Harsh Project

Analysis of Post listing Price Movements
http://www.scribd.com/doc/37039592/MBA-Full-Project http://www.scribd.com/doc/31099703/Fundamental-analysisand-its-impact-on-insurance-sector http://www.scribd.com/doc/23135306/project-report http://www.scribd.com/doc/48043693/24332604-India-Bulls http://www.scribd.com/doc/26511599/Financial-Analysis-ofWipro-LTD (GOOD REPORT FOR WIPRO) http://www.scribd.com/doc/24986625/Derivatives-FinalProject http://www.scribd.com/doc/21554550/Project-on-ComparisonBetween-Diff-Banks (home loans ) http://www.scribd.com/doc/98389772/Comparative-Study-onPerformance-of-Equity-Schemes-of-Reliance-Mutual-FundMBA-PROJECT-REPORT A STUDY ON ANALYSIS OF POST LISTING PRICE MOVEMENTS
Dissertation submitted in partial fulfillment of the requirements for the award of the Degree of MASTER OF BUSINESS ADMINISTRATION OF BANGALORE UNIVERSITY
Seshadripuram Institute of Management Studies
By HARSH YADAV Reg. No. 10DKCMA034 Under the guidance of VATSALA

Professor of SIMS
SESHADRIPURAM INSTITUTE OF MANAGEMENT STUDIES

C.A. SITE No. 26, YELAHANKA NEW TOWN, BANGALORE 560106 2011-2012
CERTIFICATE OF ORIGINALITY
This is to certify that the project titled A STUDY ON ANALYSIS OF POSTLISTING PRICE MOVEMENTS is an original work of the student and is being submitted in partial fulfilment for the award of the Masters Degree in Business Administration of Bangalore University. The report has not been submitted earlier either to this University/ Institution for the fulfilment of the requirement of a course of study.
SIGNATURE OF SUPERVISOR Place: Date:
SIGNATURE OF STUDENT Place: Date:
DECLARATION
I declare that this Dissertation entitled A Study on Analysis of Post Listing Price Movements is an original and bonafide work carried out by me under the supervision of Prof. VATSALA, for the partial fulfilment of the requirement for the award of Master of Business Administration of Bangalore University. I also declare that no part of this representation has been previously
Analysis of Post listing Price Movements published or submitted as a project representation for any Degree or Diploma of Bangalore University or any other University.
Date: Place:
(HARSH YADAV) Reg. No. 10DKCMA034
ACKNOWLEDGEMENT
It gives me a great pleasure in acknowledging the valuable assistance extended to me by various personalities in successful compilation of this dissertation. I take this opportunity to express my sincere thanks to Seshadripuram Educational Trust and Seshadripuram Institute of Management Studies, for giving an opportunity to pursue my studies leading to MBA. I immensely thank Dr. M. Prakesh, principal and all faculty members of seshadripuram institute of management studies, who have constantly motivated and guided me through this fruitful endeavour. I express my sincere gratitude to my guide Prof. Vatsala, for her guidance, valuable suggestions and inspiration provided in the process of completion of this dissertation. Seshadripuram Institute of Management Studies
I am very thankful to my parents, sister, brother, and my friends who directly or indirectly for being the source of inspiration and having rendered me all the support. I am immensely thankful to all who helped me in completing this project successfully.
Date: Place: Bangalore
HARSH YADAV Reg. No. 10DKCMA034
Abstract
The Indian stock market is a collection of various regional and national level stock exchanges in India. It is a platform for the masses of the country to invest their savings and also a source of funds for various organizations and institutions. This study entitled Post listing price movements was undertaken since it was felt that it is one of the most relevant topics for the study. The study was undertaken after the accessing the problem or problems of issue involved and a statement of problems was prepared. After the statement of problem a detail literature survey was conducted to know the gap and after accessing the gap the study was focused with
Analysis of Post listing Price Movements following objectives-to study the growth of IPO market, to access the performance of IPOs after listing, To study the volatility in the Post listing return of the selected Scripts. The methodology adopted for this study is purely analytical method and the data was collected from secondary data since the study related to financial information which could be got only from secondary data. A period of study is five years which is 2007-08 to 2011-2012 the sampling method comprised both judgment and convent sampling method. After the collection data, after editing and organizing number of tables have been prepared for analysis simple statistical tools like mean standard deviation, co-efficient variation, correlation have been used for analysis. After the analysis interpretations have been done and conclusions have been drawn. Majority of the companies which have issued IPO during the period 2007-08 to 2011-2012 indicate that Post listing price movements to be more that issue prices as such this leads to conclude investing in IPO normally good returns to the investor only the requirement is the investor should study and understand. Promoters that background area of specialization after the companies in which they are anticipate etc. Key words:- Capital Market, IPO , Post Price listing, NSE, IPO issue problems, Performance of IPO listing
TABLE OF CONTENTS
College Certificate Guide Certificate Student Declaration Acknowledgement Abstract Table of content List of tables Chapter Title i ii iii iv v vi vii Page
Analysis of Post listing Price Movements 1: Indian capital market- An overview. 1.1 Introduction 1.2 Impact of globalization on Indian capital market 1.3 Impact of Recession on Indian Capital Market 1.4 Reforms in the Capital Market 1.5 Low market penetration 1.6 Trading Pattern of the Indian Stock Market 1.7 National Stock Exchange (NSE) 1.8 An issue of perception 1.9 Listing norms- recent information Review of Literature and Design of the study. 2.1 Introduction 2.2 Review Literature 2.3 Statement of the problem 2.4 Objective of the study 2.5 Scope & Limitations 2.6 Methodology 2.7 Sources of data 2.8 Technique of data collection 2.9 Plan of analysis 2.10 Chapter Scheme The IPO issues & Problems- An evaluation 3.1 Problems with Initial public offering 3.2 Initial Public offering 3.3 Procedure for Issuing an IPO 3.4 Procedure 3.5 The following are the steps involved in Procedure of IPO 1-10
2:
11-15
3:
16-22
4:
The IPO by selected companies- An overview 4.1 Indian Bank 4.2 Euro Ceramics Limited 4.3 Mudra Lifestyle Limited 4.4 MindTree Consulting Limited 4.5 Idea Cellular Limited 4.6 ICRA Limited 4.7 Central Bank of India 4.8 Maytas Infra Limited 4.9 Religare Enterprises Limited 4.10 Jyothy Laboratories Limited
23-27
5: 6:
The performance of IPOs after listing. Summary of Findings, Conclusion and Suggestions
28-92 93-95
Analysis of Post listing Price Movements Bibliography Questionnaire
LIST OF TABLES
Table No. 5.1 5.2 5.3 5.4 5.5 5.6 5.1 M.P for the year Apr 2007 - Mar 2008 of Indian Bank 5.2 M.P for the year Apr 2008 - Mar 2009 of Indian Bank 5.3 M.P for the year Apr 2009 - Mar 2010 of Indian Bank 5.4 M.P for the year Apr 2010 Mar 2011 of Indian Bank 5.5 M.P for the year Apr 2011 Mar 2012 of Indian Bank 5.6 M.P for the year Apr 2007 - Mar 2008 of Euro Ceramics Ltd. 29 30 31 32 34 36 Description Page No.

5.7 5.8 5.9 5.10 5.11 5.12 5.13 5.14 5.15 5.16 5.17 5.18 5.19 5.20 5.21 5.22 5.23 5.24 5.25 5.26 5.27 5.28 5.29 5.30 5.31 5.32 5.33 5.34 5.35 5.36 5.37 5.38 5.39 5.7 M.P for the year Aug 2008 - Mar 2009 of Euro Ceramics Ltd. 5.8 M.P for the year Apr 2009 - Mar 2010 of Euro Ceramics Ltd. 5.9 M.P for the year Apr 2010 - Mar 2011 of Euro Ceramics Ltd. 5.10 M.P for the year Apr 2011 - Mar 2012 of Euro Ceramics Ltd 5.11 M.P for the year Apr 2007 - Mar 2008 of Mudra Lifestyle Ltd. 5.12 M.P for the year Apr 2008 - Mar 2009 of Mudra Lifestyle Ltd. 5.13 M.P for the year Apr 2009 - Mar 2010 of Mudra Lifestyle Ltd. 5.14 M.P for the year Apr 2010 - Mar 2011 of Mudra Lifestyle Ltd. 5.15 M.P for the year Apr 2011 - Mar 2012 of Mudra Lifestyle Ltd. 5.16 M.P for the year Apr 2007 - Mar 2008 of MindTree Consulting Ltd. 5.17 M.P for the year Apr 2008 - Mar 2009 of MindTree Consulting Ltd. 5.18 M.P for the year Apr 2009 - Mar 2010 of MindTree Consulting Ltd. 5.19 M.P for the year Apr 2010 - Mar 2011 of MindTree Consulting Ltd. 5.20 M.P for the year Apr 2011 - Mar 2012 of MindTree Consulting Ltd. 5.21 M.P for the year Apr 2007 - Mar 2008 of Idea Cellular Ltd. 5.22 M.P for the year Apr 2008 - Mar 2009 of Idea Cellular Ltd. 5.23 M.P for the year Apr 2009 - Mar 2010 of Idea Cellular Ltd. 5.24 M.P for the year Dec 2010 - Mar 2011 of Idea Cellular Ltd 5.25 M.P for the year Dec 2011 - Mar 2012 of Idea Cellular Ltd. 5.26 M.P for the year Jun 2007 - Mar 2008 of ICRA Ltd. 5.27 M.P for the year Apr 2008 - Mar 2009 of ICRA Ltd. 5.28 M.P for the year Apr 2009 - Mar 2010 of ICRA Ltd. 5.29 M.P for the year Apr 2010 - Mar 2011 of ICRA Ltd. 5.30 M.P for the year Apr 2011 - Mar 2012 of ICRA Ltd. 5.31 M.P for the year Aug 2007 - Mar 2008 of Central Bank of India 5.32 M.P for the year Apr 2008 - Mar 2009 of Central Bank of India 5.33 M.P for the year Apr 2009 - Mar 2010 of Central Bank of India 5.34 M.P for the year Apr 2010 - Mar 2011 of Central Bank of India 5.35 M.P for the year Apr 2010 - Mar 2011 of Central Bank of India 5.36 M.P for the year Oct 2007 - Mar 2008 of Maytas Infra Ltd. 5.37 M.P for the year Apr 2008 - Mar 2009 of Maytas Infra Ltd. 5.38 M.P for the year Apr 2009 - Mar 2010 of Maytas Infra Ltd. 5.39 M.P for the year Apr 2010 - Mar 2011 of Maytas Infra Ltd. 37 38 39 40 42 43 44 46 47 49 50 51 52 53 55 57 58 59 60 61 63 64 65 66 68 69 70 71 73 75 76 77 78

5.40 5.41 5.42 5.43 5.44 5.45 5.46 5.47 5.48 5.49 5.50 5.40 M.P for the year Apr 2011 - Mar 2012 of Maytas Infra Ltd. 5.41 M.P for the year Nov 2007 - Mar 2008 of Religare Enterprises Ltd. 5.42 M.P for the year Apr 2008 - Mar 2009 of Religare Enterprises Ltd. 5.43 M.P for the year Apr 2009 - Mar 2010 of Religare Enterprises Ltd. 5.44 M.P for the year Apr 2010 - Mar 2011 of Religare Enterprises Ltd. 5.45 M.P for the year Apr 2010 - Mar 2011 of Religare Enterprises Ltd. 5.46 M.P for the year Jan 2008 - Mar 2008 of Jyothi Laboratories Ltd. 5.47 M.P for the year Apr 2008 - Mar 2009 of Jyothi Laboratories Ltd. 5.48 M.P for the year Apr 2009 - Mar 2010 of Jyothi Laboratories Ltd. 5.49 M.P for the year Apr 2010 - Mar 2011 of Jyothi Laboratories Ltd. 5.50 M.P for the year Apr 2010 - Mar 2011 of Jyothi Laboratories Ltd. 79 81 82 83 84 85 87 88 89 90 91
Chapter - 1 INDIAN CAPITAL MARKET AN OVERVIEW

1.1 Introduction
The Indian Capital Market is a collection of various regional and national level stock exchanges in India. It is platform for the masses of the country to invest their savings and also as a source of funds for various organizations and institutions that feature in business category. Indian Stock Market contains 26 Stock Exchanges in India including 4 Derecognized stock Exchanges, some of which are popular nationally as well as regionally. The first stock market started in the country was the Bombay Stock Exchange (BSE). It is the oldest stock market in Asia and was established as Native Share and Stock Broker's Association in the year 1875.It has around 6000 Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements listings and a volume of more than US$ 1.5 Trillion. The other most popular Stock Exchange is the National Stock Exchange (NSE). It is also the largest Stock Exchange in the country and third in the world. These two exchanges constitute a major part of Indian stock market. Stock markets basic role is to provide a platform for the masses of the country to invest their savings and also as a source of funds for various organizations and institutions. It provides an opportunity for any person to become a part-owner of the company by buying the companys shares. These shares can be sold and exchanged as well as used as collateral in certain cases. One can deal in a variety of financial instruments in a stock market such as Equity which has already been explained, Future's, Retail Debt, Wholesale Debt, Currency Future's, Derivatives, and Bonds etc. Trading can only be performed by a registered broker of the respective stock one wants to deal in or through a broker. The stock market has both positive and negative effects on the Indian Economy. They are Provides a source of funding for organizations, An investment avenue, A source of income for investors, A source of revenue for the government in the form of taxes, A source of employment opportunities, Meeting place for investors and organizations, Idle funds of common investors can be used for profitable purposes and developments. There are 22 stock exchanges in India, the first being the Bombay Stock Exchange (BSE), which began formal trading in 1875, making it one of the oldest in Asia. Over the last few years, there has been a rapid change in the Indian securities market, especially in the secondary market. Advanced technology and online-based transactions have modernized the stock exchanges. In terms of the number of companies listed and total market capitalization, the Indian equity market is considered large relative to the countrys stage of economic development. The number of listed Page 1 companies increased from 5,968 in March 1990 to about 10,000 by May 1998 and market capitalization has grown almost 11 times during the same period. The debt market, however, is almost nonexistent in India even though there has been a large volume of Government bonds traded. Banks and financial institutions have been holding a substantial part of these bonds as statutory liquidity requirement. The portfolio restrictions on financial institutions statutory liquidity requirement are still in place. A primary auction market for Government securities has been created and a primary dealer system was introduced in 1995. There are six authorized primary dealers. Currently, there are 31 mutual funds, out of which 21 are in the private sector. Mutual funds were opened to the private sector in 1992. Earlier, in 1987,
Analysis of Post listing Price Movements banks were allowed to enter this business, breaking the monopoly of the Unit Trust of India (UTI), which maintains a dominant position. The key ingredients that underlie market quality in Indias equity market are: Exchanges based on open electronic limit order book; Nationwide integrated market with a large number of informed traders and fluency of short or long positions; and No counterparty risk. Among the processes that have already started and are soon to be fully implemented are electronic settlement trade and exchange-traded derivatives. Before 1995, markets in India used open outcry, a trading process in which traders shouted and hand signaled from within a pit. One major policy initiated by SEBI from 1993 involved the shift of all exchanges to screen-based trading, motivated primarily by the need for greater transparency. The first exchange to be based on an open electronic limit order book was the National Stock Exchange (NSE), which started trading debt instruments in June 1994 and equity in November 1994. In March 1995, BSE shifted from open outcry to a limit order book market. Currently, 17 of Indias stock exchanges have adopted open electronic limit order.
1.2 Impact of globalization on Indian capital market

Globalization has many meanings depending on the context and on the person who is talking about. Though the precise definition of globalization is still unavailable a few definitions are worth viewing, Guy Brainbant: says that the process of globalization not only includes opening up of world trade, development of advanced means of communication, internationalization of financial Page 2 markets, growing importance of MNC population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. The term globalization refers to the integration of economies of the world through uninhibited trade and financial flows, as also through mutual exchange of technology and knowledge. Ideally, it also contains free inter-country movement of labor. In context to India, this implies opening up the economy to foreign direct investment by providing facilities to foreign companies to invest in different fields of economic activity in India, removing constraints and obstacles to the entry of MNCs in India, allowing Indian companies to enter into foreign collaborations and also encouraging them to set up joint ventures abroad; carrying out massive import liberalization programs by
Analysis of Post listing Price Movements switching over from quantitative restrictions to tariffs and import duties, therefore globalization has been identified with the policy reforms of 1991 in India.
1.3 Impact of Recession on Indian Capital Market

The recession in the US market and the global meltdown termed as Global recession have engulfed complete world economy with a varying degree of recessional impact. World over the impact has diversified and its impact can be observed from the very fact of falling Stock market, recession in jobs availability and companies following downsizing in the existing available staff and cutting down of the perks and salary corrections. Globally the financial sector sacking the existing base of employees in high numbers in US the major example being CITI Group same still followed by others in hospitality industry Jet and Kingfisher Airlines too. The cut in salary for the pilots being 90 % can anyone imagine such a huge cut in salary. In the globalized market scenario, the impact of recession at one place/ industry/ sector ` percolate down to all the linked industry and this can be truly interpreted from the current market situation which is faced by the world since approx 2 month and still the situation is not in control in spite of various measures taken to fight back the recession in the market. The badly hit sector at present is being the financial sector, and major issue being the liquidity Crises" in the market. In-spite of the various measures to subsidies the impact of the recession and cut down the inflation, it did not help much. Various steps taken by RBI to curb the present recession in the economy and counter act the prevailing situation. The sudden drying-up of capital inflows from the FDI which were invested in Indian stock markets for greater returns visualizing the Potential Higher Returns flying back is continuing to challenge liquidity management. At the heart of the current liquidity tightening is the balance of Page 3 payments deficit, and this NRI deposit move should help in some small way. To curb the liquidity crises the RBI will continue to initiate liquidity measures as long as the current unusually tight domestic liquidity environment prevails. The current step to curb these being lowering of interest rates and reduction of PLR However, the big-picture story remains unchanged all countries in the world with current account deficits and strong credit cycles are finding it difficult to bring cost of capital down in the current environment. India is no different. New measures do not change our view on the growth outlook. Indeed, we remain concerned about the banking sector and financial Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements sector. The BOP- Balance of Payment deficit at a time when domestic credit demand is very high is resulting in a vicious loop of reduced access to liquidity, slowing growth, and increased riskaversion in the financial system. In total the recession have turned down the growth process and have set the minds of economists and others for finding out the real solution to sustain the economic growth and stability of the market which is desired for the smooth running of the economy. Complete business/ industry is in doldrums situation and this situation persist for a longer duration will create the small business to vanish as they have lower stability and to run smoothly require continuous flow of liquidity which is derived from the market. In present situation down fall in one sector one day leads to a negative impact on the other sector thus altogether everyone feel the impact of the Financial crises with the result of the current recession which started in US and slowly and gradually due to linked global world have impacted everyone. Solution for the problem still remain at the top of the mind of every one, still everyone facing the impact of recession but how long is the major question which is of great importance. It is often said that when the US sneezes the rest of the world catches a cold. This three-part series looks at how India, China, and Russia have been affected by the US financial crisis. Some have compared the situation in the US with the Great Depression of 1929, but this situation is far from a depression in fact its not even a recession. In the great depression there was no work and there was widespread poverty. People struggled through the winter with no heating and no food. We are not seeing such extensive suffering. Also, there was no support to the markets from any domestic institution. While markets are below their fundamental levels, fear has gripped investors and there was panic selling. While US investors and consumers are concerned about who will foot the bill for this $700 billion plan, to Indian and non-US markets that doesnt matter. They just want it to happen so as to restore confidence and of course liquidity. Page 4
1.4 Reforms in the Capital Market
Over the last few years, SEBI has announced several far-reaching reforms to promote the capital market and protect investor interests. Reforms in the secondary market have focused on three main areas: structure and functioning of stock exchanges, automation of trading and post trade systems, and the introduction of surveillance and monitoring systems. Computerized online trading of securities, and setting up of clearing houses or settlement guarantee funds were made compulsory for stock exchanges. Stock exchanges were permitted to expand their trading to Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements locations outside their jurisdiction through computer terminals. Thus, major stock exchanges in India have started locating computer terminals in far-flung areas, while smaller regional exchanges are planning to consolidate by using centralized trading under a federated structure. Online trading systems have been introduced in almost all stock exchanges. Trading is much more transparent and quicker than in the past. Until the early 1990s, the trading and settlement infrastructure of the Indian capital market was poor. Trading on all stock exchanges was through open outcry, settlement systems were paper-based, and market intermediaries were largely unregulated. The regulatory structure was fragmented and there was neither comprehensive registration nor an apex body of regulation of the securities market. Stock exchanges were run as brokers clubs as their management was largely composed of brokers. There was no prohibition on insider trading, or fraudulent and unfair trade practices. Since 1992, there has been intensified market reform, resulting in a big improvement in securities trading, especially in the secondary market for equity. Most stock exchanges have introduced online trading and set up clearing houses/corporations. A depository has become operational for scrip less trading and the regulatory structure has been overhauled with most of the powers for regulating the capital market vested with SEBI. The Indian capital market has experienced a process of structural transformation with operations conducted to standards equivalent to those in the developed markets. It was opened up for investment by foreign institutional investors (FIIs) in 1992 and Indian companies were allowed to raise resources abroad through Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs). The primary and secondary segments of the capital market expanded rapidly, with greater institutionalization and wider participation of individual investors accompanying this growth. However, many problems, including lack of confidence in stock investments, institutional overlaps, and other governance issues, remain as obstacles to the improvement of Indian capital market efficiency.
1.5 Low market penetration

The penetration of capital market instruments is very low. For as long as one remembers, retail investors, loosely but not always correctly identified with small investors, have been encouraged to invest in stock market instruments. Mobilizing retail investment through the market will boost capital formation. Companies derive several advantages by floating their shares in the stock markets. Their dependence on the banking system can then be reduced.
Analysis of Post listing Price Movements A diversified list of shareholders comprising numerous investors is likely to check volatility in any company's stock. Such a company is, in a theoretical sense at least, better equipped to thwart a hostile takeover: the company mounting a takeover has to induce a large number of shareholders to accept its offer. Despite the all round awareness of the benefits from wide retail investment in the capital market, policy initiatives taken so far in India have not been sufficient to attract small investors. That failure is obviously part of a larger problem the relatively low share of household savings that have flowed into capital market instruments. Less than 3 per cent of household savings is invested in capital markets. India has a long, well established stock market tradition. However, recent statistics continue to reveal a very low level of penetration of capital market instruments. Less than one per cent of the population roughly less than 12 million invests in equities. In developed countries the percentage of capital market investors to total population is higher. According to reliable estimates, it can vary between 50 and 55 per cent. Moreover, the distribution of shareholders across the country is skewed. More shareholders reside in big towns and cities than in small towns and villages. Although the spread of technology has made it possible for people even in remote places to deal in stocks markets, more than 90 per cent of transactions through the stock exchanges are confined to just 10 cities and about 100 companies. The skewed pattern of shareholder distribution is not new, however. A survey conducted by a leading bank in the 1990s showed that western India accounted for nearly 70 of the total equity investments in the country. Very likely, the pattern has not changed over the years despite the fact that investors from anywhere in the country now have access to the BSE and the NSE.
1.6 Trading Pattern of the Indian Stock Market
Page 6
Trading in Indian stock exchanges is limited to listed securities of public limited companies. They are broadly divided into two categories, namely, specified securities (forward list) and nonspecified securities (cash list). Equity shares of dividend paying, growth-oriented companies with a paid-up capital of at least Rs.50 million and a market capitalization of at least Rs.100 million and having more than 20,000 shareholders are, normally, put in the specified group and the balance in non-specified group. Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements Two types of transactions can be carried out on the Indian stock exchanges: (a) Spot delivery transactions "for delivery and payment within the time or on the date stipulated when entering into the contract which shall not be more than 14 days following the date of the contract" and (b) Forward transactions "delivery and payment can be extended by further period of 14 days each so that the overall period does not exceed 90 days from the date of the contract". The latter is permitted only in the case of specified shares. The brokers who carry over the outstanding pay carry over charges (cantango or backwardation) which are usually determined by the rates of interest prevailing. A member broker in an Indian stock exchange can act as an agent, buy and sell securities for his clients on a commission basis and also can act as a trader or dealer as a principal, buy and sell securities on his own account and risk, in contrast with the practice prevailing on New York and London Stock Exchanges (NYSE), where a member can act as a jobber or a broker only.
1.7 National Stock Exchange (NSE)

With the liberalization of the Indian economy, it was found inevitable to lift the Indian stock market trading system on par with the international standards. On the basis of the recommendations of high powered Pherwani Committee, the National Stock Exchange was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and Investment Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations, selected commercial banks and others. Trading at NSE can be classified under two broad categories: (a) Wholesale debt market and (b) Capital market. Wholesale debt market operations are similar to money market operations - institutions and corporate bodies enter into high value transactions in financial instruments such as government securities, treasury bills, public sector unit bonds, commercial paper, certificate of deposit, etc. There are two kinds of players in NSE: Page 7
Analysis of Post listing Price Movements (a) Trading members and (b) Participants. Recognized members of NSE are called trading members who trade on behalf of themselves and their clients. Participants include trading members and large players like banks who take direct settlement responsibility. Trading at NSE takes place through a fully automated screen-based trading mechanism which adopts the principle of an order-driven market. Trading members can stay at their offices and execute the trading, since they are linked through a communication network. The prices at which the buyer and seller are willing to transact will appear on the screen. When the prices match the transaction will be completed and a confirmation slip will be printed at the office of the trading member.
1.8 An issue of perception

Of the many causes for such low levels of stock market investment, especially by households, perhaps the most important has to do with perceptions rather than hard facts. One perception arises out of the belief that despite the growing sophistication of regulation, stock markets remain susceptible to fraud. In other words, the integrity of the markets is called into question. The periodic occurrence of high profile scams and, more importantly, the failure to identify and punish the perpetrators are said to reinforce the feeling. Also, more basically, stock investment in India is all about equities and it is not for nothing that equity capital is called risk capital. Small investors are not exposed to financial education, at least to the desired extent. Probably the best advice given to smaller investors is to invest in the stock markets through mutual funds but even those who followed that advice have not benefited entirely. Many fund managers are still going through the learning curve. A few who launched portfolio management schemes (PMS) in addition to their regular schemes have very little to show by way of professionalism. Investing in the PMS of one leading Page 8 mutual fund proved disastrous. Not only did the corpus shrink by two thirds, the fund was closed abruptly leaving its investors in the lurch. There has been abject failure to develop other instruments that are based on debt or a combination of debt and equity. A case in point is the slow start to the corporate bond market. For very many reasons a well developed corporate bond market is essential for the proper intermediation of long term savings. For many small investors a market debt instrument such as a Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements corporate bond would be an attractive alternative to bank fixed deposits, now the most popular of all financial instruments. Public policy, though ostensibly well meaning, has not really made a difference for small investors. Technology was supposed to make the process of A few who launched portfolio management schemes (PMS) in addition to their regular schemes have very little to show by way of professionalism. Investing in the PMS of one leading mutual fund proved disastrous. Not only did the corpus shrink by two thirds, the fund was closed abruptly leaving its investors in the lurch. There has been abject failure to develop other instruments that are based on debt or a combination of debt and equity. A case in point is the slow start to the corporate bond market. For very many reasons a well developed corporate bond market is essential for the proper intermediation of long term savings. For many small investors a market debt instrument such as a corporate bond would be an attractive alternative to bank fixed deposits, now the most popular of all financial instruments. Public policy, though ostensibly well meaning, has not really made a difference for small investors. Technology was supposed to make the process of listing.
1.9 Listing norms- recent information

Listing norms for companies on stock exchanges will be changed to make sure public shareholders hold at least 25% in all companies within three years, a move which could trigger a spate of follow-on public offers by government firms. Unlike the current situation where some firms are granted special privileges, the amended norms would have to be followed by all firms. These changes to the listing norms make sure they are in synchronization with other laws. The forthcoming changes are the outcome of a two-year process, which started when the finance ministry released a discussion paper on minimum listing norms. The aim of the move was to increase opportunities available to people to benefit from economic growth and the attendant impact on firms. In the long term, this will benefit the capital market. Page 9 Uniform listing requirements for all companies, including state-owned ones, could trigger a lot of activity in the primary market. Last fiscal, the government aimed to raise Rs25,000 crore through disinvestment, a record for a single year. In the current fiscal, the Union Budget estimated that Rs40,000 crore would be raised through disinvestment. The norms for minimum public shareholding would have to be followed when a company first lists its shares on a stock exchange and have to be maintained as long as its shares continue to be listed. This move would have a Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements positive impact on the secondary market as well; as it would eventually go on to increase the free float, which would give the market depth and liquidity. This will bring in more FIIs (foreign institutional investors). Details on the definition of public shareholding in the proposed change in listing norms were not available. Listing norms have been calibrated over the years to achieve the aims of the government. Two decades ago, companies had to offer 60% of their issued capital to get listed on a stock exchange. In September 1993, this was reduced to 25% to encourage more companies to list during the early days of full-fledged economic liberalization. .
Chapter - 2
Page 10
REVIEW OF LITERATURE & DESIGN OF THE STUDY

2.1 Introduction 2.1.1 INDIAN CAPITAL MARKET
The Indian stock market is a collection of various regional and national level stock exchanges in India. It is a platform for the masses of the country to invest their savings and also a source of funds for various organizations and institutions. The capital markets in India has witnessed spectacular growth during nineties especially with the process of reforms and the gradual shift towards economic liberalization replacing controls by the free market forces.
2.1.2 IPO MARKET

IPO referred to as, an offering or flotation, when a company issues stocks or shares to the public for the first time. Due to bull phase, the IPO market was quite active in 2005-06 periods. SEBI controls both secondary and primary market. Risk aversion by investors towards the equity, markets, owing to the recent melt down along with high volatility has battered the recent IPO launches.
2.2 REVIEW LITERATURE:

Durga Rao1 It is true that it is very difficult to predict the price movement of a stock of a listed Public Company. The price of a share of a listed Public Company will depend upon the demand and supply rule. It depends upon the simple fact as to how many are bidding to purchase a particular stock and how many are proposed to sell that stock in a given period. If the Company is in a position to make profits, then, we can invest in such a Company and it is the fundamental thing an investor should consider while attempting to invest in a Company. But how to find as to whether a Company can make profits or not its a difficult issue and even the predictions of the management of a Company may go wrong at times and every Company wants to make profits unless the formation of the Company is itself with the ill motive of cheating the investors. But, the problem is that the investor and especially retail investor may not look at the fundamentals of the _____________________________
1. DURGA RAO Price movements of Shares and Investments Financial Chronicle Tuesday, April 13, 2010
Company and may not think logically. We see many investors and especially intra-day traders and the retail investors who will invest in the Company based on the movement of the Page 11 a price of particular stock as shown in the graph and other mode from the website maintained by the stockbrokers or the concerned Stock Exchanges. Within the period of the time. Rajan Shah2 The market behavior around listing on a major stock exchange has been a topic of much interest in finance for more than 10 years. Studies show abnormally positive returns before listing, especially during the interval between application and listing, but abnormally negative returns immediately afterward Researchers often attribute the positive reaction to listing announcements to expectations of increased liquidity and to signaling effects. On document the post listing phenomenon and investigate several possible explanations. They use an average market-adjusted returns approach to study 10 securities that listed on the Bombay Stock exchange (BSE) from 2005 through 2009. They rule out the explanation that negative post Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements listing returns are due to issuance of new stock immediately after listing or insiders dumping their stock after listing. And also they as considered. They further find that the post listing negative returns are not due to the study period, outlier observations, the original wading locale of the newly listed stocks, the peculiarities of the exchange on which the stock becomes listed, or the or the correction of an overreaction that occurred on the announcement of the impending listing. Surendra Kumar3 Public Issues are in the air. You can call it the IPO season. It seems that the Primary and the secondary Market is competing and releasing new issues and the FPO are coming every week. But before you share your hard earned money with the promoters of the company, it is very important to get a basic understanding about the various technical terms, abbreviations and jargons used in the primary market (call it the IPO market). I have tried my best to explain in brief some of the key terms, without making any reference to the various sections and clauses governing the primary market. So here are a certain must know Public Issue (IPO) terms IPO stands for Initial Public Offer. The companies Act ask the public at large to subscribe to their shares so that they can generate capital and utilize the same for expanding their business. A successful IPO can raise a substantially huge amount of capital. FPO stands for Follow-on Public __________________________________
2. Rajan Shah. CEO Angel Broking Post listing Price movements Business Standard Volume IV February - 2009 3. Surendra Kumar Analysed Article of post listing pricing Movements www.n2moneymatters.com on 29th December 2010
Offer. Once a company comes with an IPO, exchanges. After a certain if the company again intends to raise capital from the public, it comes with a public issue which is called Page 12 a an It is supplementary issue made by a company once it is listed and established on the stock exchange Martin Jones4 While blockbuster initial public offers (IPOs) in 2009 such as Indiabulls Power, NHPC, OIL, Pipavav Shipyard and Adani Power haven't given great returns since their listing, smaller issues (less than Rs 150 crore) such as Rishadev Technocable, Thinksoft and EdServ helped investors reap rich gains. However, an FC Invest analysis of 40 IPOs of the past two years shows in most cases the instant riches delivered by smaller IPOs vanished after some time. Buying such small and buzzing IPO stocks after the initial blitzkrieg may prove disastrous for investors. The mistake many investors commit is that they go by the short-lived listing performance. In the past two years, 70 per cent of the small IPOs, that is 28 out of 40 small issues, did not list at a discount. What's more surprising is that nearly 40 per cent of them actually listed with over 5 per Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements cent premium, making them look foolproof options to make big money. At the end of the debut trade, some recent small IPOs such as Think soft, listed on October 26, 2009, ended the first day with 31 per cent premium. Within three days of listing, the Stock (whos IPO was graded 2 by ICRA) had doubled its issue price of Rs 125, leaving market veterans fumbling. Nandan Narula5 When listing of an price of the stocks Companies desirous of getting their securities listed at BSE are required to enter into an agreement with BSE called the Listing Agreement failing which the company may face some disciplinary action, including suspension/delisting of securities. As such, the Listing Agreement is of great importance and is executed under the common seal of a company. Under the Listing Agreement, a company undertakes, amongst other things, to provide facilities for prompt transfer, registration, sub-division and consolidation of securities; to give proper notice of closure of transfer books and record dates, to forward 6 copies of intimate promptly to the Exchange the happenings which are likely to materially affect the financial performance of the Company and its stock prices, to comply with the conditions of Corporate Governance, etc. ______________________________
4. Martin Jones Price listing Beware of Buzzing Small IPO Financial Chronicle www.mydigitalfc.com May
2009. 5. Nandan Narula Compliances with listing Agreement www.capitaline.com September 2008.
The Listing Department of BSE monitors the compliance by the companies with the Page 13 provisions of the Listing Agreement, especially with regard to timely payment of annual listing fees, submission of results,
2.3 STATEMENT OF THE PROBLEM

Primary market provides a platform for the companies to raise funds for starting new venture or for expanding the existing one. It facilitates the flow of funds from the savers to the industrialists. This helps to promote the industrial development of the nation at large. Rising of funds in the primary market mostly depends on the secondary market and macro economic factors. A robust economy encourages the companies to access the primary market for funds. At the same time during the period of recession, companies shun away from the primary market. Reforms
Analysis of Post listing Price Movements measures that were undertaken in the stock markets had a profound effect in the primary market. Repeal of the capital controller act made many companies approach the primary market. Primary markets give opportunities to retail investors to acquire stake in blue chip companies to both public sector and private sector companies. The latest trend among companies and merchant bankers is to price to price the issue aggressively. They want the maximum premium from the investors. But the basic question remains that whether IPOs are successful and what happens to them in the secondary market. Why most of the stocks were quoted at a discount price. If the scripts quote below the subscription rate what happen to the morale of investors.
2.4 OBJECTIVES OF THE STUDY

To study the growth of IPO market To assess the performance of IPOs after listing. To study the volatility in the post listing return of the selected scripts.
2.5 SCOPE & LIMITATIONS

The present study deals with the market performance of the selected ten companies and share price movements of selected companies scripts after listing. The period taken is five years from 2007-08 to 2011-12.
2.6 METHODOLOGY
This is purely an analytical study based on market related information of the selected companies. Page 14
2.7 SOURCES OF DATA

The study is mainly based on the secondary data. The data are collected from financial institution and various news papers, magazines such as Dalal Street, journals, websites and various books of financial management.
2.8 TECHNIQUE OF DATA COLLECTION

The study is based on judgment sampling method. The ten selected companies which have issued IPO in the last five years are considered. The following are the company; Indian bank, Euro Ceramics limited, Mudra lifestyle limited, MindTree Consulting Limited, Idea Cellular Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements Limited, ICRA Limited, Central Bank of India, Maytas Infra Limited, Religare Enterprises Limited, Jyothy laboratories Limited.
2.9 PLAN OF ANALYSIS

In the process of analysis, the statistical tools which are going to be used are standard deviation, median, coefficient of correlation etc.
2.10 CHAPTER SCHEME

Chapter 1: Indian capital market- An overview. 2: Review of Literature and Design of the study. 3: The IPO issues & Problems- An evaluation 4: The IPO by selected companies- An overview 5: The performance of IPOs after listing. 6: Summary of Findings, Conclusion and Suggestions.
Chapter - 3 IPO- ISSUES AND PROBLEMS
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An initial public offering (IPO) referred to simply as an "offering" or "flotation," is when a company (called the issuer) issues common stock shares to the public for the first time. They are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. In an IPO the issuer may obtain the assistance of an underwriting firm, which helps it determine what type of security to issue, best offering price and time to bring it to market. An IPO can be a risky investment. For the individual investor, it is tough to predict what the stock or shares will do on its initial day of trading and in the near future since there is often little
Analysis of Post listing Price Movements historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore subject to additional uncertainty regarding their future value. The bullishness in the second market always spills over to the primary market. Before the sensex came tumbling down, from its peak (1261) in May 6, 2010, the sentiments of the bourses got carried over into the IPO market and many companies tapped capital to ride the upbeat sentiments by pricing their shares aggressively. This list included some high profile companies such as Jet Airways, Shoppers stop, Suzlon energy, and Reliance Petroleum. It also featured stock market debuts by some unconventional companies in new business such as multiplexes, aviation, and broadcasting hitherto unprecedented on the stock market. Initial Public Offering floated post April 2007 had, on an average received subscription for twelve times their also played a big role in deciding investor responses. Offers made during the market meltdown of May-June lukewarm investor response. But investors were willing to make exceptions for companies from hot sectors like tech Mahindra. Indian companies mobilized Rs 33,964.24 crores through public offers, Right issues and private placements. In contrast, through financial year 2006, banks lent Rs. 42,976 crores to medium and large industries as a whole. With the four-fold rise in prices of listed stocks since 2006, market capitalization of Indian stocks at about Rs. 23.57 lakh crores was substantially higher than the total outstanding credit of Rs.13 lakh crores. A mere five percent expansion in equity cancan deliver resources to the tune of Rs.1,18,000 crores for Indian companies. That is substantially higher than what industry borrows from banks each year. With the number of Indian Page 16 companies opting to get listed each year increasing, equity market role in financing Indias economic growth is only set to expand. As many as eighteen companies in BSE 200 including public sector firms such as MTNL and National Aluminum are zero debt firms. One fourth of firms that are part of BSE 200 have outstanding loans of less than fifty crores.
3.1 Problems with Initial public offering

Still, the track record so far this year suggests lower, not higher, valuations than issuers had hoped for. Based on gross proceeds, 9 of the 13 IPOs seen in 2010 were smaller than were originally proposed, with the average IPO raising 14% less than expected. Therein the IPO pipeline seems to be swelling in volume, if not strength. Eighty companies have filed for offerings worth a total of $13.65 billion in the last six months. Undeterred by tough market conditions, six new Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements companies filed to go public on Feb. 18, the highest number filed in a single day since July 2007. A total of 15 companies have submitted IPO filings since the start of 2010, vs. four that filed in the entire first quarter of 2009. On the other hand, 5 of the 11 companies scheduled to go public earlier in February postponed their offerings and the remaining 6 all cut their deal sizes by more than 30% on average only 3 logged positive returns on their first day of trading. High unemployment and persistent worries about the stock market among the broader population are likely to prevent most IPO issuers from being able to maximize their valuations and achieve their goals by going public in the next six months. The policy initiatives of SEBI will probably play a big part in determining the kind of IPOs that long-term investors are willing to buy.
3.2 Initial Public offering

In financial terms, IPO or initial public offering is the first issuance of a companys shares to the general public. It is called as primary market. These shares are allowed to be transacted in the stock market where they can be bought and sold. It is called secondary market .In other words, An IPO is defined as an exercise when an unlisted company makes either a fresh issue of securities or an offer for sale of its existing securities or both for the first time to the public. One thing to note is the shares allocated to the public do not constitute 100% of the company's shares. Only a certain percentage is allocated to the public. Usually the company owner or the board of directors will still hold the majority of the shares.
3.3 Procedure for Issuing an IPO

Page 17 When a company wants to go public, the first thing it does is hire an investment bank, which does the underwriting. Underwriting is the process of raising money by either debt or equity (in this case we are referring to equity). You can think of underwriters as middlemen between companies and the investing public. The biggest underwriters are Goldman Sachs, Merrill Lynch Credit Suisse First Boston, Lehman Brothers and Morgan Stanley. The company and the investment bank will first meet to negotiate the deal. Items usually discussed include the amount of money a company will raise, the type of securities to be issued and all the details in the underwriting agreement. The deal can be structured in a variety of ways. For example, in a firm commitment, the underwriter guarantees that a certain amount will be raised by buying the entire offer and then reselling to the public. In a best efforts agreement, however, the
Analysis of Post listing Price Movements underwriter sells securities for the company but doesn't guarantee the amount raised. Also, investment banks are hesitant to shoulder all the risk of an offering. Instead, they form a syndicate of underwriters. One underwriter leads the syndicate and the others sell a part of the issue.
3.4 Procedure
IPOs generally involve one or more investment banks known as "underwriters with a lead underwriter to sell its shares to the public. The underwriter then approaches investors with offers to sell these shares. The sale (allocation and pricing) of shares in an IPO may take several forms. Common methods include:Multinational IPOs may have many syndicates to deal with differing legal requirements in both the issuer's domestic market and other regions. For example, an issuer based in the E.U. may be represented by the main selling syndicate in its domestic market, Europe, in addition to separate syndicates or selling groups for US/Canada and for Asia. Usually, the lead underwriter in the main selling group is also the lead bank in the other selling groups. Public offerings are sold to both institutional investors and retail clients of underwriters. A licensed securities salesperson selling shares of a public offering to his clients is paid a commission from their dealer rather than their client. In cases where the salesperson is the clients advisor it is notable that the financial incentives of the advisor and client are not aligned. In the US sales can only be made through a final Prospectus cleared by the Securities and Page so Exchange Commission. Investment Dealers will often initiate research coverage on companies18 their Corporate Finance departments and retail divisions can attract and market new issues. The issuer usually allows the underwriters an option to increase the size of the offering by up to 15% under certain circumstance known as the overallotment option. 3.4.1 Auction:- A venture capitalist named Bill Hambrecht has attempted to devise a method that can reduce the inefficient process. He devised a way to issue shares through a Dutch auction as an attempt to minimize the extreme under pricing that underwriters were nurturing. Underwriters, however, have not taken to this strategy very well which is understandable given that auctions are threatening large fees otherwise payable. Though not the first company to use Dutch auction, Google is one established company that went public through the use of auction. Google's share Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements price rose 17% in its first day of trading despite the auction method. Brokers close to the IPO report that the underwriters actively discouraged institutional investors from buying to reduce demand and send the initial price down. The resulting low share price was then used to "illustrate" that auctions generally don't work. Perception of IPOs can be controversial. For those who view a successful IPO to be one that raises as much money as possible, the IPO was a total failure. For those who view a successful IPO from the kind of investors that eventually gained from the underpricing, the IPO was a complete success. It's important to note that different sets of investors bid in auctions versus the open marketmore institutions bid, fewer private individuals bid. Google may be a special case, however, as many individual investors bought the stock based on long-term valuation shortly after it launched its IPO, driving it beyond institutional valuation. 3.4.2 Pricing:- The underpricing of initial public offerings (IPO) has been well documented in different markets While issuers always try to maximize their issue proceeds, the underpricing of IPOs has constituted a serious anomaly in the literature of financial economics. Many financial economists have developed different models to explain the underpricing of IPOs. Some of the models explained it as a consequence of deliberate underpricing by issuers or their agents. In general, smaller issues are observed to be underpriced more than large issues (Ritter, 1984, Ritter, 1991, Levis, 1990). The danger of overpricing is also an important consideration. If a stock is offered to the Page 19 public at a higher price than the market will pay, the underwriters may have trouble meeting their commitments to sell shares. Even if they sell all of the issued shares, if the stock falls in value on day of trading, it may lose its marketability and hence even more of its value. Underwriters, therefore, take many factors into consideration when pricing an IPO, and attempt to reach an offering price that is low enough to stimulate interest in the stock, but high enough to raise an adequate amount of capital for the company. The process of determining an optimal price usually involves the underwriters ("syndicate") arranging share purchase commitments from leading institutional investors. 3.4.3 Issue price:- A company that is planning an IPO appoints lead managers to help it decide on an appropriate price at which the shares should be issued. There are two ways in which the price Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements of an IPO can be determined: either the company, with the help of its lead managers, fixes a price or the price is arrived at through the process of book building. Note: Not all IPOs are eligible for delivery settlement through the DTC system, which would then either require the physical delivery of the stock certificates to the clearing agent bank's custodian, or a Delivery versus payment (DVP) arrangement with the selling group brokerage firm. 3.4.4 Quiet period:- There are two time windows commonly referred to as "quiet periods" during an IPO's history. The first and the one linked above is the period of time following the filing of the company's but before SEC staff declare the registration statement effective. During this time, issuers, company insiders, analysts, and other parties are legally restricted in their ability to discuss or promote the upcoming IPO. The other "quiet period" refers to a period of 40 calendar days following an IPO's first day of public trading. During this time, insiders and any underwriters involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company. Regulatory changes enacted by the SEC as part of the Global Settlement enlarged the "quiet period" from 25 days to 40 days on July 9, 2002. When the quiet period is over, generally the underwriters will initiate research coverage on the firm. Additionally, the NASD and NYSE have approved a rule mandating a 10-day quiet period after a Secondary Offering and a 15-day quiet period both before and after expiration of a "lock-up agreement" for a securities offering. 3.4.5 Stag profit:- Stag profit is a stock market term used to describe a situation before and immediately after a company's Initial public offering (or any new issue of shares). A stag is a party Page 20 or individual who subscribes to the new issue expecting the price of the stock to rise immediately upon the start of trading. Thus, stag profit is the financial gain accumulated by the party or individual resulting from the value of the shares rising. For example, one might expect a certain I.T company to do particularly well and purchase a large volume of their stock or shares before flotation on the stock market. Once the price of the shares has risen to a satisfactory level the person will choose to sell their shares and make a stag profit.
3.5 The following are the steps involved in Procedure of IPO

Step: 1 Assigning Underwriters Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements Company needs to set up underwriters. Underwriters are nothing but investment banks. The purpose of underwriters is to assess the business. Underwriters are used to analyze operational and financial background of the company in order to determine the value of the company's shares to be sold to the public. The company will sign an agreement with the lead underwriter to sell shares on the market and the underwriters can proceed to sell these shares to any interested investors. For large corporations dealing with billions of dollars of shares, several large investment banks may act as underwriters. These banks are paid commissions for shares that they sell. The underwriters will also help the company deal with the legal and financial regulations imposed by the country. Step: 2 Performing legal Procedure While launching IPO, they reserve some percentage shares for various categories such as Retail investors, Institutional Investors and Employees. As soon as the IPO is successfully launched, companies will need to submit their annual business earnings reports to the financial securities board since the company's shares will be listed in the stock market. It changes based on the country. In India, it is SEBI. Step: 3 Grading IPO-grading is nothing but Grade which assigned by a Credit Rating Agency registered with Financial securities. Shortly, it is called as CRISIL. The grade represents a relative assessment of the fundamentals of that issue in relation to the other listed equity securities in India. These grading is generally assigned on a five point benchmark. Grade 1: Poor fundamentals 2: Below-average fundamentals 3: Average fundamentals 4: Above-average fundamentals 5: Strong fundamental Page 21
Chapter 4 IPO by the Selected Companies

Page 22 Primary market provides platform for the companies to raise funds for starting new venture or for expanding the existing one. It facilitates the flow of funds from savers to the industrialists. This helps to promote the industrial development of the nation at large. Rising of funds in the primary market mainly depends on the secondary market and the macro economic factors. A robust economy encourages the companies to access the primary market for funds. The SEBI administration also made many companies to approach the primary market. Primary market gives opportunity to retail investors to acquire stake in blue chip companies. The title analysis of post listing price movements is taken to analyze the growth of IPO market, to assess the performance of IPOs after listing, and to study the volatility in the post listing returns of the selected scrip. The study deals with the market performance of the selected Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements ten companies and share price movements of these ten selected companies after listing. The period taken is five years from 2007-08 to 2011-12. The companies are Indian Bank, Euro Ceramics Ltd., Mudra Lifestyle Ltd., MindTree Consulting Ltd., Idea Cellular Ltd., ICRA Ltd., Central Bank of India, Maytas Infra Ltd., Religare Enterprises Ltd., Jyoti Laboratories Ltd etc. The details of the ten selected companies are given below; 4.1 Indian Bank Incorporated on March 5, 1907, Indian Bank is a leading public sector banking institution with the largest network of branches in the state of Tamil Nadu. As of September 30, 2006, Indian Bank had 1,408 branches in India spread over 26 states and 3 union territories. Indian Bank also has a branch in Singapore and a branch and foreign currency banking unit in Colombo, Sri Lanka. In Fiscal 2006, Indian Bank made a net profit of Rs. 4,894.00 million and had assets of Rs. 474,115.55 million and net worth of Rs. 22,676.80 million. Indian Bank nationalized in 1969 along with 13 other major commercial banks in India and is currently wholly-owned by the Government of India. After this Issue, the Government of Indias shareholding in the Bank will be reduced to 80%. 4.2 Euro Ceramics Limited Euro Ceramics Limited is manufacturer of Vitrified Ceramic Tiles and Aluminum Extruded Sections. Euro Ceramics manufacturing facilities are located at Taluka Bhachau, District Kutch, and Gujarat. Product Lines: Euro Ceramics Limited has two lines for manufacturing: 4.2.1. Vitrified Ceramic Tiles: Used in three segments of construction industry including residential complexes, commercial complexes and retails. Euro Ceramics total installed capacity is of 79,971 MTPA for Vitrified Ceramic Tiles. 4.2.2. Aluminum Extruded Sections: Used in construction and industrial applications, Euro Ceramics has total installed capacity is of 1,800 MTPA for Aluminum Extruded Sections. 4.3 Mudra Lifestyle Limited Page 23
Analysis of Post listing Price Movements Establish in 1997, Mudra Lifestyle limited is part Mudra Group. Mudra Lifestyle is engaged in fabric weaving, processing and making garments. The brand "MUDRA" has built a strong goodwill for itself in the domestic market and commands a premium. Mudra Lifestyle is gradually moving towards garment manufacturing mainly in the designer shirts and ladys wear segments to capitalize on the huge opportunity unleashed by the removal of quotas. Product Lines: 4.3.1 Mudra Lifestyle Limited has two lines for manufacturing: 4.3.2 Garments - Mens Wear (Shirts), Ladys Wear (Tops, Skirts) and Kids Wear At present Mudra Lifestyle have 177 automatic looms producing approximately 10.62 million meters of woven fabric per annum and 700 sewing machines with production capacity of 3.15 million garments per annum 4.4 MindTree Consulting Limited MindTree Consulting is an international IT company that delivers business and technology solutions through global software development. Co-headquartered in Somerset, New Jersey and Bangalore, India, the company's seasoned management team and employees skilled in technology, business analysis and project management approach technology initiatives in a business context. MindTree has achieved substantial growth in revenues in recent years. MindTree's revenues grew at a compound annual growth rate of 46.9% from Rs. 656.0 million in Fiscal 2001 to Rs. 4,488.0 million (approximately US$101.6 million) in Fiscal 2006. MindTree's net profit grew at a compound annual growth rate of 360.2% from Rs. 25.6 million in Page 24 Fiscal 2004 to Rs. 542.1 million (approximately US$ 12.3 million) in Fiscal 2006. MindTree's people strength increased from 442 as of March 31, 2001 to 3,128 as of March 31, 2006. 4.5 Idea Cellular Limited Idea Cellular Limited, an Aditya Birla Group company is a leading mobile operator in India and currently operates in 11 Circles. Idea Cellular provide mobile services in 11 Circles in India, namely the metropolitan Circle of Delhi, the category A Circles of Andhra Pradesh, Gujarat and Maharashtra, the category B Circles of Haryana, Kerala, Madhya Pradesh, Rajasthan, Uttar Pradesh (East) and Uttar Pradesh (West) and the category C Circle of Himachal Pradesh.
Analysis of Post listing Price Movements More facts: 4.5. 1. For the financial years 2005 and 2006, Idea's gross revenues were approximately Rs. 22.68 billion and Rs. 29.73 billion, respectively. 4.5.2. Idea recently got license for Mumbai and Bihar Circles. 4.6 ICRA Limited Established in 1991, ICRA Limited is one of the leading credit rating agencies in India providing a wide range of products and services. ICRA is primarily engaged in the business of providing rating services. In addition, ICRA, along with its subsidiaries, provide consulting services, information technology based services, information services, and outsourcing services. ICRA Limited has three subsidiaries, namely, IMACS, ICTEAS and ICRA Online. Moodys Corporation is ICRA's strategic partner. Moodys Corporation has invested in ICRA through its indirect subsidiary Moodys India, which holds 29.10% of ICRA's pre Preferential Allotment and Offer equity share capital. ICRA's total revenue has increased from Rs. 333.67 million in fiscal 2003 to Rs. 559.09 million in fiscal 2006, at a CAGR of 18.77%. During the same period, ICRA's profit after tax has increased from Rs. 97.05 million to 142.04 million, at a CAGR of 13.53%.
4.7 Central Bank of India
Page 25 Incorporated in 1911, Central Bank of India is the first Indian commercial bank which was
wholly owned and managed by Indians. Central Bank of India branches are spread in 27 out of 28 States as also in 4 out of 7 Union Territories in India. Central Bank of India holds a very prominent place among the Public Sector Banks on account of its network of 3194 branches and 267 extension counters at various centers throughout the length and breadth of the country. Central Bank of India has over 25 million account holders. CBI plans to expand significantly the number of branches to 1,000 under central banking solution (CBS) so as to cover approximately 80% of the business by the close of financial year ending March 2008 (FY 2008). Also, the bank has set a target to increase its ATMs to 500 from 261 (end March 2007) by the end of this fiscal.
Analysis of Post listing Price Movements 4.8 Maytas Infra Limited Incorporated in 1988, Maytas Infra Limited is in the business of construction and infrastructure development. Maytas business areas involve construction as a contractor on a contract basis and Infrastructure Development which involves identifying, sourcing, developing, and operating projects in infrastructure sectors. Maytas construction business mainly focuses in irrigation, roads and bridges projects. Maytas recently entered in infrastructure business with airports, seaports, rail based systems, oil and gas-pipelines, refineries and petro chemicals, water and water treatment, power generation, transmission and distribution Industrial Construction Projects. 4.9 Religare Enterprises Limited Religare Enterprises Limited is Ranbaxy Laboratories Limited promoted financial product and service Provider Company. Religare provide its service in three different segments including Retail, Wealth management and the Institutional spectrum. It offers wide range of services including equities, commodities, insurance broking, wealth advisory, portfolio management services, personal finance services, Investment banking and institutional broking services. Religares retail network spreads across more than 900 locations across more than 300 cities and towns in India.
Religare major business includes: 1. Religare Securities Limited (RSL) - Stock Broker.
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2. Religare Finvest Limited (RFL) - Involve in personal credit (such as loans against shares (LAS), and personal loans), distribution of mutual funds, wealth management, IPO financing, and corporate finance services. 3. Religare Commodities Limited (RCL) - Commodity Broker. 4.10 Jyothy Laboratories Limited
Analysis of Post listing Price Movements Jyothy Laboratories Limited, an FMCG company (consumer goods) is in the business of manufacture and sale of fabric care, household insecticide, surface cleaning, and personal care and air care products. Jyothy Laboratories total consolidated gross sales have grown over the last three fiscal years at a compound annual growth rate (CAGR) of approximately 10 %. Company's total consolidated gross sales were Rs. 2,797.46 million for the nine months ending March 31, 2007 and 2006, respectively. Company's total consolidated net sales were Rs. 3019.33 million for the year ended June 30, 2006 and Rs. 2775.47 million and Rs. 2285.74 million for the nine months ending March 31, 2007 and 2006, respectively. Company's profit after tax was Rs. 398.85 million for the year ended June 30, 2006 and Rs. 395.69 million and Rs. 301.84 million for the nine months ending March 31, 2007 and 2006, respectively.
Chapter 5 Performance after IPOs listing

5.1 Indian Bank The issue is open for subscription with an IPO of 85,950,000 equity shares of Rs 10 each for cash at a premium to be decided through 100% book-building process. The price band for putting in bids for the IPO was between Rs 77 and Rs 91 per share. The offer constitutes 20% of the post issue fully diluted paid up equity capital of the bank. Post-IPO, Government of India will hold 80% of the public sector banks equity share capital. Page 27
Analysis of Post listing Price Movements The bank has reserved 10% of the issue, i.e., 8,595,000 equity shares for allocation to eligible employees and the balance 77,355,000 equity shares constitute the net offer to the public. Of the net offer to public, 60% shall be allotted to qualified institutional buyers. Within the QIB portion 5% will be available for allocation to mutual funds. Further, 10% will be available for allocation to non-institutional bidders and the balance 30% will be available for allocation to the retail investors on a proportionate basis. The bank is tapping the market to augment its capital base to meet future capital requirements arising out of implementation of the Basel II standards and also to grow its assets (in sync with the growth of the Indian economy), primarily loan and investment portfolio. Indian Bank has network of 1,408 branches spread across 26 states and 3 union territories. It also has a branch in Singapore and another in Colombo, Sri Lanka. As on September 30, 2006 the bank had over 18.1 million customers. Initial Public Offering of Indian Bank Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 91 782.15 cr. Rs.10 per share Rs.77 - Rs.91 per share 75 Shares 05.feb.2007 - 09.Feb.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and Page 28 to raise capital to 1. Meet the future capital requirements arising out of the implementation of the Basel II standards and the growth in assets, primarily loan and investment portfolio due to the growth of the Indian economy; 2. Development infrastructure to support business growth and service customers; Table 5.1 Indian Bank Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements Issue price 91: Issue size 782.15 Crore Market price for the year April 2007 to March 2008
Month Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Opening Price 83.30 117.90 129.50 127.10 146.00 145.95 162.00 165.00 193.80 195.00 210.00 194.20 High Price 126.60 134.30 130.00 177.80 156.00 168.80 165.95 218.90 223.10 240.00 256.00 199.70 Lowest Price 83.25 115.00 114.00 124.00 130.55 143.00 121.80 142.00 177.15 157.00 193.00 143.00 Closing Price 115.30 128.55 127.45 150.35 143.90 160.15 153.25 190.60 194.40 207.95 204.15 162.90
No. of Shares 10408417 5537909 2046087 7368074 3473520 5208217 4985726 6024730 4614370 4521372 4219485 3114231
No. of Trades 51366 40018 16963 55766 32172 27588 28139 47481 29581 37582 53634 37132
Total Turnover (Rs.) 1122937797 697196713 253154762 1117360107 506986016 815071700 734973741 1081100973 911637015 969104163 945699216 525856909
Spread High-Low 43.35 19.30 16.00 53.80 25.45 25.80 44.15 76.90 45.95 83.00 63.00 56.70
Spread CloseOpen 32.00 10.65 -2.05 23.25 -2.10 14.20 -8.75 Page 29 25.60 0.60 12.95 -5.85 -31.30
Interpretation
Analysis of Post listing Price Movements During the financial year 2007-08 the Indian Bank came out with an IPO for raising Rs. 782.15 crore. The issue price was Rs. 91.00 After listing the MPS of the shares for the year200708 ranged between the low price of Rs. 115.30 and a highest price of Rs.207.95. this indicates that those who invested with issue price of Rs. 91 made a capital gain of Rs. 24 at minimum and a maximum of Rs. 116 per share during the year. This means that the investors decision to be wise they have a gain. Table 5.2 Market price for the year April 2008 to March 2009
No.of Shares 2434691 3628388 2908557 4408594 7409084 4577589 2200409
No. of Trades 24134 25752 23331 40080 52935 45015 31934
Total Turnover (Rs.) 364972794 515315973 322723684 426556438 873146931 594966950 280046474
Spread High-Low 30.85 36.95 41.70 38.40 42.45 32.00 37.90
Spread CloseOpen
Page 30
-27.85 -19.55 -35.30 30.00 32.95 6.20 -3.55

1888402 2700824 1630509 1118696 4057961 17271 25261 22923 17052 26153 243254330 339796738 215541773 119684838 296862526 26.50 25.45 31.25 41.25 26.25 -6.90 10.80 -15.70 -35.40 -4.85
Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 82.65 and a highest price of Rs.136.80 this indicates that those who invested with issue price of Rs. 91 made a loss of Rs. 8.35 at minimum and a maximum of Rs.136.80 per share during the year. This means that the investors decision to be wise they have a gain and loss also this particular year. Table 5.3 Market price for the year April 2009 to March 2010
Page 31
No.of Total Turnover Spread CloseNo. of Trades Spread High-Low Shares (Rs.) Open 2434691 24134 364972794 30.85 -27.85 3628388 2908557 25752 23331 515315973 322723684 36.95 41.70 -19.55 -35.30

4408594 7409084 4577589 2200409 1888402 2700824 1630509 1118696 4057961 40080 52935 45015 31934 17271 25261 22923 17052 26153 426556438 873146931 594966950 280046474 243254330 339796738 215541773 119684838 296862526 38.40 42.45 32.00 37.90 26.50 25.45 31.25 41.25 26.25 3.00 32.95 6.20 -3.55 -6.90 10.80 -15.70 -35.40 -4.85
Interpretation MPS of the shares for the year 2009-10 ranged between the low price of Rs. 101.00 and a highest price of Rs.180.05 this indicates that those who invested with issue price of Rs. 91 and during the year which price of Rs.101.00 of which they made a gain of Rs. 79.05 at minimum and a maximum of Rs.180.85 per share during the year. This means that the investors decision to be wise they have made this particular year. Table 5.4 Market price for the year April 2010 to March 2011
Month Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Opening price 177.50 223.60 228.00 225.00 226.00 250.65 280.00 296.50 284.00 249.40 213.95 207.90 High price 228.80 236.40 233.95 252.45 260.80 282.50 316.50 309.00 297.55 254.50 226.50 212.00 Lowest price 175.05 201.10 215.00 209.20 224.65 246.00 279.50 243.25 234.00 201.00 197.00 205.40 Closing price 225.15 229.65 225.90 224.35 249.20
Page 32 279.70
292.40 280.45 247.30 210.20 204.55 211.25

No.of Total Turnover Spread CloseNo. of Trades Spread High-Low Shares (Rs.) Open 5644865 48190 1178751181 53.75 47.65 2358988 892968 5133932 1629276 1634926 1954496 1023523 1188998 1591809 649696 58935 29129 15549 56538 22977 21225 31744 15045 16570 30218 13626 1204 517968816 201621092 1177290715 394812504 432973371 590883775 294089024 303970799 349115745 138030111 12338417 35.30 18.95 43.25 36.15 36.50 37.00 65.75 63.55 53.50 29.50 6.60 6.05 -2.10 -0.65 23.20 29.05 12.40 -16.05 -36.70 -39.20 -9.40 3.35
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 204.55 and a highest price of Rs.292.40 this indicates that those who invested with issue price of Rs. 91.00 and during the year which price of Rs.292.40 of which they made a gain of Rs. 87.85 at minimum and a maximum of Rs.292.40 per share during the year. This means that the investors decision to be wise they have made this particular year.
Table 5.5 Market price for the year April 2011 to March 2012
Month Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Opening price 253.00 220.8 217.05 229.00 188.4 216.00 209.00 High price 254.15 223.95 217.05 232.00 201.45 221.00 209.6 Lowest price 242.00 219.00 213.05 220.3 188.4 212.1 198.6
Page 33 3
Closing price 245.55 223.15 215.05 226.85 200.15 218.70 200.10

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 191.00 185.00 217.8 238.5 231.00 192.25 192.95 220.95 238.5 231.95 186.5 183.00 215.00 231.00 220.1 188.85 184.30 218.00 233.65 225.3
No.of Total Spread HighSpread CloseNo. of Trades Shares Turnover (Rs.) Low Open 5644865 48190 1178751181 12.15 -7.45 2358988 29129 517968816 4.95 2.35 892968 15549 201621092 4 -2 5133932 56538 1177290715 11.7 -2.15 1629276 22977 394812504 13.05 11.75 1634926 21225 432973371 8.9 2.7 1954496 31744 590883775 11 -8.9 1023523 15045 294089024 5.75 -2.15 1188998 16570 303970799 9.95 -0.7 1591809 30218 349115745 5.95 0.2 649696 13626 138030111 7.5 -4.85 58935 1204 12338417 11.85 -5.7
Interpretation Market Price of Shares for the year 2011-12 ranged between the low price of Rs. 184.30 and a highest price of Rs.245.55 this indicates that those who invested with issue price of Rs. 91.00 and during the year which price of Rs.245.55 of which they made a gain of Rs. 61.25 at minimum and a maximum of Rs.245.55 per share during the year. This means that the investors decision to be wise they have made this particular year.
Euro Ceramics Limited Page 34 In FY 2010, the Company introduced the new product design, specifically in sanitary ware and Agglomerated Marble. The Company has taken steps for process improvements in Sanitary ware Division and delivered the best quality world class, complete range of sanitary ware items. In Calcareous Tiles (Agglomerated Marble), Company started own production of polyester resins of required quality and grade, which in turn helped the Company to reduce the dependency on external suppliers and enable to improve quality of Agglomerated Marble.
Analysis of Post listing Price Movements The Company focused on conservation of natural resources including water, and thereby stated use of recycled water for cleaning purpose, and RO water in some of the process. Benefits of Research and Development and Technology up-gradation are reflected in quality of the products produce by the Company. The Company has reduced the rejection rate of final products in process and achieved the highest production of first grade quality. Initial Public Offering of Euro Ceramics Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 165 92.75 cr. Rs.10 per share Rs.150 - Rs.185 per share 35 Shares 07.feb.2007 - 13.Feb.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and to raise capital to set up new Manufacturing Facilities for Sanitary Ware Products at Bhachau, Kutch.
Table 5.6 Euro Ceramics Ltd. Issue Price 165: Issue size 97.75 crore Market price for the year April 2007 to March 2008
Month Apr-07 Opening price 119.50 High price 149.50 Lowest price 119.50 Closing price
Page 35
130.55

May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 131.40 153.90 170.00 191.00 175.00 194.00 197.00 208.00 238.00 175.00 168.00 159.00 175.70 193.00 191.00 196.80 224.00 230.00 269.00 275.00 210.00 173.75 121.55 135.00 162.30 132.00 174.35 181.20 183.00 207.00 161.45 158.20 109.80 153.70 168.60 167.80 175.30 193.80 196.00 206.45 234.50 177.50 172.05 123.05
No.of Total Turnover Spread CloseShares No. of Trades (Rs.) Spread High-Low Open 5816802 34916 798662801 30.00 11.05 8134505 10979806 12880658 3022848 1544908 1367398 1419447 2117954 3590414 938392 648702 28004 58334 94884 25949 12028 14899 7254 17139 19108 5540 4432 1184372173 1749965181 2294116501 495120780 281981917 281616883 287651103 501094171 831712631 173458357 85948932 37.45 40.70 30.70 59.00 22.45 42.80 47.00 62.00 113.55 51.80 63.95 22.30 14.70 -2.20 -15.70 18.80 2.00 9.45 26.50 -60.50 -2.95 -44.95
Interpretation Page for During the financial year 2007-08 the Euro Ceramics limited came out with an IPO36 raising Rs. 92.75 crore. The issue price was Rs. 165.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 130.55 and a highest price of Rs.234.50. this indicates that those who invested with issue price of Rs. 165 made a loss of Rs. 34.45 at minimum
Analysis of Post listing Price Movements and a maximum of Rs. 234.50 per share during the year. This means that the investors decision to be wise they have a gain. Table 5.7 Market price for the year April 2008 to March 2009
Month Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Opening price 130.00 148.00 158.50 126.00 87.75 79.40 59.50 41.00 39.50 38.00 32.80 25.00 High price 160.00 180.00 158.50 126.00 98.00 82.80 64.00 47.00 42.50 42.50 32.80 28.50 Lowest price 111.00 146.15 105.40 83.55 75.00 54.95 34.00 36.20 35.50 26.60 23.00 22.10 Closing price 145.20 157.20 121.00 86.10 80.25 57.45 38.00 38.95 37.60 31.45 23.55 26.00
No.of Total Turnover Spread CloseShares No. of Trades (Rs.) Spread High-Low Open 808455 6783 118577733 49.00 15.20 2401327 1779016 1441252 418712 335338 123886 220827 775003 447594 111054 163917 17029 11206 9035 4718 2407 1265 1185 1907 1407 1213 1313 399118918 243990810 148383932 35872573 22624444 5604099 9147100 29289094 15398835 3020785 4027109 33.85 53.10 42.45 23.00 27.85 30.00 10.80 7.00 15.90 9.80 6.40 9.20 -37.50 -39.90 -7.50 -21.95 -21.50 -2.05 -1.90
Page 37 -6.55
-9.25 1.00
Analysis of Post listing Price Movements Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 26.00 and a highest price of Rs.157.20 this indicates that those who invested with issue price of Rs. 165 made a loss of Rs. 131.20 at minimum and a maximum of Rs.157.20 per share during the year. This means that the investors decision to be wise they have a gain and loss also this particular year. Table 5.8 Market price for the year April 2009 to March 2010
No.of Total Turnover Spread CloseShares No. of Trades (Rs.) Spread High-Low Open 294244 2536 9673238 16.55 7.50 414661 220943 129608 181464 510095 195125 259562 1119845 3155 1172 652 1254 2903 1623 1937 7262 19556237 10167180 4666500 7616541 24763236 8150766 9698072 54869812 28.80 15.20 7.10 12.05 10.45 12.70 6.90 18.20 14.50 -10.40 -1.10 7.30
Page 38 1.85
-11.70 5.90 6.00

869309 87203 224936 5423 501 895 52927370 4480450 10212487 15.65 10.70 11.35 -3.20 -0.70 -3.45
Interpretation MPS of the shares for the year 2009-10 ranged between the low price of Rs. 33.50 and a highest price of Rs.52.90 this indicates that those who invested with issue price of Rs. 165 and during the year which price of Rs.52.90 of which they made a gain of Rs. 19.40 at minimum and a maximum of Rs.52.90 per share during the year. This means that the investors decision to be wise they have made this particular year. Table 5.9 Market price for the year April 2010 to March 2011
No.of Shares 342460 133045 187205 No. of Trades 2531 1473 1982
Total Turnover (Rs.) 19419324 7025743 9810149 Spread High-Low 15.15 9.90 7.40
Spread Open
Close-
Page 39
7.40 -3.35 -1.55

617176 409098 1408438 733712 154627 173775 59009 66841 1883 5752 3676 5166 8429 2133 2740 780 831 51 33574544 22511592 62511910 40238320 7480575 6323140 1961324 1966299 51241 9.65 12.90 18.80 10.65 13.10 10.30 10.50 6.65 2.40 1.60 -4.80 3.85 -3.85 -10.65 -5.35 -8.00 -0.90 1.50
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 27.20 and a highest price of Rs.57.00 this indicates that those who invested with issue price of Rs. 165.00 and during the year which price of Rs.27.20 of which they made a gain of Rs. 29.80 at minimum and a maximum of Rs. 57.00 per share during the year. This means that the investors decision to be wise they have made this particular year. Table 5.10 Market price for the year April 20011 to March 2012
No.of Total Turnover Shares No. of Trades (Rs.) 294244 2536 9673238 414661 3155 19556237
Spread CloseSpread High-Low Open 2.2 1.85 2.15 -0.6
Page 40

220943 129608 181464 510095 195125 259562 1119845 869309 87203 224936 1172 652 1254 2903 1623 1937 7262 5423 501 895 10167180 4666500 7616541 24763236 8150766 9698072 54869812 52927370 4480450 10212487 1.1 0.85 0.55 0.1 0 0.59 0.53 0.94 1.26 0.7 -1.1 0.75 0.05 -0.05 0 0.33 0.53 0.89 0.02 -0.04
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 9.94 and a highest price of Rs.29.6 this indicates that those who invested with issue price of Rs. 165 and during the year which price of Rs.29.6 of which they made a gain of Rs. 19.66 at minimum and a maximum of Rs.29.6 per share during the year. This means that the investors decision to be wise they have made this particular year. Mudra Lifestyle Limited Mudra Lifestyle Limited has informed the Exchange that the Board of Directors of the Company in its meeting held on November 27, 2010 has considered and approved the following: (1) Issue and allotment of 12,000,000 equity shares of face value of Rs.10/- each of the Company, constituting 25.005% of the post issue equity share capital of the Company on a fully diluted basis at a price of Rs.60/- per share (i.e. a premium of Rs.50 per share), to E-Land Fashion China Holdings Limited ("Investor") on a preferential allotment basis. (2) The resignation of Mr. Vishwambharlal K. Bhoot, Executive Director from the Board of Directors of the Company w.e.f. November 27, 2010; (3) The appointment of Mr. Shin, Eung Kyun, as an Additional Director of the Company w.e.f. November 27, 2010; (4) The appointment of Mr. Hong Jung Ho as an Observer of the Company w.e.f. November 27, 2010 to attend all the meetings of the Board of Directors and Committees thereof. Initial Public Offering of Mudra Lifestyle Limited Issue Price Issue Size : : Rs. 90 92.75 cr. Page 41
Analysis of Post listing Price Movements Face Value Price Band MOQ Issue Date Listed At : : : : : Rs.10 per share Rs.150 - Rs.185 per share 35 Shares 07.feb.2007 - 13.Feb.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and to raise capital to 1. To part finance the proposed project consisting of setting up of an integrated unit having all the processes of yarn dyeing, weaving, process house and garment manufacturing near Bangalore and Tarapur; 2. To meet expenses for general corporate purposes/acquisitions; Table 5.11 Mudra Lifestyle Ltd. Issue price 90: Issue size 86.22 crore Market price for the year April 2007 to March 2008
Month Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Opening price 58.00 60.95 72.80 68.70 71.15 66.95 78.90 83.25 91.00 101.95 69.00 49.10 High price 65.00 81.40 73.95 72.5 72.75 85.00 86.00 94.60 111.90 114.90 70.50 51.00 Lowest price 55.00 59.20 64.05 64.75 59.50 64.90 68.60 73.10 87.00 52.10 49.80 33.00 Closing price 59.40 71.50 69.00 70.25 66.20 77.25 81.30 89.90 101.05 67.45 Page 42 50.45 36.70
No.of
No. of Trades
Total Turnover Spread High-Low
Spread
Close-

Shares 4842550 16250366 3149936 2368951 3369523 5489156 4981641 4848003 16788937 5750784 1546356 3174349 29173 104162 24125 15655 23323 30881 27040 22482 70470 35021 10134 13873 (Rs.) 291086803 1203131146 220889502 163346758 227275388 406008335 393216129 410561609 1616424687 572103447 89315762 124288532 10.00 22.20 9.90 7.75 13.25 20.10 17.40 21.50 24.90 62.80 20.70 18.00 Open 1.40 10.55 -3.80 1.55 -4.95 10.30 2.40 6.65 10.05 -34.50 -18.55 -12.40
Interpretation During the financial year 2007-08 Mudra lifestyle limited came out with an IPO for raising Rs. 86.22 crore. The issue price was Rs. 90.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 36.70 and a highest price of Rs.101.05. this indicates that those who invested with issue price of Rs. 90.00 made a loss of Rs. 53.30 at minimum and a maximum of Rs. 101.05 per share during the year. This means that the investors decision to be wise they have a gain or loss over a particular year. Table 5.12 Market price for the year April 2008 to March 2009
Month Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Opening price 37.00 48.50 42.60 32.35 34.75 36.10 30.50 18.50 High price 50.00 52.90 44.50 36.40 40.90 40.80 31.65 21.00 Lowest price 35.65 41.40 33.55 29.30 31.80 26.50 16.25 15.50 Closing price 47.80 43.10 34.20 32.70 36.60 30.45 18.65 15.60
Page 43

Dec-08 Jan-09 Feb-09 Mar-09 16.20 14.75 13.30 12.15 16.20 17.40 14.75 14.00 13.30 13.00 11.60 10.60 14.55 13.12 11.98 13.16
No.of Shares 2975076 2111882 819405 590594 1006782 1019606 652180 430996 843313 978651 494970 441585 No. of Trades 20059 12956 6314 7111 7124 7096 4596 2327 3958 4433 1601 2109
Total Turnover (Rs.) 127156263 101462915 31943773 19377794 38125769 35086347 15059100 7890804 12273011 15082078 6397204 5463358 Spread High-Low 14.35 11.50 10.95 7.10 9.10 14.30 15.40 5.50 2.90 4.40 3.15 3.40
Spread CloseOpen 10.8 -5.40 -8.40 0.35 1.85 -5.65 -11.85 -2.90 -1.65 -1.63 -1.32 1.01
Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 13.16 and a highest price of Rs.47.80 this indicates that those who invested with issue price of Rs. 90 made a loss of Rs. 76.84 at minimum and a maximum of Rs 47.80 per share during the year. This means that the investors decision to be wise they have a gain and loss also this particular year.
Month Apr-09 May-09 Opening price 13.20 20.00 High price 22.99 30.00 Lowest price 12.50 19.00
Page 44
Closing price 19.52 28.70

Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 29.60 24.50 23.25 24.25 31.95 34.55 36.50 36.40 35.00 34.05 33.85 27.80 26.30 32.45 41.70 38.80 41.00 40.95 37.70 40.00 23.15 20.25 21.60 22.55 31.90 32.75 34.30 32.75 32.50 32.80 24.05 22.85 23.75 31.95 35.05 36.50 34.80 34.50 32.70 37.85
Spread CloseOpen 6.32 8.70 -5.55 -1.65 0.50 7.70 3.10 1.95 -1.70 -1.90 -2.30 3.80
Interpretation Page 45 MPS of the shares for the year 2009-10 ranged between the low price of Rs. 19.52 and a highest price of Rs.37.85 this indicates that those who invested with issue price of Rs. 90.00 and during the year which price of Rs.37.85 of which they made a loss of Rs. 32.63 at minimum and a
Analysis of Post listing Price Movements maximum of Rs. 37.85 per share during the year. This means that the investors decision to be wise they have made this particular year. Table 5.14 Market price for the year April 2010 to March 2011
Spread CloseOpen 6.05 -6.15 8.05 -0.05 -4.00 8.00 3.60 -0.95 4.85 0.25
Page 46
-0.20 -0.75
Analysis of Post listing Price Movements Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 38.35 and a highest price of Rs.57.80 this indicates that those who invested with issue price of Rs. 90.00 and during the year which price of Rs. 38.35 of which they made a gain of Rs. 51.65 at minimum and a maximum of Rs. 57.80 per share during the year. This means that the investors decision to be wise they have made this particular year. Table 5.15 Market price for the year April 2011 to March 2012
Month Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Opening price 56.00 55.25 51.00 29.5 23.35 23.8 24.00 18.25 16.25 19.25 24 20.15 High price 56.00 55.45 51.00 30.00 23.95 24.5 24.4 18.5 16.25 19.5 24.75 20.5 Lowest price 55.1 55.05 45.1 28.5 23.35 23.8 23.05 17.5 15.5 18.5 22.9 19.4 Closing price 55.15 55.25 45.9 29.1 23.6 24.3 23.05 18.00 15.5 18.9 23.7 19.7
No.of Shares 1905974 1639432 1443682 933344 1427018 5741044 7302307 2267659 1925046 1927594 1754974 3335626 Interpretation
No. of Trades 6640 5732 5612 5870 9010 20004 20174 8143 7991 8226 5210 10095
Total Turnover Spread HighSpread Close(Rs.) Low Open 36810558 0.9 -0.85 39598316 0.4 0 44035598 5.9 -5.1 22933842 1.5 -0.4 34236006 0.6 0.25 166164882 0.7 0.5 265991033 1.35 -0.95 81235195 1 -0.25 72806167 0.75 -0.75 Page 47 70371514 1 -0.35 60661091 1.85 -0.3 123440781 1.1 -0.45
Analysis of Post listing Price Movements MPS of the shares for the year 2011-12 ranged between the low price of Rs. 15.5 and a highest price of Rs.55.25 this indicates that those who invested with issue price of Rs. 90.00 and during the year which price of Rs.55.25 of which they made a loss of Rs. 39.75 at minimum and a maximum of Rs. 55.25 per share during the year. This means that the investors decision to be wise they have made this particular year. MindTree Consulting Limited MindTree Consulting Limited (the Company), an international IT and R&D Services company that delivers business and technology solutions through global software development, has fixed the Issue price at Rs 425 for the Initial Public Offering (IPO) of 5,593,300 equity shares of Rs 10 each issued at a pre-IPO price band of Rs 365 to Rs 425 per equity share through the 100% book building process. The Issue closed for subscription on February 14, 2007, and was subscribed 103.28 times (as per the National Stock Exchange website). The equity shares of the Company are proposed to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Initial Public Offering of MindTree Consulting Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 425 237.72 cr. Rs.10 per share Rs.365 - Rs.425 per share 15 Shares 09.feb.2007 - 14.Feb.2007 NSE & BSE
Objects of the Issue:
Page 48 The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and
to raise capital for
Analysis of Post listing Price Movements 1. Fund a new development centre in Chennai; 2. Prepay certain loans. Table 5.16 MindTree Consulting Ltd. Issue price 425: Issue size 237.72 crore Market price for the year April 2007 to March 2008
No.of Shares 15071586 5626419 4561701 1712165 1349067 1079551 1025451 408176 974715 761937 No. of Trades 378488 163613 129602 56720 53654 35325 35936 15752 29539 24909
Total Turnover (Rs.) 12389145868 4490620693 3624247311 1249757739 777114214 602392171 513708166 178461229 476655067 363119783 Spread High-Low 185.90 97.80 79.95 160.60 126.85 106.10 82.50 124.70 102.40 230.00
Spread Open
Close-12.10 -30.20 21.50 -150.50 -79.45 -65.40 -47.90 -61.50 82.85 Page 49 -162.95

246161 304058 11050 7805 88518038 103214588 62.50 38.70 -1.00 -13.30
Interpretation During the financial year 2007-08 MindTree Consulting limited came out with an IPO for raising Rs. 237.72 crore. The issue price was Rs. 425.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 333.70 and a highest price of Rs.793.90. this indicates that those who invested with issue price of Rs. 425.00 made gain of Rs. 368.90 at minimum and a maximum of Rs. 563.55 per share during the year. This means that the investors decision to be wise they have a gain over a particular year. Table 5.17 Market price for the year April 2008 to March 2009
No.of Shares 1435041 796252 289324 357446 No. of Trades 42824 28947 12569 12002
Total Turnover (Rs.) 651864648 373941148 130797679 130960750 Spread High-Low 172.60 65.35 103.00 83.50
Spread CloseOpen 128.90 -12.05 -86.45 -27.50
Page 50

589942 461352 366920 78170 275020 226007 843308 5684483 12486 11122 6802 3245 2503 7768 2563 103105 210790685 157083712 92776071 19253460 66405664 49251363 178273265 1362231837 73.25 89.00 90.80 78.90 25.90 57.00 22.00 97.90 -24.15 -31.65 -28.40 -58.90 -3.20 -30.05 0.10 11.70
Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 211.80 and a highest price of Rs.466.90 this indicates that those who invested with issue price of Rs. 425.00 made a gain of Rs. 7641.90 at minimum and a maximum of Rs 390.10 per share during the year. This means that the investors decision to be wise they have a gain this particular year. Table 5.18 Market price for the year April 2009 to March 2010
No.of Shares No. of Trades
Total Turnover (Rs.) Spread High-Low
Page 51 Spread CloseOpen

5304580 3792213 2316798 3335320 2451392 3640682 1439562 718489 886611 755396 399532 1338381 102962 71481 65362 101886 52602 53082 21738 17790 20536 19554 14737 31607 1558911673 1337994789 1072045591 1634061571 1228171780 2040966174 850856777 449248453 609363121 501487965 224368151 774410512 130.00 106.65 145.00 198.95 131.00 150.00 87.00 81.90 88.90 168.90 94.00 118.05 90.50 56.90 96.75 -8.40 52.65 87.55 -16.05 43.90 48.90 -114.55 -56.20 58.85
Interpretation MPS of the shares for the year 2009-10 ranged between the low price of Rs. 305.50 and a highest price of Rs. 695.40 this indicates that those who invested with issue price of Rs. 425.00 and during the year which price of Rs. 695.40 of which they made a gain of Rs. 270.40 at minimum and a maximum of Rs.644.80 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Table 5.19 Market price for the year April 2010 to March 2011
Month Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Opening price 597.000 572.00 558.00 551.90 532.00 506.00 516.00 515.00 506.00 562.00 High price 663.80 589.90 588.50 591.00 545.00 533.00 564.00 539.00 561.00 571.00 Lowest price 564.10 507.00 525.00 519.00 499.00 491.00 505.30 490.00 491.70 442.50 Closing price 575.15 550.75 550.75 531.45 502.00 511.80 512.00 501.60 558.80 489.20
Page 52

Feb-11 Mar-11 490.00 358.00 514.10 393.00 366.00 358.00 368.70 384.80
Spread CloseOpen -21.85 -21.25 -7.25 -20.45 -3.00 5.80 -4.00 -13.40 52.80 -72.80 -121.30 26.80
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 368.75 and a highest price of Rs.575.15 this indicates that those who invested with issue price of Rs. 425.00 and during the year which price of Rs. 575.40 of which they made a gain of Rs. 50.15 at minimum and a maximum of Rs.511.80 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Table 5.20 Market price for the year April 2011 to March 2012
Month Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Opening price 391.00 350.00 362.8 399.9 333.00 349.6 390.00 High price 400.9 360.00 363.75 407.7 344.00 353.2 395.00 Lowest price 366.00 349.00 358.00 395.00 330.00 348.00 390.00 Closing price 389.7 351.4 361.00 397.8 341.2 Page 53 351.25 392.9

Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 407.9 403.00 450.00 478.00 479.15 407.9 404.45 450.00 492.9 488.95 403.7 398.1 435.45 448.7 464.05 405.6 399.25 437.45 455.8 477.00
No.of Total Turnover Shares No. of Trades (Rs.) 5304580 102962 1558911673 3792213 71481 1337994789 2316798 65362 1072045591 3335320 101886 1634061571 2451392 52602 1228171780 3640682 53082 2040966174 1439562 21738 850856777 718489 17790 449248453 886611 20536 609363121 755396 19554 501487965 399532 14737 224368151 1338381 31607 774410512
Spread CloseSpread High-Low Open 34.9 -1.3 11 1.4 5.75 -1.8 12.7 -2.1 14 8.2 5.2 1.65 5 2.9 4.2 -2.3 6.35 -3.75 14.55 -12.55 44.2 -22.2 24.9 -2.15
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 351.4 and a highest price of Rs. 477.00 this indicates that those who invested with issue price of Rs. 425.00 and during the year which price of Rs. 477.00 of which they made a gain of Rs. 125.6 at minimum and a maximum of Rs.477.00 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Idea Cellular Limited Idea Cellular, an Aditya Birla Group company, which is amongst the leading mobile operators in India and currently operates in 11 Circles, is open for subscription with an initial public offering, IPO, aggregating Rs 21,250 million, of equity shares of Rs 10 each, for cash, at a premium to be decided through a 100% book-building process. The Indian telecom industry continues to grow at a robust pace. The subscriber growth Page 54 continues to be impressive with an increase of nearly 100% year on year as on December 31, 2006. The growth in the subscriber base is unlikely to slow down as in India the mobile penetration Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements rate at 12.5% is much lower than that in the other economies of a similar size (eg China has a penetration rate of over 30%). There have been few fresh issues in the telecom sector in recent times. In fact, the last telecom company that Made profit for the year. Initial Public Offering of Idea Cellular Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 75 2,125 cr. Rs.10 per share Rs.65 - Rs.75 per share 90 Shares 12.feb.2007 - 15.Feb.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and to raise capital to 1. Building, strengthening and expanding our network and related services in the New Circles; 2. Entry Fee and capital expenditure for NLD operations; 3. Roll-out of services in Mumbai Circle; 4. Redemption of preference shares Table 5.21 Idea Cellular Ltd. Issue Price 75: Issue size 2125.00 crore Market Price for the year April 2007 to March 2008
Month Apr-07 May-07 Jun-07 Jul-07 Aug-07 Opening price 91.90 115.70 128.00 126.85 134.00 High price 119.95 129.95 128.60 135.55 134.00 Lowest price 91.00 112.00 110.60 118.00 104.95 Closing price 114.50 126.10 124.60 129.55 122.70
Page 55

Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 124.00 125.60 134.65 124.00 139.85 124.70 108.00 132.00 161.00 137.80 142.85 148.90 129.30 108.00 118.50 121.05 110.00 123.50 99.00 100.20 89.00 125.15 135.20 122.40 138.70 123.65 110.15 102.75
Spread CloseOpen 22.60 10.40 -3.40 2.70 -11.3 1.15 9.60 -12.25 14.70 -16.20 -14.55 -5.25
Interpretation During the financial year 2007-08 Idea Cellular limited came out with an IPO for raising Rs. 2125.00 crore. The issue price was Rs. 75.00 After listing the MPS of the shares for the year 200708 ranged between the low price of Rs. 102.75 and a highest price of Rs.138.70. this indicates that those who invested with issue price of Rs. 75.00 made gain of Rs. 27.75 at minimum and a maximum of Rs. 110.15 per share during the year. This means that the investors decision to be wise they have a gain over a particular year. Table 5.22 Market Price for the year April 2008 to March 2009 Page 56

Total Turnover No.of Shares 42472623 118535282 48110679 68060637 32575694 30854928 48358394 25978926 21462383 19386111 30178551 28750138 No. of Trades 185383 302391 223469 237332 116595 110007 175326 118730 101640 83136 94525 85332 (Rs.) 4501112654 12605602911 4962072156 5806570012 2818445718 2472706770 2744825283 1235409221 1108898263 907160033 1451088278 1372058741 15.90 13.90 19.60 20.80 12.55 19.60 44.10 12.60 16.15 13.50 9.00 11.40
Spread CloseSpread High-Low Open 1.50 1.85 -15.90 -5.70 -5.00 -6.65 -33.75 2.50 7.45 -5.75 -1.60 3.75
Interpretation
Page 57 After listing the MPS of the shares for the year 2008-09 ranged between the low price of
Rs. 42.75 and a highest price of Rs.108.90 this indicates that those who invested with issue price
Analysis of Post listing Price Movements of Rs. 75.00 made a gain of Rs. 35.90 at minimum and a maximum of Rs 88.30 per share during the year. This means that the investors decision to be wise they have a gain this particular year. Table 5.23 Market price for the year April 2009 to March 2010
Total Turnover (Rs.) 2057933493 5028796414 7622276055 3682134214 2665302772 2391100940 3943511929 2178519926 1723873309 1431436399 680944657 1117177963 Spread High-Low 16.45 29.35 20.9.00 19.45 12.45 8.60 24.85 7.95 11.60 7.00 5.80 9.80
Spread CloseOpen 7.30 23.35 -14.40 7.05 2.05 -6.60 -23.90 -0.05 5.50 0.25 2.05
Page 58
4.20
Analysis of Post listing Price Movements Interpretation MPS of the shares for the year 2009-10 ranged between the low price of Rs. 50.95 and a highest price of Rs. 83.35 this indicates that those who invested with issue price of Rs. 75.00 and during the year which price of Rs. 83.35 of which they made a loss of Rs. 8.35 at minimum and a maximum of Rs.75.75 per share during the year. This means that the investors decision to be wise they have made gain or loss this particular year. Table 5.24 Market Price for the year April 2010 to March 2011
No.of Shares 12681021 23708992 27121170 42238923 15762499 13880700 11183981 20314463 No. of Trades 71984 126126 119297 179457 85019 81241 74267 69705
Total Turnover (Rs.) 837945170 1328568026 1490675240 2801792849 1122808091 1048508672 802844304 1430085744 Spread High-Low 8.40 17.10 10.95 13.90 7.80 9.90 10.95 10.15
Spread CloseOpen -4.95 -10.30 8.35 11.55 0.90
Page 59 1.60
-7.00 4.80

9342660 6747272 24155002 476617 62206 45300 67510 5723 646209629 471294419 1464524701 27960623 7.20 7.80 16.50 3.20 -3.10 -0.90 -12.50 -0.10
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 58.55 and a highest price of Rs.73.60 this indicates that those who invested with issue price of Rs. 75.00 and during the year which price of Rs. 73.60 of which they made a loss of Rs. 1.40 at minimum and a maximum of Rs. 69.40 per share during the year. This means that the investors decision to be wise they have made gain or loss this particular year. Table 5.25 Market price for the year April 20011 to March 2012
No.of Total Turnover Spread CloseShares No. of Trades (Rs.) Spread High-Low Open 36386184 133631 2057933493 2.65 -1.75 68417216 239576 5028796414 3 2.25 92096303 326126 7622276055 2.25 0.9 49426103 224692 3682134214 2.45 -1.25 Page 60 33710216 163916 2665302772 1.75 -0.85 30663861 120097 2391100940 2.5 0 63486310 261067 3943511929 3.6 2.7 43053771 183471 2178519926 3.6 2.3

30189803 23856609 11584509 17240314 129994 106898 68595 86965 1723873309 1431436399 680944657 1117177963 1.7 2.65 2 2.75 -0.55 -0.05 -0.25 -0.45
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 67.25 and a highest price of Rs. 98.00 this indicates that those who invested with issue price of Rs. 75.00 and during the year which price of Rs. 98.00 of which they made a gain of Rs. 30.75 at minimum and a maximum of Rs.98.00 per share during the year. This means that the investors decision to be wise they have made gain or loss this particular year. ICRA Limited As per the performance of the ICRA, as raised with more when compare with respective previous years obtaining or providing services or information similar to the technical services under the Technical Services Agreement without the prior written consent of ICRA Investors. Further, we are responsible for any use or disposition of the ICRAs and also undertake to indemnify Market Shares of the Investors for any damage or liability, which may arise out of such use or disposition by us. ICRA Investors has no liability to us with respect to the technical services or any use of the same by us. Additionally, we have been granted a non-exclusive, non-transferable license to use. Initial Public Offering of ICRA Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 330 85.18 cr. Rs.10 per share Rs.275 - Rs.330 per share 20 Shares 20.Mar.2007 - 23.Mar.2007 NSE & BSE Page 61
Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and to carry out the sale of up to 2,581,100 Equity Shares.
Analysis of Post listing Price Movements Table 5.26 ICRA Limited Issue price 330: Issue size 85.18 crore Market price for the year June 2007 to March 2008
Month Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Opening price 936.70 1035.00 996.00 1004.00 1059.00 943.00 1029.90 906.00 740.00 High price 1158.40 1049.00 1074.00 1057.00 1075.00 1050.00 1054.80 920.00 759.00 Lowest price 894.00 783.70 958.00 835.00 828.15 901.25 703.45 710.00 530.00 Closing price 1033.50 990.55 1028.65 1038.15 954.50 1018.40 905.20 754.55 689.50
No.of Shares 9526301 1461673 1124119 401368 201137 148164 169458 44837 75055 No. of Trades 276687 73793 47780 19629 10719 8564 8211 3776 4435
Total Turnover (Rs.) 9708721678 1435593212 1150367586 397871680 196196554 145526161 155267309 35874490 47060769 Spread High-Low 264.40 265.30 116.00 222.00 246.85 148.75 351.35 210.00 229.00
Spread CloseOpen 96.80 -44.45 32.65 34.15 -104.50 75.40 -124.70 -151.45 -50.50
Interpretation Page 62 During the financial year 2007-08 ICRA limited came out with an IPO for raising Rs. 85.18 crore. The issue price was Rs. 330.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 689.50 and a highest price of Rs.1038.15. this indicates that
Analysis of Post listing Price Movements those who invested with issue price of Rs. 330.00 made gain of Rs. 359.50 at minimum and a maximum of Rs. 905.20 per share during the year. This means that the investors decision to be wise they have a gain over a particular year. Table 5.27 Market price for the year April 2008 to March 2009
No.of Shares 105477 59376 65079 51815 128946 43289 23012 13821 57622 169535 1164067 No. of Trades 4727 3800 1841 1653 1281 1534 1515 860 1074 5975 1957
Total Turnover (Rs.) 75903442 44572272 43097340 32983892 81844530 24546179 9306805 5265386 23229602 75568649 485146195 Spread High-Low 157.80 109.00 131.00 152.80 128.70 163.50 230.00 104.40 136.00 147.00 69.65
Spread CloseOpen 71.00 -32.60 -60.65 42.65 -37.50 -95.90 -132.80 -75.35
Page 63 89.55
7.55 -14.20

122841 3803 55399863 134.40 80.30
Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 343.85 and a highest price of Rs.741.05 this indicates that those who invested with issue price of Rs. 330.00 made a gain of Rs. 13.85 at minimum and a maximum of Rs 533.10 per share during the year. This means that the investors decision to be wise they have a gain this particular year. Table 5.28 Market price for the year April 2009 to March 2010
No.of Shares 84173 388768 166029 256642 71932 319501 98843 No. of Trades 4594 19562 7892 13774 3825 5224 4433
Total Turnover (Rs.) 44847955 262157218 133016636 218957108 60892542 255647179 79049765 Spread High-Low 107.95 313.00 195.00 240.90 102.40 142.00 110.00
Spread CloseOpen 38.75 174.65 35.25 120.95 -71.25 -24.15 -40.55
Page 64

208730 317017 328865 216301 101787 7376 15361 14115 9870 3922 167909861 268037257 284093853 192096291 89790982 109.00 83.00 90.80 143.45 59.40 40.05 31.00 -3.50 40.50 4.90
Month Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Opening price 893.65 976.10 955.05 1187.00 1215.00 1220.05 1244.00 1373.85 1310.00 1295.00 1198.35 1059.75 High price 1044.90 1006.00 1248.70 1252.00 1277.80 1265.80 1409.00 1480.00 1370.00 1319.75 1235.00 1059.75 Lowest price 881.00 950.00 941.25 1095.00 1145.00 1147.00 1225.10 1220.00 1195.65 1141.00 933.00 1025.90 Closing price 995.65 951.15 1188.80 1193.40 1218.70 1227.15 1373.85 1298.30 1290.40 1198.35 1027.55 1043.90 Spread Close-Page 65 Spread High-Low 184589527 163.90 Open 102.00
No.of Shares 187610 No. of Trades 9352
Total Turnover (Rs.)

42956 227256 111184 246445 87298 95637 31354 55120 207701 21967 17334 2539 13010 7116 6832 3143 4808 3182 1340 1840 1701 54 41960036 259511866 131743113 298138090 106849939 125833835 43273573 69568933 247894641 23267657 17942470 56.00 307.45 157.00 132.80 118.80 183.90 260.00 174.35 178.75 302.00 33.85 -24.95 233.75 6.40 3.70 7.10 129.85 -75.55 -19.60 -96.65 -170.80 -15.85
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 951.95 and a highest price of Rs.1373.85 this indicates that those who invested with issue price of Rs. 330.00 and during the year which price of Rs. 1373.85 of which they made a gain of Rs. 621.95 at minimum and a maximum of Rs.1193.40 per share during the year. This means that the investors decision to be wise they have made gain or loss this particular year. Table 5.30 Market price for the year April 2011 to March 2012
Month Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 No.of Shares Opening price 1114.00 1020.00 1049.00 1220.00 976.9 916.00 901.00 895.00 808.90 860.00 1059.05 1052.00 No. of Trades High price 1120.90 1055.00 1050.00 1260.00 986.00 939.00 908.95 895.00 809.00 877.00 1078.00 1083.00 Total Turnover (Rs.) Lowest price 1110.00 1020.00 1030.30 1211.15 975.00 907.75 890.00 884.1 800.00 860.00 1059.00 1050.00 Spread High-Low Closing price 1115.00 1021.95 1032.65 1222.50 985.00 927.05 900.3 885.65 805.60 871.85 1070.2 1076.80 66 Page Spread CloseOpen

187610 42956 227256 111184 246445 87298 95637 31354 55120 207701 21967 17334 9352 2539 13010 7116 6832 3143 4808 3182 1340 1840 1701 54 184589527 41960036 259511866 131743113 298138090 106849939 125833835 43273573 69568933 247894641 23267657 17942470 10.9 35 19.7 48.85 11 31.25 18.95 10.9 9 17 19 33 1 1.95 -16.35 2.5 8.1 11.05 -0.7 -9.35 -3.3 11.85 11.15 22.8
Interpretation Market Price of Shares for the year 2011-12 ranged between the low price of Rs. 805.06 and a highest price of Rs.1222.50 this indicates that those who invested with issue price of Rs. 330.00 and during the year which price of Rs. 1222.50 of which they made a gain of Rs.417.44 at minimum and a maximum of Rs.1222.50 per share during the year. This means that the investors decision to be wise they have made gain or loss this particular year. Central Bank of India The public sector institution, the Central Bank of India (the Bank) is entering the capital market with an Initial Public Offering (IPO) of 80,000,000 Equity Shares of Rs 10 each (Equity Shares) for cash (the Issue) at a price to be decided through a 100% book building process. The Price Band for the Issue, which opens for subscription on July 24, 2007, and closes on July 27, 2007, has been fixed between Rs 85 per Equity Share and Rs 102 per Equity Share. After the Issue, the shareholding of the Government of India in the Bank will come down to 80.20%. The Issue includes a reservation of 4,000,000 Equity Shares for Eligible Employees of the Bank (the Employee Reservation Portion) and the balance 76,000,000 Equity Shares would constitute the net issue to the public (the Net Issue). The Issue will constitute 24.68% of the preIssue and 19.80% of the post-Issue paid-up equity capital of the Bank. The Issue has been rated Page 67 by the Credit Analysis and Research (CARE) as CARE IPO 4 which indicates above the average fundamentals. Initial Public Offering of Central Bank of India Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 102 816 cr. Rs.10 per share Rs.85 - Rs.102 per share 60 Shares 24.Jul.2007 - 27.Jul.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital 1. To augment capital base; 2. To meet the future capital requirements out of implementation of Basel 2 standard and growth of assets, primarily loans and investment portfolio; Table 5.31 Central Bank of India Issue price 102: Issue size 816 crore Market price for the year August 2007 to March 2008
Month Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Opening price 130.10 125.80 149.00 132.00 137.00 135.00 105.50 100.80 High price 133.25 151.20 150.45 143.25 146.00 154.90 116.95 101.30 Lowest price 114.00 124.75 113.30 121.00 130.00 74.00 96.75 73.00 Closing price 124.70 148.45 128.80 135.40 135.55 107.65 103.55 87.05
No.of Shares 41065151 18360716 No. of Trades 253831 156430
Total Turnover (Rs.) 5053667686 2520634550 Spread High-Low 19.25 26.45
Spread CloseOpen
Page 68
-5.40 22.65

13405997 16035899 9101693 10358962 3278741 5602940 102864 100554 61666 76504 35102 44550 1758155573 2090057511 1268476588 1268406840 347365651 471725402 37.15 22.25 16.00 80.90 20.20 28.30 -20.20 3.40 -1.45 -27.35 -1.95 -13.75
Interpretation During the financial year 2007-08 Central bank of India came out with an IPO for raising Rs. 816.00 crore. The issue price was Rs. 102.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 87.05 and a highest price of Rs.148.45. this indicates that those who invested with issue price of Rs. 102.00 made a loss of Rs. 14.95 at minimum and a maximum of Rs. 124.80 per share during the year. This means that the investors decision to be wise they have a gain over a particular year. Table 5.32 Market price for the year April 2008 to March 2009
Total Turnover (Rs.) 353821792 Spread High-Low 12.80
Spread CloseOpen
Page 69
3.70

2721823 2032619 3324989 1976050 2731021 2225000 2491814 5103944 3732468 2925077 11392647 18253 17854 26689 18904 20451 19264 17599 27829 20413 22229 22169 248961290 148686731 195220073 122868197 150689506 92693862 95182639 199682126 153492481 108820610 373464768 17.95 23.90 11.40 10.20 17.20 16.40 9.40 11.15 11.95 8.10 6.05 -11.75 -21.35 -2.25 1.35 -10.05 -13.50 -4.40 8.95 -3.90 -5.50 3.95
Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 33.40 and a highest price of Rs.92.60 this indicates that those who invested with issue price of Rs. 102.00 made a loss of Rs. 9.40 at minimum and a maximum of Rs 82.65 per share during the year. This means that the investors decision to be wise they have a gain or loss this particular year. Table 5.33 Market price for the year April 2009 to March 2010
Page 70

No.of Shares 6972809 7121695 9990718 5665672 2331046 13664683 8208346 8521176 4119731 3302575 3272200 1980306 No. of Trades 39415 47555 66817 49919 20416 109342 77388 82743 37554 37908 32921 24723 Total Turnover (Rs.) 306196138 442006261 832199214 546511589 233727169 1791791021 1167661583 1288354624 644664201 520020583 511825996 304813123 Spread High-Low 16.80 33.85 27.20 24.00 11.00 64.20 42.60 41.50 42.35 23.35 27.30 22.10 Spread CloseOpen 8.50 31.85 16.40 8.05 -0.80 58.45 -28.00 14.50 16.25 -17.75 -0.80 -4.35
Interpretation MPS of the shares for the year 2009-10 ranged between the low price of Rs. 42.70 and a highest price of Rs. 167.25 this indicates that those who invested with issue price of Rs. 102.00 and during the year which price of Rs. 167.25 of which they made a gain of Rs.65.25 at minimum and a maximum of Rs.149.25 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Table 5.34 Market price for the year April 2010 to March 2011
Month Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Opening price 147.80 160.00 148.00 140.45 168.00 181.65 190.70 228.80 High price 166.40 160.00 153.40 169.70 196.30 207.40 248.70 249.05 Lowest price 144.10 140.00 140.45 138.30 163.35 178.00 190.70 180.20 Closing price 161.15 146.30 140.80 167.25 179.30 193.85 226.40 189.35
Page 71

Dec-10 Jan-11 Feb-11 Mar-11 189.00 183.65 174.00 154.00 206.00 185.20 177.95 164.25 157.30 158.50 137.15 154.00 181.65 171.75 154.25 161.65
Spread CloseOpen 13.35 -13.70 -7.20 26.80 11.30 12.20 35.70 -39.45 -7.35 -11.90 -19.75 7.65
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 140.80 and a highest price of Rs.226.40 this indicates that those who invested with issue price of Rs. 102.00 and during the year which price of Rs. 226.40 of which they made a gain of Rs. 38.80 at minimum and a maximum of Rs.181.65 per share during the year. This means that the investors decision to be wise they have made gain this particular year.
Month Apr-11 May-11 Opening price 140.85 112.25 High price 140.85 116.6 Lowest price 138.3 111.7
Page 72
Closing price 138.75 116.05

Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 119.35 121.00 96.8 102.5 99.1 91.7 68.15 84.00 104.55 102.00 120.7 121.12 99.4 103.9 102.00 93.00 68.95 87.00 105.6 102.55 119.2 117.55 96.8 100.2 99.1 89.00 66.00 83.9 102.6 97.5 119.5 118.45 97.5 103.45 101.75 89.45 66.7 86.2 104.55 98.1
No.of Total Turnover Spread CloseShares No. of Trades (Rs.) Spread High-Low Open 6972809 39415 306196138 2.55 -2.1 7121695 47555 442006261 4.9 3.8 9990718 66817 832199214 1.5 0.15 5665672 49919 546511589 3.57 -2.55 2331046 20416 233727169 2.6 0.7 13664683 109342 1791791021 3.7 0.95 8208346 77388 1167661583 2.9 2.65 8521176 82743 1288354624 4 -2.25 4119731 37554 644664201 2.95 -1.45 3302575 37908 520020583 3.1 2.2 3272200 32921 511825996 3 0 1980306 24723 304813123 5.05 -3.9
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 97.5 and a highest price of Rs. 138.75 this indicates that those who invested with issue price of Rs. 102.00 and during the year which price of Rs. 138.75 of which they made a gain of Rs.41.25 at minimum and a maximum of Rs.138.75 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Maytas Infra Limited Page 73 A construction and infrastructure development company is coming out with an IPO through the 100% book building process. The Maytas Infra Limited IPO opens for subscription on Thursday, September 27, 2007 and closes for subscription on the following Thursday October 04,
Analysis of Post listing Price Movements 2007. Maytas Infra Limited intends to use the funds raised through the IPO for funding and/or purchasing construction equipment, investing in other companies, building an elevated road in Bangalore, commissioning a coal based power generation plant in Orissa and building a coal washery in Chhattisgarh. The increase in balance sheet size post IPO will also help Maytas Infra Limited to pre-qualify for bidding in larger construction and infrastructure development projects. Initial Public Offering of Maytas Infra Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 370 327.45 cr. Rs.10 per share Rs.320 - Rs.370 per share 18 Shares 27.Sep.2007 - 04.Oct.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital 1. Investment in Associate companies: A. Bangalore Elevated Toll way Limited for the construction of the elevated highway project of the Bangalore-Hosur section of National Highway-7; B. SV Power Private Limited for setting up a 56 MW coal washery reject based power plant. 2. Other project related investments and commitments.
Table 5.36 Maytas Infra Ltd Issue Price 370: Issue size 327.45 crore Market price for the year October 2007 to March 2008 Seshadripuram Institute of Management Studies Page 74

Month Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Opening price 480.00 750.00 897.10 897.20 834.95 662.00 High price 736.65 1144.25 977.00 940.00 834.95 722.00 Lowest price 480.00 670.00 771.30 600.20 637.00 481.00 Closing price 736.65 891.70 900.45 799.85 681.20 698.95
No.of Shares 14438478 6065856 661689 258409 237775 203032 No. of Trades 254252 159246 18911 9123 4420 4722
Total Turnover (Rs.) 9035580712 5046217528 599137353 214179817 169020957 120239893 Spread High-Low 256.65 474.25 205.70 339.80 197.95 241.00
Spread CloseOpen 256.65 141.70 3.35 -97.35 -153.75 36.95
Interpretation During the financial year 2007-08 Maytas Infra Limited came out with an IPO for raising Rs. 327.45 crore. The issue price was Rs. 370.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 681.20 and a highest price of Rs.900.45. this indicates that those who invested with issue price of Rs. 370.00 made a gain of Rs. 311.20 at minimum and a maximum of Rs. 799.85 per share during the year. This means that the investors decision to be wise they have a gain over a particular year.
Month Apr-08 Opening price 710.00 High price 750.00 Lowest price 512.05 Closing price 647.00
Page 75

May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 650.05 551.45 415.00 400.00 365.00 466.30 426.60 490.00 160.00 70.30 40.00 728.00 562.90 510.00 458.90 504.00 539.00 518.75 520.00 173.40 70.30 40.90 552.05 375.05 390.00 391.95 355.00 360.20 410.00 149.55 73.95 41.65 31.40 557.05 417.45 400.15 439.65 491.30 429.95 495.35 161.95 73.95 41.75 35.00
Spread CloseOpen -63.00 -93.00 -134.00 -14.85 39.65 126.30 -36.35 68.75 -328.05 -86.05 -28.55 -5.00
Interpretation
Page 76 After listing the MPS of the shares for the year 2008-09 ranged between the low price of
Rs. 35.00 and a highest price of Rs.647.00 this indicates that those who invested with issue price of Rs. 370.00 made a loss of Rs. 335.00 at minimum and a maximum of Rs 491.30 per share Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements during the year. This means that the investors decision to be wise they have a gain or loss this particular year. Table 5.38 Market price for the year April 2009 to March 2010
Spread CloseOpen 2.70 33.15 -8.00 25.90 26.55 14.70 16.15 5.60 1.60 10.00
Page 77 -15.05
30.80
Analysis of Post listing Price Movements Interpretation MPS of the shares for the year 2009-10 ranged between the low price of Rs. 37.25 and a highest price of Rs. 184.70 this indicates that those who invested with issue price of Rs. 370.00 and during the year which price of Rs. 184.70 of which they made a loss of Rs. 200.05 at minimum and a maximum of Rs.169.40 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Table 5.39 Market price for the year April 2010 to March 2011
Spread CloseOpen 18.55 -8.05 19.40 -3.25 1.15 14.80 -23.75 -24.80
Page 78

1361523 2174706 1127487 171043 17306 10010 7042 445 241842202 401347806 195676619 30036830 36.00 22.20 31.50 5.45 2.45 -7.75 4.40 -2.10
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 174.90 and a highest price of Rs.224.80 this indicates that those who invested with issue price of Rs. 370.00 and during the year which price of Rs. 224.80 of which they made a loss of Rs. 145.20 at minimum and a maximum of Rs.181.65 per share during the year. This means that the investors decision to be wise they have made gain or loss for this particular year. Table 5.40 Market price for the year April 2011 to March 2012
No.of Total Turnover Spread CloseShares No. of Trades (Rs.) Spread High-Low Open 1681432 10246 70553739 13.15 2.70 3234753 16411 195189659 39.80 33.15 10684562 45031 876434102 29.20 -8.00 Page 79 12497939 52245 958333137 42.35 25.90 10409281 41205 968796744 35.70 26.55 11842373 58521 1620795117 32.60 14.70 13431714 70239 2001093552 56.90 16.15 8794837 82365 1457122940 45.70 5.60

5493298 22428302 4695773 17268390 54894 174883 53791 170926 865972538 4234161905 779343085 3158698045 22.90 57.80 40.50 44.55 1.60 10.00 -15.05 30.80
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 37.25 and a highest price of Rs. 184.70 this indicates that those who invested with issue price of Rs. 370.00 and during the year which price of Rs. 184.70 of which they made a loss of Rs. 200.05 at minimum and a maximum of Rs.169.40 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Religare Enterprises Limited Religare Enterprises Limited, which is a Ranbaxy group company and a leading player in the equity brokerage and allied financial services industry, is coming out with an IPO through the book building route. Religare IPO has been priced at reasonable valuations, the main reason for which being the uncertainty in the Indian capital markets at the time the IPO price band was fixed. When compared to its listed peer Motilal Oswal, which incidentally came out with an IPO a few months back, the valuations of Religare Enterprises IPO appear very attractive. Compared to the other IPOs opening for subscription around the same time as Religare Enterprises Limited IPO, the Religare IPO seems to be the most likely IPO to provide the highest listing gains, on a relative basis. Investors can apply in the Religare Enterprises Limited IPO for both listing gains as well as long term gains. Initial Public Offering of Religare Enterprises Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 185 140.16 cr. Rs.10 per share Rs.160 - Rs.185 per share 35 Shares 29.Sep.2007 - 01.Nov.2007 NSE & BSE Page 80
Analysis of Post listing Price Movements Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital 1. To expand domestic operations and network of branches; 2. To fund retail finance business Table 5.41 Religare Enterprises Limited Issue price 185: Issue size 140.16 crore Market price for the year November 2007 to April 2008
Month Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Opening price 323.75 509.05 612.00 539.90 431.20 High price 600.00 634.40 730.00 539.90 455.00 Lowest price 323.75 500.00 406.30 405.00 335.00 Closing price 506.45 610.55 525.05 460.25 370.55
No.of Shares 17500522 6406865 8313278 717424 684661 No. of Trades 267370 140116 182561 24063 19062
Total Turnover (Rs.) 9540612658 3553553799 5454815930 341861300 263990783 Spread High-Low 276.25 134.40 323.70 134.90 120.00
Spread CloseOpen 182.70 101.50 -86.95 -79.65 -60.65
Interpretation
Page 81 During the financial year 2007-08 Religare Enterprises Limited came out with an IPO for
raising Rs. 140.16 crore. The issue price was Rs. 185.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 370.55 and a highest price of Rs. 610.55. This indicates that those who invested with issue price of Rs. 185.00 made a gain of Rs. 44.84 at Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements minimum and a maximum of Rs. 525.05 per share during the year. This means that the investors decision to be wise they have a gain over a particular year. Table 5.42 Market price for the year April 2008 to March 2009
Spread CloseOpen 13.90 -18.35 -10.15 0.60 16.25 -28.40 -20.10 -22.60 32.60 -6.10 17.40
Page 82
-20.65
Analysis of Post listing Price Movements Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 305.00 and a highest price of Rs.404.85 this indicates that those who invested with issue price of Rs. 185.00 made a gain of Rs. 120.00 at minimum and a maximum of Rs 380.60 per share during the year. This means that the investors decision to be wise they have a gain or loss this particular year. Table 5.43 Market price for the year April 2009 to March 2010
Spread CloseOpen -9.45 170.75 -89.95 -19.70 6.95 12.35 -35.35 35.25
Page 83

915662 944314 816859 637341 8012 10448 9105 5348 365700577 374190679 304495113 237785185 45.70 50.95 34.00 19.80 7.25 -35.00 -9.50 -5.90
No.of Shares 2131845 901673 No. of Trades 37687 9350
Total Turnover (Rs.) 893411644 378286369 Spread High-Low 85.80 32.00
Page 84 Spread CloseOpen 41.60 -2.80

1972246 937481 2057681 439427 619320 807078 366507 3133702 206156 4848 35144 13333 50534 14575 18698 12642 7948 8526 3898 298 804835049 395543514 962719074 209942518 300602180 405120417 178026163 1432859970 99591872 2398152 70.70 31.50 118.90 49.90 46.35 68.55 59.45 44.00 55.00 17.90 -10.10 13.10 53.25 -2.55 26.50 3.70 -18.55 5.10 7.90 8.15
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 404.90 and a highest price of Rs.496.15 this indicates that those who invested with issue price of Rs. 185.00 and during the year which price of Rs. 496.15 of which they made a gain of Rs. 219.90 at minimum and a maximum of Rs.458.25 per share during the year. This means that the investors decision to be wise they have made gain or loss for this particular year. Table 5.45 Market price for the year April 2011 to March 2012
Month Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 No.of Shares Opening price 327.85 314.70 490.00 408.00 385.00 388.00 401.00 365.00 402.85 415.00 379.90 379.00 No. of Trades High price 340.00 495.00 543.00 410.00 435.00 405.50 410.00 407.00 428.00 417.95 388.00 383.00 Total Turnover (Rs.) Lowest price 314.55 311.75 388.00 355.00 347.00 367.00 363.00 355.15 382.30 367.00 354.00 363.20 Spread High-Low Closing price 318.40 485.45 400.05 388.30 391.95 400.35 365.65 400.25 410.10 380.00 Page 370.40 85 373.10 Spread CloseOpen

170428 2626467 737887 142592 77674 260548 109803 361753 915662 944314 816859 637341 3928 20496 14247 3558 2985 3172 3162 5188 8012 10448 9105 5348 55698421 1173937571 341730457 55382621 30186536 101661397 42836812 139078924 365700577 374190679 304495113 237785185 25.45 183.25 155.00 55.00 88.00 38.50 47.00 51.85 45.70 50.95 34.00 19.80 -9.45 170.75 -89.95 -19.70 6.95 12.35 -35.35 35.25 7.25 -35.00 -9.50 -5.90
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 318.40 and a highest price of Rs. 485.40 this indicates that those who invested with issue price of Rs. 185.00 and during the year which price of Rs. 485.40 of which they made a gain of Rs. 133.40 at minimum and a maximum of Rs.365.65 per share during the year. This means that the investors decision to be wise they have made gain this particular year. Jyothy Laboratories Limited The financial statements of the Company are prepared in accordance with the mandatory accounting standards issued by the Institute of Chartered Accountants of India and referred to in the Companys Act and generally accepted accounting principles in India. JLLs net-sales have grown at a CAGR of over 5% in the past three financial years ending June 2006, which is significantly higher than the 2% average growth exhibited by the household care industry. Growth in sales was mainly driven by its flagship product Ujala whose sales have grown at a CAGR of 12% in the past three years. This brand contributed around 49% to the total sales for the year ended 30 June, 2006 and accounted for around 58% of the total contribution of the company. PBILDT has grown at a higher CAGR of approximately 28% during the past four years as JLL in excess of Rs.70, 000 crore. It is the fourth largest sector in the economy and is Page 86 responsible for five per cent of total factory employment in the country. Strong distribution network and high penetration levels are the key attributes of this sector as delivering products to the point of consumer demand is a key determinant of success in this industry Seshadripuram Institute of Management Studies
Analysis of Post listing Price Movements Initial Public Offering of Jyothy Laboratories Limited Issue Price Issue Size Face Value Price Band MOQ Issue Date Listed At : : : : : : : Rs. 690 305.69 cr. Rs.05 per share Rs.620 - Rs.690 per share 10 Shares 22.Nov.2007 - 27.Nov.2007 NSE & BSE
Objects of the Issue: The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital to carry out the divestment of 4,430,260 Equity Shares by our Selling Shareholders. Table 5.46 Jyothy Laboratories Ltd. Issue price 690: Issue size 305.69 crore Market price for the year January 2008 to March 2008
Month Jan-08 Feb-08 Mar-08 Opening price 860.00 761.00 730.00 High price 964.40 809.00 782.00 Lowest price 651.10 650.00 464.00 Closing price 798.05 747.70 774.60
No.of Shares 763967 147480 116062 No. of Trades 25535 3568 2802
Total Turnover (Rs.) 672737946 113940931 78016844 Spread High-Low 313.30 159.00 318.00
Spread CloseOpen -61.95 -13.30 44.60
Interpretation During the financial year 2007-08 Jyothy Laboratories Limited came out with anPage 87 IPO for raising Rs. 305.69 crore. The issue price was Rs. 690.00 After listing the MPS of the shares for the year 2007-08 ranged between the low price of Rs. 747.70 and a highest price of Rs. 798.05. This
Analysis of Post listing Price Movements indicates that those who invested with issue price of Rs. 690.00 made a gain of Rs. 57.70 at minimum and a maximum of Rs. 774.60 per share during the year. This means that the investors decision to be wise they have a gain over a particular year. Table 5.47 Market price for the year April 2008 to March 2009
No.of Shares 72422 394844 89411 49446 233407 118984 116197 86802 166564 43947 55393 No. of Trades 938 2634 1070 1129 1894 1184 960 829 2432 1140 1703
Total Turnover (Rs.) 47869339 206439283 44551566 21735765 106587785 46254014 30296915 20399189 14578962 2885285 3392538 Spread High-Low 138.95 173.00 118.50 77.90 76.90 153.65 119.90 67.90 259.90 30.90 19.85
Spread CloseOpen -103.60 -137.65 -23.55 -22.20 3.90 -127.95 -95.00 26.15 -204.05 -24.15 11.85
Page 88

53910 1056 3107436 12.85 -0.35
Interpretation After listing the MPS of the shares for the year 2008-09 ranged between the low price of Rs. 53.15 and a highest price of Rs.644.40 this indicates that those who invested with issue price of Rs. 690.00 made a loss of Rs. 636.85 at minimum and a maximum of Rs 441.90 per share during the year. This means that the investors decision to be wise they have a gain or loss this particular year. Table 5.48 Market price for the year April 2009 to March 2010
No.of Shares 219472 185967 2060034 581452 762053 1360022 No. of Trades 2200 2333 23391 4422 10094 14010
Total Turnover (Rs.) 14826333 14515857 219627562 57645292 94706536 182713310 Spread High-Low 28.90 25.25 40.70 23.50 43.00 17.90
Spread CloseOpen 8.10 18.25 7.90 7.75 7.10
Page 89
25.95

838263 1015212 2242490 504699 854254 1055579 11581 14842 35746 9402 15091 16656 116907248 159752888 391762355 86359922 149836397 197307400 22.70 26.65 42.10 27.40 35.85 40.05 12.90 16.60 9.55 -16.65 23.95 -8.15
Total Turnover (Rs.) 187257601 Spread High-Low 18.95
Spread CloseOpen
Page 90
2.85

1075407 3552743 589231 464135 788857 1275016 443260 113790 315904 532567 50926 17459 53742 16164 9599 12380 17563 7156 3394 9527 3811 150 204604883 861840692 159236114 128346629 228968636 363149014 121777806 30429999 79784431 121855997 11038205 45.50 69.40 38.75 41.85 52.05 53.95 37.50 36.00 56.90 54.00 10.90 33.50 43.15 33.25 -16.70 34.65 -22.35 -13.65 0.20 -39.50 -18.35 -0.95
Interpretation Market Price of Shares for the year 2010-11 ranged between the low price of Rs. 171.75 and a highest price of Rs.297.15 this indicates that those who invested with issue price of Rs. 690.00 and during the year which price of Rs. 297.15 of which they made a gain of Rs. 125.40 at minimum and a maximum of Rs.265.75 per share during the year. This means that the investors decision to be wise they have made gain or loss for this particular year. Table 5.50 Market price for the year April 2011 to March 2012
No.of Total Turnover Spread ClosePage 91 Shares No. of Trades (Rs.) Spread High-Low Open 219472 2200 14826333 28.90 8.10

185967 2060034 581452 762053 1360022 838263 1015212 2242490 504699 854254 1055579 2333 23391 4422 10094 14010 11581 14842 35746 9402 15091 16656 14515857 219627562 57645292 94706536 182713310 116907248 159752888 391762355 86359922 149836397 197307400 25.25 40.70 23.50 43.00 17.90 22.70 26.65 42.10 27.40 35.85 40.05 18.25 7.90 7.75 25.95 7.10 12.90 16.60 9.55 -16.65 23.95 -8.15
Interpretation MPS of the shares for the year 2011-12 ranged between the low price of Rs. 64.90 and a highest price of Rs. 177.40 this indicates that those who invested with issue price of Rs. 690.00 and during the year which price of Rs. 177.40 of which they made a gain of Rs. 121.10 at minimum and a maximum of Rs.156.45 per share during the year. This means that the investors decision to be wise they have made gain this particular year.
Chapter 6
Page 92
SUMMARY OF FINDINGS, CONCLUSION AND SUGGESTIONS

Analysis of Post listing Price Movements Summary This study entitled Post listing price movements was undertaken since it was felt that it is one of the most relevant topic for the study. The study was undertaken after the accessing the problem or problems of issue involved and a statement of problems was prepared. After the statement of problem a detail literature survey was conducted to know the gap and after accessing the gap the study was focused with following objectives. To study the growth of IPO market. To access the performance of IPOs after listing. To study the volatility in the Post listing return of the selected Scripts. Findings The methodology adopted for this study is purely analytical method and the data was collected from secondary data since the study related to financial information which could be got only from secondary data. A period of study is five years which is 2007-08 to 2011-2012 the sampling method comprised both judgment and convent sampling method. After the collection data, after editing and organizing number of tables have been prepared for analysis simple statistical tools like mean standard deviation, co-efficient variation, correlation have been used for analysis. After the analysis interpretations have been done and conclusions have been drawn.
The study reveals the following findings as per Objective. Page 93 1. To study the growth of IPO market.
Analysis of Post listing Price Movements Initial public offering markets has grown significantly over the years, in 2007 the number of companies which issued IPO is 110, in 2008- 60 companies, in 2009- 22 companies, in 2010- 72 companies, in 2011- 46 and 2012 till march 2011 is 12 companies made an IPO. People flock to buy the IPOs of well performed companies. This based on Post listing market prices of companys shares. The investor watch how the prices are moving compared to IPO issue prices of the market prices are lesser that issue price, investor do an prefer those stocks. 2. To access the performance of IPOs after listing. Soon after listing the prices of selected companies have done up and some of the securities have declined of the ten companies 7 companies made good performance after listing. The companies are Indian Bank, MindTree consulting limited, Idea Cellular limited, ICRA limited, Central Bank of India, Maytas Infra limited, and Religare Enterprises limited and the remaining companies are Euro Ceramics limited Mudra Lifestyle limited and Jyothi Laboratories limited. This pricing reveals that 70% of companys current market price to be more than issue price and only in the case of 30% companys current market price are less than the issue price. This leads to conclude that it not very risky to invest in IPO. 3. To study the volatility in the Post listing return of the selected companies. The companies which issued IPO during the period 2007-08 have made moderate to insignificant growth in the Market price. The investor those invested during this period has lost their money because of global recession which affected Indian capital market significantly. Conclusion Majority of the companies which have issued IPO during the period 2007-08 to 2011-2012 indicate that Post listing price movements to be more that issue prices as such this leads to conclude investing in IPO normally good returns to the investor only the requirement is the investor should study and understand. Promoters that background area of specialization after the companies in which they are anticipate Page 94 etc.
Analysis of Post listing Price Movements Suggestions While issuing IPO the companies should clearly indicate internal and external issue involved. Many times it is done for the stake of statutory requirements. It is more than that investor should clearly have is an idea about the companys futures. More detailed information will have advertised. It is not sufficient if it is indicated in red hearing Prospectus.
Bibliography
Books Referred:Page 95
Analysis of Post listing Price Movements 1. Security Analysis and Portfolio Management- Bhat, Sudhindra.- Excel Book House 2. Security Analysis and Portfolio Management- Fisher, Donald Pearson edu. Asia 3. Investment Management - Singh, Preeti. - Himalaya Publishers. 4. Investment Analysis and Portfolio Management- Tata McGrill-Hill 5. Investment Management Security Analysis - Katri, Dinesh kumar - Macmillan Websites: www.bseindia.com, www.moneycontrol.com, www.indianbank.in, www.eurovitrified.com www.mudralifestyle.com, www.mindtree.com, www.ideacellular.com, www.icra.in, www.centralbankofindia.co.in, www.maytasinfra.com, www.religare.com www.jyothylaboratories.com URL: http://www.nber.org/books/mill32-1 http://www.eurojournals.com/finance.htm Journals :Martin Jones Price listing Beware of Buzzing Small IPO Financial Chronicle www.mydigitalfc.com May 2009. Nandan Narula Compliances with listing Agreement www.capitaline.com September 2008. Rajan Shah. CEO Angel Broking Post listing Price movements Business Standard Volume IV February - 2009 Surendra Kumar Analysed Article of post listing pricing Movements www.n2moneymatters.com on 29th December 2010 DURGA RAO Price movements of Shares and Investments Financial Chronicle Tuesday, April 13, 2010 Banking and Financial Services - ICFAI Journal of Applied Finance Capital Market Magazine Financial Markets and Environment -ICFAI University Portfolio Organiser ICFAI University
QUESTIONNARE
Dear sir/madam,
I am a student pursuing final semester M. B. A .from Sims P.G. Center Bangalore university as a part of my curriculum, I have undertaken research on IPO. A study conducted at Bangalore. I would be glad if you spare some time from busy schedule and oblige me with some necessary and required information. The information obtained is used for academic purpose and will be kept confidential.
Personal Profile Name:- ____________________________________________
Age:- ______________________________________ E- mail id:-__________________________________

Sex:Male Female
Marital status:- ____________________________________ General Qualification: PG PUC OTHERS Occupation:Student Professional Businessman UG SSLC
Residential status
Own house Rented house
Annual income
1, 00,000 2, 00,000 2, 00,000- 3, 00,000
Analysis of Post listing Price Movements 4, 00,000- 5, 00,000 5, 00,000 & above Monthly savings less than 10,000 10,000 20,000 20, 000 & ABOVE
1. Are you ready to invest in IPOs?
Yes No
2. Are companies over valuing the IPO?
Yes No
3. Are you allotted share in the IPO
Yes No
4. Does speculative investors cause to Increase the price of IPOs? 5. Does increased price come back to normal?
Yes No Yes No
6. Do prevailing market conditions affect the IPO?
Yes No
7. Do you think small companies issue IPO and Vanish later?
Yes No
8. Do you think global crisis affected IPO market?
Yes
Analysis of Post listing Price Movements No 9. Do you think the affected shares will make a come back? 10. Do you think the volatility of the market will Affect the issuing? 11. Objectives of investment Returns Tax benefits Savings Health Care Yes No Yes No
12. What type of investment do you preferred? Long term short term
13. What is your level of knowledge regarding to IPO market? Excellent Good Average Yes No 15. Which of the dailies do you read for the information IPOs? Business standard Financial express Economic times Business line Poor
14. Are you Demat account holder?
Others ______________________________________________ ______________________________________________
16. Which of the Website do you watch for the information IPOs? a) _____________________________________________________
Analysis of Post listing Price Movements b) _____________________________________________________ c) _____________________________________________________

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Analysis of Post listing Price Movements

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements

By HARSH YADAV Reg. No. 10DKCMA034 Under the guidance of VATSALA

SESHADRIPURAM INSTITUTE OF MANAGEMENT STUDIES

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements

SIGNATURE OF SUPERVISOR Place: Date:

SIGNATURE OF STUDENT Place: Date:

Seshadripuram Institute of Management Studies

(HARSH YADAV) Reg. No. 10DKCMA034

Analysis of Post listing Price Movements

Date: Place: Bangalore

HARSH YADAV Reg. No. 10DKCMA034

Seshadripuram Institute of Management Studies

Seshadripuram Institute of Management Studies

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements Bibliography Questionnaire

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements

Chapter - 1 INDIAN CAPITAL MARKET AN OVERVIEW

Seshadripuram Institute of Management Studies

1.2 Impact of globalization on Indian capital market

Seshadripuram Institute of Management Studies

1.3 Impact of Recession on Indian Capital Market

1.4 Reforms in the Capital Market

1.5 Low market penetration

Seshadripuram Institute of Management Studies

1.6 Trading Pattern of the Indian Stock Market

1.7 National Stock Exchange (NSE)

Seshadripuram Institute of Management Studies

1.8 An issue of perception

1.9 Listing norms- recent information

REVIEW OF LITERATURE & DESIGN OF THE STUDY

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements

2.1.2 IPO MARKET

2.2 REVIEW LITERATURE:

2.3 STATEMENT OF THE PROBLEM

Seshadripuram Institute of Management Studies

2.4 OBJECTIVES OF THE STUDY

2.5 SCOPE & LIMITATIONS

2.7 SOURCES OF DATA

2.8 TECHNIQUE OF DATA COLLECTION

2.9 PLAN OF ANALYSIS

2.10 CHAPTER SCHEME

Chapter - 3 IPO- ISSUES AND PROBLEMS

Seshadripuram Institute of Management Studies

3.1 Problems with Initial public offering

3.2 Initial Public offering

3.3 Procedure for Issuing an IPO

Seshadripuram Institute of Management Studies

3.5 The following are the steps involved in Procedure of IPO

Seshadripuram Institute of Management Studies

Analysis of Post listing Price Movements

Chapter 4 IPO by the Selected Companies

Seshadripuram Institute of Management Studies

Seshadripuram Institute of Management Studies

4.7 Central Bank of India

Seshadripuram Institute of Management Studies