CHAPTER-1

INTRODUCTION

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 INTRODUCTION

Investor behavior in fundamental analysis share some similarities in terms of understanding

individuals' decision-making processes. Fundamental analysis is a method used by investors to
evaluate securities by analyzing the financial statements, management, competitive advantages, and
overall health of a company. This analysis helps investors determine the intrinsic value of a stock and
whether it is undervalued or overvalued in the market.

When investors engage in fundamental analysis, they are essentially studying the fundamental factors
that can affect the value of an investment. These factors include revenue, earnings, growth potential,
market share, and industry trends. By examining these aspects, investors aim to make informed
decisions about buying or selling securities.

Just as understanding customer behavior is crucial in marketing, comprehending investor behavior in

fundamental analysis is essential for making sound investment decisions. By grasping the principles
and techniques of fundamental analysis, investors can better navigate the financial markets and
potentially achieve their investment goals.

Investor on fundamental analysis

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Analysismeaning:
The goal of analysis is to get a deeper knowledge of a topic or entity by reducing it to its
component parts. Bhatt et al. (2020) Prior to Aristotle (384-322 BC), this method was used in the
investigation of logic and mathematics; nevertheless, the formal notion of analysis is a more
modern invention. The source cited is Banker (2014). Analyzing anything is dissecting it into its
component pieces and discovering their functions and interrelationships. Analyses include
dissecting blood in a lab to identify its individual components.
Investors, securities regulators, and corporate finance management all tend to make impulsive,
biased judgments.“Ramiah (2014)” suggests that...Iqbal s. and Butt (2015) list overconfidence,
optimism, participation, and risk-taking as examples of such behaviors.
The source is Farsi (2014). We draw the conclusion that there are significant consequences for
business choices when individuals are overconfident in their research. Capacity creation is
negatively impacted by such behavior (Bao, 2014). Working capital management in Pakistan is
significantly affected by self-interested behavior in areas like as optimism, overconfidence,
commitment, loss avoidance, and risk-taking (Iqbal s. & Butt, 2015). Furthermore, such actions are
strongly associated with positive stock market returns (Chaffi, 2014). The two main schools of
thought on this kind of stock market connection are the "basic" and "technological" schools.
Technical analysis and fundamental analysis are the terms used to describe the research into this.
Financial experts are still human, with their own unique sets of experiences, perspectives, and
ways of thinking, according to research by Denial Kahenamen and Mark Tversky's prospect
theory. Consequently, actions having a strong relationship with stock market fundamentals are the
primary determinants of financial market outcomes, including the stock market. As a result of
investor behavior or cognition, fundamental analysis is used to investigate the link with
behavioural bias.

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TYPES OF INVESTOR BEHAVIOUR

1.Fundamentalanalysis:

Financial statements (often used to analyze a company's assets, liabilities, and revenue), market
conditions, and competition are all part of basic accounting and financial analysis. In 2020,
HiralBorikarInterest rates, output, income, employment, GDP, housing, manufacturing, and
government are all elements that are considered in the overall economic health. As stated by
Prajapati et al. (2019),In general, you may utilize either a bottom-up or a top-down method. These
phrases are used to differentiate this form of study from quantitative and technical investment
analysis, among others.
Either of these supplementary stock selection strategies may be used by investors. Many fundamental
investors, for instance, rely on technical indications to decide when to enter and when to quit the
market (Bhatt H. R.)The great majority of IT investors also employ simple indicators to find just
"good" firms to invest in.

1. Technicalanalysis: Financial market price movements may be studied and predicted

using technical analysis, which makes use of market information and historical price charts
(Sheth, 2019).This is predicated on the premise that traders may make reasonable predictions
about future price changes by analyzing past market patterns.
2. Technical analysis is centered on study on price and volume, as opposed to fundamental
analysis, which aims to evaluate a security based on business results like sales and earnings

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 (Nagvadia). To learn how the supply and demand for securities impacts price, volume, and
implied volatility, technical analysts employ tools (JoshiD.&.).While technical analysis is
most often used to provide short-term trading signals using a variety of charting tools, it also
aids in better evaluating the relative merits of securities in relation to larger markets or sectors
(Bhatt H. R., 2020). Analysts may use this data to refine their overall rating predictions. By
analyzing past transactions, technical analysis may be applied to any asset class.The
following types of securities are included: stocks, futures, commodities, bonds, currencies,
and others (Bhatt V. G.). Remember that these ideas are applicable to any sort of investment,
even if this lesson often analyzes stocks by example.

Historyandevaluation:
Financial market price variations may be studied and predicted using technical analysis, which makes
use of past price charts and market information (PrajapatiK.&., 2019).According to Bhatt V. G., this
is predicated on the premise that traders may make pretty accurate predictions about future price
movements by analyzing past market patterns.

Technical analysis focuses on price and volume study, in contrast to fundamental analysis that aims
to evaluate a security based on business results like sales and earnings (BhattV., 2021). The
relationship between supply and demand for a security and its impact on price, volume, and implied
volatility may be studied using technical analysis methods (Bhatt V. &., 2015). Technical analysis is
sometimes used to provide short-term trading signals using different charting tools. However, it also
aids in better evaluating the strengths or weaknesses of securities in relation to larger markets or
sectors.Analysts may use this data to refine their overall rating predictions.

Using historical transaction data, technical analysis can be applied to any security.Securities such as
stocks, futures, commodities, bonds, currencies, and others fall under this category (Vora,
2020).Although the examples in this course are based on stock analysis, the principles presented here
are generalizable to any kind of security.

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The purpose of fundamental analysis in accounting and finance is to determine a security's true
worth by looking at it through a variety of macro and microeconomic lenses. Quantifying the
inherent value of a security is the end aim of fundamental analysis (BhattV.&., 2019).To assist you
in making an investment choice, you may compare its intrinsic worth to the current market price.
One of the main goals of fundamental analysis is to determine a security's true worth. Economic
issues affecting the firm and its finances are the primary determinants.
This procedure extends beyond the company's financial structure and is not restricted to it.
Provides an overview of the company's management, finances, and organizational structure as well
as typical economic situations, industry development or decline, andThe only way to get a full
picture of a firm is to look at its real worth and then calculate its intrinsic value (RavalH.P., 2021).
Both macro and microeconomic aspects are considered as well. The basic premise is to see how
the current market price stacks up to the real one.

Because of its breadth and complexity, fundamental analysis calls for experts with backgrounds in
economics, accounting, and finance. Reading financial documents, comprehending
macroeconomic issues, and knowing valuation procedures are all necessary skills for fundamental
research.For the most part, this is based on publicly available information, such as: The Company's
previous profitability and rates of return.

FA is a comprehensive method for studying companies.Understanding a firm from several angles

is crucial for investors planning to hold onto their money for three to five years.Isolating the daily
short-term noise of stock prices and focusing on the underlying performance is vital for investors
(Raval H.P., 2021).Long-term, investors should expect to reap the benefits of rising stock prices
for firms with solid foundations.
In a broader market, the goal of any stock study should be to find the fair market value of an asset.
In order to find stocks that are undervalued in the market, fundamental analysts often use a macro
to micro viewpoint while doing their research.When calculating the stock's fair market value,
analysts often take a step back and examine the economy as a whole, the health of each sector, and
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finally, the company's performance.
Stocks and other assets may be valued using fundamental analysis, which makes use of publicly
available data. Investors may examine economic variables like interest rates and overall economic
circumstances to conduct a fundamental study of bond value, for instance.
QuantitativeandQualitativeFundamentalAnalysis:
The difficulty in defining "fundamentals" is that it encompasses any and all aspects of a business's
financial situation. Naturally, this encompasses not just monetary metrics like sales and earnings,
but also qualitative metrics like a company's management quality and its proportion of the market.
There are quantitative and qualitative aspects to the many fundamental considerations. When
applied to money, these expressions do not deviate much from the norm. A word may be defined
in a dictionary in this way:
Quantitative-"Relatestoinformationthatcanbeexpressedinnumbersandquantities."
Qualitative-"Refers to a property or criterion, not a quantity."

This is where the quantitative foundation lies. They are a quantifiable aspect of the business.
Consequently, the most extensive source of quantitative data is financial statements.Sales, income,
assets, and so on may be measured with remarkable precision.The specificity of the qualitative
base is lacking. Included in this category are the company's top executives, quality, brand
recognition, patents, and exclusive technology.
In their most basic forms, neither qualitative nor quantitative analysis is useful.Together, they are
considered by many experts.

QualitativeFundamentalstoConsider
As a kind of market research, qualitative research is characterized by an emphasis on gathering
information via natural, conversational dialogue.
This method takes into account both "what" and "why" people are thinking.Hello there.Consider a
supermarket that is trying to attract more customers. A considerable number of males frequent this
shop, according to systematic observations. I conducted a lengthy interview with prospective
consumers in that category to discover why a lady didn't come to the shop (Malek, 2020). The lack
of merchandise specifically designed for women is causing a decline in foot traffic, according to a
poll of randomly chosen female consumers who shopped at local shops and malls.That they didn't
come to the shop is understandable given that there were more males than women.
Sociology, anthropology, psychology, and other branches of the social sciences are used in
qualitative research (BhattV.&., 2018).As a result, qualitative research allows for in-depth surveys
and questions derived from respondents' responses, and the interviewer or investigator also
endeavors to comprehend the respondents' intentions and emotions.In order to draw conclusions
from market research, it is helpful to understand how your target audience makes choices.
Typesofqualitativeresearchmethodswithexamples
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The goal of doing qualitative research on a certain issue is to get a better understanding of the target
population's actions and perspectives.Common qualitative research approaches include case studies,
ethnographic surveys, content analysis, focus groups, and in-depth interviews.It is more easier to
draw inferences from the data gathered using the qualitative technique, and the findings are more
relevant.

The field of social and behavioral sciences is the original home of qualitative research techniques.
These days, it's hard to tell what others are thinking and seeing since our environment is becoming
more complicated all the time.Because of their greater communicative and descriptive power, online
qualitative research methodologies are simpler to grasp.

When analyzing a firm, experts always take into account four key fundamentals. There is no
quantitative data; everything is qualitative. They consist of:

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Businessmodel:Whatexactlyisthecompanydoing? Thisisnotaseasyasitsounds.If your
company's business model is based on selling fast foodchicken, how profitable is it? Oris it
just royalties and franchise fees?

Competitive Advantage: Gaining and keeping a competitive edge is crucial to a company's

long-term success. By capitalizing on our strong competitive advantages—like the Coca-Cola
brand and Microsoft's lead in personal computer operating systems—we are able to fortify
our business, keep our rivals at bay, and experience growth and increased profitability.
Shareholders will be handsomely compensated for decades when a company gains a
competitive advantage.

Management: Some think it's the most crucial factor for executives to look at when deciding
whether or not to put money into a business. I understand. If management doesn't consistently
follow the strategy, even the strongest business models will fail.While meeting and
evaluating management might be a challenge for individual investors, the company's website
does include a list of executives and directors along with their credentials. I was wondering
how things were doing at your prior work. Is there a lot of inventory that you've recently
discarded?

Corporate Governance: A company's corporate governance policy should outline the roles
and duties of the company's management, board of directors, and other stakeholders. The
Company's and the Articles of Incorporation's respective documents, as well as the
Companies Act and regulations, lay forth these policies.You want to do business with a firm
that is efficient, fair, transparent, and ethical. Look closely at how management treats
shareholder rights and interests. Keep all communications with shareholders open, simple,
and unambiguous. Probably because they don't want it is the reason you won't get it.The
company's industry should also be taken into account. Investors might obtain a greater
knowledge of a company's financial status by knowing how the industry operates.

Financial Statements: Quantitative Foundation for Evaluation Companies may provide

details about their financial performance via financial statements. Those who favor
fundamental analysis say that investors should base their judgments on quantitative data seen
in financial statements.An organization's financial health is best captured in its income
statement, balance sheet, and statement of cash flows.

Economic Statement: The assets, liabilities, and capital of a business as of a certain date are
detailed in a balance sheet. The following is an explanation of the name of the company's
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financial statement:

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Assets=Liabilities+Equity shareholders

A company's assets are the resources that it owns or administers at a given moment. Things
like buildings, equipment, currency, and inventory fall under this category. On the other
hand, we have the sum total of the funds that the business has used to purchase these
assets.Payments are made by debtors.Capital is the sum of all the money the owner has put
into the company, whereas debt is the amount of debt that must be paid off. Profits from the
prior year, often known as retained earnings, are a part of this.

The Income Statement: When looking at a firm, the balance sheet provides a snapshot in
time, while the income statement assesses the performance over a period of time. Although
one-month or one-day balance sheets are also technically possible, they are exclusively
shown for public businesses' quarterly and yearly reports. The income statement details the
money coming in and going out of your organization for that specific time frame, as well as
any gains or losses.

CashFlowStatement: Over a certain time period, a cash flow statement details the inflows
and outflows of a company's funds.The following payment-related activities are usually the
main focus of cash flow statements:

Profits made by the sale of investments, such as stocks, bonds, real estate, and other assets

Cash from Financing(CFF): Money that has been paid out or borrowed.

Because it is so difficult to falsify a company's liquidity situation, the cash flow statement
offers a record of a company's cash inflows and outflows over a period of time. An engaged
accountant has a lot of opportunities for profit, but it's not easy to fabricate bank currency.
This is why cash flow figures are seen by some as a more cautious way to evaluate a
company's success.

Using financial indicators derived from the data of a firm's financial statements, fundamental
analysis involves determining the value and prospects of a company.

TheConceptofIntrinsic Value:

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 Current stock prices may not always represent the true worth of a firm when considering publicly
accessible data. This is a crucial premise of fundamental research. The second presumption is that
the stock's intrinsic value is quite close to the market value.This conceptual true value is referred to
by analysts as the intrinsic value. Be advised that the word "intrinsic value" in stock valuation has
a distinct meaning when used to this particular context, as opposed to others, such option trading.
The intrinsic value of a stock is determined using a number of sophisticated methods, but option
pricing employ a conventional approach. When trying to ascertain a stock's true worth, no one
method has emerged as the gold standard (Bhatt V., 2021). Take the hypothetical case of a
corporation whose stock is now selling for $20 but is ultimately valued at $24 after an analyst's
exhaustive research of the business.A other analyst checks it out and estimates a value of $25.
Assuming that the intrinsic value of a stock may be about $25, many investors adopt the average of
these estimations.These estimations are typically very valuable information since investors want to
purchase companies that are trading at a significant discount to their true worth.Thus, the third
crucial premise of foundational analysis is reached. The stock market reflects fundamentals in the
long term.Unfortunately, how long it will take "in the long run" is an unknown. Time may vary
from days to years.
An examination of the fundamentals. Investors might discover chances to acquire at reduced prices
and estimate the inherent worth of a firm by concentrating on a specific business. According to
Joshi (D. & 2021). The investment will provide a profit if the market catches up with the
fundamentals.As an advocate for the stock selection method, Warren Buffett—the so-called
"Omaha Oracle"—is among the most well-known and prosperous fundamental analysts.

CriticismsofFundamental Analysis:

Supporters of technical analysis and the efficient market hypothesis are the two primary camps that
criticize fundamental analysis.
Technical Analysis:

One more important subset of security analysis is technical analysis. To put it simply, technical
analysts rely entirely on stock and volume changes when making investments, or more precisely,
trades.Make use of diagrams and other tools to swap momentum without getting into the basics.That
the market discounts everything is one of the fundamental ideas of technical analysis.The stock price
already reflects every news regarding the firm.Therefore, changes in stock price provide more
information than the company's fundamentals.

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TheEfficientMarketHypothesis:

In contrast, fundamental and technical analysts often find themselves at odds with EMH
proponents. According to the Efficient Market Hypothesis, beating the market using either
technical or fundamental research is almost impossible. Many market participants may quickly
ruin a chance to beat the market and even beat it by a large margin in the long term since the
market assesses all stocks regularly and effectively. I don't think you can.
ExamplesofFundamental Analysis:

Consider the Coca-Cola Company. Numerous quantitative aspects, such as the firm's price-
earnings ratio, profit per share, and yearly dividend, must be considered by analysts while
researching the stock. But brand awareness is an essential part of Coca-Cola's study.A company
selling sugar and water may be started by anybody, but feware is well-known by billions of people.
The Coke brand's worth is hard to put a price on, but you can be sure it contributes significantly to
your business's success.
ProsofFundamentalanalysis:
Traders and investors may benefit greatly from fundamental research when deciding which
position to take.Limitations on personal injury are a result of these judgments being based on
financial facts. Traders may see the bigger picture via fundamental analysis, which seeks to
comprehend an asset's worth rather than establish entry and exit points. Traders may establish
whether an asset is overpriced or undervalued by comparing its worth to the current market
price.Making money off of market shifts is the goal here.
Consoffundamental analysis:

The process of doing fundamental analysis may be lengthy and complex due to the need to
examine several areas. Since fundamental research provides a far more distant perspective of
the market, the insights do not aid in making hasty judgments. Technical analysis could be
more useful for traders who are trying to figure out how to start and close their trades quickly.

Think about the best and worst case situations as well. Although fundamental research offers
a larger perspective on the market, unexpected unfavorable shifts in economic conditions,
politics, or regulations may catch investors off guard.

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Fundamentalanalysisexamples:
Two main schools of thought exist within the realm of basic analysis, which draw on a wide
variety of tools and methods: top-down and bottom-up approaches.By working its way down from
the overall market to individual sectors, industries, and eventually individual enterprises, top-down
analysis paints a more comprehensive picture of the economy. On the other hand, bottom-up
analysis investigates all aspects that impact the price of a stock by starting with that stock.While
the most basic kind of analysis is most often used to the valuation of stocks, it is applicable to a
wide range of assets, including bonds.
Trading assets dictate the tools that tool traders use for fundamental analysis.In a company's
earnings report, for instance, a stock trader may see metrics like revenue, EPS, projected growth
rate, and profit margin.
FundamentalAnalysisTools:

Earnings per share (EPS): One of the most typical essential metrics used for business
research is revenue, which tells us more about a firm than the number of shares or revenue
alone. One share's worth of a company's profits is shown by earnings per share (EPS). To get
earnings per share, divide net income (after preferred stock distributions) by the total number
of issued shares.

Price-to-earnings ratio (P/E): This ratio compares the current selling price of a company's
stock to profit per share.

Projectedearningsgrowth(PEG): PEGforecaststheannualprofit growthrateofstocks.

Price-to-salesratio(P/S):Theprice-to-salesratiovaluesacompany'sstockpriceascompared to its
revenues. It's also sometimes called the PSR, revenue multiple, or sales multiple.

Price-to-book ratio (P/B): A stock's book value relative to its market value is determined by
this ratio, which is also called the price-to-equity ratio. It is calculated by dividing the most
recent closing price of the stock by the book value per share from the previous quarter. An
asset's book value is its worth as recorded in the records of the firm.Subtracting the
cumulative depreciation from the cost of each asset yields this.

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 Dividend pay-out ratio: This compares the dividend paid to shareholders to the company's
total net income. This describes retained earnings, that is, profits that have not been paid but
are reserved for potential growth.

DividendYield:Annualdividendandstockpriceexpressedasapercentagedividendpershare for
one year divided by the value per share.

Return on equity: Divide the company's net income by the rate of return on equityto obtain
the return on equity. This is sometimes expressed as the rate of return on the company's net
worth.

1.1 InvestingandFundamentalAnalysis:
Using mostly publicly accessible statistics, analysts construct a model to ascertain the projected cost
of a business's percentage charges. Considering the existing market costs for buying and selling,
experts are advised that the company's percentage fees should really be worth it, and this cost is just
an estimate at best. At the anticipated rates, some analysts may also discuss the company's own
expenses.
A buy or obesity grade is given to inventory by analysts when they determine that the cost of the
inventory must be much greater than its most recent market price.Traders seeking this analyst can use
this as advice.The stock is either recommended to be increased in value or decreased in value based
on the analyst's assessment of its intrinsic cost, which is lower than present market fees.
Stocks with positive signs are what investors should be looking for. Such varieties ought to have a
better chance of maturing. It seems to reason that low-ranked equities would also have reduced fees.
These equities need to be sold or shifted to a "short" position in the existing portfolio.
By examining historical market data, such as volumes and fees, this inventory analysis approach
correlates to a technical analysis that forecasts the path of fees.

Fundamentalanalysisincludes:

1. Economicanalysis
2. Industryanalysis

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 3. Companyanalysis
4. Futureprofitoutlook

1. Economicanalysis:
Market risk affects all common stocks. This characteristic of almost all common stocks
demonstrates how they move in tandem with changes in economic circumstances, whether those
changes are for the better or worse. When macroeconomic news has been good, such as low
inflation, growing profits, improving trade balances, and expanding GDP, stock prices have
reacted favorably.Stock prices are being impacted by signs of growing unemployment, inflation
recovery, or reduced profit projections. The Standard & Poor's 500 stock index is a popular market
indicator that outperforms the average individual in predicting the stock market's future
performance during booms and recessions, thus this correlation makes sense.A study by the
Federal Reserve Bank of New York found that the yield curve's slope perfectly predicts economic
growth more than three months in the future. A negative gradient indicates a drop, while a positive
gradient indicates a successful outcome. Investors should be able to see the effects of market risk.
The stock market reacts negatively to economic downturns.The recession has an impact on all
companies, regardless of how well they are doing. Booms may have an effect on stock values as
well.
2. IndustryAnalysis:
When a recession hits, stock prices will inevitably fall, but that's just the nature of the market.
Remember as well that defenders are less likely to experience a recession. An examination of the
market tends to reveal sectors that are more vulnerable to downturns.
A systematic technique to industrial analysis was presented by Michael Porter in 1980. This was
dubbed the "Competitive Analysis Framework" by him. The anticipated response of existing rivals to
new entrants and obstacles to entry is evaluated by new entrant threats.It may be rather challenging
for young enterprises to gain an edge in certain areas.

In the car sector, for instance, upstarts have a hard time competing with established names like
General Motors and Ford.Some markets are more welcoming to new entrants than others, and they
include: B. Financial planning industry. Launching a company in this field does not need any unique
initiatives. The level of rivalry present in the industry is limiting its potential for expansion. Because
of the high level of competition in the industry, the corporation must reinvest the majority of its
revenues into expanding its market share.

squeeze out more money for the business. Greater potential for product diversification and larger
earnings may be found in industries where competition is friendly or minimal. Consumers benefit
from fierce competition, while businesses in the manufacturing sector suffer. Competition in the
aviation sector is often characterized by collective tariff battles.To keep their current passengers, both
airlines will need to make pricing adjustments in response to price cuts by one.
The management of substitute items is another risk for businesses operating in the sector. As a result,
businesses are unable to increase product prices. Customers easily find alternatives that are less
expensive when the price of a product goes up significantly. Sega and Nintendo are two distinct
video game companies, for instance. There is direct commercial competition between these games.
16
New video game users will move to comparatively affordable Sage as Nintendo boosts costs.
Investors doing market research should zero in on the potential dangers of product substitution as
they pertain to the growth prospects of individual companies. The negotiating power of consumers is
another facet of market research. This may considerably lower the seller's already impressive sales
figures. The return is little in this condition. In order to keep his consumers, the vendor has no choice
but to make certain compromises. Take our shipbuilding firm as an example; the United States Navy
is one of our primary clients.The loss of a contract with the Navy may have a devastating effect on
the firm, given that it builds a relatively small number of boats annually. Conversely, consumers have
less leverage at department shops due to the high volume of shoppers.You shouldn't limit yourself to
capital-intensive sectors; losing only one or two consumers won't hurt this store's bottom line.B.
Advisors required at retail computer shops are one example of an industry that does not need a large
initial investment. If you really want computer engineers to fix people's computers, you should make
them do it. Personal computers have typically seen increased customer demand in recent years. So,
they are better directed and attempt to make independent judgments on the software and hardware
needs.Actually, they have a lot of influence when interacting with salespeople.An important factor
impacting the company's profitability is the supplier's negotiating power. The corporation needs the
materials to make the product, but they are difficult to keep under control. It is not feasible to raise
the price of the final product to meet the higher expenses due to the significant group of purchasers in
the replacement product market.So, when the firm is doing an industry study, it should look
negatively at the existence of powerful suppliers.

In order to evaluate industry developments in light of current economic circumstances, investors

should examine the aforementioned structural factors. Finally, after identifying the suitable industry,
the last stage is to do an enterprise-only EIC study.

17
When a recession hits, stock prices will inevitably fall, but that's just the nature of the market.
Remember as well that defenders are less likely to experience a recession. An examination of the
market tends to reveal sectors that are more vulnerable to downturns.
A systematic technique to industrial analysis was presented by Michael Porter in 1980. This was
dubbed the "Competitive Analysis Framework" by him. The anticipated response of existing rivals to
new entrants and obstacles to entry is evaluated by new entrant threats.It may be rather challenging
for young enterprises to gain an edge in certain areas.

In the car sector, for instance, upstarts have a hard time competing with established names like
General Motors and Ford.Some markets are more welcoming to new entrants than others, and they
include: B. Financial planning industry. Launching a company in this field does not need any unique
initiatives. The level of rivalry present in the industry is limiting its potential for expansion. Because
of the high level of competition in the industry, the corporation must reinvest the majority of its
revenues into expanding its market share.

squeeze out more money for the business. Greater potential for product diversification and larger
earnings may be found in industries where competition is friendly or minimal. Consumers benefit
from fierce competition, while businesses in the manufacturing sector suffer. Competition in the
aviation sector is often characterized by collective tariff battles.To keep their current passengers, both
airlines will need to make pricing adjustments in response to price cuts by one.
The management of substitute items is another risk for businesses operating in the sector. As a result,
businesses are unable to increase product prices. Customers easily find alternatives that are less
expensive when the price of a product goes up significantly. Sega and Nintendo are two distinct
video game companies, for instance. There is direct commercial competition between these games.
New video game users will move to comparatively affordable Sage as Nintendo boosts costs.
Investors doing market research should zero in on the potential dangers of product substitution as
they pertain to the growth prospects of individual companies. The negotiating power of consumers is
another facet of market research. This may considerably lower the seller's already impressive sales
figures. The return is little in this condition. In order to keep his consumers, the vendor has no choice
but to make certain compromises. Take our shipbuilding firm as an example; the United States Navy
is one of our primary clients.The loss of a contract with the Navy may have a devastating effect on
the firm, given that it builds a relatively small number of boats annually. Conversely, consumers have
less leverage at department shops due to the high volume of shoppers.You shouldn't limit yourself to
capital-intensive sectors; losing only one or two consumers won't hurt this store's bottom line.B.
Advisors required at retail computer shops are one example of an industry that does not need a large
initial investment. If you really want computer engineers to fix people's computers, you should make
them do it. Personal computers have typically seen increased customer demand in recent years. So,
they are better directed and attempt to make independent judgments on the software and hardware
needs.Actually, they have a lot of influence when interacting with salespeople.An important factor
impacting the company's profitability is the supplier's negotiating power. The corporation needs the
materials to make the product, but they are difficult to keep under control. It is not feasible to raise
the price of the final product to meet the higher expenses due to the significant group of purchasers in
the replacement product market.So, when the firm is doing an industry study, it should look
negatively at the existence of powerful suppliers.
18
In order to evaluate industry developments in light of current economic circumstances, investors
should examine the aforementioned structural factors. Finally, after identifying the suitable industry,
the last stage is to do an enterprise-only EIC study.

3. CompanyAnalysis:

The most appealing firms are identified via corporate analysis, which studies and assesses
various organizations in specific sectors. Stock selection is an integral part of company
analysis, which is a subset of securities analysis. There are a variety of methods that analysts
use while analyzing companies, such as:
• ValueApproachtoInvestment
• Investment with an eye toward growth
Furthermore, Corporate Analysis classifies firms as either growth stocks or value stocks
based on the company's financials. Two examples of such metrics are the price-to-book value
and price-earnings ratios. Potential investment firms may also be identified by analyzing
other variables, such as return on equity.

4. Future Earnings Outlook:

Budgeting, capital budgeting, and valuation all make use of future earnings predictions, which are
projections of a company's or a project's future financial outcomes. This phrase could sometimes
mean the (quarterly) revenue projection of a publicly traded corporation. See EconomicForecast for
analysis of economies and countries.Using historical internal and revenue data, future revenue
forecastsAnalyst models often project the long-term success of a business based on external industry
and economic data. Stock market data, such as 52-week highs, is often included into fundamental
analysis as an extension of stock market research. You may find a list of stock valuations below the
financing overview for the components and processes of business modeling.

The sales prediction is one of the most crucial parts of the financial projection. Using historical
financial ratios and other accounting connections, a "common size analysis" may be used to forecast
future fixed and variable expenses and capital as a function of profit. Concurrently, the end products
must have an effect on the company's operations. Working capital, fixed assets, and associated
finance must all rise in tandem with sales.Industry averages are often achieved in the long term by
profitability and other financial measures. See Valuation Using Discounted Cash Flows for Each
Forecast Period for a thorough explanation and additional factors to consider.

19
 1.2 DefinitionofFundamentalAnalysis.
To put it simply, fundamental analysis is an in-depth look at the underlying variables that have an
impact on commercial, industrial, and economic interests. This stock index tracks a variety of
economic, financial, and other qualitative and quantitative variables that may be used to find
opportunities when the company's worth differs from its current market price. True intrinsic worth
may be measured with its help.

All elements that may impact the value of a security, including organizational and macroeconomic
aspects, are considered basic in fundamental analysis. These include financial statements,
management, competition, and business principles. It is going to be assessed. Analysis from the
ground up It presupposes that these fundamentals will have an effect on stock values at a later date.
Hence, there will be long-term adjustments to the stock price, which will not be comparable to its
worth in the short-term. The analysis is performed in three stages:
Economy: Assessment of the overall economic climate in the nation.It is evaluated with the
use of economic metrics.

Industry: Useindustrycompetitionanalysisandindustrylifecycleanalysistoidentifyprospects for

different industry classifications.

Company: Think on the company's financial and non-financial aspects to figure out whether
you want to purchase, sell, or keep its shares. This is why we look at things like product
quality, management, business image, profitability, and earnings per share (EPS).

DefinitionofTechnicalAnalysis

The stock price may be anticipated with the use of technical analysis. That the market's
supply and demand interact to determine a stock's price is evident from this. Using the stock's
performance records from the past, it can forecast the stock's market price for the future.
Doing so requires first determining the stock price's volatility, which will provide light on the
stock's future development. The only significant value is the price at which a buyer and seller
of stocks decide to complete a transaction. This price aggregates, assesses, and expresses all
the considerations. What this means is that technical analysis sheds light on the root causes of
stock price volatility. Analysis of technical aspects All things considered, stock prices are
thought to move in tandem with trends.

The attitude, psychology, and emotions of the trader determine its ups and downs.

20
ToolsusedforTechnical Analysis

Prices: An extruder who collects and delivers securities represents an investor with a security
price.

Time: Time is characterized by the measurement of velocity movement.The extrusion

velocity is determined by the amount of time that has passed during the mode reversal.

Volume: Rate adjustment plays a significant role in the collection of transactions that define
the extrusion.It should be noted that when you have a modest extruder with a transaction
amount and a stock price extruder, the extruder is not necessarily extremely strong.

Width: It is possible to gauge the extent of extruder allocation by looking at how many
different industries use extruders and whether or not they have more than three different
inventory types. The market has changed the price of the security according to the usual
technique, as seen in this exhibit.

KeyDifferencesbetweenFundamentalandTechnicalAnalysis

The following points highlight the distinction between fundamental and technical analysis:
1. For long-term investment prospects, a fundamental analysis is a way to investigate a securities
and find out its inherent worth. In contrast, technical analysis uses past price changes and current
trading volume to value and forecast future securities prices. The stock's future appearance is
shown here.
2. When analyzing equities, fundamental analysis takes a more long-term view than technical
analysis.That's why fundamental research is a tool for stock investors looking to make a quick
buck. When a transaction's duration is quite brief, however, technical analysis is more appropriate.

3. There is a noticeable difference in the timing and aim of the two assessments, which include
technical analysis for transactions and fundamental analysis for investments. While the majority of
investors base their stock purchases and holdings on fundamental research, traders depend on
technical analysis to make quick gains.
4. Finding the optimal entry or exit points for the market is the goal of technical analysis, whereas
fundamental analysis seeks to determine the stock's actual intrinsic worth.
5. In basic analysis, the available information and analyzed statistics are used to make decisions. In
contrast, technical analysis relies on stock price and market patterns to inform decisions.
6. Fundamental analysis takes current and historical data into account, whereas technical analysis
just considers historical data.
7. Financial statements provide the basis of fundamental research, while charts showing price
fluctuations form the basis of technical analysis.
21
8. The price-earnings ratio, balance sheet, cash flow statement, return on equity, and earnings are
just a few of the financial statements that may be examined in a fundamental analysis to find a
stock's true worth. But technical analysts predict market movements by looking at patterns on
charts (like reversal and continuation patterns), as well as price actions, technical indicators,
support and resistance levels. At the point when prices stop going up, investors are ready to sell,
and this is known as resistance. The fact that investors are no longer selling signals that they are
prepared to purchase. Belief is all about it.
9. The future value of a security is decided by looking at the company's profitability and
performance in the past and now, according to fundamental analysis. In contrast, technical analysis
relies on indications and charts to predict future prices.
10. Traders who hold long-term positions use fundamental research, while swing traders and day
traders use technical analysis.
Conclusion

Infundamentalanalysis,aninvestorbuysastockwhenthemarketpriceofthestockfallsbelow the
intrinsic value of the stock. In contrast, in technical analysis, traders buy stock when they
expect to sell at a relatively high price.

22
 1.3 NeedofStudyofFundamentalAnalysis:
An investment's basic or intrinsic value is crucial. Rather than its market value, a stock's intrinsic
value is its inherent worth. You may find out what a stock is really worth by doing fundamental
research. Because of this, investors get a clearer picture of the different equities. If you want to
make an informed investment choice, you need to know a stock's fundamental or intrinsic value,
which is the real worth that may be determined via fundamental research. In addition to price,
other elements like discounts are considered in fundamental stock research. The stock's actual
worth is determined by discounting future projects against the time value of money. When it comes
to investing in various companies, a clear and sensible analysis is essential. However, without this,
decision-making becomes quite complicated. To simplify and improve the accuracy of
fundamental research, other methods may be used.
Toknow thebasis:

Portfolios of companies are shown in fundamental analysis. To gain stronger fundamentals, add
more assets, and carry less debt is ideal for the firm. Core is the basic concept of any company that
puts up a corporate profile. This proved that it is true. What is the present situation for each firm in
terms of profit?Make a More Valuable Investment:
Keeping tabs on your company's portfolio and profitability is essential for making smarter
investment decisions. In reality, how lucrative is the company?If you want to know how to invest
for maximum profit, the answers to your questions may show you the ropes. Valuing one's capital
is often a long-term objective that aids in financial security. You should think about investing
alternatives that provide a substantial return on the amount originally spent if you want your
earnings to increase substantially..

Tokeep safeinvestment:

The majority of the data on what really aids investment is available in basic analyses. You may rest
easy as an investor if you see that the firm is diligently managing its assets and growing its profit
margin.Investments are made primarily for the purpose of conservation of capital. Preventing the
gradual depletion of one's savings may be achieved via certain investments. It is possible to avoid
long-term savings by putting funds into these gadgets or systems.

23
 Comparison:

Finding a company's market value is best accomplished through comparisons.Doing a ratio

analysis of both firms' financial statements is one of the best techniques to evaluate them when
comparing their market demand.Several figures in the financial accounts are examined via ratio
analysis. B. Determine the connections between each figure and the total expenses and net profits.
Awareness:

Investor education helps those with less education make better long-term financial choices by
increasing their familiarity with the market's many financial products. The fact that market value is
unrelated to investments may be better understood with the use of fundamental analysis.
Toearnasteadystreamofincome:

Additionally, investing can help establish a reliable source of additional (or main)
income.Investments like this may take many forms, such as time deposits that yield interest or stocks
of firms that pay dividends to investors.After retirement, you may cover your everyday costs using
income-generating assets. On the other hand, it may be a great way to supplement your income while
you're employed, helping with things like tuition and EMI.
1.4 ResearchQuestion

• Whatinvestorsthinkaboutinvesting?

• Howknowledgeenhances investment

• Whyinvestment requiresinvestmentknowledge

• Whatisfundamentalanalysis?

• Howdoesfundamentalanalysisaffectyourinvestment?

• Howto makeabetterinvestment infundamental analysis

24
REVIEW OF LITERATURE

25
REVIEW OF LITERATURE :

One comprehensive method of researching a business is fundamental analysis (FA). It is critical for
an investor to comprehend the firm from several angles if they want to invest in it for the long term
(age 3-5 years).Isolating the daily short-term noise of stock prices and focusing on the underlying
performance is critical for investors.Stocks of firms with solid foundations usually go up in the long
term, which is good news for investors.
Financial products

In 1987, JevonsLeeAssuming that all securities have intrinsic value that can be determined using
information such as accounting profits, growth factor, and debt/equity ratio, fundamental analysis of
securities is the basic technique. Based on these fundamentals, technical analysts calculate the
security's intrinsic worth and compare it to the current market price to see whether it's under- or
overpriced.Noobalan (2014)In order to back up investing selections in the Indian market, we
performed a technical analysis of the securities of firms chosen from the industry. This study's
technical analysis does not, in and of itself, provide definitive forecasts on the future.
The first hypothesis is that, in the near run, you may increase your returns by using fundamental
analysis of assets.

Operating funds

Hammarui (2012)We surveyed the FMCG industry in India to find out how working capital
management affects profits. This study is based on a sample of ten fast-moving consumer goods
(FMCG) businesses and spans the years 2001–2010.The goal of this research was to find out how
working capital and its parts affect profits.The research found a negative link between working
capital management and business profitability after doing a normality test, person correlation, and
panel data regression.The author Selvaraj (2012)We compared 38 different steel businesses, ranging
from small and medium-sized to the biggest, and looked at their working capital management from
2001 to 2010 using a number of important data. The efficient use of working capital was assessed
using duty cycles and cash conversion cycles.One tool for analyzing the factors that influence the
cash conversion cycle is the Keswick model. According to the results, the effectiveness of working
capital management is significantly affected by the size of the organization.

(Pasupathi,2012) Over the fifteen years spanning 1992–1993 to 2006–2007, the author managed the
working capital of seventeen large automobile sector units in India. The purpose of the study was to
verify working capital by comparing its size to monthly operations and sales needs. Net working
capital as a percentage of monthly operating needs seems to be larger than sales requirements over
the years, according to the discriminating function's design.In 2011, AfeefResearchers looked at how
working capital management may affect the profit performance of 40 small and medium-sized
enterprises (SMEs) in Pakistan by placing them on the Karachi stock market. There is a substantial
association between profitability factors, payment deferrals, and the corporate cash conversion cycle,
according to the research conclusions.(Untwal, 2011) I made an effort to oversee Indian Tools Ltd.'s
operational capital.Interviews with members of the company's management provided the bulk of the
survey's data, while secondary sources included the annual report and public reports. The seven-year
survey period ran from 2001 to 2006 and 2007 in this case. Data was analyzed using working capital
analysis and critical numerical analysis. The poll found that the company's cash situation was

26
inadequate. Warehouse Management Satisfaction at Indian Tools Ltd., the organization monitored the
consequences of debt collection sickness and ineffective credit rules throughout the analysis.
Hypothesis 2: A company's financial strategy may be favorably impacted by a thorough examination
of its working capital.

Financial backing

A study conducted by Roy in 2015Prior to doing a thorough investigation and settling on an

investment, he says one must take into account the status of the economy, the performance of the
industry, and the company's success. There has been much back-and-forth on the relative merits of
scientific and technical research in the field of securities.(Snir, Hon., 2011)As a fundamental
instrument for investing behavior, financial statements and levels of support and resistance are being
studied by investors. Investors have relied on a wide range of resources to back their purchase and
sale choices over the years.Fundamental analysis and technical analysis are the two main instruments
used by investors.Čaljkušić (2011) saysLearn the best way to evaluate stocks and when to trade by
experimenting with various techniques and processes over time.
Reddy (1995)We surveyed the paper industry's financial performance as part of our case study.The
industry is consistently improving its financial position, according to their findings.

The poll indicated that the corporation did a good job of creating its own cash, which it then put into
reserves and excess. Because the present debt fast ratio is better policy and the standard ratio has
been the solvency since 1990–1991, the analysis finds that the search position is steady. Earnings for
the business were insufficient. The investigation also discovered that, according to many indications
of staff turnover, the company's capacity to utilize assets to create profits has not increased.

Third Hypothesis: You Can Get Good Analysis Tools For Your Investment Decisions By Doing Some
Basic Research On The Subject.

In the long run,

In 2011, VenkateshOur findings are based on a study that was conducted in June and July of 2010
and asked Indian stock market brokers and fund managers how they utilize fundamental and
technical research to predict stock price fluctuations. To find out how much a stock will be worth in
the future, investors use fundamental research. To determine whether a company's present market
price is reasonable, excessive, or undervalued, one must look at the company's intrinsic worth.In
1997, JS AbarbanellMarket players may find comprehensive year-end statistics provided by
Abarbanell and Bushee in the journals Fundamental analysis, Future Earnings, and Stock price.
Fourth Hypothesis: You can positively attain significant earnings growth in the future by doing a
fundamental study of your profits.
Profit Sharing

It was written by Sharma in 2009.Find out whether conventional and growth methods are used in
fundamental analysis. The returns on investment for a fundamentally strong firm are higher than
those for a fundamentally bad organization. That way, you can see which firms are overpriced and
which ones have room to develop.The source is MD Beneish (2001).In order to account for the
whole population of the company using the data that is available, most basic analysis studies use
estimates from large samples. Professional fundamental analysis, on the other hand, is often done in a
27
narrower setting and compares a subset of companies with shared traits; for instance, most sell-side
financial analyses tend to concentrate on companies within the same industry or economic sector, as
in Contextual Fundamental Analysis with Extremereturnpredictions. The "value" and "growth" stock
universes are two areas of expertise for many fund managers and analysts on the buy side. In sum,
this proves that doing a basic analysis for each individual instance is beneficial.

As for the fifth hypothesis, fundamental analysis individual might provide you favorable information
on the dividend payout percentage.

Portfolio assistance

As already stated by Pandaya (2013)We studied IT organizations by digging into their data and doing
technical analyses.Since the IT industry is one of the fastest-growing in India, he is a good fit for
making investment choices and doing technical analyses of the security of certain IT organizations.
We carried out a comprehensive survey. It has become one of the fastest-growing and most
significant parts of India's economy. Christina (2011) Wheels India Limited Chennai's financial
performance was the subject of our assessment. The research used secondary data gathering
techniques in addition to an analytical study methodology. Researchers accomplished this by using
verified and accurate data over the last five years prior to completing the study. Ratio analysis,
comparative balance sheets, and statistical methods including trend analysis and correlation were all
used by the researchers.Profits, fixed asset utilization, and working capital were all lower last year,
according to profitability metrics. The business was able to boost sales and profitability by taking
these measures. In the end, the analysis found that the financial results were good.

Hypothesis 6: You can positively measure a stock's intrinsic worth with the help of fundamental
analysis of your own portfolio.

Financial report

According to Singla (2013) We polled the steel department of India and Tata Steel Ltd. to find out
how well they did financially between 2008 and 2012. A review of working capital, fixed assets, and
profitability revealed financial performance. The author brought up Tata Steel Ltd.'s financial results.
The net profit of Tata Steel Ltd. was higher than that of SALL. In terms of warehouse management,
it's better than SALL but higher than SAIL.According to Sarkar (2011)A case study on the financial
performance of Tata Steel was one that I read. This research includes operational risk, financial risk,
and overall risk, and it focuses on the computation of Tata Steel's operating debt ratio, financial debt
ratio, and overall debt ratio for the period 2001 to 2009.I covered operational risk, financial risk, and
overall risk in my measurements, which I took from 2001 to 2009.I took its measurement.They found
that in order to pay the fixed operational costs of the firm, net sales needed to be enhanced. As a
result, businesses were able to manage operational risk adequately over the following years. In their
view, the firm should have a strong ability to repay short-term debt in the future to minimize the
possibility of short-term insolvency that may result from employing more external money. “(Paul,
2011)” It has been said that a comparison analysis of many chosen NBFCs constitutes the financial
performance evaluation.For the purpose of this study's comparative financial performance research,
28
five publicly listed NBFCs were taken into consideration. The mathematical mean, standard
deviation, correlation, and analysis of variance are just a few of the often used statistical methods.

Seventh Hypothesis: You may find a security's true worth by using data from its financial statements
(H7: Fundamental Analysis in Financial Statements).

Ratio of profitability

Per Mishra (2016)As a comparison between investing in the stock market and generally risk-free
assets, report the extent to which the profitability of a transaction explains the risk premium or risk
compensation using technical analysis indicators and multiple regression analysis. Instead of
depending on fundamental research to value their portfolios, traders, individual investors, and fund
managers should use trading tactics based on technical indicators.The source is Varalèse
(2012).Working capital management is unrelated to a company's success, according to his study.
Return on investment and working capital do not correlate significantly.(et al., 2011).There was no
statistically significant correlation between liquidity and profits in his analysis.

A good impact for measuring profitability may be provided by fundamental analysis in financial
statements (H8:).

One comprehensive method of researching a business is fundamental analysis (FA). It is critical for
an investor to comprehend the firm from several angles if they want to invest in it for the long term
(age 3-5 years).Isolating the daily short-term noise of stock prices and focusing on the underlying
performance is critical for investors.Stocks of firms with solid foundations usually go up in the long
term, which is good news for investors.
Financial products

In 1987, JevonsLeeAssuming that all securities have intrinsic value that can be determined using
information such as accounting profits, growth factor, and debt/equity ratio, fundamental analysis of
securities is the basic technique. Based on these fundamentals, technical analysts calculate the
security's intrinsic worth and compare it to the current market price to see whether it's under- or
overpriced.Noobalan (2014)In order to back up investing selections in the Indian market, we
performed a technical analysis of the securities of firms chosen from the industry. This study's
technical analysis does not, in and of itself, provide definitive forecasts on the future.
The first hypothesis is that, in the near run, you may increase your returns by using fundamental
analysis of assets.

Operating funds

Hammarui (2012)We surveyed the FMCG industry in India to find out how working capital
management affects profits. This study is based on a sample of ten fast-moving consumer goods
(FMCG) businesses and spans the years 2001–2010.The goal of this research was to find out how
working capital and its parts affect profits.The research found a negative link between working
capital management and business profitability after doing a normality test, person correlation, and
panel data regression.The author Selvaraj (2012)We compared 38 different steel businesses, ranging
from small and medium-sized to the biggest, and looked at their working capital management from
29
2001 to 2010 using a number of important data. The efficient use of working capital was assessed
using duty cycles and cash conversion cycles.One tool for analyzing the factors that influence the
cash conversion cycle is the Keswick model. According to the results, the effectiveness of working
capital management is significantly affected by the size of the organization.

(Pasupathi,2012) Over the fifteen years spanning 1992–1993 to 2006–2007, the author managed the
working capital of seventeen large automobile sector units in India. The purpose of the study was to
verify working capital by comparing its size to monthly operations and sales needs. Net working
capital as a percentage of monthly operating needs seems to be larger than sales requirements over
the years, according to the discriminating function's design.In 2011, AfeefResearchers looked at how
working capital management may affect the profit performance of 40 small and medium-sized
enterprises (SMEs) in Pakistan by placing them on the Karachi stock market. There is a substantial
association between profitability factors, payment deferrals, and the corporate cash conversion cycle,
according to the research conclusions.(Untwal, 2011) I made an effort to oversee Indian Tools Ltd.'s
operational capital.Interviews with members of the company's management provided the bulk of the
survey's data, while secondary sources included the annual report and public reports. The seven-year
survey period ran from 2001 to 2006 and 2007 in this case. Data was analyzed using working capital
analysis and critical numerical analysis. The poll found that the company's cash situation was
inadequate. Warehouse Management Satisfaction at Indian Tools Ltd., the organization monitored the
consequences of debt collection sickness and ineffective credit rules throughout the analysis.
Hypothesis 2: A company's financial strategy may be favorably impacted by a thorough examination
of its working capital.

Financial backing

A study conducted by Roy in 2015Prior to doing a thorough investigation and settling on an

investment, he says one must take into account the status of the economy, the performance of the
industry, and the company's success. There has been much back-and-forth on the relative merits of
scientific and technical research in the field of securities.(Snir, Hon., 2011)As a fundamental
instrument for investing behavior, financial statements and levels of support and resistance are being
studied by investors. Investors have relied on a wide range of resources to back their purchase and
sale choices over the years.Fundamental analysis and technical analysis are the two main instruments
used by investors.Čaljkušić (2011) saysLearn the best way to evaluate stocks and when to trade by
experimenting with various techniques and processes over time.
Reddy (1995)We surveyed the paper industry's financial performance as part of our case study.The
industry is consistently improving its financial position, according to their findings.

The poll indicated that the corporation did a good job of creating its own cash, which it then put into
reserves and excess. Because the present debt fast ratio is better policy and the standard ratio has
been the solvency since 1990–1991, the analysis finds that the search position is steady. Earnings for
the business were insufficient. The investigation also discovered that, according to many indications
of staff turnover, the company's capacity to utilize assets to create profits has not increased.

Third Hypothesis: You Can Get Good Analysis Tools For Your Investment Decisions By Doing Some
Basic Research On The Subject.

In the long run,

30
In 2011, VenkateshOur findings are based on a study that was conducted in June and July of 2010
and asked Indian stock market brokers and fund managers how they utilize fundamental and
technical research to predict stock price fluctuations. To find out how much a stock will be worth in
the future, investors use fundamental research. To determine whether a company's present market
price is reasonable, excessive, or undervalued, one must look at the company's intrinsic worth.In
1997, JS AbarbanellMarket players may find comprehensive year-end statistics provided by
Abarbanell and Bushee in the journals Fundamental analysis, Future Earnings, and Stock price.
Fourth Hypothesis: You can positively attain significant earnings growth in the future by doing a
fundamental study of your profits.

Profit Sharing

It was written by Sharma in 2009.Find out whether conventional and growth methods are used in
fundamental analysis. The returns on investment for a fundamentally strong firm are higher than
those for a fundamentally bad organization. That way, you can see which firms are overpriced and
which ones have room to develop.The source is MD Beneish (2001).In order to account for the
whole population of the company using the data that is available, most basic analysis studies use
estimates from large samples. Professional fundamental analysis, on the other hand, is often done in a
narrower setting and compares a subset of companies with shared traits; for instance, most sell-side
financial analyses tend to concentrate on companies within the same industry or economic sector, as
in Contextual Fundamental Analysis with Extremereturnpredictions. The "value" and "growth" stock
universes are two areas of expertise for many fund managers and analysts on the buy side. In sum,
this proves that doing a basic analysis for each individual instance is beneficial.

As for the fifth hypothesis, fundamental analysis individual might provide you favorable information
on the dividend payout percentage.

Portfolio assistance

As already stated by Pandaya (2013)We studied IT organizations by digging into their data and doing
technical analyses.Since the IT industry is one of the fastest-growing in India, he is a good fit for
making investment choices and doing technical analyses of the security of certain IT organizations.
We carried out a comprehensive survey. It has become one of the fastest-growing and most
significant parts of India's economy. Christina (2011) Wheels India Limited Chennai's financial
performance was the subject of our assessment. The research used secondary data gathering
techniques in addition to an analytical study methodology. Researchers accomplished this by using
verified and accurate data over the last five years prior to completing the study. Ratio analysis,
comparative balance sheets, and statistical methods including trend analysis and correlation were all
used by the researchers.Profits, fixed asset utilization, and working capital were all lower last year,
according to profitability metrics. The business was able to boost sales and profitability by taking
these measures. In the end, the analysis found that the financial results were good.

31
Hypothesis 6: You can positively measure a stock's intrinsic worth with the help of fundamental
analysis of your own portfolio.

Financial report

According to Singla (2013) We polled the steel department of India and Tata Steel Ltd. to find out
how well they did financially between 2008 and 2012. A review of working capital, fixed assets, and
profitability revealed financial performance. The author brought up Tata Steel Ltd.'s financial results.
The net profit of Tata Steel Ltd. was higher than that of SALL. In terms of warehouse management,
it's better than SALL but higher than SAIL.According to Sarkar (2011)A case study on the financial
performance of Tata Steel was one that I read. This research includes operational risk, financial risk,
and overall risk, and it focuses on the computation of Tata Steel's operating debt ratio, financial debt
ratio, and overall debt ratio for the period 2001 to 2009.I covered operational risk, financial risk, and
overall risk in my measurements, which I took from 2001 to 2009.I took its measurement.They found
that in order to pay the fixed operational costs of the firm, net sales needed to be enhanced. As a
result, businesses were able to manage operational risk adequately over the following years. In their
view, the firm should have a strong ability to repay short-term debt in the future to minimize the
possibility of short-term insolvency that may result from employing more external money. “(Paul,
2011)” It has been said that a comparison analysis of many chosen NBFCs constitutes the financial
performance evaluation.For the purpose of this study's comparative financial performance research,
five publicly listed NBFCs were taken into consideration. The mathematical mean, standard
deviation, correlation, and analysis of variance are just a few of the often used statistical methods.

Seventh Hypothesis: You may find a security's true worth by using data from its financial statements
(H7: Fundamental Analysis in Financial Statements). Ratio of profitability

Per Mishra (2016)As a comparison between investing in the stock market and generally risk-free
assets, report the extent to which the profitability of a transaction explains the risk premium or risk
compensation using technical analysis indicators and multiple regression analysis. Instead of
depending on fundamental research to value their portfolios, traders, individual investors, and fund
managers should use trading tactics based on technical indicators.The source is Varalèse
(2012).Working capital management is unrelated to a company's success, according to his study.
Return on investment and working capital do not correlate significantly.(et al., 2011).There was no
statistically significant correlation between liquidity and profits in his analysis.

A good impact for measuring profitability may be provided by fundamental analysis in financial
statements (H8:).

32
CHAPTER-2

INDUSTRYPROFILE

COMPANY PROFILE

33
INDUSTRY PROFILE :

In 1875, stock brokerage began operating in India. A pioneer in India's stock market, the BSE has
been around for a long time. Three hundred and eighteen people first joined the Bombay Stock
Exchange, which is also known as the Stock Brokers Association and Native Share, marking the
beginning of stock trading in India (BSE).In 1875, stock brokerage began operating in India. The
BSE is one of India's oldest stockbrokers. The first 318 members of the Stock Brokers Association
and Native Share, later renamed Bombay StockExchange (BSE), marked the beginning of stock
trading in India. In 1965, the much-needed permanent recognition from the Government of India was
bestowed to BSE. In terms of status, the National Stock Exchange is in second place, after the BSE.
When people think of the Indian stock market, they usually think of NSE or BSE.The history of the
BSE and the Indian stock market are almost identical.The Harshad Mehta scandal shattered the
optimistic atmosphere of the marketplace.
The public learned that Harshad Mehta, a giant of the Indian stock market who goes by the nickname
"big-bull," had fraudulently siphoned off large sums of money from several institutions. Not only
that, but he gambled with millions of shares in several firms. By passing an act in 1992, the
government established SEBI with the aim of curbing similar scams. Brokers, stock exchanges,
investment advisers, sub-brokers, portfolio managers, and the whole industry is overseen and
regulated by the SEBI, a statutory agency. SEBI enforced stringent steps to safeguard investor
interests. According to a senior official from SEBI, the prospects of fraud have completely
disappeared with the launch of internet trading and daily settlements.

The Sensex hit 6,000 in 2000 and surpassed 5,000 in 1999. The Indian stock market is seeing
massive investment from foreign institutional investors (FIIs). Successive governments' liberal
economic policies enticed several international institutional investors to engage in large-scale
projects. "Volatile market" is the moniker given to the market because of its erratic behavior and
actions. Good monsoons, the ascendancy of the Bharatiya Janata Party, and other events influenced
the market in the past.

The United States and India both host a significant number of listed firms. Investors from across the
world are increasingly seeing India as a prime investment destination. Even middle-class Indians are
starting to show interest in the stock market. Investing in stocks has been a common practice for most
Indians working abroad.
The advent of internet trading and the subsequent reduction in interest rates by banks have given rise
to this novel phenomena. Indian stock brokers are increasingly setting up shop abroad, mostly to
serve the demands of non-resident Indians.
They have the option to purchase or sell stocks online on their way back from work. Recent events,
such as the initial public offers declared by ONGC, Maruti Udyog Limited, Tata Consultancy
34
Services, and many other prominent companies, have piqued the curiosity of the whole Indian middle
class. With the support of economic reforms, the Indian stock market is likely to continue its bull run,
which has been accompanied by a 6% annual GDP growth rate, an increase in the number of Indian
companies selling to multinational corporations, and promising expansion in the media, telecom,
education, and information technology (IT) sectors, as well as in the tourist industry.

35
 2.2 COMPANY PROFILE :

The company B.N. Rathi Securities Limited, formerly known as Lark Leasing Limited, was formed
in the state of Andhra Pradesh on September 30, 1985, with Registration No. 5838 of 1985-86,
according to the Certificate of Incorporation issued under the Companies Act, 1956. On October 14,
1985, the Registrar of Companies in Andhra Pradesh issued the Certificate of Commencement of
Business. After rebranding as B.N. Rathi Securities Limited, our company received a new certificate
of incorporation from the Andhra Pradesh Registrar of Companies on September 15, 1994. The
L65993TG1985PLC005838 is our corporate identification number.
The founding of our company was carried out by Shri B N. Rathi, a member of the Hyderabad Stock
Exchange, former chairman of AP Mahesh Co-operative Bank, and director of numerous other
companies. Shri H. N. Rathi, Managing Director and twice president of HSE, and Mr. Chetan Rathi,
Whole-Time Director and CFO, continued the family tradition. Shri Lakshminiwas Sharma,
Chairman, and Shri K. Harish Chandra Prasad, Director, are two of the many seasoned professionals
from the business world that make up the Board of Directors.
A public listed stock brokerage business, B. N. Rathi Securities Limited (BNRSL) offers a full range
of services related to financial market transactions. In order to provide the greatest services in today's
complicated financial markets, BNR Group draws on its extensive expertise in the industry, which
spans more than five decades. The following variety of services are available to you because of our
extensive family history, which begins with our parent company, BNR Group.

Complete and well studied stock brokerage services.

Tasks overseen by seasoned experts
Access to a wealth of research
A decentralized telecommunications network that connects key clients
More than 5,000 accounts are held by us as depository participants with Central Depository Services
Limited. In order to take advantage of current and future prospects, BNRSL has the necessary
infrastructure, qualified employees, a rising clientele, and a solid professional reputation. The diverse
range of investors who have chosen BNRSL as their advisor is a testament to our dedication to
meeting our clients' needs in a timely, dependable, and creative manner. This dedication has inspired
us to step up our game in the ever-changing financial landscape, where operational strategies are
crucial. As one of the leading CDSL participants in South India, we take great pride in being one of
the leading national brokerage businesses that has serviced thousands of investors over the last 30
36
years.
Comprehensive Stock Broking Services on NSE & BSE, Depository Services, Initial Public
Offerings (IPOs), and Internet Trading are just a few of the many areas in which the firm excels,
allowing it to meet the needs of its diverse and expanding retail and institutional customers. It has a
history of regular dividend payments going back eleven years. We are authorized to do business in
the secondary market by the following institutions: Bank of India, Life Insurance Corporation of
India Ltd., UTI, and Bank of Maharashtra. Since its inception, BNRSL has been technology focused,
and this dedication to innovation has allowed the firm to acquire state-of-the-art IT infrastructure. A
strong network system that is linked to all branches and sub-brokers using the newest technology has
become the company's strength and allowed us to provide top-notch services to our valued clients.
Things to do
The fact that BNRSL is involved in every facet of stock broking allows it to meet the varied and
expanding needs of its retail and institutional customers. Over the years, BNRSL has amassed a vast
array of expertise in the stock broking industry. The company's rapid expansion is a direct result of
this, and we now employ over 40 sub-brokers throughout Telangana, Andhra Pradesh, and
Maharashtra.
We also offer following services:
Internet Trading – Equities and Derivatives
201
Depository Participant of CDSL
2
Primary Market Services
201
Mutual Fund Advisory Services
0
IPO Advisory Services
200
Comtrade
8
MILESTONES :
200
Started Subsidiary company named as B.N. Rathi Industries Private Limited.
8
Obtained membership in Futures & Options segment of BSE
200
Obtained membership of BSE Cash Segment
7
Started Subsidiary company named as B.N.RathiComtrade Private Limited.
200
Became a Depository Participant with CDSL
2
Obtained membership of NSE Futures & Option segment
199
Became member of National Stock Exchange (NSE) cash segment
5
Name of the Company changed to B.N.Rathi Securities Limited
199
Issue of equity shares on Rights basis
4
Public Issue and listing of Equity Shares
199
37
4
198
6
1985Incorporation of the Company in the name and style of "Lark Leasing Limited"
MANAGEMENT

Shri Laxmini was Sharma

CHAIRMAN He is a Non-executive Independent Director of B.N. Rathi Securities Limited. He is
a graduate in commerce and a Chartered Accountant.

Shri K. Harish Chandra Prasad

DIRECTOR He is a Non-executive Independent Director of B.N. Rathi Securities Limited. He
joined the Board of B. N. Rathi Securities Limited in 1994.

Smt. Santhi Sree Bolleni

DIRECTOR She is a Non-Executive Independent and women Director of B.N. Rathi Securities
Limited. She is Qualified as Charted Accountant in the year 1984.

Shri Hari Narayan Rathi

MANAGING DIRECTOR He is the Managing Director of B.N. Rathi Securities Limited. He is a
graduate in Science and was twice unanimously elected as President of Hyderabad Stock Exchange
(HSE).

38
 Shri Chetan Rathi
WHOLE TIME DIRECTOR & CFO He is Whole-time Director Cum CFO of B.N. Rathi
Securities Limited . He is a MBA - Finance graduate. He joined the Board of Directors of B.N.
Rathi Securities Limited in the year 2010.
PRODUCTS & SERVICES
BNRSL offers trading and investment oppertunities across multiple market segments like equity,
mutual funds, IPOs, currency and F&O segments to investors through offices of Sub Brockers,
Authorised Persons and branches across the country. Benefit of Our Clients: You can learn about the
opportunity to trade through high-quality advice relevant and made available on time (research &
strategies); Online Trading
Market Analysis
Currency Derivatives
Current IPO Issues
Mutual Fund Profile
Research
Investor Alerts
Back Office Login

39
 CHAPTER-
3RESEARCHME
THODOLOGY

40
 RESEARCH METHODOLOGY
Research
Research is the careful consideration of study regarding a particular concern or Research
problemusing scientific methods.
According to the American sociologist Robert Babbie, “Research is a systematic inquiry to
describe, explain, predict, and control the observed phenomenon. It involves inductive and deductive
methods.”
Research Methodology
Research Methodology is the specific procedure or techniques used to identify, select, process
and analyse information about a topic. It is a process by which research designer their study so that
they can achieve their objectives using the selected research instrument.
Statement of the Problem
The study is undertaken for the specific purpose of finding out the factors that influence a
dealer performance.
Methodology – Research is based on the primary data collected first-hand in the form of survey,
having the individuals as the sample. Samples were from the suburban area of Proddatur city. Survey
is conducted by providing a questionnaire to the stated individuals.
Types of Research Design used
1. Exploratory Design – it was primarily executed to provide insight into the requirements of
formation of questionnaire and the understanding of the problem.
2. Descriptive Research Design – it was used to describe the characteristics of relevant
consumer groups.
Samples:
Sample Size: 419
Sample Unit: Proddatur

Data Collection
Data is the raw facts collected through various sources. There are two types of data in research:
1. Primary Data

2. Secondary Data

41
Primary Source:
The data was collected from the investor of the customer that were the major samples for the
purpose of this research from the Proddatur Suburban area.
Secondary Source:
The Secondary data has been collected from the company and company website. The web has
been a major source of collection of secondary data where from the data regarding the B.N.Rathi
SECURITIES was collected. The data collected given us a view of the major players in the industry
and their current competitive position in the market.
Sample Size & Design
A sample of 419 people was selected based on convenience. They were contacted based on
random sampling.
Research Instrument
Microsoft Excel and SPSS

42
Objectives

→To understand the psychology of the investors towards investment.

→To study about how the fundamental factors are affecting the investor behaviour.
→To understand the nature of investor towards trading.
→To understand the investor behaviour towards stock market.
→To Provide horizon of long terminvestment perspective.

43
 CHAPTER-4

DATAANALYSIS
&
INTERPRETATION

44
Demographicfactor:

Gender:

Gender

Frequency Percent Valid Percent Cumulative

Percent

Valid Male 254 61.1 61.1 61.1

Female 162 38.9 38.9 100.0

Total 416 100.0 100.0

Here,the piechart showsthatthe majorityof menare61.1%and 38.9%remain female.

45
AGE:

Age
Frequency Percent Valid Percent Cumulative
Percent

Valid Below25 129 31.0 31.0 31.0

25-35 172 41.3 41.3 72.4
35-45 72 17.3 17.3 89.7
above45 43 10.3 10.3 100.0
Total 416 100.0 100.0

Respondents'agesaredisplayedabovethegraph.Thismeansthat31.0%ofrespondentsare under the

age of 25. And the majorities indicate 25-35 years old or older, the criteria are 41.3%, 35-45
years old 17.3%, marginal respondents 10.3%, 45 years old or older.

46
MARITALSTATUS:

Status
Frequency Percent Valid Percent Cumulative
Percent

Valid Unmarried 192 46.2 46.2 46.2

Married 224 53.8 53.8 100.0

Total 416 100.0 100.0

Thisrepresentsthemarriagestatusoftherespondents,with46.2%unmarriedand53.8% remaining
unmarried.

47
 OCCUPATION:
Occupation
Frequency Percent Valid Percent Cumulative
Percent
Valid Students 97 23.3 23.3 23.3

Job 189 45.4 45.4 68.8

Business 83 20.0 20.0 88.7

Other 47 11.3 11.3 100.0

Total 416 100.0 100.0

45.4% are employed, 2.5% are students, and 3.5% might work at any branch office. One-fifth of the
respondents are self-employed, while one-third are either retired or jobless.

48
 EDUCATION:

Education
Frequency Percent Valid Cumulative
Percent Percent

Vali Undergraduate 43 10.3 10.3 10.3

d Graduate 206 49.5 49.5 59.9
Post graduate 115 27.6 27.6 87.5
Other 52 12.5 12.5 100.0
Total 416 100.0 100.0

Half of the people polled had a degree in some academic field; this works out to 49.5% of the
total.Undergraduates who can read or do half of the degree make up 10.3% of the student body,
while 27.6% are graduate students. That leaves 12.5%, which may be accomplished in any way.

49
WhatisthepercentageofInvestingfromyourIncome:

Investing
Frequency Percent Valid Percent Cumulative
Percent
Valid Lessthan to10 78 18.8 18.8 18.8

10 to 20 124 29.8 29.8 48.6

20 to 30 121 29.1 29.1 77.6
30 to 40 64 15.4 15.4 93.0
Above40 29 7.0 7.0 100.0
Total 416 100.0 100.0

Here, the pie chart illustrates that investment as a percentage of income stands at 18.8%.Few people
put more than 10% of their income into investments.Of those who participated in the poll, 29.8% to
20-30% put some of their income into investments, while 15.4% put 30-40%. And today, over 40%
had put money into it, compared to only 7% of the people polled.

50
WhichtypeofInvestoryouare:

Investor
Frequenc Percent Valid Cumulative
y Percent Percent

Vali Speculative (Short- 109 26.2 26.2 26.2

d term)

Capital(Long- term) 128 30.8 30.8 57.0

Both 179 43.0 43.0 100.0
Total 416 100.0 100.0

According to the pie graphic, 26.2% of the participants are short-term, speculative investors. Put
another way, the investment term is less than a year. Long-term investments account for 30.8% of
respondents. We have been investors for more than a year, to rephrase. In addition, 43.0% of those
who took the survey are planning to do so in the near or far future.

51
HowhaveyouacquiringyourinvestmentKnowledge?

Knowledge
Frequen Percent Valid Cumulative
cy Percent Percent
Vali IhavenoInvestment 144 34.6 34.6 34.6
d Knowledge
When Investing my 171 41.1 41.1 75.7
ownmoneyand/orasa
By studying at a 81 19.5 19.5 95.2
specializedschool or
Inmypastorpresent 20 4.8 4.8 100.0
job or occupation
Total 416 100.0 100.0

Among those who have acquired this information, 41.1% have either personal financial experience or
understanding of investments, while 34.6% have no such background. 19.5% of those who took the
poll got their expertise from a trade school or course, and 4.8% got their knowledge from their
present or prior employment.

52
HowfrequentlydoyouTradinginthestockmarket?

Trading
Frequency Percent Valid Percent Cumulative
Percent
Valid Daily 90 21.6 21.6 21.6
Twiceaweek 96 23.1 23.1 44.7

Weekly 120 28.8 28.8 73.6

Monthly 110 26.4 26.4 100.0
Total 416 100.0 100.0

The majority of respondents (21.6% to be exact) engage in exchange trading throughout the day.
Also, 23.1% of stock market traders utilize it at least twice a week. Just under a third of respondents
(26.4% to be exact) trade stocks once a month, while 28.8% do it weekly.

53
Howlonghaveyoubeenparticipantinthestockmarket?

Participant
Frequenc Percent Valid Cumulative
y Percent Percent
Vali LessThan1year 144 34.6 34.6 34.6
d
1-3years 171 41.1 41.1 75.7
3-5years 81 19.5 19.5 95.2
5-10years 20 4.8 4.8 100.0
Total 416 100.0 100.0

Among those who have not dealt with the stock market in the past year, 34.6% are
unfamiliar.As for the stock market, 41.1% of respondents are active in it. With a combined
10+ year expertise, 19.5% of the participants hail from 5. After five to ten years of
experience, 4.8% of those who participated in the poll decided to invest in the stock market.

54
Cross tabs

Investing*Age*GenderCrosstabulation
Count
Gender Age Total
Below 25-35 35-45 above
25 45
Male Investi Lessthanto 23 16 4 2 45
ng 10
10 to 20 24 34 10 3 71
20 to 30 13 36 17 7 73
30 to 40 6 10 15 11 42
Above40 3 5 6 9 23
Total 69 101 52 32 254
Fema Investi Lessthanto 21 8 2 2 33
le ng 10
10 to 20 19 25 8 1 53
20 to 30 15 24 5 4 48
30 to 40 3 12 5 2 22
Above40 2 2 0 2 6
Total 60 71 20 11 162
Total Investi Lessthanto 44 24 6 4 78
ng 10
10 to 20 43 59 18 4 124
20 to 30 28 60 22 11 121
30 to 40 9 22 20 13 64
Above40 5 7 6 11 29
Total 129 172 72 43 416

Chi-SquareTests
Gender Value df Asymptotic
Significance(2-
sided)
Male PearsonChi-Square 60.506b .000
12
LikelihoodRatio 56.524 12 .000

Linear-by-Linear 44.836 1 .000

Association
NofValid Cases 254

Female PearsonChi-Square 26.855c 12 .008

55
 LikelihoodRatio 25.590 12 .012

Linear-by-Linear 11.077 1 .001

Association
NofValid Cases 162

Total PearsonChi-Square 82.954a 12 .000

LikelihoodRatio 74.613 12 .000

Linear-by-Linear 58.843 1 .000
Association
NofValid Cases 416
a. 1 cell (5.0%) have expected count less than 5. The minimum
expectedcount is 3.00.
b. 2 cells (10.0%) have expected count less than 5. The minimum expected
count is 2.90.
c. 10cells(50.0%)haveexpectedcountlessthan 5.Theminimum expected
countis .41.

DirectionalMeasures
Gender Value Asymptotic
Standard
Errora

Male Ordinalby Somers'd Symmetric .358 .049

Ordinal Investing .373 .051
Dependent
Age Dependent .343 .048

Fema Ordinalby Somers'd Symmetric .238 .067

le Ordinal Investing .255 .073
Dependent
Age Dependent .223 .063

Total Ordinalby Somers'd Symmetric .318 .040

Ordinal Investing .335 .042
Dependent
Age Dependent .304 .039

SymmetricMeasures

56
 Gender Value Approximate
Significance
Male NominalbyNominal Phi .488 .000
Cramer'sV .282 .000
NofValid Cases 254
Female NominalbyNominal Phi .407 .008
Cramer'sV .235 .008
NofValid Cases 162
Total NominalbyNominal Phi .447 .000
Cramer'sV .258 .000
NofValid Cases 416

H0: There is no significance association in terms of age group and investing with the
respect to male.

H1: There is significant association in the terms of age group and investing with respect of
male.

INTERPRETATION:
There is a significant correlation between various age groups and their formal investment
terms in the stock market, according to the Chi-square table of males. Since the significance
value is 0.000, which is less than 0.05, we accept the alternative hypothesis (H1).

H0:Thereisnosignificantassociationintermofagegroupandinvestingwithrespectof female.

H1: There is significant association in term of age group and income group with the
respect of female.

INTERPRETATION:
H1: The alternative hypothesis is accepted because, according to the Chi-square table of females, the
significant value is 0.012, which is less than 0.05. This indicates that there is a significant link
between various age groups and income groups in terms of investing in the stock market.

57
Here we can see the correlation between maleage and investment in this graph.The majority of
investments, fewer than 10%, come from those under the age of 25. Along with that, investments
ranging from 25 to 35 years old account for 10 to 20%. Additionally, investors between the ages of
35 and 45 make up 20-30% of the total. Nearly half of the investors are 45 and over.

The correlation between investing and the age of women is seen in this graph. Less than 10% of
investments are made by those under the age of 25.Investing between ten and twenty

% are mostly from the 25–35 age bracket. A further 20-30% of investors fall into the 25-35 age
bracket. Also, investors in the 25–35 age range make about 30–40 percent of the total.Moreover, the

58
age groups of 25, 35, and 45 and up account for the remaining 40% of investors.
Education*Knowledge*AgeCrosstabulation
Count
Age Knowledge
i have no When Bystudying
Investment Investing at a
knowledge my own specialized
money school or
and/orasa
Below Educati Undergradua 16 3 2
25 on te
Graduate 42 29 4

Postgraduate 13 11 3

Other 2 1 1

Total 73 44 10

25-35 Educati Undergradua 9 8 0

on te
Graduate 22 54 9

Postgraduate 12 19 16

Other 12 8 2
Total 55 89 27
35-45 Educati Undergradua 0 1 1
on te
Graduate 2 13 10

Postgraduate 3 13 9

Other 5 6 4
Total 10 33 24
above45 Educati Undergradua 0 0 3
on te
Graduate 2 2 10

Postgraduate 2 2 4

Other 2 1 3
Total 6 5 20
Total Educati Undergradua 25 12 6
on te

59
 Graduate 68 98 33

Postgraduate 30 45 32

Other 21 16 10
Total 144 171 81

Chi-SquareTests
Age Value df Asymptotic
Significance
(2-sided)
Below25 PearsonChi-Square 19.259b 9 .023

LikelihoodRatio 12.632 9 .180

Linear-by-Linear 5.372 1 .020
Association
NofValid Cases 129
25-35 PearsonChi-Square 29.078c 9 .001

LikelihoodRatio 28.876 9 .001

Linear-by-Linear .696 1 .404
Association
NofValid Cases 172
35-45 PearsonChi-Square 6.583d 9 .680
LikelihoodRatio 6.454 9 .694
Linear-by-Linear .691 1 .406
Association
NofValid Cases 72
above45 PearsonChi-Square 6.057e 9 .734
LikelihoodRatio 7.110 9 .626
Linear-by-Linear .509 1 .476
Association
NofValid Cases 43
Total PearsonChi-Square 27.904a 9 .001

LikelihoodRatio 28.323 9 .001

Linear-by-Linear 9.377 1 .002
Association

60
 NofValid Cases 416

a.2cells(12.5%)haveexpectedcountlessthan5.Theminimum
expected count is 2.07.
b.9cells(56.3%)haveexpectedcountlessthan5.Theminimum
expected count is .08.
c.6cells(37.5%)haveexpectedcountlessthan5.Theminimum
expected count is .10.
d.10cells(62.5%)haveexpectedcountlessthan5.Theminimum
expected count is .14.
e.13cells(81.3%)haveexpectedcountlessthan5.Theminimum
expected count is .35.

H0: There is no significance association in terms of education and knowledge with the
respect to age group

H1:Thereissignificantassociation inthetermof educationandknowledgewithrespect of age

group

INTERPRETATION:

According to the Chi-square table of female the significant value is 0.023 which is less than
0.05
Which means that there is significant association between different education and knowledge
for below the age of 25 years in term of knowledge of stock market, so (H1) Alternatives
hypothesis is accepted?

H0: There is no significant association in terms of education and knowledge with the
respect to age group

61
H1:There issignificantassociation in termsof educationandknowledgewithrespectof age
group.

INTERPRETATION:

AccordingtotheChi-squaretableoffemalethesignificantvalueis0.023whichislessthan
0.05 which means that there is significant association between different education and
knowledge for below the age of 25 years in terms of knowledge of stock market, so (H1)
Alternative hypothesis is accepted.

H0: There is no significance association in terms of education and knowledge with the
respect to age group.

H1:Thereissignificantassociationinthetermsofeducationandknowledgewithrespect of Age
group.

INTERPRETATION:

AccordingtotheChi-squaretableoffemalethesignificantvalueis0.001whichislessthan
0.05 which means that there is significant association between different education and
knowledge for between the ages of 25 to 35 years in term of knowledge of stock market, so
(H1) Alternative hypothesis is accepted.

H0: There is no significance association in terms of education and knowledge with the
respect to age group.

H1: There is significant association in the terms of education and knowledge with the
respect of Age Group.

INTERPRETATION:

AccordingtotheChi-squaretableoffemalethesignificantvalueis0.680whichismorethan
0.05 which means that there is significant association between different education and
knowledgeforbelow the ageof35 to 45 yearsin term ofknowledgeofstock market, so (H0) Null
hypothesis is accepted.

62
H0: There is no significance association in terms of education and knowledge with the
respect to age group.

63
H1:Thereissignificantassociationinthetermsofeducationandknowledgewithrespect of Age
group.

INTERPRETATION:

AccordingtotheChi-squaretableoffemalethesignificantvalueis0.734whichismorethan
0.05 which means that there is significant association between different education and
knowledgeforabovetheageof45 yearsintermsofknowledgeofstockmarket,so (H0)Null
hypothesis is accepted.

SymmetricMeasures
Age Value Approximat
eSignificanc
e

Below Nominal by Phi .386 .023

25 Nominal Cramer'sV .223 .023
Contingency .360 .023
Coefficient
NofValid Cases 129
25-35 Nominal by Phi .411 .001
Nominal Cramer'sV .237 .001
Contingency .380 .001
Coefficient
NofValid Cases 172
35-45 Nominal by Phi .302 .680
Nominal Cramer'sV .175 .680
Contingency .289 .680
Coefficient
NofValid Cases 72
above Nominal by Phi .375 .734
45 Nominal Cramer'sV .217 .734
Contingency .351 .734
Coefficient
NofValid Cases 43
Total Nominal by Phi .259 .001
Nominal Cramer'sV .150 .001

64
 Contingency .251 .001
Coefficient
NofValid Cases 416

Here, graph is showing the ratio between the age of below the 25, education and their
knowledgeabouttheinvestment.Mostoftheagebelowthe25who’sundergraduate,graduate, post
graduate and other profile having no investment knowledge.

65
Thisgraphshowsustheratiobetweentheageof25to35year,theireducationandknowledge of the
investment. In this age undergraduate are having minorly having No investment
knowledgeandinvestingtheirownmoneyand/orasagraduatepeoplemainlyexperiencetheir
knowledge by investing their own money and/or as a knowledge. Pot graduate people also
experience their knowledge by investing their own money and/or as another educated people
having no investment knowledge.

66
This graph shows a ratio between age of 35 to 45, Education and their Knowledge of the
investment. The undergraduate educated people invest their own money as a when investing
their own money and/or as bystudying at a specialized school. The graduate educated people
areexperiencetheirknowledgebyinvestingtheirownmoneyandorasapostgraduatepeople are
investing their own money and/or as a and also other people are getting knowledge by
investing their own money or as a.

In this graph the showing the ratio between age of above 45 years, education and their
knowledge of investment. The undergraduate people have knowledge by studying at a
specialized school. Graduate also having their knowledge by studying at a specialized school
andthepostgraduatepeoplehavingtheirknowledgebytheirpastorpresentjoboroccupation
whichshowstheirexperienceandthelastoneothereducatedpeopleareininvestingtheirown money
by studying at a specialized school.

4.1T-Test:

OAN:Analysing

OPR: Prefer

OLI: Like

67
 GroupStatistics
Gender N Mean Std. Deviation Std.ErrorMean

OAN Female 162 4.0885 1.37200 .10779

Male 254 4.6010 .93442 .05863

OPR Female 162 3.7479 1.47140 .11560

Male 254 4.3530 1.03456 .06491

OLIK Female 162 4.3025 .97819 .07685

Male 254 4.5354 .93183 .05847

IndependentSamplesTest
Levene’sTestforEqualityof t-testforEquality
Variances of Means
F Sig. t df

OA Equal variances 16.875 .000 -4.531 414

N assumed
Equal variances not -4.177 256.089
assumed
OP Equal variances 20.600 .000 -4.920 414
R assumed
Equal variances not -4.564 261.961
assumed
OLI Equal variances 3.263 .072 -2.439 414
K assumed
Equal variances not -2.412 330.783
assumed

68
H0:Thereisnosignificanceassociationintermsofgroupandanalyzingthemarket. H1: There

is significant association in the terms of group and analyzing the market.

INTERPRETATION:

According to the Chi-square of female the significant value is 0.000 which is less than 0.05
whichmeansthatthereissignificantassociationbetweendifferentgroupandanalyzinginterm of
analyzing the market, so (H1) Alternative hypothesis is accepted.

H0:Thereisnosignificanceassociationintermsofgroupandanalyzingthemarket. H1: There

is significant association in the terms of group and analyzing the market.

INTERPRETATION:

AccordingtotheChi-squaretableoffemalethesignificantvalueis0.000whichislessthan
0.05 which means that there is significant association between different group and analyzing
in term of analyzing the market, so (H1) Alternative hypothesis is accepted.

H0: There is no significant association in terms of group and analyzingthe market.

H1:Thereissignificantassociationinthetermsofgroupandanalyzingthemarket.

INTERPRETATION:

According totheChi-squaretableoffemalethesignificantvalueis0.072whichismorethan
0.05 which means that there is significant association between different group and analyzing
in terms of analyzing the market, so (H0) Null hypothesis is accepted.

69
4.2One-wayANOVA:

WhenitisrequiredtocomparemorethantwovariantsatthesametimeneedtobeANOVAis useful for

it. To examine the number of factors influencing the dependent variable with the help of
ANOVA, differences amongst category within the individual factors can also be explored.

OAN:Analyzing
OPR: Prefer
OLIK: Like

Descriptive
N Mean Std. Std. 95%
Deviation Error Confidence
Intervalfor
Mean

LowerBound

OA Student 97 4.4880 1.21722 .12359 4.2426

N s

Job 189 4.5203 .98468 .07162 4.3790

Busines 83 4.2651 1.25993 .13830 3.9899

s

Other 47 3.9858 1.33687 .19500 3.5933

Total 416 4.4014 1.15117 .05644 4.2905

OP Student 97 4.5241 1.12371 .11410 4.2976

R s

Job 189 4.1605 1.18144 .08594 3.9910

Busines 83 3.8373 1.30741 .14351 3.5519

s

Other 47 3.5993 1.44658 .21100 3.1746

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 Total 416 4.1174 1.25686 .06162 3.9963

INTERPRETATION:

In this Descriptive Table, it shows the variant OAN means Analyzing the market and we can
saythatpeoplewhoseprofileisStudent,Job,Businessandotherarecompletelyagreewiththe
analyzingmarket.VariantOPRderivedfromthepreferenceofthetoolwecansaythatpeople whose
profile is Student, Job, Business and other are completely agree with the preference of the
most in fundamental analysis.

TestofHomogeneityofVariances
Levene df1 df2 Sig.
Statistic
OA BasedonMean 2.267 3 412 .080
N Basedon Median 1.852 3 412 .137
BasedonMedianand with 1.852 3 403.691 .137
adjusted df
Basedontrimmedmean 2.249 3 412 .082

OPR BasedonMean .851 3 412 .467

Basedon Median .817 3 412 .485
BasedonMedianand with .817 3 403.354 .485
adjusted df
Basedontrimmedmean .828 3 412 .479

H0:Thereisnosignificancedifferencebetweenthevariant. H1:

There is significant difference between the variant.

INTERPRETATION:

According to the table of test of Homogeneity of variant shows the significant value is mean
andmedianismorethan0.05sowecansaythatwecan’trejectthe(H1)Nullhypothesisof

71
theanalysistothemarket.Andpreferenceofanyparticularshowsthesignificantvalueismean and
median is more than 0.05 it shows that we can’t reject the (H1) Null hypothesis of preference
of the most in fundamental analysis.

ANOVA
Sum of Df Mean F Sig.
Squares Square
OA Between 13.058 3 4.353 3.340 .019
N Groups
Within 536.901 412 1.303
Groups
Total 549.959 415
OP Between 35.518 3 11.839 7.867 .000
R Groups
Within 620.055 412 1.505
Groups
Total 655.573 415

H0:Thereisnosignificancedifferencebetweenthevariant. H1:

There is significant difference between the variant.

INTERPRETATION:

AccordingtotheANOVAtablethereissignificantvalueofOANis0.019islessthanthe0.05 which
means there is no significant difference between the analyses of the market, so (H0)
Alternative hypothesis accepted.

H0:Thereisnosignificancedifferencebetweenthevariant. H1:

There is significant difference between the variant.

INTERPRETATION:

AccordingtotheANOVAtablethereissignificantvalueofOPRis0.000islessthan0.5which means
there is no significant difference between the preference tools for the fundamental analysis,
so (H0) Alternative Hypothesis Accepted.

72
 RobustTestsofEqualityof Means
Statistical df1 df2 Sig.

OAN Welch 2.780 3 143.011 .043

OPR Welch 7.366 3 148.008 .000

H0:Thereisnosignificancedifferencebetweenthevariant. H1:

There is significant difference between the variant.

INTERPRETATION:

AccordingtotheRobustTestsof Equalityofmeanstablethere issignificantvalueofOANis

0.043islessthan0.05which meansthereisnosignificantdifferencebetweentheAnalysisof the
market, so (H0) Alternative hypothesis accepted.

H0:Thereisnosignificancedifferencebetweenthevariant. H1:

There is significant difference between the variant.

INTERPRETATION:

AccordingtotheRobustTestsofEqualityofMeanstablethereissignificantvalueofOPRis
0.000 is less than 0.05 which means there is no significant difference between the preference
tools for the fundamental analysis, so (H0) Alternative Hypothesis accepted.

PostHocTests:

MultipleComparisons
TukeyHSD
Dependent (I) (J) Mean Std. Sig.
Variable Occupation Occupation Difference Error
(I-J)
OAN Students Job -.03231 .14258 .996

73
Business .22291 .17069 .560

74
 Other .50216 .20288 .065

Job Students .03231 .14258 .996

Business .25522 .15032 .326

Other .53447* .18607 .022

Business Students -.22291 .17069 .560

Job -.25522 .15032 .326

Other .27924 .20839 .538

Other Students -.50216 .20288 .065

Job -.53447* .18607 .022

Business -.27924 .20839 .538

OPR Students Job .36356 .15323 .084

Business .68671* .18343 .001

Other .92476* .21803 .000

Job Students -.36356 .15323 .084

Business .32314 .16154 .189

Other .56120* .19996 .027

Business Students -.68671* .18343 .001

Job -.32314 .16154 .189

Other .23806 .22395 .712

Other Students -.92476* .21803 .000

Job -.56120* .19996 .027

HomogeneousSubsets:

75
 OAN
a,b
TukeyHSD
Occupation N Subsetforalpha=0.05

1 2
Other 47 3.9858
Business 83 4.2651 4.2651
Students 97 4.4880
Job 189 4.5203
Sig. .400 .482

Meansforgroupsin homogeneoussubsetsaredisplayed.
a.UsesHarmonicMeanSampleSize=81.758.
b.Thegroupsizesareunequal.Theharmonicmeanofthegroupsizesisused.TypeIerror levels are
not guaranteed.

H0:Thereisnosignificancedifferencebetweenthevariant.

H1: There is significant difference between the variant.

INTERPRETATION:

According to the table of OAN there is significant value of based of profile is 0.400 is more
than0.05whichmeansthereissignificantdifferencebetweenprofilebasepreference,so(H1) Null
hypothesis accepted.

OPR
a,b
TukeyHSD
Occupation N Subsetforalpha=0.05
1 2 3
Other 47 3.5993
Business 83 3.8373 3.8373
Job 189 4.1605 4.1605
Students 97 4.5241
Sig. .601 .333 .232

Meansforgroupsin homogeneoussubsetsaredisplayed.

76
a.UsesHarmonicMeanSampleSize=81.758.
b.Thegroupsizesareunequal.Theharmonicmeanofthegroupsizesisused.TypeIerror levels are
not guaranteed.

H0:Thereisnosignificancedifferencebetweenthevariant. H1:

There is significant difference between the variant.

INTERPRETATION:

According to the table of OPR there is significant value of based of profile is 0.601 is more
than0.06whichmeansthereissignificantdifferencebetweenprofilebasepreference,so(H1) Null
Hypothesis accepted.

Means Plot:

77
INTERPRETATION:

Here this graph shows the occupation of respondents and their preference of OAN means
analysis. Job based profile are majority agree with that and other based profile lower base of
agedness.

INTERPRETATION:

This graph represents the occupation of respondents and mean of OPR means preference of
tool in fundamental analysis which shows thehighlyagreerespondent’s majorityarestudents
and lower agree with that is other based profile.

Descriptive
N Mean Std. Std. 95%
Deviation Error Confidence
Intervalfor
Mean

Lower
Bound
OA Undergraduat 43 4.2093 .93158 .14207 3.9226
N e

78
 Graduate 206 4.5550 .95874 .06680 4.4233

Post graduate 115 4.3797 1.19607 .11153 4.1588

Other 52 4.0000 1.69839 .23552 3.5272

Total 416 4.4014 1.15117 .05644 4.2905

OP Undergraduat 43 3.9729 1.24612 .19003 3.5894

R e
Graduate 206 4.2492 1.21839 .08489 4.0818

Post graduate 115 4.1551 1.19039 .11100 3.9352

Other 52 3.6314 1.45234 .20140 3.2271

Total 416 4.1174 1.25686 .06162 3.9963

79
 CHAPTER-5

FINDINGS

AND SUGGESTION

80
SUGGESTION:

The significance of fundamental analysis to investors may be better grasped with the aid of this
study. Investors' purchasing power will rise as a result of the formulators' ability to craft strategies
that both attract and hold on to their capital.The investor's perception will be known going into the
fundamental analysis.
Everything that matters in correlation analysis, i.e.All three of these variables—analysis, preference,
and like—are positively connected.

Results:

Resultsfromdemographicfactor:

• Out of 416 responders, 254 were male (61.1% of the total) and 162 were female (38.9%).

Of the total responders, 129 are less than 25 years old, making up 31% of the total. With 172
responses (or 41.3% of the total), most of the respondents fall between the 25–35 age bracket.
Of the total responses, 17.3% are 72 years old and falling into the 35–45 age bracket.Even the
lowest responders are above 45%—just 10.3% of the total.

• 192 respondents do not currently have a spouse. Covering 46.2% of the total, respondents are
married people make up 224 (or 53.8% of the total).

• 97 people are working as responses, while 23.3 percent are students.With 45.4% of the total
responding, 189 people are actively seeking employment. Roughly 20% of the respondents (83
people) are actively involved in some kind of company.Additionally, there is another with a
polled-ones count of 47 (11.3 percent).

109 people, or 26.2% of the total, are investors with a short-term focus. One hundred twenty-six
people (or 30.8% of the total) identified as this kind of capital investor. In addition, 179 people
(or 43% of the total) identified as both categories of investors.

• The lowest education level reported by respondents is that of undergraduates, accounting for
43 respondents (10.3%). Graduates make up the majority of responders (49.5 percent). A total
of 115 respondents (or 27.6%) have a master's degree or above, while 52 (or 12.5%) have no
such degree.

• They trade every day. A total of 90 people (or 21.6% of the total) met the criteria. 96 people,
or 23.1%, report doing it twice weekly.With 120 responses, or 28.8%, the majority of traders
trade weekly. There are 210 respondents, or 26.4%, who have a basic monthly transaction.

81
Out of the total number of respondents, 144 (34.6%) have been involved in the stock market for
less than a year. Out of a total of 171 responders, 41.1% are 13-year-olds, which is the highest
criterion. Out of the total number of respondents, 81 (19.5%) have been involved in the stock
market for at least 35 years. Out of 510 years of participation, the lowest percentage of
responses was 4.8%, or 20 people.

82
CHAPTER - 6

CONCLUSION

83
 Investor behavior based on basic analysis might lead to different conclusions. When it comes
to making financial investments, some people put all their faith in basic analysis. They have
faith that prospects for lucrative investments may be found by carefully examining a
company's financials.

 Contrarily, technical analysis, market movements, or even intuition could be more important
to certain investors than fundamental research. Fundamental research may not be as helpful to
these investors since they think the market is efficient and that stock prices already represent
all essential information.

 Fundamental analysis's impact on investment behavior is ultimately influenced by each

investor's own views, methods, and risk tolerance. When making investing choices, it is
crucial for investors to know when to employ basic analysis and when to supplement it with
additional approaches.

84
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