He holds a Master of Business Administration in Finance from the Hemchandracharya North Gujarat University, Patan. He has been a ranker during his MBA programme and has passed his MBA with distinction grades. He has a genuine interest in the area of financial management, quantitative techniques, security analysis and portfolio management, derivatives and risk management, business statistics, business research methods. He has also attended several workshops, seminars, QIPs and FDPs held in prominent management institutions. He has also taken a guest session in different graduation colleges. He has published his papers in National & International Journals of repute like International Research Journal of Finance and Accounting, IFRSA Business Review (IBR), IUP Journal of Management Research. He was awarded first prize in paper presentation in the Category of Academic and Industry Delegates at the 19th Nirma International Conference on Management (NICOM 2016).
Purpose : This study aimed to examine the integration between the bond markets of the MSCI Emergi... more Purpose : This study aimed to examine the integration between the bond markets of the MSCI Emerging Markets and the USA concerning the 2008 financial crisis. Methodology : Granger causality and correlation tests were used to assess the short-term integration of the bond markets. The long-term integration was examined using the Johansen co-integration test and VAR analysis. Findings : Post-crisis, bond markets became more correlated with each other. Due to a lack of market integration in both periods, different portfolio combinations offered the chance for portfolio diversity. The MSCI Emerging Asian markets and US market integration increased with the global financial crisis of 2008. The results of the VAR analysis and impulse response analysis found that innovations in the markets of the USA and China affected the Indian market the most; whereas, the rest of the market had a nominal impact. Practical Implications : The study has practical implications in the sense that based on the integration, investors might diversify their holdings to achieve a better risk-return balance. The investors can design their investment portfolio accordingly to have an optimal portfolio. Originality : This study focused on building portfolio diversification with fixed-income securities.
INTERNATIONAL JOURNAL OF BUSINESS, MANAGEMENT AND ALLIED SCIENCES (IJBMAS) , 2022
Stock market is a vital part of the Indian economy. The stock market plays a crucial role in the ... more Stock market is a vital part of the Indian economy. The stock market plays a crucial role in the growth of the industry and commerce of the country that ultimately affects the economy of the country. Stock market plays important role in mobilizing savings, providing finance to corporate world and so it provides liquidity to the corporate world as well as to investors. The various macroeconomic variables such as GDP, Inflation, Exchange Rate, Gold Price, Unemployment, Interest, Monetary policy, Consumer Price Index, etc. affect to the Stock market. The present study investigated the impact of macroeconomic variables on Indian Stock Market (NSE) to test that whether or not a growth in macroeconomic variables lead to growth in stock market with respect to India. For the purpose of the study, six economic variables are chosen namely GDP, Inflation, Exchange Rate, Gold Price, Unemployment is taken as a measure for stock market performance. The study uses the data for 10 years starting from 2011 to 2020. The data is analyzed by using statistical technique such as descriptive statistics, correlation, regression analysis etc. For the purpose of study, the relationship between stock market price (NSE) as a dependent variable and all macroeconomic factors as independent variables are selected. The study concluded that there is a positive relationship between the NSE and all macroeconomic variables and there is an impact of GDP, Inflation Rate, Gold price and Exchange Rate on NSE, however, there is no impact of Unemployment Rate on NSE.
A commodity market is a market that trades in the primary economic sector rather than manufacture... more A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as fruits and sugar. The objective of the study was to know the investor's behavior towards the Indian commodity market. The sample size of 384 investors has been chosen. The study focused on north Gujarat region. Banaskantha, Sabarkantha, Aravalli, Mehsana, and Patan districts were selected. The study found that the main objective behind investing in the commodity market was wealth maximization and there is difference in the objective of males and females while investing in the commodity market.
This paper attempts to determine and compare the extent of customer's satisfaction with quality o... more This paper attempts to determine and compare the extent of customer's satisfaction with quality of banking services based on different constituent factors. The SERVQUAL Model was used for measuring the service quality of the banks. We haveused non probability convenience sampling and snow balling sampling method for this research and 196 respondents, 98 customers of Public Sector Banks and 98 customers of Private Sector Banks constitute the sample for the survey. We took the samples from North Gujarat region. The analysis was carried out by using different statistical tools like descriptive statistics, reliability statistics, factor analysis, chi-square analysis, ANNOVA analysis and SERVQUAL Analysis. The findings show that service quality gap of customer expectation and perception was minimum in ICICI while maximum in BOB. It shows good service quality in ICICI bank as compare to other banks. Overall model shows that service quality level average in selected banks.
Microfinance is considered as an important financial service in many countries. The objective of ... more Microfinance is considered as an important financial service in many countries. The objective of this study was to evaluate the impact of microfinance on women empowerment. The paper aimed to judge the societal transformation through strategic interventions of microfinance in rural areas. A total of 384 women staying in rural areas of Mehsana and Navsari district were surveyed. Paired t - test was performed to analyze the situation before and after women joined SHGs for women empowerment on three contexts, that is, political, social, and economic on 12 variables. Paired t - test revealed a significant difference in women empowerment indicators before and after joining SHGs. The results of binary logistic regression revealed that with the increase in duration of membership by 1 year, the probability of empowering women on grounds of economic, social, and political empowerment increased by 9%, 14%, and 11%, respectively. The study can be used to empower women on the grounds of political, social, and economic conditions. The successful implementation of microfinance could lead to societal transformation in rural areas, especially for a country like India. It was suggested that the government and non-government organizations (NGOs) can work on microfinance services to empower women.
Today, microfinance is considered as one the important financial services in many countries. Micr... more Today, microfinance is considered as one the important financial services in many countries. Microfinance is preferred to alleviate poverty. It empowers women and uplifts their standard of living. The present study was conducted to assess the impact of microfinance on poor women. This study was done on 384 poor women in North Gujarat who had the Below Poverty Line (BPL) Card. This study was carried out using correlation, regression, and factor analysis. From the factor analysis on 30 variables, four major factors emerged : (a) Enhancement in Quality of Food, Education, Shelter, and Health Services, (b) Enhancement in Monthly Income and Spending, (c) Enhancement in Decision Making Ability, and (d) Development of Personality. Correlation analysis revealed that data was fit for performing regression analysis. A regression analysis was run on the four factors derived from factor analysis, where the Enhancement in Monthly Income and Spending contributed the most ; whereas, Development of Personality contributed the least to the upgradation of social and economic status of women. Overall, the study has practical implications where the government and non government organizations (NGOs) can work on microfinance services and can reduce the level of poverty and uplift the living standard of poor people.
GLOBAL JOURNAL OF MULTIDISCIPLINARY STUDIES , 2017
In this paper an attempt has been made to know the rules/criteria for identification of NPA, to c... more In this paper an attempt has been made to know the rules/criteria for identification of NPA, to compare the performance of Public and Private Sector Banks, to review performance of these banks and to find out growth rate & market share of selected banks for study. The banks having highest NPA as on March 31, 2015 has been selected from both the sectors. for the purpose of study. The need to research on this topic is felt from the critical problem of banks in non repayment of loans which results into a burden to banks called Nonperforming Assets. We have used ratio analysis as well as various statistical techniques such as average, Pearson"s correlation analysis. The study concluded that the average growth rate of NPA is lowest in case of public sector banks as compared to private sector banks.
Asian Journal of Research in Business Economics and Management, 2017
Banking Industry plays an important role in the economic development of India. For strengthening ... more Banking Industry plays an important role in the economic development of India. For strengthening structure of banks, concept of merger and acquisition is adopted. This study is undertaken with an objective to check improvement in financial performance and stock return performance of banks after merger. This study is undertaken on 4 banks. This Study is undertaken by applying event study methodology. For IDBI Bank merger has improved financial performance where as for other banks merger remain somewhat beneficial. After merger, stock return performance has improved only for ICICI Bank. Reset of the banks have found loss in stock return after merger. Overall impact of merger and acquisition is mix, i.e. both positive and negative on Indian banking sector. It can be concluded that merger between the two banks is beneficial for Indian banks but it requires proper analysis before doing merger deal.
Market Efficiency is an important concept for the investors who wish to hold internationally dive... more Market Efficiency is an important concept for the investors who wish to hold internationally diversified portfolios. With increased movement of investments across international boundaries owing to the integration of world economies, the understanding of efficiency of the emerging markets is also gaining greater importance. This empirical study is conducted to test the weak form market efficiency of BSE Sensex (India), Hangseng (Hong Kong), MXX (Mexico), RTS (Russia), BVSP (Brazil), FTSE-100 (U.K.), Nikki (Japan) and NASDAQ (US market) for the period January 1, 1998 to June 30, 2015. Descriptive statistics, Unit Root test, Run test and autocorrelation test to check weak form of market efficiency among selected markets. From unit root test (Both ADF and PP) it was revealed that data are not stationery and further test can be applied. The evidence of run test suggest that markets are inefficient, means not weak form efficient for whole period and auto-correlation test suggests that weak form exist among selected markets. There is a mix result for markets under study.
INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH, 2017
Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Comm... more Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. Basel II attempted to accomplish this by establishing risk and capital management requirements to ensure that a bank has adequate capital for the risk the bank exposes itself to through its lending, investment and trading activities. One focus was to maintain sufficient consistency of regulations so to limit competitive inequality amongst internationally active banks. The main purpose behind this study is to see the awareness & perception of BASEL-II across INDIAN BANK. We found that only 27% of respondent is having thorough understanding of Basel II and 73% of respondent is having somewhat understanding of Basel II.
International Journal of Science, Technology and Management, 2016
The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India. In a ... more The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India. In a PSU majority (51% or more) of the paid up share capital is held by central government or by any state government or partly by the central governments and partly by one or more state governments. This study is undertake to check the impact of disinvestment on the profitability, marketability and market return of the PSEs disinvested. We found that, except NMDC all have less average growth that was before disinvestment. Average price of NHPC during the 5 quarters prior to disinvestment was Rs. 21.29 with a negative average growth rate of about 0.02 percent. The same during 5 quarters post disinvestment was around Rs.32.42 with an average growth rate of 8 percent. There is difference in sales turnover, total income and total expenses of NTPC before and after disinvestment. There is difference in sales turnover, total income, total expenses, operating profit, gross profit and net profit of NTPC before and after disinvestment. There is difference in market return of NTPC before and after disinvestment.In NTPC, post disinvestment also increased 8 times as compared to pre disinvestment period. Thus, the company's financial position improved excessively due to disinvestment.
International Journal of Management Research & Review, 2016
Capital Markets play an important role in the development of a country. Market where all pertinen... more Capital Markets play an important role in the development of a country. Market where all pertinent information is available to all participants at the same time, and where prices respond immediately to available information.Under such conditions the current market price in any financial market could be the best unbiased estimate of the value of the investment. The present study try to examine the stock market and trading volume reaction with respect to the information content of the event stock split announcement for selected 34 companies who announce stock split between 1 st January to 31 st July 2016. The AARs, CAARs and t test were analysed to ascertain whether an opportunity was available to make above abnormal returns during the price adjustment period. The study also included volume ratio analysis to check weather stock split announcement have significance impact on trading volume of particular stock. The study shows that Indian stock market is efficient while stock splits announcement and no one can get abnormal return from Indian stock market, but stock split announcement have negative impact on stock return. The study also reveals the same as stock price because here, volume ratio is decrease after stock split announcement.
The growth in the Indian Banking Industry has been more qualitative than quantitative and it is e... more The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected to remain the same in the coming years. Banking has helped in developing the vital sectors of the economy and usher in a new dawn of progress on the Indian horizon. The prime objective of the CAMEL model of rating banking institutions is to catch up the comparative performance of various banks. The focus of this study is to evaluate the parameters that effect on the performance of the Indian Public and Private bank by using CAMEL framework. Top five public and private sectors banks have been selected for this study. We had taken a period of five years started from 2008-09 to 2012-13. Different ratios had been used to check the performance of the Indian Public and Private bank. The study found that in Public sector banks, State bank of India and in Private sector banks, Yes Bank and Kotak Mahindra bank has performed well.
International Journal of Management and Business Studies, 2016
Market where all pertinent information is available to all participants at the same time, and whe... more Market where all pertinent information is available to all participants at the same time, and where prices respond immediately to available information. In other words the current market price should reflect all publically available information. Under such conditions the current market price in any financial market could be the best unbiased estimate of the value of the investment. The present try to test the informational efficiency of the Indian Stock Market in the semi-strong form of efficient market hypothesis with respect to the information content of the event budget announcement for BSE 30 in the year 2016. The AARs, CAARs and t test were analysed to ascertain whether an opportunity was available to make above abnormal returns during the price adjustment period. AARs after the announcement day (except +3 day) are statistically not significant. The study reveals that the investors have not been able to earn abnormal returns in the study companies.
Interrelationship and dynamic linkages among countries has been the topic of interest for many re... more Interrelationship and dynamic linkages among countries has been the topic of interest for many researchers, practitioners and policy makers. The study aims to examine the structure of linkages and causal relationship between Indian Stock market (BSE) and the selected Asian Stock Markets (BSE, SSE, Hang Sang, Jakarta, Nikkei), before and after change in trading time of BSE market. The period of study is divided into two sample periods; before trading time change - 17/11/2006 to 3/1/2010 and after trading time change - 5/1/2010 to 31/01/2013. This study is based on the descriptive research in which cross-sectional design has been used. The study conducted descriptive statistics, correlation analysis, regression analysis, return analysis and paired t test. The result shows that before trading time change, there were more fluctuations in stock prices compare to after trading time change. BSE has highest correlation with Hang Sang (77.21%) and Jakarta (78.25%), but have less correlation with Nikkei (-5.33%) in overall period. Hang Sang and Jakarta have more impact on BSE stock prices.
WEALTH International Journal of Money, Banking and Finance, 2013
Many Indian banks are discovering the key to their long-term growth does not lie in products and ... more Many Indian banks are discovering the key to their long-term growth does not lie in products and services alone but in assets that can never be replicated, that is, their unique relationship with customers, employees, suppliers and distributors, investors and the communities they serve. Indian banking has seen many changes in the last decade like imposition of prudential standards, greater competition among banks. There was paradigm shift in trends in banking over a last decade. Various papers were reviewed before conduct of the study. The objective of this study was to determine shareholders value (in terms of economic value added) of selected Public sector banks during the last five years, that is, since 2004-05 to 2009-2010 & to examine EVA in bank and its impacts on share price. Cost of Equity was calculated by applying CAPM Model. The Study was done by applying various analytical tools such as Descriptive statistics, ANOVAs, Correlation. From the study it was found that in year 2010, State Bank of India has maximum net operating profit after tax & maximum invested capital among all selected banks. The study has concluded that among all the selected banks, State Bank of India has maximum Net operating Profit after Tax of Rs. 38877.93 Crore on an average during 2005-2010. Among all selected Banks SBI has maximum Economic value added. Allahabad bank, IDBI, Bank of Maharashtra, Canara Bank, Dena Bank, Indian Overseas Bank, United bank of India, UCO banks has positive relationship between their EVA & share price.
International Journal of Economics and Research , 2012
The study was carrying out to find a relation between FDI and economic growth in various associat... more The study was carrying out to find a relation between FDI and economic growth in various associations by having evidence from granger causality test. Study was done by using data on GDP & FDI from year 1970 to till 2008.Various analytical tools such as descriptive statistics, correlation among GDP & FDI of various associations, ADF test & granger causality test was applied to find that is there is any granger cause or not. The study gives result that there is somewhat positive & somewhat negative correlation among GDP & FDI of various associations. ADF test was applied to test whether data is stationary or not. Moreover, FTAA & APTA member nations, found FDI's granger cause to GDP where as both ASEAN & NAFTA member nations, FDI can granger cause to GDP & GDP can granger cause to FDI.
International Journal of Contemporary Business Studies, 2012
Many Indian banks are discovering the key to their long-term growth does not lie in products and ... more Many Indian banks are discovering the key to their long-term growth does not lie in products and services alone but in assets that can never be replicated, that is, their unique relationship with customers, employees, suppliers and distributors, investors and the communities they serve. The objective of this study was to determine shareholders value (in terms of economic value added) of selected private sector banks during the last five years. I.e. since 2004-05 to 2009-2010. From study it was found that in year 2010, ICICI Bank has maximum NOPAT. The value of EVA was ranging from 14.48% to 91.14% during 2010. A coefficient of determination of 17.37% was highest in Induslnd bank, which indicates that about 17.37% of the variation in stock price of Indulsand (the independent variable) can be explained by the relationship to EVA of Induslnd bank (the dependent variable). Only Kotak Mahindra bank has positive correlation between Kotak Mahindra Bank EVA & Kotak Mahindra Bank share prices. Rest of banks, has negative relation between their respective EVA & share price. Hypotheses were developed to test significant impact of EVA on stock price of bank & that hypothesis was tested by using ANOVAs. For none of the bank EVA has Impact on share price, except EVA by Kotak Mahindra bank did have significant impact on stock price of Kotak Mahindra bank.
Asian Journal of Research in Banking and Finance, 2012
Micro finance is defined as to provide small scale financial services-both credit and savings to ... more Micro finance is defined as to provide small scale financial services-both credit and savings to the economically disadvantaged people in rural, semi-urban and urban areas. Study was done to find the impact of microfinance on living standard of urban poor women & its societal consequences with specific focus on women self help group members in Ahmedabad City. Various analytical tools such as Descriptive statistics, factor Analysis, Reliability Analysis, ANOVAs, chi-Square & Pair T-Test were applied. Through microfinance or SHG women's social status, self confidence, decision making in household and savings are increased. They feel themselves fearless and can move out of the house and also taking care of their family. Through Microfinance Living Standard of People is improved.
The financial market in India has become organized. Now a days investor use to trade in various s... more The financial market in India has become organized. Now a days investor use to trade in various stock markets in all over India. At that time it becomes necessary to know behavior of investor in equity market. The objective of this study was to develop a broader understanding towards behaviors of investors to identify patterns of their investing and considering investments. Study was done by using various tools such as factor analysis, one way ANOVA and chisquare test. Most of the investors consider time period before investing and they mostly invest for medium term. Chi-square further enhances that percentage of income invested in equity market is dependent on monthly family income, behavior in bearish market is dependent on investment experience and stock market Prediction is dependent on education qualification. When there is bullish trend in the market maximum people invest in alternative that gives them stable but lower expected result, Even the business or professional investors prefer to invest in same alternative. ANOVA test shows that consideration of factor of return does not varies from person to person with different education level & marital status does have significant relationship between low risk attribute.
Purpose : This study aimed to examine the integration between the bond markets of the MSCI Emergi... more Purpose : This study aimed to examine the integration between the bond markets of the MSCI Emerging Markets and the USA concerning the 2008 financial crisis. Methodology : Granger causality and correlation tests were used to assess the short-term integration of the bond markets. The long-term integration was examined using the Johansen co-integration test and VAR analysis. Findings : Post-crisis, bond markets became more correlated with each other. Due to a lack of market integration in both periods, different portfolio combinations offered the chance for portfolio diversity. The MSCI Emerging Asian markets and US market integration increased with the global financial crisis of 2008. The results of the VAR analysis and impulse response analysis found that innovations in the markets of the USA and China affected the Indian market the most; whereas, the rest of the market had a nominal impact. Practical Implications : The study has practical implications in the sense that based on the integration, investors might diversify their holdings to achieve a better risk-return balance. The investors can design their investment portfolio accordingly to have an optimal portfolio. Originality : This study focused on building portfolio diversification with fixed-income securities.
INTERNATIONAL JOURNAL OF BUSINESS, MANAGEMENT AND ALLIED SCIENCES (IJBMAS) , 2022
Stock market is a vital part of the Indian economy. The stock market plays a crucial role in the ... more Stock market is a vital part of the Indian economy. The stock market plays a crucial role in the growth of the industry and commerce of the country that ultimately affects the economy of the country. Stock market plays important role in mobilizing savings, providing finance to corporate world and so it provides liquidity to the corporate world as well as to investors. The various macroeconomic variables such as GDP, Inflation, Exchange Rate, Gold Price, Unemployment, Interest, Monetary policy, Consumer Price Index, etc. affect to the Stock market. The present study investigated the impact of macroeconomic variables on Indian Stock Market (NSE) to test that whether or not a growth in macroeconomic variables lead to growth in stock market with respect to India. For the purpose of the study, six economic variables are chosen namely GDP, Inflation, Exchange Rate, Gold Price, Unemployment is taken as a measure for stock market performance. The study uses the data for 10 years starting from 2011 to 2020. The data is analyzed by using statistical technique such as descriptive statistics, correlation, regression analysis etc. For the purpose of study, the relationship between stock market price (NSE) as a dependent variable and all macroeconomic factors as independent variables are selected. The study concluded that there is a positive relationship between the NSE and all macroeconomic variables and there is an impact of GDP, Inflation Rate, Gold price and Exchange Rate on NSE, however, there is no impact of Unemployment Rate on NSE.
A commodity market is a market that trades in the primary economic sector rather than manufacture... more A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as fruits and sugar. The objective of the study was to know the investor's behavior towards the Indian commodity market. The sample size of 384 investors has been chosen. The study focused on north Gujarat region. Banaskantha, Sabarkantha, Aravalli, Mehsana, and Patan districts were selected. The study found that the main objective behind investing in the commodity market was wealth maximization and there is difference in the objective of males and females while investing in the commodity market.
This paper attempts to determine and compare the extent of customer's satisfaction with quality o... more This paper attempts to determine and compare the extent of customer's satisfaction with quality of banking services based on different constituent factors. The SERVQUAL Model was used for measuring the service quality of the banks. We haveused non probability convenience sampling and snow balling sampling method for this research and 196 respondents, 98 customers of Public Sector Banks and 98 customers of Private Sector Banks constitute the sample for the survey. We took the samples from North Gujarat region. The analysis was carried out by using different statistical tools like descriptive statistics, reliability statistics, factor analysis, chi-square analysis, ANNOVA analysis and SERVQUAL Analysis. The findings show that service quality gap of customer expectation and perception was minimum in ICICI while maximum in BOB. It shows good service quality in ICICI bank as compare to other banks. Overall model shows that service quality level average in selected banks.
Microfinance is considered as an important financial service in many countries. The objective of ... more Microfinance is considered as an important financial service in many countries. The objective of this study was to evaluate the impact of microfinance on women empowerment. The paper aimed to judge the societal transformation through strategic interventions of microfinance in rural areas. A total of 384 women staying in rural areas of Mehsana and Navsari district were surveyed. Paired t - test was performed to analyze the situation before and after women joined SHGs for women empowerment on three contexts, that is, political, social, and economic on 12 variables. Paired t - test revealed a significant difference in women empowerment indicators before and after joining SHGs. The results of binary logistic regression revealed that with the increase in duration of membership by 1 year, the probability of empowering women on grounds of economic, social, and political empowerment increased by 9%, 14%, and 11%, respectively. The study can be used to empower women on the grounds of political, social, and economic conditions. The successful implementation of microfinance could lead to societal transformation in rural areas, especially for a country like India. It was suggested that the government and non-government organizations (NGOs) can work on microfinance services to empower women.
Today, microfinance is considered as one the important financial services in many countries. Micr... more Today, microfinance is considered as one the important financial services in many countries. Microfinance is preferred to alleviate poverty. It empowers women and uplifts their standard of living. The present study was conducted to assess the impact of microfinance on poor women. This study was done on 384 poor women in North Gujarat who had the Below Poverty Line (BPL) Card. This study was carried out using correlation, regression, and factor analysis. From the factor analysis on 30 variables, four major factors emerged : (a) Enhancement in Quality of Food, Education, Shelter, and Health Services, (b) Enhancement in Monthly Income and Spending, (c) Enhancement in Decision Making Ability, and (d) Development of Personality. Correlation analysis revealed that data was fit for performing regression analysis. A regression analysis was run on the four factors derived from factor analysis, where the Enhancement in Monthly Income and Spending contributed the most ; whereas, Development of Personality contributed the least to the upgradation of social and economic status of women. Overall, the study has practical implications where the government and non government organizations (NGOs) can work on microfinance services and can reduce the level of poverty and uplift the living standard of poor people.
GLOBAL JOURNAL OF MULTIDISCIPLINARY STUDIES , 2017
In this paper an attempt has been made to know the rules/criteria for identification of NPA, to c... more In this paper an attempt has been made to know the rules/criteria for identification of NPA, to compare the performance of Public and Private Sector Banks, to review performance of these banks and to find out growth rate & market share of selected banks for study. The banks having highest NPA as on March 31, 2015 has been selected from both the sectors. for the purpose of study. The need to research on this topic is felt from the critical problem of banks in non repayment of loans which results into a burden to banks called Nonperforming Assets. We have used ratio analysis as well as various statistical techniques such as average, Pearson"s correlation analysis. The study concluded that the average growth rate of NPA is lowest in case of public sector banks as compared to private sector banks.
Asian Journal of Research in Business Economics and Management, 2017
Banking Industry plays an important role in the economic development of India. For strengthening ... more Banking Industry plays an important role in the economic development of India. For strengthening structure of banks, concept of merger and acquisition is adopted. This study is undertaken with an objective to check improvement in financial performance and stock return performance of banks after merger. This study is undertaken on 4 banks. This Study is undertaken by applying event study methodology. For IDBI Bank merger has improved financial performance where as for other banks merger remain somewhat beneficial. After merger, stock return performance has improved only for ICICI Bank. Reset of the banks have found loss in stock return after merger. Overall impact of merger and acquisition is mix, i.e. both positive and negative on Indian banking sector. It can be concluded that merger between the two banks is beneficial for Indian banks but it requires proper analysis before doing merger deal.
Market Efficiency is an important concept for the investors who wish to hold internationally dive... more Market Efficiency is an important concept for the investors who wish to hold internationally diversified portfolios. With increased movement of investments across international boundaries owing to the integration of world economies, the understanding of efficiency of the emerging markets is also gaining greater importance. This empirical study is conducted to test the weak form market efficiency of BSE Sensex (India), Hangseng (Hong Kong), MXX (Mexico), RTS (Russia), BVSP (Brazil), FTSE-100 (U.K.), Nikki (Japan) and NASDAQ (US market) for the period January 1, 1998 to June 30, 2015. Descriptive statistics, Unit Root test, Run test and autocorrelation test to check weak form of market efficiency among selected markets. From unit root test (Both ADF and PP) it was revealed that data are not stationery and further test can be applied. The evidence of run test suggest that markets are inefficient, means not weak form efficient for whole period and auto-correlation test suggests that weak form exist among selected markets. There is a mix result for markets under study.
INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH, 2017
Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Comm... more Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. Basel II attempted to accomplish this by establishing risk and capital management requirements to ensure that a bank has adequate capital for the risk the bank exposes itself to through its lending, investment and trading activities. One focus was to maintain sufficient consistency of regulations so to limit competitive inequality amongst internationally active banks. The main purpose behind this study is to see the awareness & perception of BASEL-II across INDIAN BANK. We found that only 27% of respondent is having thorough understanding of Basel II and 73% of respondent is having somewhat understanding of Basel II.
International Journal of Science, Technology and Management, 2016
The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India. In a ... more The government-owned corporations are termed as Public Sector Undertakings (PSUs) in India. In a PSU majority (51% or more) of the paid up share capital is held by central government or by any state government or partly by the central governments and partly by one or more state governments. This study is undertake to check the impact of disinvestment on the profitability, marketability and market return of the PSEs disinvested. We found that, except NMDC all have less average growth that was before disinvestment. Average price of NHPC during the 5 quarters prior to disinvestment was Rs. 21.29 with a negative average growth rate of about 0.02 percent. The same during 5 quarters post disinvestment was around Rs.32.42 with an average growth rate of 8 percent. There is difference in sales turnover, total income and total expenses of NTPC before and after disinvestment. There is difference in sales turnover, total income, total expenses, operating profit, gross profit and net profit of NTPC before and after disinvestment. There is difference in market return of NTPC before and after disinvestment.In NTPC, post disinvestment also increased 8 times as compared to pre disinvestment period. Thus, the company's financial position improved excessively due to disinvestment.
International Journal of Management Research & Review, 2016
Capital Markets play an important role in the development of a country. Market where all pertinen... more Capital Markets play an important role in the development of a country. Market where all pertinent information is available to all participants at the same time, and where prices respond immediately to available information.Under such conditions the current market price in any financial market could be the best unbiased estimate of the value of the investment. The present study try to examine the stock market and trading volume reaction with respect to the information content of the event stock split announcement for selected 34 companies who announce stock split between 1 st January to 31 st July 2016. The AARs, CAARs and t test were analysed to ascertain whether an opportunity was available to make above abnormal returns during the price adjustment period. The study also included volume ratio analysis to check weather stock split announcement have significance impact on trading volume of particular stock. The study shows that Indian stock market is efficient while stock splits announcement and no one can get abnormal return from Indian stock market, but stock split announcement have negative impact on stock return. The study also reveals the same as stock price because here, volume ratio is decrease after stock split announcement.
The growth in the Indian Banking Industry has been more qualitative than quantitative and it is e... more The growth in the Indian Banking Industry has been more qualitative than quantitative and it is expected to remain the same in the coming years. Banking has helped in developing the vital sectors of the economy and usher in a new dawn of progress on the Indian horizon. The prime objective of the CAMEL model of rating banking institutions is to catch up the comparative performance of various banks. The focus of this study is to evaluate the parameters that effect on the performance of the Indian Public and Private bank by using CAMEL framework. Top five public and private sectors banks have been selected for this study. We had taken a period of five years started from 2008-09 to 2012-13. Different ratios had been used to check the performance of the Indian Public and Private bank. The study found that in Public sector banks, State bank of India and in Private sector banks, Yes Bank and Kotak Mahindra bank has performed well.
International Journal of Management and Business Studies, 2016
Market where all pertinent information is available to all participants at the same time, and whe... more Market where all pertinent information is available to all participants at the same time, and where prices respond immediately to available information. In other words the current market price should reflect all publically available information. Under such conditions the current market price in any financial market could be the best unbiased estimate of the value of the investment. The present try to test the informational efficiency of the Indian Stock Market in the semi-strong form of efficient market hypothesis with respect to the information content of the event budget announcement for BSE 30 in the year 2016. The AARs, CAARs and t test were analysed to ascertain whether an opportunity was available to make above abnormal returns during the price adjustment period. AARs after the announcement day (except +3 day) are statistically not significant. The study reveals that the investors have not been able to earn abnormal returns in the study companies.
Interrelationship and dynamic linkages among countries has been the topic of interest for many re... more Interrelationship and dynamic linkages among countries has been the topic of interest for many researchers, practitioners and policy makers. The study aims to examine the structure of linkages and causal relationship between Indian Stock market (BSE) and the selected Asian Stock Markets (BSE, SSE, Hang Sang, Jakarta, Nikkei), before and after change in trading time of BSE market. The period of study is divided into two sample periods; before trading time change - 17/11/2006 to 3/1/2010 and after trading time change - 5/1/2010 to 31/01/2013. This study is based on the descriptive research in which cross-sectional design has been used. The study conducted descriptive statistics, correlation analysis, regression analysis, return analysis and paired t test. The result shows that before trading time change, there were more fluctuations in stock prices compare to after trading time change. BSE has highest correlation with Hang Sang (77.21%) and Jakarta (78.25%), but have less correlation with Nikkei (-5.33%) in overall period. Hang Sang and Jakarta have more impact on BSE stock prices.
WEALTH International Journal of Money, Banking and Finance, 2013
Many Indian banks are discovering the key to their long-term growth does not lie in products and ... more Many Indian banks are discovering the key to their long-term growth does not lie in products and services alone but in assets that can never be replicated, that is, their unique relationship with customers, employees, suppliers and distributors, investors and the communities they serve. Indian banking has seen many changes in the last decade like imposition of prudential standards, greater competition among banks. There was paradigm shift in trends in banking over a last decade. Various papers were reviewed before conduct of the study. The objective of this study was to determine shareholders value (in terms of economic value added) of selected Public sector banks during the last five years, that is, since 2004-05 to 2009-2010 & to examine EVA in bank and its impacts on share price. Cost of Equity was calculated by applying CAPM Model. The Study was done by applying various analytical tools such as Descriptive statistics, ANOVAs, Correlation. From the study it was found that in year 2010, State Bank of India has maximum net operating profit after tax & maximum invested capital among all selected banks. The study has concluded that among all the selected banks, State Bank of India has maximum Net operating Profit after Tax of Rs. 38877.93 Crore on an average during 2005-2010. Among all selected Banks SBI has maximum Economic value added. Allahabad bank, IDBI, Bank of Maharashtra, Canara Bank, Dena Bank, Indian Overseas Bank, United bank of India, UCO banks has positive relationship between their EVA & share price.
International Journal of Economics and Research , 2012
The study was carrying out to find a relation between FDI and economic growth in various associat... more The study was carrying out to find a relation between FDI and economic growth in various associations by having evidence from granger causality test. Study was done by using data on GDP & FDI from year 1970 to till 2008.Various analytical tools such as descriptive statistics, correlation among GDP & FDI of various associations, ADF test & granger causality test was applied to find that is there is any granger cause or not. The study gives result that there is somewhat positive & somewhat negative correlation among GDP & FDI of various associations. ADF test was applied to test whether data is stationary or not. Moreover, FTAA & APTA member nations, found FDI's granger cause to GDP where as both ASEAN & NAFTA member nations, FDI can granger cause to GDP & GDP can granger cause to FDI.
International Journal of Contemporary Business Studies, 2012
Many Indian banks are discovering the key to their long-term growth does not lie in products and ... more Many Indian banks are discovering the key to their long-term growth does not lie in products and services alone but in assets that can never be replicated, that is, their unique relationship with customers, employees, suppliers and distributors, investors and the communities they serve. The objective of this study was to determine shareholders value (in terms of economic value added) of selected private sector banks during the last five years. I.e. since 2004-05 to 2009-2010. From study it was found that in year 2010, ICICI Bank has maximum NOPAT. The value of EVA was ranging from 14.48% to 91.14% during 2010. A coefficient of determination of 17.37% was highest in Induslnd bank, which indicates that about 17.37% of the variation in stock price of Indulsand (the independent variable) can be explained by the relationship to EVA of Induslnd bank (the dependent variable). Only Kotak Mahindra bank has positive correlation between Kotak Mahindra Bank EVA & Kotak Mahindra Bank share prices. Rest of banks, has negative relation between their respective EVA & share price. Hypotheses were developed to test significant impact of EVA on stock price of bank & that hypothesis was tested by using ANOVAs. For none of the bank EVA has Impact on share price, except EVA by Kotak Mahindra bank did have significant impact on stock price of Kotak Mahindra bank.
Asian Journal of Research in Banking and Finance, 2012
Micro finance is defined as to provide small scale financial services-both credit and savings to ... more Micro finance is defined as to provide small scale financial services-both credit and savings to the economically disadvantaged people in rural, semi-urban and urban areas. Study was done to find the impact of microfinance on living standard of urban poor women & its societal consequences with specific focus on women self help group members in Ahmedabad City. Various analytical tools such as Descriptive statistics, factor Analysis, Reliability Analysis, ANOVAs, chi-Square & Pair T-Test were applied. Through microfinance or SHG women's social status, self confidence, decision making in household and savings are increased. They feel themselves fearless and can move out of the house and also taking care of their family. Through Microfinance Living Standard of People is improved.
The financial market in India has become organized. Now a days investor use to trade in various s... more The financial market in India has become organized. Now a days investor use to trade in various stock markets in all over India. At that time it becomes necessary to know behavior of investor in equity market. The objective of this study was to develop a broader understanding towards behaviors of investors to identify patterns of their investing and considering investments. Study was done by using various tools such as factor analysis, one way ANOVA and chisquare test. Most of the investors consider time period before investing and they mostly invest for medium term. Chi-square further enhances that percentage of income invested in equity market is dependent on monthly family income, behavior in bearish market is dependent on investment experience and stock market Prediction is dependent on education qualification. When there is bullish trend in the market maximum people invest in alternative that gives them stable but lower expected result, Even the business or professional investors prefer to invest in same alternative. ANOVA test shows that consideration of factor of return does not varies from person to person with different education level & marital status does have significant relationship between low risk attribute.
Evolving markets in Asia are unseating the epicentre of new hospitality investments and are switc... more Evolving markets in Asia are unseating the epicentre of new hospitality investments and are switching their focus to India. The Indian economy is the seventh largest economy in the world as per the nominal GDP, and third largest as per the purchasing power parity. Gujarat is one of the growing states of India where many small businesses are operating. India’s growing income and concept of small family businesses continue to support domestic and international tourism that boost the hotel industry in India. This case study was an attempt to provide strategic orientation to students for succession planning in business and to equip students with challenges while doing business. This case study is of a small business, which grew successfully by means of the effective use of succession planning. The potential audience of this case are the students of MBA, PGDM course, and management programmes. This case study is also important for small and medium sized enterprises. The case explained the key success factors, key competitors with their strategies, strategies of Natraj Hotel to handle competitors, succession planning for next generation, and expected future challenges.
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in rural areas, especially for a country like India. It was suggested that the government and non-government organizations (NGOs) can work on microfinance services to empower women.
efficient for whole period and auto-correlation test suggests that weak form exist among selected markets. There is a mix result for markets under study.
respondent is having thorough understanding of Basel II and 73% of respondent is having somewhat understanding of Basel II.
invested capital among all selected banks. The study has concluded that among all the selected banks, State Bank of India has maximum Net operating Profit after Tax of Rs. 38877.93 Crore on an average during 2005-2010. Among all selected Banks SBI has maximum Economic value added. Allahabad bank, IDBI, Bank of Maharashtra, Canara Bank,
Dena Bank, Indian Overseas Bank, United bank of India, UCO banks has positive relationship between their EVA & share price.
in rural areas, especially for a country like India. It was suggested that the government and non-government organizations (NGOs) can work on microfinance services to empower women.
efficient for whole period and auto-correlation test suggests that weak form exist among selected markets. There is a mix result for markets under study.
respondent is having thorough understanding of Basel II and 73% of respondent is having somewhat understanding of Basel II.
invested capital among all selected banks. The study has concluded that among all the selected banks, State Bank of India has maximum Net operating Profit after Tax of Rs. 38877.93 Crore on an average during 2005-2010. Among all selected Banks SBI has maximum Economic value added. Allahabad bank, IDBI, Bank of Maharashtra, Canara Bank,
Dena Bank, Indian Overseas Bank, United bank of India, UCO banks has positive relationship between their EVA & share price.
equip students with challenges while doing business. This case study is of a small business, which grew successfully by means of the effective use of succession planning. The potential audience of this case are the students of MBA, PGDM course, and management programmes. This case study is also important for small and medium sized enterprises. The case explained the key success factors, key competitors with their strategies, strategies of Natraj Hotel to handle competitors, succession planning for next generation, and expected future challenges.