ISSN No. 0974 -035X An Indexed ... - Gujarat University

FEB, 2018. VOL.10. SPECIAL ISSUE FOR ICGS-2018 www.ascgujarat.org Page | 185

FUNDAMENTAL ANALYSIS OF STOCKS LISTED IN BSE WITH

REFERENCE TO PHARMACEUTICAL INDUSTRY

Ms. Kirtee D. Khubchandanee

&

Prof. Riddhi Sanghvi

Abstract 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. The

Indian pharmaceutical industry was estimated to grow at 20 per cent compound annual

growth rate (CAGR) over the coming five years, as per Fitch Group Company. BSE Health

care sector exceeding daily trade volume of 2 lakhs such as Cipla, Ranbaxy, Aurobindo,

Vedanta, Sunpharma and Cadila. To find stocks that are giving returns in short term and to

interpret the results of ratios prepared using the applied tools. Fundamental analysis of the

secondary data collected from company website and BSE website. Cadila, Sunpharma and

Cipla emerged with strong fundamentals with Management efficiency, cash conversion cycle,

profitability and optimal capital structure which were indicated by their financial ratios

analysis. The research design followed is Descriptive and analytical in nature. The study

covers analysis of particular stocks’ trends for a period of 5 years from 01/04/ 2013 to

31/03/2018.These companies were good options for long term investment prospect. Cadila

and Cipla emerge with most buying signal with investor psychology; mathematical functions;

financial statement and ratio analysis. The goal of this paper is to show that investors can

create a stronger value portfolio by using simple historical financial performance.

Keywords: Fundamental analysis, Financial Statements, Return on assets, Book to market

ratio.

Introduction to Securities Market & Pharmaceutical Industry 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 market encompasses equity markets, bond markets and derivatives markets where

prices can be determined and participants both professional and non-professional can meet.

ISSN No. 0974-035X

An Indexed, Refereed & Peer Reviewed Journal of Higher Education

Towards Excellence UGC-HUMAN RESOURCE DEVELOPMENT CENTRE,

GUJARAT UNIVERSITY, AHMEDABAD, INDIA

http://www.ascgujarat.org/

Towards Excellence: An Indexed, Refereed & Peer Reviewed Journal of Higher Education /

Ms. Kirtee D. Khubchandanee & Prof. Riddhi Sanghvi / Page 185-196


Figure 1: Functional and Institutional Classification of Financial Markets

Source: https://www.ibef.org/industry/pharmaceutical-india.aspx

Securities markets can be again split into two levels as shown below:

Primary/New issue market is the place where new securities are issued and secondary

markets are the exchanges where existing securities can be bought and sold. Secondary

markets can further be split into organized exchanges, such stock exchanges and over-the-

counter where individual parties come together and buy or sell securities directly.

➢ Overview of Stock Market

Generally, Stock market indicates the performance of market’s economy and it attracts

millions of investors’ attention. The most important characteristic of stock market is high risk

and high return. In India, the Bombay Stock Exchange (BSE), National Stock Exchange

(NSE), Multi Commodity Exchange (MCX) and National Commodity and Derivatives

Exchange (NCDEX) are the major stock exchanges.

➢ Methods of Analyzing Securities

Technical analysis and fundamental analysis are the two main schools of thought to make

investment decision in the financial markets.

Fundamental analysis, on the other hand, looks at economic factors, known as

fundamentals.Fundamental analysis examines economic environment, industry efficiency and

company performance before making an investment decisions.

Technical analysis looks at the price movement of a security and uses this data to predict its

future price movements. Technical analysis is a method of evaluating securities by analyzing

the statistics generated by market activity, such as past prices and volume. Analyst use charts

and other tools to identify patterns that can suggest future activity. The main aim of technical

analysis is to decide when to enter and when to exit in the security. The field of technical

analysis is based on three assumptions:

1. The Market discounts everything

2. Price moves in Trends

3. History tends to repeat itself





➢ The Market discounts everything

A major criticism of technical analysis is that only considers price movement, ignoring

the fundamental factors of the company. However, at any given time, a stock’s price

reflects everything that has or could affect the company including Fundamental Factors. It

believes that the company’s fundamentals, along with broader economic factors and

market psychology are all priced into the stock. This mechanism shows only the analysis

of price movement, as product of the supply and demand for a particular stock in the

market.

➢ Price moves in Trends

In technical analysis, price movements are believed to follow trends. This means that after a

trend has been established, the future price movements is more likely to be in the same

direction as the trend than to be against it. Mostly, trading strategies are based on this

assumption.

➢ History tends to repeat itself

Another important idea in technical analysis is that history tends to repeat itself, mainly in

terms of price movement. The repetitive nature of price movements is attributed to market

psychology; technical analysis uses chart patterns to analyze market movements and

understand trends. Many of these charts have been used since from more than100 years. They

are still to be relevant because they illustrate patterns in price movements that often.

Overview of Pharmaceutical Sector The pharmaceutical industry discovers, develops, produces and markets drugs of

pharmaceutical drugs for use as medications. Pharmaceutical may deal in generic or brand

medications and medical devices. The Indian pharmaceuticals market gained third largest

share in terms of volume and thirteen largest in terms of value, as per a pharmaceuticals

sector analysis report by equity master.

The Indian Pharma industry, which is expected to grow over 15% per annum between 2015

and 2020, will outperform the global Pharma industry, which is grow at an annual rate of 5%

between the same period. Private equity and venture capital investments in the

pharmaceutical sector have grown at 38% year-on-year between January-June 2017, due to

major deals in this sector.

The pharmaceutical industry is estimated to grow 20% compound annual growth rate

(CAGR) over the next five years. India is now among the top five pharmaceutical emerging

markets.

There will be new drug launchers, new drug filings and phase II Clinic trials throughout the

year. Sunpharma, Cipla, Lupin, Auropharma and Cadila are specifically chosen because of

their daily trade volume and Highest Market Cap.

These shares have volume of above 2 lakhs. These companies are able to make a portfolio

which is appropriate mix of Indian and global companies with strong fundamentals.

Objectives of Study • To analyze investment risk for Pharmaceutical Companies in India.





• To find stocks that is giving returns in short term.

• To interpret the results of ratios and charts prepared using the applied tools.

• To know the high and lower risk by using fundamental analysis of performance

measure tool and ROI on select companies.

Literature Review Hemal Pandya (2013), in this paper, technical analysis of securities of the selected companies

from IT sector is carried out which is one of the leading and fastest growing sectors of Indian

economy. Secondary Data of the last two years is collected offive leading IT companies:

HCL, Infosys, MPHASIS, Wipro and TCS are taken for the study. Line chart, column chart,

candlestick chart, exponential moving average (EMA), Moving average convergence

divergence (MACD), Relative strength index (RSI) and Rate of change (ROC) are the tools

and techniques used in the study. The analysis tells that the future trend would be known by

technical indicator. And the investment in these IT companies will be benefitted for the

investors.

S. Umaprabha, M. Malavika (2014),the paper studies that the Indian pharmaceutical sector

will be the sixth largest in the world by 2020.The aim of this paper is to make technical

analysis of selected stocks of pharmaceutical sector and interpret whether to buy or sell them

and which stocks give higher return. The major tools and techniques used in this study are

Beta, Relative Strength index and simple moving average.to get good returns investor must

invest considering the time horizon of at least two to three years.

Mrs. J. Nithiya, Dr. G. Thamizhchelvan (2014),the objective of this paper is to make

technical analysis of selected companies included in the CNX nifty. The descriptive method

is used to study the price trend of fifteen stocks. MACD and RSI techniques are used for the

study. Secondary data is used for the analysis. Simple random sampling method is used.

According to RSI, there is increase in RSI value, which indicates that there is increase in the

share price. This states to the investors that it is a strong sell signal. When RSI value

decreases it is a strong buy signal.

Dr. PoojaTalreja (2014),in this paper exponential moving average is used to predict future

share prices. The study is conducted on taking five years historical data sample on daily bases

of Indian stock market. As a result they found out the trends in different stocks which are

going upward or downward. It increases the chances for the investors to predict the prices

more accurately and hence increased profit in share markets.

C. Boobalan (2014),the objective of this paper is to carry out technical analysis of the

securities of the selected companies and to assist investment decisions in the Indian market.

The five Indian companies, Wipro, SBI, GAIL, ONGC and ITC are taken for the study. The

different patterns of stock prices of these companies give an idea of future trend of these

companies.

Kevin L., ParthaMohanram (2014),this paper covers fundamental analysis strategies based on

rational analysis such as FSCORE and GSCORE with strategies based on intrinsic value such

as the v/p ratio. The finding shows that all three strategies generate significant hedge returns.

Combining the V/P ratio with FSCORE or GSCORE leads to a significant increase in hedge

returns that hold for a variety of partitions, persist over time and remain after controlling for

risk factors. This result suggests a new and powerful method to conduct fundamental

analysis.





Venkates CK, Dr. MadhuTyagi, Dr. Ganesh L. (2012),this paper aims to investigate the

relationship between accounting information and stock returns of selected Indian stocks

pertaining to IT, Banking and Pharmacy sectors over the past ten years starting from 2001 to

2010. In this research work, a simple financial score is designed to capture short term

changes in firm’s operating efficiency, Profitability and Financial policy. Investigating

accounting information and stock returns is a method adopted in Fundamental analysis. All

this data is then put into F SCORE as developed by Piotroski in the year 2000. The score

values and market returns as provided by the companies were correlated to investigate the

relationship between the score and the market adjusted returns.

George j., Saranya D., Amrudha R. (2015), the study on the formation of candlestick pattern

was done to find out the different candlestick patterns and identify its accuracy. This study is

conducted based on the past five years Nifty index. Candlesticks are one of the most powerful

technical analysis tools. The advantage of using candlestick charting in place of Bar charts is

that you have the ability to use same techniques and analysis that bar charts offer plus the

diversity and unique signals that candlesticks generate. .The main findings from this study are

candlestick patterns are not 100% accurate as per the past five year Nifty index.

Dr. K. Ramesh, Dr. V. Devendar (2017),the study focused 13 Indian listed Equities from each

sector in NSE Nifty for the period of one year. The secondary data was collected from NSE

Website and various sources. The aim of the study is to predict the future price and to

interpret on whether to buy or sell the selected equities. The Purposive Sampling Technique

is used and the Research Design is Descriptive in nature. MACD and RSI tools are used to

identify the Buy and Sell signals in the Candlestick Chart. Strong Buy signal for Bharti Airtel

Ltd, I T C Ltd, Adani Ports and Special Economic Zone Ltd, Ambuja Cements Ltd, Sun

Pharmaceutical Industries Ltd and Zee Entertainment Enterprises Ltd. And Strong Sell signal

for Infosys Ltd.

Nikhil K., Dr. Madhur J. (2014),this study was carried out on the top 6 pharmaceutical

companies stock prices (based on market capitalization) taken on a daily basis for the last five

years (April 2010 to March 2015). Moving Average Convergence and Divergence (MACD),

Rate of Change (ROC) and Relative Strength Index (RSI) were some of the technical tools

used for analyzing daily closing price and Sensex (BSE). Mix trends were obtained from the

study. Results suggest that investing in the current period for long-term purpose requires

fundamental analysis along with technical analysis.

Shakti Prasanna D. &Ashishkumar P. (2013), this paper presents the market technical charts

and their correlation to demonstrate the profitability pattern in stock, future, commodities and

currencies market. The empirical literature is categorized into two groups ‘Early’ and

‘Modern’ studies. Early studies indicate that technical trading strategies are profitable in

foreign exchange markets and futures market, but not in stock markets. Modern studies

indicate that technical trading strategies consistently generate economic profits in a variety of

speculative markets.

Reshmi M. &Saurav P. (2017),This paper aims to find out long term investment savvy and

stock giving short term returns. Lupin, Sunpharma and Cipla emerged with strong

fundamentals with operating efficiency, cash conversion cycle, profitability and optimal

capital structure which was indicated by their financial ratios analysis. These companies were

good options for long term investment prospect. Technical analysis with help of candlestick

pattern and pattern indicators gave strong buy signal for sunpharma and lupin for short term

investment of 1 month period.





Naveen kumar B. & Sanjay M. (2014), this paper present the findings of a survey conducted

among stock brokers of Bombay stock exchange, India. The study was conducted primarily,

to examine the importance that brokers’ personally give to fundamental and technical

analysis. A total of 262 online questionnaires were distributed among the corporate stock

brokers of Bombay Stock Exchange. Findings reveal that at least 90 percent of stock brokers

place some weight on technical analysis when forming views at one or more time periods.

Most of stock brokers view technical analysis as complementary to fundamental analysis.

B. Umadevi, D. Sundar, Dr. P. Ali (2011), this paper focuses on real world problems. They

had selected three indices such as CNX realty, BANK NIFTY and MIDCAP 50. The data

mining technique, Time series interpretation is applied for the analysis to show the ups and

downs of a particular index. The correlation and Beta are the tools which gives the suggestion

about the stock and its risk. The correlation used to identify the relationship between the

index and the company individually while Beta is used to identify the risk associated with the

stock. From this paper, that investing in the banking index in stock market will always give

profitable solutions to the naives investors. It is an innovative beginning and proposed system

to introduce the decision making power for the naive investors.

K.K. Sureshkumar& Dr. N.M. Elango (2011),the objective of the paper is to predict future

share prices using prediction algorithms and functions. The results from analysis shows that

isotonic regression function offers the ability to predict the stock prices more accurately than

the other existing techniques. The results will be used to analyze the stock prices and their

prediction in depth in future research efforts.

Dr, Sreemoyeeguha R. (2013),the aim of the paper is how to select an investment. The

selection of investment will start with fundamental and technical analysis. The nature of

capital market instruments forces investors to depend strongly on fundamental factors in their

investment decisions. These fundamental factors relate to the overall economy or a specific

industry or a company. The performance of the securities of the company can be said to

depend on the performance of the company itself. Fundamental research focuses on

identifying and analyzing the factors that influence security prices whereas technical analysis

is solely concerned with analyzing market behavior.

R. Chitra (2011), the objective of this paper is to study on technical analysis on selected

stocks of energy sector and interpret on whether to buy or sell them by using techniques. The

research design followed is descriptive and analytical in nature. The study on technical

analysis based on Stratified sampling technique. This helps investors to identify the current

trend and risks involved with the scrip on par with market. Techniques like Beta, Relative

strength index and simple moving average is used for the analysis to know if the stock is

technically strong.

SeyedHadi Mir Y. and ZibaHabibi L. (2013), the paper focuses on MACD indicator for four

currencies namely EURUSD, GBPUSD, USDCHF and USDJPY individually to identify

effectiveness of the indicator regarding to the amount of profit generated. Virtual historical

trading software (VHTS) is developed for the purpose of computing the indicator based on its

original formulas and interpretations, for applying assumptions, for trading based on buy and

sell signals generated by the MACD indicator.

Muska Paul Jeevan K. (2015),the analysis has been emphasized for the period of one year

i.e., 2014 on select companies based on market capitalization. Technical analysis Bollinger

and MACD has been applied on 6 months historical data. Fundamental analysis has been

considered for one year to measure. Bollinger bands have been applied on a set of select 15





companies in the 1st phase and 2nd phase.In Fundamental analysis, performance measure

tool Sortino and ROI were considered to pick companies which were analyzed. MACD had

indicated Gillette India co. for the investment based on Technical. Sortino and ROI picked 4

companies, on these 4 companies Beta had given Bluedart Company as high risk and Essar

oil as the lower risk.

Research Methodology Research Design

As the study describes the existing facts and figures given in the financial statements and

Share prices given in BSE Stock Exchange of the selected companies, theresearch design

followed is Descriptive and analytical in nature.

Method of Data collection

The study is purely based on Secondary data. The secondary data are those which have

already been collected by someone else. The methods of collecting secondary data are

Published data.

Sources of Data

Data were collected from trading of equity market in BSE, various books, journals,

magazines and company Websites.

Data Analysis & Interpretation

For the purpose of Data Analysis & Interpretation, we have chosen 5 different stocks of the

Pharma companies out of 70 listed on BSE Healthcare sector on the basis of Higher Market

Capitalization on 16/11/2017 at 9:09 P.M. Sun Pharmaceutical Ltd., , Cipla Ltd., Cadila

Healthcare Ltd. are the companies. In this Research, There is Fundamental Analysis of all the

stock’s ratios like profitability ratio, Liquidity & solvency ratio and financial Indicators.

Scope of the Study The study covers analysis of particular stocks’ trends for a period of 5 years from 01/04/ 2013

to 31/03/2018. The study helps to find out the future trends in the prices of 5 different Pharma

companies’ shares.

Data Analysis Financial Analysis (Ratio Analysis)

➢ Table 1: Sunpharma Financial Analysis

Ratios 2017 2016 2015 2014 2013

Profitability Ratios

Gross Profit Margin (%) -4.19 -11.8 -15.2 -3 17.55

Operating Profit Margin (%) 1.23 -5.71 -6.96 0.6 21.07

Net Profit Margin (%) -0.45 -14.09 -18.38 -99.99 21.23

Return on Capital Employed (%) 0.74 -1.72 -3.57 0.94 8.47

Return on Equity (%) 20.47 16.53 20.56 18.75 21.97

Liquidity Ratios & Solvency

Ratio





Current Ratio 0.77 0.68 0.53 0.79 2.31

Quick Ratio 0.79 0.76 0.55 1.03 1.82

Debt to Equity 0.23 0.26 0.24 0.33 0.01

Management Efficiency Ratios

Inventory Turnover Ratio 3.41 3.63 3.73 3.19 2.9

Debtors Turnover Ratio 3.25 3.99 7.11 4.75 3.35

Fixed Assets Turnover Ratio 1.63 1.16 1.4 1.46 1.41

Total Assets Turnover Ratio 0.3 0.28 0.28 0.29 0.31

Financial Indicators

Book Value Price 86.99 89.27 109.78 35.77 75.21

Dividend Per Share 3.5 1 3 1.5 5

Earnings per Share -0.15 -4.46 -7.12 -13.66 4.99

Source: www.moneycontrol.com

➢ Table 2: Cipla Industries Ltd.

Ratios 2017 2016 2015 2014 2013


Gross Profit Margin (%) 9.98 13.4 15.08 17.75 22.14

Operating Profit Margin (%) 14.54 17.06 19.35 21.2 25.83

Net Profit Margin (%) 8.88 11.61 11.65 14.8 18.37

Return on Capital Employed (%) 9.34 13.9 13.44 17.75 20.81


Ratio

Current Ratio 2.33 1.84 1.66 1.92 1.95

Quick Ratio 1.54 1.51 1.3 1.5 1.68

Debt to Equity 0.03 0.09 0.12 0.09 0.11











Book Value Price 159.11 153.48 138 125.57 110.35

Dividend Per Share 2 2 2 2 2

Earnings per Share 12.12 17.4 14.71 17.29 18.77


➢ Table 3: Cadila Healthcare Ltd.

Ratios 2017 2016 2015 2014 2013


Gross Profit Margin (%) 2.17 33 25.02 16.81 16.03

Operating Profit Margin (%) 9.93 36.14 29.03 19.96 19.21

Net Profit Margin (%) 20.48 28.1 24.05 22.35 13.56

Return on Capital Employed (%) 6.94 34.24 26.04 19.6 14.09


Ratio

Current Ratio 1.03 1.83 1.19 1.35 1.03

Quick Ratio 1.92 2.23 1.41 1.6 1.73

Debt to Equity 0.42 0.17 0.28 0.39 0.57







Book Value Price 64.65 59.95 221.02 177.29 142.2

Dividend Per Share 3.2 3.2 12 9 7.5

Earnings per Share 6.47 19.31 62.08 44.13 24.35


Findings 1. SunPharma


• Sunpharma had incurred gross loss to 3% to15% during 2014 to 2017; gross profit is

earned only in 2013.

• Sunpharma had quite reasonable operating profit/loss margin from the years of 2014

to 2017, from negative to positive which in 2013, it shows 21 %.





• Net profit was consecutively negative as company suffered from Loss except the year

of 2013.

• As per ROCE Ratios, Company have didn’t utilize its capital in order to generate

profits.

• As of ROE, Company has only 20% utilized its Equity to earn profit.

Liquidity Ratios & Solvency Ratio

• Current ratio was lower for Sunpharma had 0.77which indicate current assets were

more, means high working capital.

• Quick ratio was very lower for Sunpharma that means company had less cash

liquidity in short term.

• Debt to Equity ratio shows very positive towards utilization of equity funds rather

than debt/ external Funds.


• Inventory turnover was less for Sunpharma as it turns over three times only.

• Debtor’s coverage ratio was concern for Sunpharma had lesser in last two financial

years as near to 3 times while in 2015 it was very good position with 7 times.

• Fixed Assets turnover ratio was lowest for Sunpharma as near to 1 time in a year

which means fixed assets were not income for Sunpharma easily.

• On the other hand, total assets turnover was lowest for Sunpharma that means they

had more assets than required or current assets were more, which turns this ratio low

for Sunpharma.

Financial Indicators:

• Earnings per share had gone negativelyconsecutively from last four years for

Sunpharma.

• Sunpharma is considered better as it has 3 Rs /share DPS increased from last year.

• Book Value of Shares of Company is highest in 2015 with 109.78 Rs. after that, it is

reduced in last two years and came to 87 Rs.

2. Cipla Healthcare Ltd.


• Gross profit margin is decreasing over the year.

• Operating Profit Margin Shows the positive & good % but quite lower rates.

• Net profit has considered as decreasing consistently from 18 % to 8%.

• Company’s ROCE shows that company has not proper utilized its capital to earn

Profit which is only 9.34%


• In terms of liquidity and solvency ratios current ratio was higher for previous years

but had lower in for 2015.

• Cipla had started keeping its quick ratio low too that means less cash in hands and

liquidity increased.

• Debt to equity ratio was generally quite low for Cipla for every 1 unit of equity raised

it was getting only 0.03 debt.


• Inventory turnover is in 2017 has increased to 4 times for Cipla as it turns over three

times since from last 4 years.

• As far as debtor’s coverage ratio was concern Cipla had done quite well in last two

financial years.





• Fixed Assets turnover had near to 1-2 % which shows fixed assets were not income

for Cipla easily.

• Total Assets Turnover ratio is very lower which shows the higher current Assets.


• Earnings per share had decreased from last five years for Cipla from 19 Rs. to 12 Rs.

• Dividend per share is constant paid of Rs. 2 by company to its shareholders.

• Book value of shares is increased year over year of company due to is good

performance.

3. Cadila Healthcare Ltd.


• Cadila Healthcare Earned highest 33% of gross Profit in the year 2016 &In 2017, it

has drastically reduced by 31%.

• Company has also higher operating profit in the year of 2016 which is 36% while in

2017, it is just only 9%

• Co.’s Net profit Show the positivity which is year-over Year Increased.

• Company has not proper utilized its capital to earn the profit as ROCE shows only

7%.


• Current ratio was l for Cadila while 1.03 which indicates current assets were less,

means less working capital.

• Quick ratio was high that means Cadila had cash equivalent in large numbers, which

means it was keeping its cash and spending less on working capital.

• Debt equity ratio were low that means per unit debt available was less.

Management Efficiency Ratio

• Inventory Turnover ratio is 3 times in a year which is better performance.

• Debtor Turnover Ratio is very low that company has less working Capital which

shows the financial weakness.

• Fixed asset turnover ratio was lowest for Cadila in the year 2017 and highest for 2016

which means fixed assets were not income for Cadila easily.

• On the other hand, total assets turnover was lowest for Cadila that means they had

more assets than required or current assets were more, which turns this ratio low for

it.


• Dividend per share is constant from last two years.

• Earnings per Share are itself low with compare to its past years. From 62 Rs. in 2015

to 9 Rs. in 2017.

• Book Value of Shares is quite good which nearly about Rs. 65.

Conclusion The above analysis has investigated the relationship between financial statement information

and stock returns. Debt to Equity ratio shows very positive towards utilization of equity funds

rather than debt/ external Funds in case of Sunpharma company Ltd. while Earnings per share

had gone negatively consecutively from last four years. In terms of Cipla, liquidity and

solvency ratios, current ratio was higher for previous years but had lower in for 2015. Cipla

had started keeping its quick ratio low too that means less cash in hands and liquidity

increased. Dividend per share is constant paid of Rs. 2 by company to its shareholders and





Cadila Healthcare Earned highest 33% of gross Profit in the year 2016 & In 2017, it has

drastically reduced by 31%.Company has also higher operating profit in the year of 2016

which is 36% while in 2017, it is just only 9%.Co.’s Net profit Show the positivity which is

year-over Year Increased. As the time was less hence we cannot come to an exact conclusion

whether the share selected on the basis of this analysis is the appropriate to invest or not.

References 1) Hemal Pandya (2013), “Technical Analysis for Selected Companies of Indian IT

Sector”, International Journal of Advanced Research (2013), Volume 1, Issue 4, 430-

446.

2) S. Umaprabha, M. Malavika (2014),“A Study on Technical Analysis of stocks listed

in NSE with reference to Pharmaceutical Industries”, International Journal of

Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online).

3) Muska Paul Jeevan Kumar(2015), “Fundamental and Technical analysis of Equities”,

IRJA-Indian Research Journal, Volume: II, Series: 4. Issue: April, 2015, ISSN: 2347-

7695 (Online).

4) Naveen Kumar Baradi, “The Use of Technical and Fundamental Analyses By Stock

Exchange Brokers: Indian Evidence”,Journal of Empirical Economics,Vol. 2, No. 4,

2014, 190-203.

5) Reshmi M. & Saurav P. (2017), “Fundamental and Technical Analysis of Indian

Pharmaceutical Companies: Cipla, Sunpharma, Auropharma, Ranbaxy and Lupin”,

Volume 3 (1), ISSN: 23496754.

6) Dr, Sreemoyee guha R. (2013), “Equity Research: Fundamental and Technical

Analysis”,International Journal of Science and Research (IJSR), Volume 4, Issue 9,

ISSN (Online): 2319-7064.

7) Pharmaceutical sector Introduction is from

www.ibef.org/industry/pharmaceutical-india.aspx/

8) Market Capitalization from S& P BSE Sensex, www.bseindia.com/

9) Historical Price Data is from www.moneycontrol.com/

Ms. Kirtee D. Khubchandanee

Student, MBA Semester 3

Noble Group of Institutions,

Junagadh

[email protected]

Prof. Riddhi Sanghvi

Assistant Professor,

Noble Group of Institutions,

Junagadh

[email protected]


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ISSN No. 0974 -035X An Indexed ... - Gujarat University