FUNDAMENTAL ANALYSIS AND TECHNICAL ANALYSIS OF

AUTOMOBILE SECTOR

1
SECURITIES MARKET

Securities market is a component of the wider financial market where securities can be

bought and sold between subjects of the economy, on the basis of demand and supply.

Securities markets encompasses stock markets, bond markets and derivatives markets

where prices can be determined and participants both professional and non-

professionals can meet.

A securities market is used in an economy to attract new capital, transfer real assets in

financial assets, determine price which will balance demand and supply and provide a

means to invest money both short and long term.

PRIMARY MARKET:

The primary market is that part of the capital markets that deals with the issue of new

securities. Companies, governments or public sector institutions can obtain funding

through the sale of a new stock or bond issue. This is typically done through a

syndicate of securities dealers. The process of selling new issues to investors is called

underwriting. In the case of a new stock issue, this sale is a public offering. Dealers

earn a commission that is built into the price of the security offering, though it can be

found in the prospectus. Primary markets create long term instruments through which

corporate entities borrow from capital market.

2
SECONDARY MARKET:

The secondary market, also known as the aftermarket, is the financial market where

previously issued securities and financial instruments such as stock, bonds, options,

and futures are bought and sold. The term "secondary market" is also used to refer to

the market for any used goods or assets, or an alternative use for an existing product or

asset where the customer base is the second market Stock exchange and over the

counter markets.

With primary issuances of securities or financial instruments, or the primary market,

investors purchase these securities directly from issuers such as corporations issuing

shares in an IPO or private placement, or directly from the federal government in the

case of treasuries. After the initial issuance, investors can purchase from other

investors in the secondary market.

OVER-THE-COUNTER (OTC):

Over-the-counter (OTC) or off-exchange trading is to trade financial instruments such

as stocks, bonds, commodities or derivatives directly between two parties. It is

contrasted with exchange trading, which occurs via facilities constructed for the

purpose of trading (i.e., exchanges), such as futures exchanges or stock exchange.

3
SECURITY ANALYSIS:

Security analysis refers to the analysis of tradable financial instruments. Financial

instruments can be classified into debt securities, equities, or some hybrid of the two,

futures contracts and tradable credit derivatives are sometimes included. Security

analysis is typically divided into fundamental analysis, which relies upon the

examination of fundamental business factors such as financial statements, and

technical analysis, which focuses upon price trends and momentum this way security

analysis will be done.

Two analytical models Fundamental analysis and Technical analysis.

FUNDAMENTAL ANALYSIS:

Fundamental analysis is one of the important techniques, which is used to study the

future behaviour of the stocks. It refers to analyses of present and future earning

capacity of the stocks based on the analysis of economy, industry and company as a

whole thereby to determine the intrinsic values of the stocks. In other words,

fundamental analysis is mainly concerned with the determination of intrinsic value of

the stocks by analyzing the fundamental factors of economy, industry and company.

The intrinsic value of the stocks represents the real worth or economic value, which is

used by the fundamental analysts to identify the under-priced and overpriced securities

in the market. It means, if the intrinsic value of the stock is more than the market
4
value, it considered as under-priced and included in the portfolio. On the other hand, if

the intrinsic value of a stock is less than the market value then it is considered as

overpriced and excluded from the portfolio. Thus, fundamental analysis is mainly

concerned with the determination of intrinsic value of stocks and based on that

intrinsic value investment decisions are taken by the fundamental analysts.

1. If Intrinsic value (IV) > Market price (MP), buy the security

2. If Intrinsic value (IV) < Market price (MP), sell the security

3. If Market price (IV) > Market price (MP), no action.

TECHNICAL ANALYSIS:

It is another important technique, which is used to predict the future performance of

the stocks. It is mainly concerned with the study of historical price movements of the

stocks and on its volume of trade in the market to predict the future trend movements

of the stocks. However, it does not consider any fundamental factors of the company

like earnings, dividends, growth rates etc. It means, technical analysts first predict the

future trend movements of the stocks by using historical data and then take buy

decision if trend movement shows upward direction and sell decision if trend

movement shows downward direction. In other words, technical analysis does not

involve in determination of any intrinsic value of the stocks instead it studies the past

price movements, volume and other chart patterns to predict the future performance of

the stocks. Historical stock prices, volume of trade in the market, Charts, graphs etc.
5
are the important inputs, which are required to perform technical analysis. Charting is

the key activity in technical analysis and in fact there is no technical analysis without

charts. Thus, technical analysis mainly concentrates on the study of historical price

movements and on its volume to identity future trend movements and based on this

trend movements investment decisions are taken by technical analysts.

NEED AND SIGNIFICANCE OF THE STUDY

6
An investor can choose the right underlying for investment, which is risk free. The

Fundamental Analysis and Technical Analysis study included the changes in daily

price movement and buying and selling signals to the selected stocks. This helps the

investor to take right decisions regarding trading in stock futures.

The real test will be to determine company’s financial strength and its ability to repay

debts. No matter how good or bad the management or other factors are, but at the end

of the financial performance matters. Due to huge amount of complications involved

in fundamental analysis, people have a tendency to avoid the stock research. One

mistake which is very prevalent in market is that initially after buying the stock

without conducting any research, people start researching once the price corrects.

Fundamental analysis will helps to know about the share price in market, is it below

the intrinsic value or above the intrinsic value. If above the intrinsic value sell and if

below the intrinsic value buy. Technical Analysis is very much needed to cope with

the moment-change market fluctuations in the expected direction to earn desired

profits.

To acquire knowledge regarding various technical aspects of investing the most liquid

and hard-earned money not only in profitable stocks, but also at the right time and at

the right price. Technical analysis is the method of evaluating securities by analyzing

statistics generated by a market activity, past prices and volume. Technical analysis

7
does not attempt to measure a security intrinsic value, instead they look at stock charts

for patterns and indicates that will determine a stocks future performance.

OBJECTIVES OF THE STUDY

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The main objective of the study is to understanding investment patterns of investor

apart from that the following are the objectives of the study:

 To analyze individual company scripts by considering the factors relating to the

Economy, Industry and the respective company.

 To predict Investor position (Buy, Sell & Hold).

 To know over brought zone and over sell zone of the securities.

METHODOLOGY

The research has been based on secondary data analysis. The study has been

exploratory as it aims at examining the secondary data for analyzing the previous
9
researches that have been done in the area of technical and fundamental analysis of

stocks. The knowledge thus gained from this preliminary study forms the basis for the

further detailed Descriptive research. In the exploratory study, the various technical

indicators that are important for analyzing stock were actually identified and important

ones short listed.

Sources of Data

This section of the project emphasizes on the procedure used to accomplish the

project. For this purpose, some data have been collected basically from two sources:

 Primary Source

 Secondary Source

Primary Source

The data collected from primary sources are raw-data. These are the data that are

collected first-hand and have not had any previous meaningful interpretation. The

primary data will be collected through observation, questionnaire and through well-

tested personal interviews with the investors at the door of number of broking houses.

Secondary Source

Any data used that have been collected earlier for some other purposes are known as

Secondary Data. The secondary data has been collected such from various internet

portals, research articles, reference books and various journals related to the topic.

10
For this research the data collected is from secondary data source:

 https://www.sebi.gov.in

 https://www.nseindia.com

 https://www.bseindia.com

 https://www.angelbroking.com

 https://www.moneycontrol.com

 https://in.finance.yahoo.com

 Trade reports.

LIMITATIONS OF THE STUDY

 The study may act as a magic-pedia for a layman having no basic knowledge

regarding securities market.

 More importance has been given to the subject matter of Technical Analysis only

because of high scope.

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 Due to tight busy schedule of manager less interaction was happened.

FRAMEWORK OF THE STUDY

CHAPTER I

Deals with introduction, need and significance, objectives of the study, methodology,

limitations and framework of the study.

CHAPTER II
12
It all about the industry profile and company profile.

CHAPTER III

Deals with two sections Section A and Section B

Section A deals with conceptual review of the study.

Section B deals with journal and article review.

CHAPTER IV

Deals with data analysis and interpretation by using fundamental analysis and

technical analysis.

CHAPTER V

Includes summary, findings and suggestions.

INDUSTRY PROFILE

STOCK EXCHANGE

Organized and regulated financial market where securities (bonds, notes, shares) are

bought and sold at prices governed by the forces of demand and supply. Stock

13
exchanges basically serve as one, primary markets where corporations, governments,

municipalities, and other incorporated bodies can raise capital by channeling savings

of the investors into productive ventures, and second, secondary markets where

investors can sell their securities to other investors for cash, thus reducing the risk of

investment and maintaining liquidity in the system. Stock exchanges impose stringent

rules, listing requirements, and statutory requirements that are binding on all listed and

trading parties.

INTRODUCTION TO BSE & NSE

BSE (BOMBAY STOCK EXCHANGE)

The Bombay Stock Exchange is known as the oldest exchange in Asia. It traces its

history to the 1850s, when stockbrokers would gather under banyan trees in front of

Mumbai's Town Hall. The location of these meetings changed many times, as the

number of brokers constantly increased. The group eventually moved to Dalal Street

in 1874 and in 1875 became an official organization known as 'The Native Share &

Stock Brokers Association'. In 1956, the BSE became the first stock exchange to be

recognized by the Indian Government under the Securities Contracts Regulation Act.

As the first stock exchange in India, the Bombay Stock Exchange is considered to

have played a very important role in the development of the country's capital

markets. The Bombay Stock Exchange is the largest of 22 exchanges in India, with

over 6,000 listed companies. It is also the fifth largest exchange in the world, with

market capitalization of $466 billion.

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The Bombay Stock Exchange uses the BSE Sensex, an index of 30 large, developed

BSE stocks. This index gives a measure of the overall performance of the Bombay

Stock Exchange, and is closely followed around the world. Based on the Sensex, the

BSE equity market has grown significantly since 1990.

In addition to individual stocks, the BSE also has a market in derivatives, which was

the first to be established in India. Listed derivatives on the exchange include stock

futures and options, index futures and options, and weekly options. The Bombay

Stock Exchange is also actively involved with the development of the retail debt

market. The debt market in India is considered extremely important, as the country

continues to develop and depends on this type of investment for growth. Until

recently, the debt market in India was limited to a wholesale market, with banks and

financial institutions as the only participants.

The Bombay Stock Exchange believes that a retail market will bring great

opportunities to individual investors through better diversification.

Historically an open-cry floor trading exchange, the Bombay Stock Exchange

switched to an electronic trading system in 1995. It took the exchange only fifty

days to make this transition.

NSE (NATIONAL STOCK EXCHANGE)

The National Stock Exchange of India Limited has genesis in the report of the High-

Powered Study Group on Establishment of New Stock Exchanges, which

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recommended promotion of a National Stock Exchange by financial institutions

(FIs) to provide access to investors from all across the country on an equal footing.

Based on the recommendations, NSE was promoted by leading Financial Institutions

at the behest of the Government of India and was incorporated in November 1992 as

a tax-paying company unlike other stock exchanges in the country.

On its recognition as a stock exchange under the Securities Contracts (Regulation)

Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market

(WDM) segment in June 1994. The Capital Market (Equities) segment commenced

operations in November 1994 and operations in Derivatives segment commenced in

June 2000.

NSE Markets

Equity

Derivatives

Debt

Equity Derivatives

Debt Market

NSE Organization Structure

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NIFTY:

The Nifty is relatively a new comer in the Indian market. S&P CNX Nifty is a

50 stock index accounting for 23 sectors of the economy. It is used for purposes such

as benchmarking fund portfolios; index-based derivatives and index funds. The base

period selected for Nifty is the close of prices on November 3, 1995, which marked

the completion of one-year of operations of NSE's capital market segment. The base

value of index was set at 1000. S&P CNX Nifty is owned and managed by India

Index Services and Products Ltd. (IISL), which is a joint venture between NSE and

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CRISIL. IISL is a specialized company focused upon the index as a core product.

IISL have a consulting and licensing agreement with Standard & Poor's (S&P), who

are world leaders in index services.

AUTOMOBILE INDUSTRY

The Indian auto industry became the 4th largest in the world with sales increasing

9.5 per cent year-on-year to 4.02 million units (excluding two wheelers) in 2017. It

was the 7th largest manufacturer of commercial vehicles in 2018.

The Two Wheelers segment dominates the market in terms of volume owing to a

growing middle class and a young population. Moreover, the growing interest of the

companies in exploring the rural markets further aided the growth of the sector.

India is also a prominent auto exporter and has strong export growth expectations for

the near future. Automobile exports grew 14.5 per cent during FY 2019. It is

expected to grow at a CAGR of 3.05 per cent during 2016-2026. In addition, several

initiatives by the Government of India and the major automobile players in the

Indian market are expected to make India a leader in the two-wheeler and four

wheeler market in the world by 2020.

AUTOMOBILE INDUSTRY AN OVERVIEW

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In India, as in many other countries, the auto industry is one of the largest industries.

It is one of the key sectors of the economy. The industry comprises of automobile

and the auto components sectors and encompasses commercial vehicles, multi utility

vehicles, passenger cars, two-wheelers, three-wheelers, tractors and related auto

components. The industry has shown great advances since deli censing and opening

up of the sector to foreign direct investment (FDI) in 1993. It has deep forward and

backward linkages with the rest of the economy, and hence, has a strong multiplier

effect. This results in the auto industry being the driver of economic growth and

India is keen to use it as a lever of accelerated growth in the country.

Since the first car rolled out on the streets of Mumbai (then Bombay) in 1898, the

Automobile Industry of India has come a long way. During its early stages the auto

industry was overlooked by the then Government and the policies were also not

favorable. The liberalization policy and various tax reliefs by the Govt. of India in

recent years have made remarkable impacts on Indian Automobile Industry, which is

currently growing at the pace of around 25% per annum, has become a hot

destination for global auto players like Volvo, General Motors, Ford, Hyundai, Tata

motors and other big players who are emerging slowly.

Today Indian automotive industry is fully capable of producing various kinds of

vehicles and can be divided into 03 broad categories: Cars, two-wheelers and heavy

vehicles. A well developed transportation system plays a key role in the

development of an economy, and India is no exception to it. With the growth of

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transportation system the Automotive Industry of India is also growing at rapid

speed, occupying an important place on the ‘canvas’ of Indian economy.

During the early stages of its development, Indian automobile industry heavily

depended on foreign technologies. However, over the years, the manufacturers in

India have started using their own technology evolved in the native soil. The thriving

market place in the country has attracted a number of automobile manufacturers

including some of the reputed global leaders to set their foot in the soil looking

forward to enhance their profile and prospects to new heights.

At present about 75 percent of India’s automobile industry is made up by small cars,

with the figures ranking the nation on top of any other country on the globe. Over

the next two or three years, the country is expecting the arrival of more than a dozen

new brands making compact car models. The automobile sector of India is the

seventh largest in the world. In the year, the country manufacturers about 2.6 million

cars making up an identifiable chunk in the world’s annual production of about 73

million cars in a year.

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SWOT OF AUTOMOBILE SECTOR:

21
Market Size

Overall domestic automobiles sales increased at 6.71 per cent CAGR between FY13-

19 with 26.27 million vehicles getting sold in FY19 .Domestic automobile production

increased at 6.96 per cent CAGR between FY13-19 with 30.92 million vehicles

manufactured in the country in FY19

In FY19, year-on-year growth in domestic sales among all the categories was recorded

in commercial vehicles at 17.55 per cent followed by 10.27 per cent year-on-year

growth in the sales of three-wheelers.

Premium motorbike sales in India crossed one million units in FY18. During January-

September 2018, BMW registered a growth of 11 per cent year-on-year in its sales in

India at 7,915 units. Mercedes Benz ranked first in sales satisfaction in the luxury

vehicles segment according to J D Power 2018 India sales satisfaction index (luxury).

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Sales of electric two-wheelers are estimated to have crossed 55,000 vehicles in 2017-

18.

Government Initiatives:

The Government of India encourages foreign investment in the automobile sector and

allows 100 per cent FDI under the automatic route.

Some of the recent initiatives taken by the Government of India are -

 The government aims to develop India as a global manufacturing centre and an

R&D hub.

 Under NATRiP, the Government of India is planning to set up R&D centres at a

total cost of US$ 388.5 million to enable the industry to be on par with global

standards

 The Ministry of Heavy Industries, Government of India has shortlisted 11 cities

in the country for introduction of electric vehicles (EVs) in their public transport

systems under the FAME (Faster Adoption and Manufacturing of (Hybrid) and

Electric Vehicles in India) scheme. The government will also set up incubation

center for start-ups working in electric vehicles space.

 In February 2019, the Government of India approved the FAME-II scheme with

a fund requirement of Rs 10,000 corer (US$ 1.39 billion) for FY20-22.

GLOBAL SCENARIO OF INDIAN AUTOMOBILE INDUSTRY

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The industry being highly capital intensive, has entry barriers for smaller players.

Even the existing global auto majors themselves are realigning their production

bases coming closer to the scene of action in Asia – Pacific region, mainly in China,

India and Thailand. Besides the above, the constant pressure for cost reduction on

OEMs is compelling them to outsource more and more components from low cost

countries. The changing scenario has opened up opportunities for Indian automobile

industry. India, with huge domestic market, rapidly growing purchasing power, and

market linked exchange rate and well established financial market and stable

corporate governance framework is emerging as an attractive destination for new

investments in this sector. The rapid improvement in infrastructure including road,

port, power and world class facilities for testing, certification and homologation

coupled with availability of manpower and enabling government policies to promote

fair competition and make Indian automotive industry mor competitive in world

besides making the country a favorable destination for investment by global majors

in auto industry.

After liberalization of Indian economy in general and automobile industry in

particular, considerable number of Multinational Companies are operating in India

either as wholly owned subsidiaries or in collaboration with their Indian partners.

This automotive sector has taken benefit of liberalization of Indian economy to a

large extent and made available various international brands in India for Indian

consumers. Firms like Hyundai are supplying manufactures cars in the international

24
market using its manufacturing facility in India in a big way. These firms are using

locally available efficient and cost competitive huge pool of human resource in

India.

Hyundai Motor India Limited (HMIL)

Hyundai Motor India Limited is a wholly owned subsidiary of world’s fifth largest

automobile company, Hyundai Motor Company, South Korea, and is the largest

passenger car exporter. It presently markets 49 variants of passenger cars across

segments. Hyundai Motor currently exports cars to more than 110 countries across

European Union, Africa, Middle East, Latin America and Asia. It has been the

number one exporter of passenger car of the country for the sixth year in a row. In a

little over a decade since Hyundai has been present in India, it has become the

leading exporter of passenger cars with a market share of 66% of the total exports of

passenger cars from

India, making it a significant contributor to the Indian automobile industry.

Tata Motors Limited (TML)

It is India's largest automobile company. Established in 1945, Tata Motors' presence

indeed cuts across the length and breadth of India. Over 6.5 million Tata vehicles ply

on Indian roads, since the first rolled out in 1954. The company's manufacturing

base in India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra),

Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand (Gujarat) and Dharwad

25
(Karnataka). It is the leader in commercial vehicles in each segment, and in

passenger vehicles with winning products in the compact, midsize car and utility

vehicle segments. The company's over 25,000 employees are guided by the vision to

be ''best in the manner in which we operate, best in the products we deliver, and best

in our value system and

ethics.'' Tata Motors has operations in the UK, South Korea, Thailand, Spain and

South Africa. Among them is Jaguar Land Rover, a business comprising the two

iconic British brands that was acquired in 2008.

Maruti Suzuki India Limited (MSIL)

MSIL, (formerly known as Maruti Udyog Limited) Maruti Suzuki India Limited, a

subsidiary of Suzuki Motor Corporation of Japan, is India's largest passenger car

company, accounting for over 45% of the domestic car market. The company offers

a complete range of cars. Since inception in 1983, Maruti Suzuki India has produced

and sold over 7.5 million vehicles in India and exported over 500,000 units to

Europe and other countries. . MSIL has been the leader of the Indian car market for

over two and a half decades. The company has two manufacturing facilities located

at Gurgaon and Manesar, south of New Delhi, India. Both the facilities have a

combined capability to produce over 1.2 million (1,200,000) vehicles annually.

26
 COMPANY PROFILE

Philosophy of the Company

Angel Broking ltd. already has a presence in India through company Law,

incorporated on December, 1997. It offers world-class financial planning and a wide

range of wealth management products to mass affluent and affluent customer

27
segments. Angel Broking limited provides a complete range of financial products

and services that include equity Broking (internet based online trading as well as

offline trading), financial planning, insurance, investment products, equity research,

demat account and more.

Angel Broking Limited is one of the leading and professionally managed stock

Broking firm involved in quality services and research. Angel Broking Limited is a

corporate member of The Stock Exchange, Mumbai.

The membership of the company with The Stock Exchange Mumbai was originally

in the name of Mukesh R. Gandhi, which was eventually turned into a corporate

membership in the name of Angel Broking Limited.

Angel Broking Limited is managed by Mr. Dinesh Thakkar and he is well supported

by Mr. Mukesh Gandhi, a fifteen years veteran in the market.The group is well

supported by a professional and qualified research team and efficient operations and

back office team, which comprises of highly dedicated and qualified individuals.

Angel has an in-house, state of art research department.

Angel believes in reaching out to the customer at the farthest end rather than by

reaching out to them. The company in its endeavor to give its client the best has

opened up several branches all over Mumbai, which are efficiently integrated with

the Head Office.Angel Broking Limited is primarily into retail stock broking, with a

customer base of retail investors, which has been increasing at a compounded

growth rate of 100% every year. The company has huge network sub-brokers in

28
Mumbai and other places outside Mumbai, registered with SEBI, who act as Chanel

partners for the company. The company presently has total staff strength of around

150 employees who are spread accordingly across the head office and all the

branches.

Angel has empowered its physical presence throughout India through various

strategies which it has been adopting efficiently and effectively over a period of

time, like opening up of branches at various places, tie-ups with various agencies

and sales agents, buy-outs of smaller regional outfits and appointment of sub-brokers

and franchisees. Moreover Angel has been tapping and including high net-worth and

self-employed individuals it its vast array of clients.

Angel has always strived in the direction of delivering ultimate client satisfaction

and developing stronger bonds with its customers and chose partners. Angel has a

vision to introduce new and innovative products and services regularly. Moreover

Angel has been one among the pioneers to introduce the latest technological

innovations and integrate it efficiently within its business.

MISSION:

To create long term value by empowering individual investors through superior

financial services supported by culture based on highest level of teamwork,

efficiency and integrity.

29
VISION:

To provide best value for money to investors through innovative products.

Trading/Investments Strategies, State of the art technology and personalized service.

Angel’s presence :-

Nation- wide network of 21 regional hubs

Presence 124 cities
6800 + sub brokers & business associates
5.9 lakh + clients.

Management

S.No Name Designation & Department

Mr. Dinesh Founder Chairman & Managing

1.
Thakkar Director

2. Mr. LalitThakkar Director – Research

3. Mr. Executive Director – Strategy and

30
 AmitMajumdar Finance

4. Mr. Rajiv Phadke Executive Director – HR & Corp

Mr.
5. Executive Director – Equity Broking
VinayAgrawal

Mr. Nikhil Executive Director - Sales and

6.
Daxini Marketing

Mr. Executive Director - Distribution &

7
HitungshuDebnath Wealth Management

8. Mr. Mudit Executive Director – Operations

Type of Public company

company

31
 Industry Financial services

Headquarters Mumbai, India

Key people Dinesh Thakkar (Chairman &

Managing Director)

Services Stockbroker

Equity trading

Commodities

Portfolio Management

Services

Mutual funds

Life insurance

Health insurance

IPO

Depository Services

Investment Advisory

Subsidiaries Angel Commodities

Angel Fin cap Pvt. Ltd.

Angel Financial

Advisors Pvt. Ltd.

Angel Securities Ltd.

Website www.angelbroking.com

ANGEL BROKING ORGANIZATION STRUCTURE

32
MILESTONES

May 2009

Awarded with 'Broking House with Largest Distribution Network' and 'Best

Retail Broking House' at Dun & Bred street Equity Broking Awards 2009

August, 2008

Crossed 500000 trading accounts

November, 2007

Major Volume Driver’ for 2007

March, 2007

Crossed 200000 trading accounts

December, 2006

33
Created 2500 business associates

October, 2006

‘Major Volume Driver’ award for 2006

September, 2006

Launched Mutual Fund and IPO business

July, 2006

Launched the PMS function

March, 2006

Crossed 100000 trading accounts

October, 2005

‘Major Volume Driver’ award for 2005

September, 2004

Launched Online Trading Platform

April, 2004

Initiated Commodities Broking division

April, 2003

First published research report

November, 2002

Angel’s first investor seminar

March, 2002

Developed web-enabled back office software

November, 1998

34
 Angel Capital and Debt Market Ltd. Incorporated.

AWARDS:

 2009 - 'Broking House with Largest Distribution Network' Award and 'Best

Retail broking.

 2012 - BSE IPF-D&B Equity Broking Award for ‘Best Retail Broking House’

 2012-13 - Among BSE Top 10

 Performers in Equity Segment(Retail Trading) FY2012-13

 2013 - BSE-IPF D&B Equity Broking Award for ‘Broking House with

Largest Distribution network.

35
 2013 - BSE-IPF D&B Equity Broking Award for 'Best Retail Equity Broking

House'

 2013-14 - Awarded ‘Top Three Clients Traded Members in Equity ’by the

BSE

 2014 - BSE-IPF D&B Equity Broking Award for ‘Broking House with

Largest Distribution network.

 2014 - Global Marketing Excellence Award for 'Best Mobile trading

application'

 2017 - MCX Commodity broker of the year award.

BOARD OF DIRECTOR

Mr. Dinesh Thakkar Founder Chairman & Managing Director. The Angel Group of

Companies was brought to life by Mr. Dinesh Thakkar. He ventured into stock

36
trading with an intention to raise capital for his own independent enterprise.

However, he recognized the opportunity offered by the stock market to serve

individual investors. Thus, India’s first retail-focused stock-broking house was

established in 1987. Under his leadership, Angel became the first broking house to

embrace new technology for faster, more effective and affordable services to retail

investors.

Mr. Thakkar is valued for his understanding of the economy and the stock-market.

The print and electronic media often seek his views on the market trend as well as

investment strategies.

Mr. LalitThakkar Director – Research

Mr. LalitThakkar is the motivating force behind Angel’s highly acclaimed Research

team. He’s been a part of the senior management team since the Angel Group’s

inception. His technical and fundamental outlook has provided impetus to Angel’s

market research team. Research-based & personalized advisory services are Angel’s

forte, and Mr. LalitThakkar has undoubtedly been the brain behind it.

When it comes to analyzing the market, Mr. LalitThakkar is truly a genius. His

hands-on experience and fundamental knowledge of the market can predict the

market trend early. His views on the market trend are often quoted in the print and

electronic media.

37
Mr. AmitMajumdar Chief Strategy Officer

A chartered Accountant by qualification, Mr. AmitMajumdar is a key member of

Angel’s strategic decision-making process. He has been with the group since August

2004. He has handled several functions of the group like finance and operations, to

name a few. He has rich experience in finance, investment banking, treasury,

consultancy and advisory services. Mr. Majumdar has led many successful

initiatives for the group. Before joining the Angel Group, Mr. Majumdar has been

associated with Rabo India Finance, Ambit Corporate Finance and Ernst & Young.

Mr. Rajiv Phadke Executive Director – HR & Corp. communications

Mr. Rajiv Phadke has actively contributed to the Group’s growth over the last four

years. Holding a major in Finance, Mr. Rajiv Phadke is a strategic thinker with

expertise in the field of corporate planning, international marketing, financial

servmedia brand-building, HRD and quality management.

With over 32 years of experience, Mr. Phadke has successfully led SBUs and

financial companies from concept to commissioning. His career horizon spans

MotilalOswal Securities, Times Guaranty Financials, Nagarjuna Securities and Tata

Exports Ltd. He is also a well-known speaker in the HR and business development

circuit and his views are featured on various electronic media as well.

Mr. VinayAgrawal Executive Director – Equity Broking

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Mr. VinayAgrawal leads the Equity Broking business at Angel, which comprises

Business Development, Operations, Product Development and E-broking initiative.

He is actively involved in exploring new ways to adopt technology for business

enhancement.

A Chartered Accountant by qualification, Mr. Agrawal began his career with the

Angel Group as Finance and Operations Consultant, and since then he’s quickly

climbed up the corporate ladder.

Mr. Nikhil Daxini Executive Director - Sales and Marketing

With an MBA in finance, Mr. Nikhil Daxini has been instrumental in introducing the

concept of professional marketing of broking services at Angel. His area of focus is

Business Development, Risk Management and Operations.

Mr. Daxini has immense experience in the marketing of financial products and

services. He has been associated with HDFC Bank Ltd. in the past.Mr.

HitungshuDebnath Executive Director - Distribution & Wealth Management.

A marketing professional and a British Chevening scholar from the London School

of Economics, Mr. HitungshuDebnath leads the Distribution and Wealth

Management business at the Angel Group. It includes the distribution of Insurance,

mutual funds, IPOs, personal loans and other wealth management products.

Mr. Debnath has over 18 years of industry experience. He has been associated with

39
Times Guaranty Financial Ltd., Fortress Financial Services Ltd., Alliance Capital

Asset Management and HDFC Asset Management Ltd. in the past.

Mr. MuditKulshreshtha Executive Director - Business Intelligence & Analytics

Mr. MuditKulshreshtha heads the advance analytics and strategic business

intelligence division at Angel. With a Bachelor’s degree in Engineering and PhD in

Economics, Mr. MuditKulshreshtha has more than 12 year’s experience in the field

of strategy and business consulting.He has been associated with reputed consulting

firms like Deloitte Consulting India, Ernst and Young, Arthur Andersen and WNS

Global. He has advised several big clients in the U.S. and U.K. He is also a known

speaker at public seminars and conferences organized by CII, NASSCOM, Indian

School of Business and IIT.

Mr. SantanuSyam Executive Director - Operations

Mr. Syam brings with him over 18 years of experience in the field of Transaction

Banking, Wholesale Banking, Treasury Banking, Consumer Banking and CBS. He

started his career with ANZ Grind lays Bank and he was also associated with

Standard Chartered Bank in India as Director Transactional Banking.

Mr. Syam followed up his Engineering degree with an MBA. He has also attended

Banking & Technology seminars organized by SCB Singapore, BSE India & Euro

Finance.

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Mr. Ketan Shah Associate Director - Information Technology

IT is a strategic function at Angel. And Mr. Ketan Shah is involved in the designing

of Angel’s IT policies and Strategies. Mr. Shah leads all IT-related activities from

planning and budgeting to implementation and maintenance.

Mr. Shah has over 18 years of industry experience. He has been involved in various

aspects of Business Operations in his previous assignments.

Ms. Pinky Kothari Associate Director - Sales And Marketing

Ms. Pinky Kothari is responsible for development and expansion of the Angel

Group’s business in Southern India. She started her career at Angel as Business

Development Executive. She was then appointed the head of Surat Branch and the

South Gujarat region, before assuming the role of Associate Director.

A qualified Company Secretary and an MBA in Finance, Ms. Kothari has vast

experience in business development in the financial services industry.

Mr. Naveen Mathur Associate Director – Commodities Business

A CFA of 1997, Mr. Mathur holds a Post-Graduation degree in Financial

Management and Business Finance. He brings with him over 14 years of experience

in the financial markets. He had been associated with Religare Commodities, Karvy

Consultants and with BLB Ltd in the past. He has been involved in several

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management activities, treasury operations, corporate and strategic planning, and

research activities in Futures and Options markets in his past assignments.

SWOT ANALYSIS: -

Strength: -

Co-operative and Experienced Branch Managers

Good Database

Reliance Brand

Low pricing

Weakness: -

Inexperienced Staff

Low awareness due to lack of advertisement.

Lack of loyal clientage

Developing product.

Opportunity: -

Untapped Market

Increased spending power

Changing Mindset of Customers

Unpredictable Sensex

Threat: -

Reach

Stiff competition from existing players in the market.

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SERVICES:

The company financial services Their services include online stock broking,

depository services, commodity tradingand investment advisory services.

Wealthmanagement solutions such as personal loans and insuranceare also delivered

by this company. In 2006, the company started its Portfolio Management

Services(PMS) ,IPO’s business and Mutual Funds Distribution (MFD) arm. The

company publishes research reports on areas related to investment broking.

Angel Broking Products & Services

Angel Broking Pvt Ltd: Angel Broking ltd is engaged in providing trading facility in

equity cash, derivatives (NSE, BSE), currency futures (NSE and MCX), portfolio

management services and distribution of third-party products like Life Insurance,

Mutual funds & Personal Loans.

Angel Commodities Broking Pvt Ltd: Angel Broking Commodity Limited is a

member of both the commodity exchange MCX & NCDEX and allows trading in all

the commodities. At present, trading in commodities is restricted to futures contracts

only.

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Key services by Angel Broking are:

Angel Broking Equity Trading: Angel broking is registered member of NSE and

BSE, you can trade in Equity Cash and Equity Derivatives with angel using online

or offline (branch / sub brokers) network. Angel Broking equity research team is

there for you to give daily research report, weekly research report, latest market

updates and news and intraday stock tips.

Angel Broking Commodity Trading: Angel broking is registered member of MCX &

NCDEX, trade in Commodity future with angel using online or offline (branch / sub

brokers) network. Angel Broking commodity research team also provides daily

commodity research report, weekly commodity research report, commodity news

and more.

Angel Broking Portfolio Management Service (PMS)

Angel Fin Cap: Providing service like Loan Against Shares, IPO Funding and more.

Angel Broking Mutual Fund service:

With Angel Broking you can invest in major mutual funds. Angel Broking Mutual

fund service helps you to diversify your portfolio. Angel Broking Mutual Fund

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research service is available for you for free of cost. Angel providing SIP Calculator

and Return Calculator.

Angel Broking depository services:

Angel broking is registered as a Depository Participant with CDSL. You can avail

Demat service with Angel to get fast and paper less transaction.

Angel Broking Intraday trading calls:

Avail intraday trading tips by advisory service to get most of your investment. With

angel Broking intraday trading tips, you can buy and sell stocks on same day without

waiting for delivery call and wait for T+2 days.

Angel Broking Investment Advisory:

With Advisory Desk key task is to help client understand their risk profile and define

investment goals realistically. This desk give you guide line what to buy / sell and

when to buy / sell. Advisory desk help client to restructure their portfolio based on

sound research.

Angel Broking ARQ Advisory Service.

Angel Broking NRI Service:

Angel Broking offers a range of products and services catering to the needs of NRIs.

The services are:

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NRI service desk for personalized assistance.

NRI Investment Advisory desk.

Online equity trading platform.

Assistance for opening hassle free NRE/NRO/PIS A/C with multiple tie up bank

with ANGEL BROKING LTD.

Investment in IPOs and Mutual Fund.

Auto reporting to Regulatory & auto funds/shares payout-paying.

PMS Service for NRI Customers.

PAN Card Service for NRI Customers.

Angel Broking has tie up with AXIS, INDUSIND, IDBI, Yes bank for

NRE/NRO/PIS

Angel Broking Life Insurance Service: With Angel Broking you can avail life

insurance products like Term Plans, Endowment Plans, Money back Plans, Children

Life Insurance Plans and ULIP Plans to meet your individual insurance

requirements.

Angel Broking Fundamental Research Services:

Sunday Weekly Report

The Industry Watch Report

Stock Analysis Report

Flash News

Angel Broking Technical Research Services

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Nifty Tracker

Online Charts

Intraday Calls

Position Calls

Derivative Strategies and Futures Calls.

COMPETITORS:

Sharekhan is one of Angel Broking's top rivals. Sharekhan is a Private company that

was founded in 2000 in Coimbatore, Tamil Nadu. Sharekhan competes in the

Application Software industry. Compared to Angel Broking, Sharekhan has 625

more employees.

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MotilalOswal is seen as one of Angel Broking's biggest rivals. MotilalOswal was

founded in 1987 in Mumbai, Maharashtra. Like Angel Broking, MotilalOswal also

works within the Diversified Financial Services field. MotilalOswal generates

$944.7M less revenue than Angel Broking.

IIFL is one of Angel Broking's top competitors. IIFL was founded in 1995, and its

headquarters is in Mumbai, Maharashtra. Like Angel Broking, IIFL also operates in

the Diversified Financial Services sector. IIFL has 10,125 more employees than

Angel Broking.

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