245 244.1 -34.69% 29-12-16 8030.6 8103.6 0.9090 -65.79%
5
30-12-16 245.6 247.5 77.36% 30-12-16 8119.6 8185.8 0.8146 -2.26%
5
02-01-17 243.2 243.6 18.50% 02-01-17 8210.1 8179.5 -0.3727 88.91%
5
03-01-17 244.5 238.9 -226.99% 03-01-17 8196.0 8192.2 -0.0463 -233.17%
5 5 5
04-01-17 238.4 246.9 358.64% 04-01-17 8202.6 8190.5 -0.1481 438.39%
5 5
05-01-17 249.9 246.7 -130.03% 05-01-17 8226.6 8273.8 0.5731 -119.09%
5 5
06-01-17 244.6 245.5 34.74% 06-01-17 8281.8 8243.8 -0.4594 149.27%
5 5
09-01-17 244.1 242.5 -67.58% 09-01-17 8259.3 8236.0 -0.2821 -54.84%
5 5 5
10-01-17 243.1 238.2 -201.52% 10-01-17 8262.7 8288.6 0.3134 -177.29%
5 5
11-01-17 240.1 239.8 -12.49% 11-01-17 8327.8 8380.6 0.6346 -46.47%
5 5 5
12-01-17 239.2 241.4 91.95% 12-01-17 8391.0 8407.2 0.1924 60.97%
5 5 5
13-01-17 239.1 241.7 110.83% 13-01-17 8457.6 8400.3 -0.6774 553.73%
5 5 5
16-01-17 241.9 244.9 124.02% 16-01-17 8390.9 8412.8 0.2603 77.74%
5
17-01-17 245.9 243.4 -101.67% 17-01-17 8415.0 8398 -0.2026 -102.09%
5
18-01-17 241.5 241.9 18.63% 18-01-17 8403.8 8417 0.1564 2.58%
5 5
19-01-17 241.9 240.3 -66.13% 19-01-17 8418.4 8435.1 0.1983 -71.74%
5 5
20-01-17 240.9 238.9 -80.95% 20-01-17 8404.3 8349.3 -0.6544 -44.86%
5 5 5
76
BANGALORE
23-01-17 229.5 240.2 468.41% 23-01-17 8329.6 8391.5 0.7431 226.09%

5
24-01-17 240.7 236.5 -174.49% 24-01-17 8407.0 8475.8 0.8177 -140.98%
5
25-01-17 235.0 238.7 155.29% 25-01-17 8499.4 8602.7 1.2153 15.23%
5 5 5
27-01-17 236.0 233.3 -116.50% 27-01-17 8610.5 8641.2 0.3571 -112.16%
5 5
30-01-17 230.1 237.5 321.60% 30-01-17 8635.5 8632.7 -0.0324 335.73%
5 5
31-01-17 238.6 243.2 194.89% 31-01-17 8629.4 8561.3 -0.7897 1302.47%
5 5
01-02-17 243.3 242.9 -16.44% 01-02-17 8570.3 8716.4 1.7041 -69.10%
5 5 5
02-02-17 241.7 241.2 -18.62% 02-02-17 8724.7 8734.2 0.1088 -26.61%
5 5 5
03-02-17 238.6 243.4 201.17% 03-02-17 8735.1 8740.9 0.0663 182.42%
5 5
06-02-17 242 240.6 -57.85% 06-02-17 8785.4 8801.0 0.1775 -64.21%
5 5
07-02-17 241.0 238.8 -93.34% 07-02-17 8805.7 8768.3 -0.4247 -88.43%
5
08-02-17 240.1 237.7 -97.88% 08-02-17 8774.5 8769.0 -0.0626 -97.73%
5 5 5
09-02-17 244 241.4 -104.51% 09-02-17 8795.5 8778.4 -0.1949 -105.60%
5 5
10-02-17 243 242.9 -4.12% 10-02-17 8812.3 8793.5 -0.2133 21.89%
5 5
13-02-17 243.8 242.6 -49.21% 13-02-17 8819.8 8805.0 -0.1672 -39.01%
5 5 5
14-02-17 243.0 242.6 -16.46% 14-02-17 8819.9 8792.3 -0.3129 21.59%
5 5
15-02-17 241.3 236.1 -215.50% 15-02-17 8778.9 8724.7 -0.6179 -402.32%
5
16-02-17 238.7 240.8 87.98% 16-02-17 8739 8778 0.4462 29.97%
17-02-17 242 237.6 -179.75% 17-02-17 8883.7 8821.7 -0.6979 -364.00%
5
20-02-17 243.5 239.8 -151.95% 20-02-17 8818.5 8879.2 0.6877 -130.78%
5
21-02-17 242.1 240.6 -59.89% 21-02-17 8890.7 8907.8 0.1923 -66.36%
5 5 5
22-02-17 240.1 237.9 -91.63% 22-02-17 8931.6 8926.9 -0.0526 -91.16%

77
BANGALORE
23-02-17 237.2 237.9 27.40% 23-02-17 8956.4 8939.5 -0.1886 57.03%

5
27-02-17 239.9 236.2 -156.28% 27-02-17 8943.7 8896.7 -0.5255 -218.62%
5
28-02-17 236.3 236.3 0.00% 28-02-17 8898.9 8879.6 -0.2174 27.79%
5
Consolidated Report of Healthcare Global Enterprises Limited
Return MAER
30th day 30th day 10.14
price 50.65% price %
90th day 117.07 90th day 10.50
price % price %
27.79
1 year price 0.00% 1 year price %
Analysis:

 At 90th day return is 117.07% it gives more than double in investment and MAER is
10.50%.
 At the period of 1 year the return is nil and MAER is 27.79%.
Healthcare Global Enterprises Limited

78
BANGALORE
300
250
200
150
Axis Title Open Price
100 Close Price
Return
50
0
31-Jan-16 18-Aug-16 06-Mar-17 22-Sep-17
-50
Axis Title
Graph number 4.4
Inference:
The above graph 4.4 concludes the performance of Healthcare Global Enterprises Limited’s
IPO. In short run Company return is higher so it indicates that it is underpriced and 90 thday
performance company return is higher so it indicates that it is underpriced. In 1 year
performance MAER is higher so it is overpriced and company return shows Zero
performance because there is no difference in opening and closing price of the issue.

79
BANGALORE
Equitas Holdings Limited (EHL)is the Holding company. The company is engages in the
businesses through its subsidiaries: Equitas Micro Finance Limited (EMFL), which is
engaged in micro finance; EquitasFinanceLimited (EFL), which provides
UsedCommercial Vehicle (UCV) Loans, micro and small and enterprise (MSE) finance,
and others; Equitas Technology Private Limited (ETPL), which offers technology platform
for freight, logistics, carriers and related services.
Table: 5 TableshowingEquitasHoldingsLimited’sIPOReturn

Price Price Return
21-04-16 145.1 135.2 -682.29% 21-04-16 7953.6 7912.0 -0.5230 -1320.81%
5 5
22-04-16 136.5 138 106.19% 22-04-16 7891.8 7899.3 0.0950 88.29%
5
25-04-16 138.7 136.05 -191.06% 25-04-16 7894.8 7855.0 -0.5034 -283.40%
5
26-04-16 136.4 138.7 164.90% 26-04-16 7828.1 7962.6 1.7181 -2.55%
5 5 5
27-04-16 138.7 141.85 227.11% 27-04-16 7942 7979.9 0.4772 121.44%
28-04-16 141.7 138.8 -208.11% 28-04-16 7967.4 7847.2 -1.5080 112.81%
5 5
29-04-16 138.8 140.15 97.26% 29-04-16 7844.2 7849.8 0.0707 84.23%
5
02-05-16 139.4 143.1 265.42% 02-05-16 7822.7 7805.9 -0.2147 365.36%
03-05-16 144.4 140.85 -245.84% 03-05-16 7824.8 7747 -0.9942 -25573.37%
80
BANGALORE
04-05-16 140.5 140.45 -7.11% 04-05-16 7724.1 7706.5 -0.2278 20.30%

5 5 5
05-05-16 141 145.5 319.15% 05-05-16 7731 7735.5 0.0582 296.09%
06-05-16 146.8 145.65 -78.34% 06-05-16 7717.6 7733.4 0.2047 -82.02%
5 5
09-05-16 146 142.95 -208.90% 09-05-16 7755.2 7866.0 1.4287 -144.84%
5 5
10-05-16 143.4 142.3 -76.71% 10-05-16 7873.5 7887.8 0.1809 -80.28%
5
11-05-16 139.5 142.95 247.31% 11-05-16 7804.6 7848.8 0.5663 121.74%
5 5
12-05-16 143.5 147.75 296.17% 12-05-16 7871.4 7900.4 0.3677 189.64%
5
13-05-16 148.1 145.5 -178.87% 13-05-16 7881 7814.9 -0.8387 -589.06%
5
16-05-16 146.1 150.2 280.63% 16-05-16 7831.2 7860.7 0.3773 176.35%
5
17-05-16 150.5 148.1 -159.47% 17-05-16 7896.8 7890.7 -0.0772 -164.45%
5 5
18-05-16 147 145.55 -98.64% 18-05-16 7846.7 7870.1 0.2982 -98.95%
5 5
19-05-16 146 148.45 167.81% 19-05-16 7875.5 7783.4 -1.1694 -1680.46%
20-05-16 149 148.1 -60.40% 20-05-16 7792.2 7749.7 -0.5454 -12.89%
23-05-16 148.2 146.65 -104.59% 23-05-16 7813.9 7731.0 -1.0609 -24.69%
5 5
24-05-16 145.1 144.6 -34.46% 24-05-16 7738.0 7748.8 0.1395 -42.49%
5 5
25-05-16 145.7 149.25 240.14% 25-05-16 7811.8 7934.9 1.5758 32.05%
5
26-05-16 149.4 154.85 364.79% 26-05-16 7974.4 8069.6 1.1938 111.87%
5 5
27-05-16 154.9 154.9 0.00% 27-05-16 8081.9 8156.6 0.9242 -48.03%
5 5
30-05-16 155 159.5 290.32% 30-05-16 8166.5 8178.5 0.1469 240.32%
31-05-16 159.4 161.55 134.88% 31-05-16 8209.8 8160.1 -0.6059 496.11%
5
01-06-16 159.9 165 318.95% 01-06-16 8179.2 8179.9 0.0091 315.14%
5
02-06-16 165 167 121.21% 02-06-16 8156.9 8218.9 0.7607 25.64%
5
03-06-16 167.4 173.7 376.34% 03-06-16 8246.2 8220.8 -0.3080 588.38%
06-06-16 174 174.7 40.23% 06-06-16 8228.7 8201.0 -0.3366 111.39%

81
BANGALORE
5 5
07-06-16 175.7 175.75 2.85% 07-06-16 8235.5 8266.4 0.3752 -25.21%
5 5
08-06-16 176.3 177.45 65.23% 08-06-16 8285.5 8273.0 -0.1502 94.45%
5
09-06-16 178.1 176.2 -109.46% 09-06-16 8273.3 8203.6 -0.8430 -160.27%
5 5
10-06-16 176 179 170.45% 10-06-16 8180.2 8170.0 -0.1246 208.98%
5 5
13-06-16 176 173.7 -130.68% 13-06-16 8102.2 8110.6 0.1030 -127.82%
5
14-06-16 174.6 171.2 -194.73% 14-06-16 8134.4 8108.8 -0.3140 -238.11%
5
15-06-16 172 172.1 5.81% 15-06-16 8139.4 8206.6 0.8256 -42.04%
16-06-16 172 172.15 8.72% 16-06-16 8180.6 8140.7 -0.4877 112.24%
5 5
17-06-16 173.8 174.05 14.38% 17-06-16 8176.6 8170.2 -0.0788 24.18%
5
20-06-16 171.6 179.95 486.60% 20-06-16 8115.75 8238.5 1.5124 133.47%
21-06-16 180.5 176.4 -227.15% 21-06-16 8255.4 8219.9 -0.4300 -323.07%
22-06-16 177.5 176.75 -42.25% 22-06-16 8213.6 8203.7 -0.1211 -34.29%
5
23-06-16 176.7 175.3 -82.04% 23-06-16 8201.1 8270.4 0.8450 -90.26%
5 5 5
24-06-16 169.0 174.85 343.09% 24-06-16 8029.1 8088.6 0.7410 154.50%
5
27-06-16 172 172.1 5.81% 27-06-16 8039.3 8094.7 0.6884 -37.33%
5
28-06-16 172.9 170.15 -161.90% 28-06-16 8096.0 8127.8 0.3927 -144.44%
5 5 5
29-06-16 171.4 177.3 344.22% 29-06-16 8173.1 8204 0.3780 222.35%
30-06-16 178.8 177.7 -61.52% 30-06-16 8260.2 8287.7 0.3329 -71.13%
5 5
01-07-16 184.4 183.75 -35.25% 01-07-16 8313.0 8328.3 0.1840 -45.31%
5 5
04-07-16 184.8 188.75 213.74% 04-07-16 8376.7 8370.7 -0.0722 238.17%
5
05-07-16 189.6 188.1 -81.73% 05-07-16 8379.3 8335.9 -0.5173 -62.15%
5 5
07-07-16 188 184.8 -170.21% 07-07-16 8342 8337.9 -0.0491 -173.84%
08-07-16 185.6 181.25 -237.01% 08-07-16 8350 8323.2 -0.3209 -301.76%
5

82
BANGALORE
11-07-16 183.4 182.9 -29.98% 11-07-16 8413.3 8467.9 0.6483 -57.52%

5 5
12-07-16 184.4 178.8 -306.32% 12-07-16 8502.6 8521.0 0.2169 -269.53%
5 5
13-07-16 179.8 174.45 -297.55% 13-07-16 8540.4 8519.5 -0.2453 -361.76%
5
14-07-16 175.2 176.4 65.62% 14-07-16 8515.7 8565 0.5783 4.93%
5 5
15-07-16 177.4 177.15 -14.09% 15-07-16 8565.4 8541.4 -0.2807 19.45%
5
18-07-16 177.6 176.6 -56.31% 18-07-16 8564.0 8508.7 -0.6463 23.54%
5
19-07-16 177 173.7 -186.44% 19-07-16 8514.3 8528.5 0.1673 -174.05%
5
20-07-16 174.2 174.9 37.30% 20-07-16 8515.4 8565.8 0.5918 -13.75%
5 5 5
21-07-16 175 173.65 -77.14% 21-07-16 8582.7 8510.1 -0.8458 48.31%
22-07-16 175 182.05 402.86% 22-07-16 8519.6 8541.2 0.2529 301.34%
5
25-07-16 190 186.8 -168.42% 25-07-16 8519.9 8635.6 1.3579 -129.02%
5 5
26-07-16 188.1 194.25 326.95% 26-07-16 8633.7 8590.6 -0.4992 752.55%
5 5
27-07-16 195.4 193.95 -74.21% 27-07-16 8599.4 8615.8 0.1907 -78.34%
28-07-16 195 200.9 302.56% 28-07-16 8636.9 8666.3 0.3398 200.46%
5
29-07-16 202.6 196.15 -320.75% 29-07-16 8668.3 8638.5 -0.3437 -436.40%
5
01-08-16 197.5 195.05 -124.05% 01-08-16 8654.3 8636.5 -0.2051 -130.26%
5
02-08-16 196.1 185.1 -563.34% 02-08-16 8647.4 8622.9 -0.2838 -747.04%
5 5
03-08-16 185 176.55 -456.76% 03-08-16 8635.2 8544.8 -1.0462 7605.52%
5
04-08-16 178.8 172.1 -374.72% 04-08-16 8599.9 8551.1 -0.5680 -735.97%
5
05-08-16 173.9 180.4 373.78% 05-08-16 8600.2 8683.1 0.9645 141.17%
5
08-08-16 181.4 179.9 -82.69% 08-08-16 8712.8 8711.35 -0.0172 -82.39%
5
09-08-16 180.4 180.65 13.86% 09-08-16 8727.8 8678.2 -0.5677 163.39%
5
83
BANGALORE
10-08-16 181.5 173.35 -449.04% 10-08-16 8686.7 8575.3 -1.2824 1135.87%

11-08-16 174.1 169.85 -244.11% 11-08-16 8572.8 8592.1 0.2257 -217.57%
5
12-08-16 170.7 174.3 210.90% 12-08-16 8605.4 8672.1 0.7750 75.14%
5 5
16-08-16 174.7 176.25 88.72% 16-08-16 8670.2 8642.5 -0.3194 177.32%
5 5
17-08-16 175.8 175.2 -34.13% 17-08-16 8639.8 8624.0 -0.1822 -19.44%
5
18-08-16 177 179.8 158.19% 18-08-16 8648.8 8673.2 0.2821 101.38%
5 5
19-08-16 181 185.75 262.43% 19-08-16 8694.3 8666.9 -0.3151 429.21%
22-08-16 186.5 185.05 -80.41% 22-08-16 8667 8629.1 -0.4367 -65.22%
5 5
23-08-16 183.2 181.2 -111.87% 23-08-16 8628.3 8632.6 0.0492 -111.31%
5 5
24-08-16 181 181.35 19.34% 24-08-16 8648.5 8650.3 0.0208 16.90%
25-08-16 182.1 181.2 -52.15% 25-08-16 8668.8 8592.2 -0.8842 313.17%
5 5
26-08-16 182 179.8 -120.88% 26-08-16 8614.3 8572.5 -0.4852 -140.56%
5 5
29-08-16 180.2 177.4 -155.38% 29-08-16 8583.7 8607.4 0.2761 -143.40%
5 5
30-08-16 178.5 178.35 -8.40% 30-08-16 8646.7 8744.3 1.1287 -56.97%
5 5
31-08-16 178.7 178.2 -27.98% 31-08-16 8754.0 8786.2 0.3672 -47.33%
5
01-09-16 178.3 179.35 58.89% 01-09-16 8793.6 8774.6 -0.2154 102.54%
5
02-09-16 179.7 180 13.91% 02-09-16 8796.3 8809.6 0.1511 -1.05%
5 5 5
06-09-16 183 181.5 -81.97% 06-09-16 8852.7 8943 1.0200 -91.07%
07-09-16 182.4 181.6 -43.86% 07-09-16 8968.7 8917.9 -0.5658 29.31%
5
08-09-16 182.3 185.1 150.81% 08-09-16 8915.5 8952.5 0.4150 77.25%
5
09-09-16 184.1 181.75 -127.65% 09-09-16 8934.3 8866.7 -0.7566 -213.61%
12-09-16 179 175.6 -189.94% 12-09-16 8732.9 8715.6 -0.1986 -212.24%
5
14-09-16 176.9 178.4 84.79% 14-09-16 8710.6 8726.6 0.1831 56.19%
5
15-09-16 179 178.3 -39.11% 15-09-16 8743.8 8742.5 -0.0148 -38.19%

84
BANGALORE
5 5
16-09-16 178.8 180.1 72.71% 16-09-16 8780.8 8779.8 -0.0113 74.70%
5 5
19-09-16 180.6 179.9 -38.76% 19-09-16 8788.4 8808.4 0.2270 -50.09%
5
20-09-16 180.8 176.45 -240.60% 20-09-16 8816.1 8775.9 -0.4559 -358.44%
21-09-16 176.8 178.5 96.15% 21-09-16 8790.3 8777.1 -0.1495 130.66%
5
22-09-16 180 188.2 455.56% 22-09-16 8873.3 8867.4 -0.0664 495.13%
5 5
23-09-16 189.4 181.35 -427.55% 23-09-16 8880.7 8831.5 -0.5540 -834.44%
5 5 5
26-09-16 181.4 178.35 -170.85% 26-09-16 8807.9 8723.0 -0.9633 -2032.50%
5 5
27-09-16 178.7 176.2 -139.90% 27-09-16 8748.9 8706.4 -0.4857 -177.59%
28-09-16 176.3 177.4 62.39% 28-09-16 8711.2 8745.1 0.3897 16.85%
5
29-09-16 178.7 169.65 -506.44% 29-09-16 8792.7 8591.2 -2.2911 214.80%
5
30-09-16 170 174.65 273.53% 30-09-16 8581.5 8611.15 0.3455 177.61%
03-10-16 177 183.65 375.71% 03-10-16 8666.1 8738.1 0.8302 159.91%
5
04-10-16 186 187.8 96.77% 04-10-16 8770 8769.1 -0.0096 98.70%
5
05-10-16 189.3 186.35 -158.44% 05-10-16 8806.3 8743.9 -0.7085 -300.52%
5 5 5
06-10-16 186.9 185 -104.31% 06-10-16 8768.7 8709.5 -0.6745 -113.23%
5 5
07-10-16 185.9 180.25 -303.93% 07-10-16 8721.7 8697.6 -0.2763 -381.79%
10-10-16 181.4 177.65 -206.73% 10-10-16 8735.3 8708.8 -0.3039 -253.33%
5
13-10-16 176.9 173.3 -206.27% 13-10-16 8671.5 8573.3 -1.1318 705.90%
5 5
14-10-16 173.7 175.1 77.70% 14-10-16 8594 8583.4 -0.1233 102.70%
5
17-10-16 176.8 180.15 186.60% 17-10-16 8612.9 8520.4 -1.0745 -3944.66%
5 5
18-10-16 181.8 179.35 -137.48% 18-10-16 8556.0 8677.9 1.4241 -115.46%
5 5
19-10-16 180.5 178.5 -113.54% 19-10-16 8697.5 8659.1 -0.4415 -124.25%
5
20-10-16 179.7 182.5 152.99% 20-10-16 8693.3 8699.4 0.0695 136.53%

85
BANGALORE
5 5
21-10-16 183.7 183.3 -24.49% 21-10-16 8708.6 8693.0 -0.1785 -8.08%
5 5
24-10-16 183.8 176.35 -405.33% 24-10-16 8709.8 8708.9 -0.0103 -408.52%
5 5
25-10-16 177 177.9 50.85% 25-10-16 8721.7 8691.3 -0.3485 131.56%
26-10-16 177.6 176.5 -64.73% 26-10-16 8657.3 8615.2 -0.4857 -31.43%
5 5
27-10-16 176.2 177.5 70.92% 27-10-16 8607.1 8615.2 0.0946 56.14%
5 5
28-10-16 178 178.6 33.71% 28-10-16 8625 8638 0.1507 16.19%
30-10-16 180 180.7 38.89% 30-10-16 8672.3 8625.7 -0.5379 200.57%
5
01-11-16 181.4 178.9 -140.53% 01-11-16 8653.1 8626.2 -0.3108 -158.82%
5 5 5
02-11-16 176.5 175.75 -42.49% 02-11-16 8542.8 8514 -0.3371 -13.25%
03-11-16 176.4 177.8 79.37% 03-11-16 8499.8 8484.9 -0.1752 117.49%
5 5
04-11-16 178.8 172.35 -360.74% 04-11-16 8503.6 8433.7 -0.8214 -1560.04%
5
07-11-16 174.4 170.85 -203.56% 07-11-16 8535.7 8497.0 -0.4533 -289.45%
5 5
08-11-16 171.8 170.35 -84.40% 08-11-16 8540 8543.5 0.0415 -85.02%
5
09-11-16 150.1 167.35 1149.23% 09-11-16 8067.5 8432 4.5181 126.39%
10-11-16 171.8 166.6 -302.68% 10-11-16 8555.6 8525.7 -0.3488 -411.28%
5
11-11-16 162 161.85 -9.26% 11-11-16 8456.6 8296.3 -1.8961 -201.26%
5
15-11-16 160.0 149.65 -649.80% 15-11-16 8284.8 8108.4 -2.1291 386.90%
5 5 5
16-11-16 157 157.6 38.22% 16-11-16 8205.6 8111.6 -1.1461 -1045.64%
5
17-11-16 158.9 156.55 -147.89% 17-11-16 8105.1 8079.9 -0.3102 -169.44%
5
18-11-16 156.8 157.15 22.32% 18-11-16 8097.5 8074.1 -0.2895 72.19%
5
21-11-16 157.5 150.1 -469.84% 21-11-16 8102.1 7929.1 -2.1352 225.78%
22-11-16 152 149.65 -154.61% 22-11-16 7989.1 8002.3 0.1645 -146.89%
5
23-11-16 150.6 153.05 159.31% 23-11-16 8051.2 8033.3 -0.2223 233.44%
5

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24-11-16 151.9 154.05 141.54% 24-11-16 8011.8 7965.5 -0.5778 472.23%

25-11-16 154.8 158.8 258.40% 25-11-16 8007.9 8114.3 1.3280 53.95%
5
28-11-16 157 159.6 165.61% 28-11-16 8080.6 8126.9 0.5723 68.92%
5
29-11-16 161 159.3 -105.59% 29-11-16 8131.5 8142.1 0.1303 -104.95%
5 5
30-11-16 160.4 160.65 15.59% 30-11-16 8172.1 8224.5 0.6405 -29.55%
5
01-12-16 161 161.55 34.16% 01-12-16 8244 8192.9 -0.6198 252.91%
02-12-16 159.1 156.95 -138.23% 02-12-16 8153.5 8086.8 -0.8186 -310.85%
5 5
05-12-16 157 161.05 257.96% 05-12-16 8088.7 8128.7 0.4945 139.52%
5 5
06-12-16 161.1 160.35 -46.55% 06-12-16 8153.1 8143.1 -0.1226 -39.08%
5 5
07-12-16 161.4 158.8 -164.14% 07-12-16 8168.4 8102.0 -0.8122 -441.66%
5 5
08-12-16 160.1 160.35 15.62% 08-12-16 8152.1 8246.8 1.1622 -46.53%
5
09-12-16 161.8 160.25 -95.80% 09-12-16 8271.7 8261.7 -0.1202 -95.22%
5
12-12-16 159.7 154.7 -313.09% 12-12-16 8230.6 8170.8 -0.7271 -881.00%
5
13-12-16 155.4 152.65 -180.12% 13-12-16 8196.1 8221.8 0.3129 -161.02%
5 5
14-12-16 153 151.75 -81.70% 14-12-16 8229.3 8182.4 -0.5699 -57.45%
5 5
15-12-16 149.9 153.65 250.17% 15-12-16 8128.4 8153.6 0.3100 167.30%
16-12-16 153.5 155.3 113.97% 16-12-16 8178.2 8139.4 -0.4738 306.65%
5 5
19-12-16 155 151.3 -238.71% 19-12-16 8126 8104.3 -0.2664 -289.09%
5
20-12-16 150.5 146.95 -235.88% 20-12-16 8110.6 8082.4 -0.3476 -308.31%
21-12-16 147.9 147.2 -47.33% 21-12-16 8105.8 8061.3 -0.5496 16.94%
5
22-12-16 147.2 144.95 -152.85% 22-12-16 8043.8 7979.1 -0.8049 -370.99%
5
23-12-16 145.6 143 -181.94% 23-12-16 7972.5 7985.7 0.1661 -170.27%
5 5
26-12-16 142.9 140.65 -157.45% 26-12-16 7965.1 7908.2 -0.7137 -300.70%
5

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27-12-16 141.3 141.7 28.31% 27-12-16 7915.0 8032.8 1.4883 -48.44%

5 5
28-12-16 142.5 145.4 203.51% 28-12-16 8047.5 8034.8 -0.1578 260.38%
5 5
29-12-16 146.7 142.65 -279.39% 29-12-16 8030.6 8103.6 0.9090 -193.97%
5
30-12-16 143.4 145.45 142.96% 30-12-16 8119.65 8185.8 0.8146 33.88%
02-01-17 147 149.9 197.28% 02-01-17 8210.1 8179.5 -0.3727 373.91%
03-01-17 151.5 149.35 -141.91% 03-01-17 8196.0 8192.2 -0.0463 -143.95%
5 5
04-01-17 149.6 148.6 -70.16% 04-01-17 8202.6 8190.5 -0.1481 -64.98%
5 5
05-01-17 150 150.1 6.67% 05-01-17 8226.6 8273.8 0.5731 -32.19%
5
06-01-17 151 147.95 -201.99% 06-01-17 8281.8 8243.8 -0.4594 -288.67%
5
09-01-17 148.9 149.9 63.78% 09-01-17 8259.3 8236.0 -0.2821 128.14%
5 5 5
10-01-17 150.4 148.9 -103.02% 10-01-17 8262.7 8288.6 0.3134 -102.30%
5
11-01-17 149.8 150.7 60.08% 11-01-17 8327.8 8380.6 0.6346 -2.07%
5
12-01-17 151.3 149.25 -135.49% 12-01-17 8391.0 8407.2 0.1924 -129.76%
5
13-01-17 150 149.6 -26.67% 13-01-17 8457.6 8400.3 -0.6774 127.39%
5 5
16-01-17 149.6 151.75 143.72% 16-01-17 8390.9 8412.8 0.2603 93.36%
5
17-01-17 152.9 155.05 140.61% 17-01-17 8415.0 8398 -0.2026 201.75%
5
18-01-17 155.4 160.2 308.88% 18-01-17 8403.8 8417 0.1564 253.56%
5
19-01-17 160 162.75 171.88% 19-01-17 8418.4 8435.1 0.1983 126.87%
20-01-17 162.2 158.35 -240.37% 20-01-17 8404.3 8349.3 -0.6544 -506.19%
5 5 5
23-01-17 159.3 158.65 -40.80% 23-01-17 8329.6 8391.5 0.7431 -66.04%
24-01-17 159 159.95 59.75% 24-01-17 8407.0 8475.8 0.8177 -12.12%
5
25-01-17 161.3 163.25 120.89% 25-01-17 8499.4 8602.7 1.2153 -0.29%
5 5
27-01-17 164.6 167.45 173.15% 27-01-17 8610.5 8641.2 0.3571 101.27%
5

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30-01-17 166.9 167.1 8.98% 30-01-17 8635.5 8632.7 -0.0324 12.64%

5 5 5
31-01-17 167 164.35 -158.68% 31-01-17 8629.4 8561.3 -0.7897 -379.09%
5
01-02-17 164 170.5 396.34% 01-02-17 8570.3 8716.4 1.7041 83.55%
5
02-02-17 167.8 176.45 515.49% 02-02-17 8724.7 8734.2 0.1088 455.06%
5 5
03-02-17 178.1 183.35 294.78% 03-02-17 8735.1 8740.9 0.0663 270.20%
5 5
06-02-17 184.9 181.05 -208.22% 06-02-17 8785.4 8801.0 0.1775 -191.90%
5 5
07-02-17 179.9 180.15 13.90% 07-02-17 8805.7 8768.3 -0.4247 97.99%
08-02-17 180.8 186.35 304.12% 08-02-17 8774.5 8769.0 -0.0626 331.14%
5 5 5
09-02-17 187.1 186.05 -56.12% 09-02-17 8795.5 8778.4 -0.1949 -45.49%
5
10-02-17 186.8 186.55 -16.06% 10-02-17 8812.3 8793.5 -0.2133 6.71%
5 5 5
13-02-17 186.0 183.7 -126.31% 13-02-17 8819.8 8805.0 -0.1672 -131.59%
5 5
14-02-17 184.6 178.9 -311.40% 14-02-17 8819.9 8792.3 -0.3129 -407.68%
5
15-02-17 179 172.9 -340.78% 15-02-17 8778.9 8724.7 -0.6179 -730.25%
5
16-02-17 172.9 177.25 251.59% 16-02-17 8739 8778 0.4462 143.10%
17-02-17 179.8 183.8 222.47% 17-02-17 8883.7 8821.7 -0.6979 967.45%
20-02-17 183.6 179.65 -217.81% 20-02-17 8818.5 8879.2 0.6877 -169.80%
5 5
21-02-17 180.8 182.2 74.65% 21-02-17 8890.7 8907.8 0.1923 46.48%
5 5 5
22-02-17 182.2 179.55 -148.15% 22-02-17 8931.6 8926.9 -0.0526 -150.82%
5
23-02-17 180.6 179.9 -38.76% 23-02-17 8956.4 8939.5 -0.1886 -24.52%
27-02-17 181.3 176.8 -250.90% 27-02-17 8943.7 8896.7 -0.5255 -418.02%
5
28-02-17 176.8 177.25 25.45% 28-02-17 8898.9 8879.6 -0.2174 60.31%
5
01-03-17 178.4 175.85 -145.70% 01-03-17 8904.4 8945.8 0.4649 -131.20%
5
02-03-17 177 173.7 -186.44% 02-03-17 8982.8 8899.7 -0.9250 -1254.02%
5 5

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03-03-17 173.8 174.05 11.50% 03-03-17 8883.5 8897.5 0.1581 -3.72%

5 5
06-03-17 174 172.35 -94.83% 06-03-17 8915.1 8963.4 0.5423 -96.65%
5
07-03-17 172.9 170.5 -141.66% 07-03-17 8977.7 8946.9 -0.3436 -163.47%
5 5
08-03-17 170.3 165.75 -267.18% 08-03-17 8950.7 8924.3 -0.2949 -337.11%
09-03-17 165.4 164.35 -66.49% 09-03-17 8914.5 8927 0.1402 -70.61%
5
10-03-17 165.7 162.15 -214.24% 10-03-17 8953.7 8934.5 -0.2138 -245.32%
5
14-03-17 165.7 164.4 -81.45% 14-03-17 9091.6 9087 -0.0511 -80.45%
5 5
15-03-17 165.5 167.1 96.68% 15-03-17 9086.8 9084.8 -0.0225 101.22%
5
16-03-17 169.4 169.3 -5.90% 16-03-17 9129.6 9153.7 0.2634 -25.52%
5
17-03-17 170.5 166.15 -255.13% 17-03-17 9207.8 9160.0 -0.5185 -422.24%
5
Consolidated Report of Equitas Holdings Limited
Return MAER
30th day 134.88 30th day 496.11
price % price %
90th day 90th day 313.17
price -52.15% price %
- -
255.13 422.24
1 year price % 1 year price %
Analysis:

 At 90th day return is -52.15% it gives negative return and MAER is 313.17%.

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Equitas Holdings Limited
250
200
150
Axis Title 100
50
0
31-Jan-16 18-Aug-16 06-Mar-17 22-Sep-17
-50
Axis Title
Graph number 4.5
Interpretation:The above graph 4.5 result concludes the performance of Equitas Holdings
Limited’s IPO. In short run performance MAER is higher compare to the company return so
it indicates that is overpriced, in 90th day also MAER is higher and it shows that it is
overpriced and in 1 year performance also MAER is higher so it is overpriced.

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Chapter 5
Findings, Conclusions and Suggestions
Summary of findings:
1. The HPL Company’s IPO was overpriced in all quarters.

2. PNB Housing and Finance Limited’s IPO, in short run company return showing
negative performance, in 90th day performance it was showing good performance
because it is overpriced and finally in long run it was underpriced.
3. The Quess Corp Limited’s IPO was overpriced in short run and in long. In 90 th day it
was underpriced.
4. Healthcare Global Enterprises Limited’s IPO was underpriced in short run as well as
in 90th day and it was overpriced in long run
5. Equitas Holdings Limited’s IPO was overpriced in all quarters.

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Suggestions:
1. The HPL company’s IPO and Equitas Holdings Limited’s IPO was overpriced in all
quarters. I suggest that before investment by the investor, should take care full
measures and suggestions with advisors because sometimes over performance leads to
underperformance.
2. PNB Housing and Finance Limited’s IPO’s performance showing volatility in short
run, in 90th day and in long run also. 1 st it was showing negative return, later it was
overpriced and later it was underpriced so my suggestion is if the investor is risk taker
he can invest are else should wait for some time.
3. The Quess Corp Limited’s IPO was overpriced in short run and in long but in 90 th day
performance it was underpriced. So investing in short run is better because it may
underprice afterwards.
4. Healthcare Global Enterprises Limited’s IPO was good for long term investors
because it is performing well in long term because it was underpriced in short as well
as in 90th day performance.
5. All companies should invest some amount in advertisement because through

advertisement many investors will come to know about IPOs and now many investors
can able to invest in IPOs based on their interest.
6. When investors investing in IPOs first should check the Stock Market condition and
later about the company situation because without these information investing IPOs
may leads loss. Without proper information investing in IPOs is risk taking activity.
Conclusion:
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Primary market and secondary market plays a significant role in India because of these two
markets capital market growth is developing day by day. In India now a days may people are
coming up with IPOs because through Initial Public Offerings in Secondary Market
companies can raise more capital and also investors have more expectation on IPOs. To know
about the IPOs price performance i took 5 IPOs which are issued during 206-17. Through my
study on IPOs i can conclude that based on the market behaviour and company fame some
IPOs are performing well and through proper guidance investing in IPO is very important.
Because some IPOs are fluctuating more, sometimes they are overpricing and sometimes
underpricing. If an investment made in IPOs through proper guidance, now investor can
make more profits.
Bibliography
95
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Websites:
www.nseindia.com
www.Dealmoney.com
www.wikipedia.com
www.quora.com
www.equitas.in
www.indianstock.in
Books referred:
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Financial Markets and Services by- E. Gordon and K. Natarajan, published in Himalaya
Publishing House. Page no: 79, 87, 89 and 98 to 100.
Articles referred:
1. T. P. Madhusoodanan and M. Thiripalraju “underpricing in Initial public offerings;

The Indian evidence. Volume 22, No 4, 10ober – December 1997.
2. Sahil Narang “Underpricing of Initial public offers in India” International Journal of
Commerce and Management Research. Volume 3, Issue 5, may 2017.
3. K. Hemadivya “A study on performance of Indian IPO’s during the Financial Year
2010-2011. International journal of Marketing, Financial Services and Management
Research – issue 2277-3622 volume 2, No 7, July 2013.
FINANCIAL STATEMENT:
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2017
Particulars Note No. Current year Previous Year

2016 2017

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1. Revenue from operations B14 453,843,785 834,733,642

2. Other income B15 19,337,391 2,307,842
473,181,176 837,041,484
3. Total Revenue
4. Expenses:
57,802,390 56,926,321
Employee benefits B16
167,311,840 173,516,569
Finance costs
Depreciation 930,755 1,082,398
Other expenses 128,382,106 381,424,547

B17 354,427,091 612,949,835
5. Total Expenses
118,754,085 224,091,649
6. Profit before tax 30,029,413 46,726,068
7.Tax expenses (Net) for the year 88,724,672 177,368,581
8. Profit after tax
9. Earning per equity share 7.27 14.54
 Basic 6.47 13.52
 Diluted
BALANCE SHEET AS ON 31ST MARCH, 2017

Particulars Note no. As at 31st March As at 31st March
2016 2017

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1. Equity and liabilities: share

capital, Reserves and surplus B01 121,980,230 121,980,230
2. Non-current liabilities B02 1,446,947,806 1,460,993,917
Long –term provisions
3. Current liabilities B03 3,862,341 3,862,341
Short-term borrowings
Trade payables B04 670,4446,209 1,063,160,541
Other current liabilities B05 26,588,826 41,118,230
Short-term provisions B06 321,417,798 64,999,139
B07 17,384,622 29,273,819
Total 2,608,627,832 2,785,388,217
2. Assets:
1. Non-current assets
Fixed assets B08 5,055,412 5,785,233
Non-current investments B09 768,168,617 706,415,152
Deferred tax assets B10 159,700 145,112
Long-term loans and advances B11 15,608,434 385,000
2. Current assets
Inventories 12 328,671,364 399,361,447
Trade receivables B13 104,225,761 115,435,189
Cash and cash equivalents B14 408,065,621 301,035,514
Short-term loans and advances B15 978,672,923 1,256,825,570
Total 2,608,627,832 2,785,388,217

99

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A STUDY ON PRICE PERFORMANCE OF INITIAL PUBLIC OFFERINGS (IPOs) -

EVIDENCE FROM SELECT NSE MARKET AT DEALMONEY SECURITIES PVT LTD

Sl. NO. CONTENTS PAGE NO.

Chapter 1 Introduction 1 -14

Chapter 2 Research Design 15 – 23

Chapter 3 Company Profile 24 - 33

Chapter 4 Data Analysis and Interpretation 34- 81

Chapter 5 Findings, Conclusions and Suggestions 82 – 89

Seshadripuram First Grade College, Yelahanka

Seshadripuram First Grade College, Yelahanka

Seshadripuram First Grade College, Yelahanka

Indian Stock Market

Seshadripuram First Grade College, Yelahanka

HISTORY OF THE STOCK BROKING BUSINESS:

Stock Exchange: an exchange is an institution, organization, or association which hosts a

Seshadripuram First Grade College, Yelahanka

The capital market is divided into two segments:

Seshadripuram First Grade College, Yelahanka

Features of primary market:

 It facilitates capital development in the economy.

Seshadripuram First Grade College, Yelahanka

Features of secondary market:

 Secondary market does not directly contribute to the capital formation.

SECURITIES EXCHANGE BOARD OF INDIA (SEBI):

Seshadripuram First Grade College, Yelahanka

Objectives of the SEBI Act

 To care for the interest of investors in securities;

Following are the functions of SEBI:

 To register and standardize the working of stock brokers,

SEBI regulations for IPO:

According to regulation 26(1) SEBI (Issue of Capital and Disclosure Requirement)

Seshadripuram First Grade College, Yelahanka

REGULATION 26(2),provides that

 Through book building process.

Advantages of Book-building process:

BOOK BUILDING PROCESS:

Seshadripuram First Grade College, Yelahanka

Step 8: securities should only be allocated to the successful bidders.

LEADING STOCK EXCHANGES IN INDIA:

Following are the major stock exchanges in India given below:

Stock Exchanges in India

1. Bombay Stock Exchange (BSE).

Bombay stock Exchange (BSE):

National Stock Exchange (NSE):

Seshadripuram First Grade College, Yelahanka

Seshadripuram First Grade College, Yelahanka

CONCEPTUAL BACKGROUND AND LITERATURE REVIEW

There are several reasons for a company to go for public offerings:

2.2 Literature review:

1. T. P. Madhusoodanan and M. Thiripalraju (1997): This article analyse the Indian

Seshadripuram First Grade College, Yelahanka

Seshadripuram First Grade College, Yelahanka

of seasonality offerings to be 427.33%which will demonstrates the long term

2.3STATEMENT OF THE PROBLEM

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2.4NEED FOR THE STUDY

2.5OBJECTIVES OF THE STUDY

2.6SCOPE OF THE STUDY

Seshadripuram First Grade College, Yelahanka

Research methodology is an efficient process of exploring new things or verifying historical

Some confidential information related to the IPOs is not included.

Seshadripuram First Grade College, Yelahanka

Chapter 2: Research design