207323 20151010232400 module iii sfm theory notes by ca mayank kothari

8/20/2019 207323 20151010232400 Module III Sfm Theory Notes by CA Mayank Kothari

1/81


2/81

CA FINAL

STRATEGIC FINANCIAL

MANAGEMENT

SFM Theory

CA Mayank KothariBBA, ACA

. . .

1 C 25 111

2 D 21 1221

3 10 22264 D D 12 2734

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6/81

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7/81


8/81

Indian Capital Market

1 P

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9/81

CA Final SFM CA Mayank Kothari

2 P

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10/81

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11/81


4 P

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Q12 A D R (ADR).

A:

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US US .

ADR U.S. U.S. U.S.

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U GDR US

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12/81


5 P

Q14 E M A.A:

M . T

:

1. A M A(AMA)

2. E M A(EMA)

1.

A M A (AMA): A AMA .

, = 1/[ + + ⋯ + ()

2. E M A (EMA): U AMA, 1/

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(EMA) ,

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EMA=CP + P EMA (1)

CP= C C P, =

Q15 S L S.

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13/81


6 P

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I 10,000 , I

10,000 . B L


14/81


7 P

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15/81


16/81


17/81


10 P

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18/81


11 P

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19/81


12 P

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20/81

Derivatives

13 P

.

S N . S

.

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.

S D. U

T .

C T A M CC F N . I

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21/81


14 P

Q5 C, F C CFC.

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22/81

Derivatives

15 P

Q8 M M.A:

F .

A ,

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T .

Q9 E I T .A:

I

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I . T

.

A .

1. S ` 500 ` 20 ` 515

H

= S (M) P S P = 515500 = 15

2. S ` 500 ` 20

` 490

H

= S S P = 500490 = 10

T ( ) .

C T V = O P I V

= 2015

= 5

Q10 I SA:

A

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C

.

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23/81


16 P

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A A

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Q13 E I M & M M.A:

I MB ,

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.

M MT

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E:

Let's assume we have a speculator who has ` 10000 in his trading account. He decides to buy August Crude Oilat ` 40 per barrel. Each Crude Oil futures contract represents 1000 barrels and requires an initial margin of ` 9000and has a maintenance margin level set at ` 6500.

Since his account is ` 10000, which is more than the initial margin requirement, he can therefore open up oneAugust Crude Oil futures position.

O

. D . P C


24/81

Derivatives

17 P

One day later, the price of August Crude Oil drops to ` 38 a barrel. Our speculator has suffered an open positionloss of ` 2000 ( ` 2 x 1000 barrels) and thus his account balance drops to ` 8000.

Although his balance is now lower than the initial margin requirement, he did not get the margin call as it is stillabove the maintenance level of ` 6500.

Unfortunately, on the very next day, the price of August Crude Oil crashed further to ` 35, leading to an additional

` 3000 loss on his open Crude Oil position. With only ` 5000 left in his trading account, which is below themaintenance level of ` 6500, he received a call from his broker asking him to top up his trading account back to

the initial level of ` 9000 in order to maintain his open Crude Oil position.

This means that if the speculator wishes to stay in the position, he will need to deposit an additional ` 4000 intohis trading account.

Otherwise, if he decides to quit the position, the remaining ` 5000 in his account will be available to use for tradingonce again.

Q14 S N P C P TA:

T

.

A P C T

.

W

+ = + W,

S = C

P= P (P)

C= P (P)

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25/81


18 P

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FRA

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() A O: W .

W .

() A .() W .

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T / . T

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D' . E

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.


26/81

Derivatives

19 P

Q18 H ?A:

A O

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C/T

/ . A

.

Q19

I?A:

S

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27/81


20 P

Q20 BS M

A:

1. E O ,

2. N ,

3. S ,

4. S ,5. S ,

6. S ,

7. T O.

Q21 E S

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F , D. 31, 2006, C A C B

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• C A C B 6%

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` 20 .

2. B R S

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L I O (LIBOR) T B

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LIBOR , .

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S ,

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I , . I ,

.

T


28/81

Derivatives

21 P

4. A R S

A ,

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.

I , () ,

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L I O R.

T

. I ,

.

D . T ,

.


29/81

CA Final SFM

22 P

Q1 A:

1.

S P IP

.

2. C

P

.

3. R

P

.

.

4.

C P

5. L

P

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7.

Mayank Kothari

M

R

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5. L

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30/81

Q2 PA:

Q3 F

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lio Management

23 P

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.

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5. A


31/81


24 P

Q4 D S R U R?A:

P S R U R

M R

.

R

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C U C

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B/L ,

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Q4 D?A:

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32/81

Portfolio Management

25 P

Q5 R R?A: R (σ)

. T

.

Q6 C A P M.

A:T C A P M

, ,

.

R=D

.

SML CAPM.

A CAPM

1. C .

2. B .

3.

C (RADR)

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2. H .

Q7 ( S D)

?A:

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Q8

? I , .A:

I , ( )

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.

U , . T,

.

= + ( − )

R = Return on Securit

R = Risk free rate of return

R = Market return

β = beta of the securit

W,

I .

S J


33/81


26 P

T . W

, . T

.

I ,

BSE S. F , 1.3 30 S. S, 0.8 20

(100 80) S. H,

.

Q9 D R TA:

M

.

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, M. G. K,

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( ) ( ).

Q10 D G PA:

T G .

() L P

() R

() C FDI FII .

() E () R

() C S .

W , . B

. L , , ? A . S

. I .


34/81

Dividend Decisions

27 P

Q1 S D PA:

F . R

. D :

() L T F D: . W ,

.

. W ,

. T .

. E . B

.

. P

.

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. A

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.

. S

.

Q2 ?

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T :

1.

L: P . A .

2. R : I

.

3.

S : A

.

"Y , . C ."

J M, A G


35/81


28 P

4. F : I

, .

5. L : L

.

6. S : T

() , () () .

7. S C M:

. F M: L .

. U : C .

8. I: I .

Q3 O D PA:

I

.

B . I

.

S . I

() ()

C :

A.

M:

1. I () ()

2. <

3. M . 4. I

.

5. H 0%

B. M:

1. I () ()

2. = 3. M .

4. I

5. H .

C.

M:

1. I () ()

2. > 3. M .

4. I

5. H 100%

T . O , . T

, . T , . J G H


36/81

Dividend Decisions

29 P

Q4 E H DA:

A

. T

.

T

. I

.

L

ABC L. ` 50 S 100 . N

` 2/

R.48 .

1. T S 100 50 = 5000

2. O 100 48 +200= 5000

3. I S R.2/

2

Market value + Dividend + Sale Proceeds

(100 − 2)48 + 1002 + 482 = 5000

T

.

Q5 E A:

1.

S

.

T

.

W

.

T

.

.. R 20 .

2.

S % .

T

.

B

.

T .

.. 20%

3.

C . F

.

F

. V . I

T .

Z Z


37/81


30 P

.

T

. E

.

. ` 20 5% .

Q6 E A:

() C :

. T

. I , .

. F

.

. T

.

. B . A H,

.

() S D (B ):

. I .

. S

.

. I 100 , 10%

10

( ).

. T .

Q7 L G G MA:

T . I ,

. I :

T , .

• N

.

• T , , .

• T , , .

• T .• T , , , . T, , = ,

.

• T , > .

D , .

J C


38/81

Dividend Decisions

31 P

Q8 L M M HA:

M M H . M M

,

.. . A , U

, ,

, ' ,

.

T :

• T

.

• T . A,

.

• T .

• T .

• R . I

, .

T, = = k .

Q9 R A D PA:

T ..

. A

. T ,

. S,

, .. ,

.

Q10 A M M,

.

P ,

.A:

T M & M

. C

:

() S

.

() T . F , , .

() O , , ,

.

() I , , ..

.

K . S ,

, , . M T


39/81


32 P

Q11 G

MM (MM)

.A:

A MM , ,

.

T MM

.

F

,

.

I ,

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MM

.

O

G

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.. .

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.

Q12 T & A D P

A

A G D,

. F,

. T

:

P = (D + E/3)

,

P = M P

D = D

E = E

= M.

A , . I

, E (D+R)

P = D + (D+R)/3

= (4D/3) + (R/3)

T G D

. N


40/81

Dividend Decisions

33 P

,

.

T P. J E.

. H ,

. R

. I

,

.

W M M P

() D P S.

() R I R R (IRR)

( ).

I IRR > C C, S . T

W :

Market price per share =DPS +

Rate of Return on Investment Cost of Equit Capital

(EPS − DPS)

Cost of Equit Capital

= +

( − )

I ;

.


41/81


34 P


42/81

Foreign Exchange & Risk Management

35 P

&

Q1 O . EA:

F . F

:

• F E

1. T E

• A

(/)

.

• E. C R

.

2. E/O E

• A

.

• E. S . T

3. T E

• A '

• E. R

.

Q2 :

. I R P T

.

P P P TA:

.

I R P TI

. T

.

IRP

+

+ =

W,

R

R = F

= S

W I

.

IRP ()

.

O S

, .


43/81


36 P

.

P P P TP (PPP)

,

( )

' .

PPP

= +

+

W,

iI

i I

F = F

S =S

T P P P

1.

T A : T

. I ` 1000 I $25 U

S ` 40 / US D.

T PPP.T A L O

2. T R : T . I

.

Q3 N, L . A:

) A (I, E, ''):

, V A. T, B A SBI V

SBI

) N A: (I, E, ''): I

. F

I A N Y N

I.

)

L A (I, E, ''): . E:

I S B I, M B A, N Y

US D B B

B A, LORO A,

Q4 E N? N? A

E N

,

.

G . I ,

.


44/81

Foreign Exchange & Risk Management

37 P

T . T

. T

.

A N

• R

.

• R

.

• I

.

• G

.

Q5 L L?A:

L: L ;

I

. O

.

L: L .

I

. O

.

Q6 A O.A:

A . A

,

. T

.

F ,

L . T

L.

Q7 E LIBOR .

A: LIBOR L I B O R.

I

.

I

.

B LIBOR

.

I .

F .


45/81


38 P

Q1E .A:

Z .

I . T .

P P . T :

) I

) D

) S

) S

) S / .

) M

) C

Q2 P C A?

A:

P P M. I

, , (MIS)

.

O P C A C

C ,

.

P B, ,

. N W /

(P D).

R , ,

P C.

F,

.

Q3 ?A:

P . I

. T :

T

.

I .

I .

I

.

I .

S . H

?


46/81

Project Planning

39 P

Q4 A:

P A I C: P A

, , . I

. T .

D , . , , , , ,

. B ,

. T,

. E

. U ,

, .

() I ,

.

() T

. A

.

() A

.

() I

. T

. T

.

() I ,

.

U ,

. I

. E

:

() A ' ,

;

() A 'A R' ()

.

A () :

N A R : 15.0%

E A I : 5.0%

A D R : 15.0 1.05 15.75%

I . T

.

T ,

.


47/81


40 P

Q5 P R?A:

T P R

1. P: T ,

.

2. I A: T

.

3. E A: T

, ,

,

.

4. C P: C , , , , ..

, , , , ,

/ ,

.

5.

I: A ,

, ,

.6. T A: T , , ,

.

7. F A: E , ,

,

, , ,

.

8.

S C B A: E , , ,

.

9. SOT A: L/F ,

, / , /

, B/F I ,

SWOT .

10.

P I S: D , , ,

N

A .

W , , , .


48/81

Capital Budgeting

41 P

Q1 I I

N P (NP) M F I

P?A: F NP M

:

1) T I

. H I T

. D

. T

2) P R:

. R

. R

. R

. R

3) E R:

. F E R

. I

Q2 D N P I R R.A:

B N (NP) I (IRR)

E P

C

R

R

A NPV

IRR

C FNP

IRR

UF NPV

.

B

IRR .

Q3 C E A.A:

CE

.

O C E M,

. T

.

T .

C 0 1.

CE 1 .

L . N . A . G . A

, ,


49/81


42 P

Q4 S A C B?A:

S C B .

I

, , .

I :

) W , R. 50000

R. 80,000?

) A NPV 3

5 ?

S :

) I NPV IRR.

) D .

) A NPV

.

I S A, W IF?

Q5 S C B A.A:

C

.

S

, , .

I () `

,

,

( ).

I , , : C

B , , .

CB A (CBA)

.

T

.

Q6 C R?A:

C R

.

T .

C ( )

( )

.

E

.

W

NPV.

J

.


50/81

Capital Budgeting

43 P

Q7 R A D R.A:

RADR, .

T

) ' ,

) ,

) .

H

= + +

W,

i = risk free rate of interest , n = adjustment for irms normal risk , d = risk premium

= + ( − )

W,K = Cost of equit of the

Q8 D R A D R (RADR) C E

A (CEA).A:

C RADR CEA

S. N. P R C

1 M

D R C F

2 NP F

NPV

NPV

3 RADR

,

W, CE

.

Q9 ? A:

H C R: W

, . T

. E .

S C R: S

, . S

. I .

N . I & . T I . T

. T . B , .


51/81


44 P

Q10 S S A?A:

1. M : T NPV .

2. S .

3. S .

4. D NPV .

5. R (3) & (4) NPV.

6. P NPV.

Q11 M

.

? T

? D.A:

M I R R :(1) T IRR

.

(2) I , IRR

. H,

, ,

.

(3) A . F ,

. T ,

, . A . IRR

, , .

(4) M

. W , . A

, ,

. W , ,

IRR.

Q12 H C

B ?

A:

S ;

.. .

I

, ,

. I

.

A ,

. B ,

.

Y . Y .


52/81

Capital Budgeting

45 P

Q13 R O C B.A:

R . A

. I

; .

T (IRR,NPV .)

, . . T

.

S

(.. ).

S,

. T

.

T

. I

. H R O , ,

DCF .

Q14 T S C B AA:

G & S: /

.

L: S /

, . R

. E . S

.

F E: E . O

. A .

S R D: M

. C

.

S P I: S

. I

.

D . D . K G


53/81


46 P

Q15 D F O R OA:

B F O R OT F

.

A

, .P T

. R

. T

.

E

P

F O

. E.. 3

R O

E.. 15 (L

)

P/

V

A ,

.

A

Q16 C .A:

S CB A I P: T

PSU ,

.

I

. S ,

, ,

. C

. S C B (SCB)

.

SCB

. I UK

, 2

. T

. L

/

.

SCB

, ,

. I

() E ;

() C ;

() V ;

() F .

W , .


54/81

Leasing Decisions

47 P

Q1 C B L.A:

C

. T .

A

. T

. T

,

.

O :

1. T

. T ,

.

2. A ,

.3. I

.

4. L 100% .

Q2 D F O .

O F O ?A:

B F L O L

L C

.

C

.

C F

.

O

.

A T

.

T

.

R T

.

T

.

C ,

, .

I

.

I .

Q3 S L ?A:

L, ',' ,

; ,

.

A ,

, . O

.

A .


55/81


48 P

Q4 S A L?A:

S : W ()

, ,

. L .

Q5 ?A:

A• 100% F

• P • O

• T

• L I L' C T B

• A O R C

• F

D• C

•

S • H

• H

Q6 I R R A A:

U . T ,

[P V A]

.

T

, .

S , , .

I I L

.

Q7 BH A:

T . I

.

T :

1. C (),

. T

( ).

2. W

. T ( ) .

3. I , .

I , .


56/81

Financial Services

49 P

Q1 I B.A: T , , :

U: T . I

, .

M IPO (I P O): T ,

.

I : W ,

.

F : A

. T ,

.

M A: A A

S T: T ( ),

, .

R A: R

, , .

P P: A

.

F R: W

. I , , ,

, .

Q2 D I B C B.

A:

B I B C B

1. F I

( ).

C

.

2. A

I

.

C

.

3. O

I

.

C

.

4. S I I

.

C

.

W , .


57/81


50 P

Q3 C R? ?A:

A ,

T ,

T ,

T ,

T .

B

P ;

P ;

S

A .

Q4 C R A IA:

• CRISIL

• C R I S I L

• FITCH• F R I P L

• ICRA

• I I C R A I L

• CARE

• C A R L

• B• B R I P L

• SMERA

• S M E R A

Q5 E C R P/ H ?A:

1)

R

A . A

.

2) R C

O ,

R . T

. T

.

3) C

T

. I , . I . T R

C . T

.

4) P

I ,

.

T , .


58/81

Financial Services

51 P

5) M

T

.

6) R

B

R W. T . R

.

Q6 C R?A:

F U

A .

H .

P M F

.

F I

R SEBI .

R / .

Q7 S T S?A: T

. T .

Q8 D C C C?A: T

,

.

Q9 E CAMEL C R.A:

CAMEL C, A, M, E L. T CAMEL

; :

) C: C ; F

; .

) A: R / , ,

/ , , ,

. S,

.

)

M: E , , ,,

.

) E: A , , ,

.

) L: E ,

,

.

I , .


59/81


52 P

Q10 E C R P/ H ?A:

C . S

:

C I T

. S ,

. I S C S D

. A

; /

/ . A , .

R C R . T

. D

.

C G I S :

o R .

o R . T

/

.o G .

.

B R R

. I

.

C B A S ,

. . R

,

.

Q11 D? D S?

?A:

D , ,

, , ,

.

T

, .

T 1) NSDL N S D L (1996)

2)CDSL C D S L (1999)

P

. D

. I C

. D

. C M

. C

. S B

. C C

. I

. B

Y . Y

, .


60/81

Financial Services

53 P

A

E , .

O .

A

, .

I

.

R .

E

.

P .

S .

Q12 P D S T?A:

P S T D S T

1) F ,

.

1) N

.

2) O 2) N .

3) P 3) P

4) S C @ 0.5%

4) N

5) F , .

5) S .

6) A 6) N .

Q13 C C D C?

A:. W ,

,

, .

. M ATM

.

. A .

. A .

. S , .

Q14 O S T?A: O

. I

, ,

.

I , , , . Y

, I . T .


61/81

CA Final SFM

54 P

Q15 A:

A:

• T

• I T: T

•

P .• S: S

• N : S

• B ,

• R .

D:• H F: U

• A :

P .

• C D P

• S F: U

Q16 A:

S

P

C

.

O

B

.

CA

?

.

.

.

.

.

I

.

(DP) O

.

, ,

, .

O S T?

F

C

.

T

C

.

Mayank Kothari

.

.

.

I

R

.


62/81

Q17 A:

Q18 DA:

D

1. :

. O

2. : S

.

V),

3.

. T

. T

,

G,

Q19 DA:

U ,

)

T

D S

I

T

D P

S/S

D.

T

C

. I

.

O S T?

S.

. I

. A

.

A

.

T SPV (S

. O,

.

: I SPV

. T

. T

..

.

P.

(, , , G

.

, ,

D

.

(DP).

. S

. O

I C

O .B

.

L K

S

.

Financial Services

55 P

. T

,

P

,

.

, MF

, SEBI

.

A

.


63/81


56 P

Q20 A S.A:

S

. I

. T

/ , , ,

, . .

T . I ,

. F , EMI

(SPV). T

. T

NABARD, IDBI, .

Q1

?A: D . I

/ ,

.

H .

Q2 C B.A:

A .

I, ,

.

W ,

.

T . T

.

Z , .

H, ,

,

.

P 19 20.


64/81

Mutual Funds

57 P

Q1 E B NA M F .A: NAV . SEBI

NAV . T NAV ,

.

I , ,

(NAV) . T NAV

.

NAV M F

. A NAV

.

W N A

P A

M I XXXX

+ R XXX

+O A I XXX

+ O A XXX

A E (XXX)

O P (XXX)

O L (XXX)

N

Q2 M F?A:

A

1. P

2.

D 3. A 4. C

5. R

P 6. L C 7. L 8. T

9.

R 10. F 11. T B


65/81


58 P

D

Q3 E B E T F.

A:

A (ETF) , .

A ETF , , ,

. M ETF , .

ETF , ,

. ETF .

,

.

A ETF :

• B

• B

• O

• D

• M

Q4 D B O E C E F.

A:

PARAMETER OPEN ENDED FUNDS CLOSE ENDED FUNDS

F S F F

L F S

S P A NAV , S /

NAV

A F T

ID T N E

NA D D

P D M M

1. N

G

R

2. F

E

3.

M

R

4. U

P


66/81

Money Market Operations

59 P

Q1 C M/N M ?A:

C ,

. M, .

T 1 14 . T

.

C

G .

I I,

CRR RBI

N D T L (NDTL).

Q2 M M C M?

B M M C M

C T

.

C

.

P I

.

I

.

I M

, ,

3 ,

, 91

C

.

P M M ,

, RBI

G.

C M

,

, ,

Q3 E M M M F.A:

A . M

C P (CP), C D (CD)

T B (TB) . T

. S .

M

. T

, .

G,

. M

.

• T .

• M .

. W , .


67/81


60 P

Q4 I B P C.A:

IB P C

. T P:

I. IB P R S

II. IB P R ST IBP 91 180 . T IBP

90

IBP .

Q5 C B.A:

A .. . A

, . T

.

T, ,

, , . A

; 3 6 .

Q6 ?A:

A ,

. T . T

) B . B

.

) B

.

) A . I

R B .

) T T . T,

.

) A .

Q7 C D.A:

A (CD)

. I

.

H, , CD , .

A (CD) . I

, , . T

CD ,

.

I , . S . V

& .


68/81


61 P

CD () R R B L A

B; () AI F I (FI) RBI

RBI.

M CD R.1 , ..,

R.1 , R. 1 .

T CD 7

, .

T FI CD 1 3

.

M C J 01, 2013: G I C D, RBI/2013

14/104, IDMD.PCD.05/14.01/03/201314

Q8 C P.

A:

?

C P (CP) .

C, (PD) AI F I (FI) CP.

I

.

C

. T

, ,

. F ,

. T

.

Q9 R R?A:

R RBI

.

R R .

I R

.

Q10 R R R?A:

R R RBI . T R

.

A

.

I R R R R R . A

A 2013, 7.25 % 6.25%

R . D

?


69/81


62 P

Q11 C R R (CRR)?A:

D: C R R (CRR)

,

. CRR .

D: T CRR ,

R B I. T . CRR

.

CRR . C

. T

.

Q12 S L R (SLR)?A:

S

. .

H , .

S L R R B I

. I

.

T L ,

.

E 6 ,

. E

, .

SLR

, . T,

(). I I.

Q13 T BA:

T B: T C G,

.

T RBI G I

14 364 .

T .

T

RBI.

B .P F . RBI

.

T .

T . H,

. N,

.

T . M , , . L

, , , , ,

. T .


70/81


63 P

I I, , ,

. A

, .

T

.

Q14 , & & GS.?A:

() I R R:

I R R, . T

.

T . A

.

H,

.

() R R:

T ,

. T

(YTM) .

T YTM

YTM.

T

.

T,

.

() D R:

T

.

L .

T ,

' . T ,

, .

T G . H,

.. .

M

. I C S

.

I , . A

? N .


71/81


64 P

&

Q1 M?A:

A H M . T . T

; ,

.

A M . I

. T

.

C M M&A

. T M&A

. T

. C M

, . T

, . T

.

Q2 F H .A:

F

T

.H

A

' . I , '

. I ,

, ,

.

W "" ""

'

, .

Q3 ?

D ?A:

T

. T .

1. C J D: T

.

T ; .


72/81

Mergers, Acquisitions & Restructuring

65 P

2. P P: T

.

3. P P: H

T C .

4.

G: G

. I

.

5. K: T

. T

. I

.

6. : A . I

,

.

7.

G P: A ( )

. T

.

8. P : T A C

A C .

Q4 T R B R M?A:

"A" . S, ,

/

. T

. A , . A

( )

, .

T

1. T .

2. E

.

3. T

Q5 C S M.A:

C

.

I

1. F .

2. C (, .). I (

).

3. A .

D .


73/81


66 P

Q6 L B O (LBO).A:

A (LBO) ( ,

)

.

I ,

( ) . S

, . T

LBO.

LBO M B (MBO), M B

(MBI), , , ,

.

Q7 M B O (MBO).A:

A (MBO) '

.

M .

T MBO ,

A MBO

1. T

( ).

2. T

( )

.

3. T

.

Q8 F R.A:

F ,

. F

/ . A ,

, , /; ,

, . G

, .

C ? F

/ .

T , / ,

/ .

I , I .


74/81

Mergers, Acquisitions & Restructuring

67 P

Q9 D.A:

D: T I A, 1961. I

/,

. T ,

.

D : R

D

M .

W I A

391 394 C A, ,

.

Q10 E A.A:

E V A (EVA): I

. EVA

: EVA = EBIT T C = N C

C .

W, = P

.

C C = W C .

EVA . I

. T, EVA

. EVA :

() O .

() A

() U .. .

I I, EVA

. S C EVA

A R. I T L. BPL L. .

Q11 E M AA:

S M :

V (AB) >V(A) + V (B).

I

. T .

A . T

.

O S , . T

, ..

, O

, , , .

T ,

.

I , F


75/81


68 P

Q1 E E M T ?

A:

T EMH . A

. H,

.

L M E: T ,

. A FAMA, :

W P

.

S S P

.

S P .

Q2 E E M T.A:

I I

. T

. O :

() L

H . A H S

.

D D ,

, .() I B

I

. B .

J. M. K

.

T L. C. G

.

T

.

() M I

A . N

.

I , .

T .

F , .


76/81

Security Analysis

69 P

Q3 E E E E M T:A:

T E M

T S C T, R T F R T.

()S C T: T ,

. F ,

. P . S

,

. T

. , ,

. S .

() R T: G +

. T

,+, , , , +, +.

A . W

, .T ,

. B , R W

M.

() F R T: I N%

N% . W N% , . I

, .

B ,

.

Q3 E D J T?A:

D J T B , . D J T

C D.

T C D

T , .

1) D F T .

2) S T

3) P T , 4 .

1. P M: T

. O ,

, W

. T . S

,

, , ,

. T B M. W

W , , , , . T

.


77/81


70 P

, . T B M. P B

H T H B, B M L T

L B.

2. S M: T , . N

4 13 . G 33.33% 66.66% . I

.

3. D M: T , . T

. T

. T

.

T 90% 10% . T

.

Q4 E E T T A?A:

T E W T R N E. I D T

, E

. I , E

' , , .

S E A

E W . A 60

. T 40 , .

T 60 .

W , E W

?

F , E

W .

T E W :

I

C

W ; , , .


78/81

Security Analysis

71 P

Q5 M .A:

S :

A S: T

. I ,

, . A

.

B/I A: V

. T :

o L I: T . T

/

.

o R C I: T

.

o L I: T

. T

.

o A .

E M B A: I ,

. GNP

.

Q6 M E AA:

S :

() G R N I R M

() G R I S

() I() M

Q6 M I AA:

() P LC;

() D S G;

() B E;

() G A;

() S C I;

() C C P

() T R.

D ; N .


79/81


72 P

Q6 M .A:

. C & R A: S

. F , .

. T A: T . I .

. D T A: I ,

. T ,

,

.

Q7 E CS:

() B C : I , () ,

.

() L C: I , . T

. T .

T , .

() P F C: P F .

T .

Q8 O L T

S:

T .

I

.

T ,

.

Q9 D B S S S:

1.

B S

()

S .

() S .

() S

A , .


80/81

Security Analysis

73 P

2.

S S

() S

.

() S .

() S

.

I

) S E B I www.sebi.gov.in

) N S E www.nseindia.com

) B S E www.bseindia.com

) M C E I L. www.mcxindia.com

) R B I www.rbi.org.in

Y ; . S

. Y

, , , , . T ,

.


81/81

207323 20151010232400 module iii sfm theory notes by ca mayank kothari

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