SECURITIES ANALYSIS

AND PORTFOLIO
MANAGEMENT
EFFECT OF BREXIT ON AUTOMOBILE INDUSTRY

PREPARED BY
AKSHAY 1411403
ARCHIT 1411406
SONAM 1411425
NAINA 1411434
AVINANDAN 1411449
AASTHA 1411465
SHIPRA - 1411471

STOCK PRICE OF MARUTI SUZUKI: ( Done by Akshay Kotecha 1411403)

The days for the analysis of stock price start from 15th June 2016 until 30th June 2016, while
excluding the day of BREXIT (i.e. 23rd June 2016).
Date
30 Jun, 2016
29 Jun, 2016
28 Jun, 2016
27 Jun, 2016
24 Jun, 2016
23 Jun, 2016
22 Jun, 2016
21 Jun, 2016
20 Jun, 2016
17 Jun, 2016
16 Jun, 2016
15 Jun, 2016

Open
4,179.90
4,100.00
4,041.10
4,061.00
4,053.00
4,151.90
4,145.00
4,146.00
4,076.55
4,115.00
4,160.00
4,125.00

High
4,200.00
4,141.00
4,081.95
4,061.00
4,092.10
4,175.00
4,180.50
4,168.10
4,144.80
4,158.00
4,164.00
4,215.00

Low
4,145.55
4,089.20
4,040.00
4,004.10
3,866.60
4,120.45
4,125.05
4,109.00
4,065.70
4,093.45
4,062.00
4,112.10

Close
4,187.20
4,131.25
4,078.70
4,025.10
4,070.05
4,168.60
4,151.35
4,157.40
4,133.20
4,114.50
4,084.10
4,209.60

Volume
770,500
646,900
626,400
836,600
1,559,700
341,000
417,500
512,300
667,100
951,600
1,118,500
510,800

Adj Close*
4,158.28
4,102.72
4,050.53
3,997.30
4,041.94
4,139.81
4,122.68
4,128.69
4,104.65
4,086.08
4,055.89
4,180.53

ANALYSIS:
Date

Close

30 Jun, 2016

4,187.20

29 Jun, 2016

4,131.25

28 Jun, 2016

4,078.70

27 Jun, 2016

4,025.10

24 Jun, 2016

4,070.05

23 Jun, 2016

4,168.60

22 Jun, 2016

4,151.35

21 Jun, 2016

4,157.40

20 Jun, 2016

4,133.20

17 Jun, 2016

4,114.50

16 Jun, 2016

4,084.10

15 Jun, 2016

4,209.60

Analysis using Standard Deviation

1

Calculation of Standard Deviation:

Date

Ri =
PiPo
100
Po

Di = [Ri Rm ]

(Di)2

4151.35

-0.15

0.123

4157.4

0.59

0.854

4133.2

0.45

0.723

4114.5

0.74

1.013

4084.1

-2.98

-2.713

4209.6

0.01
5
0.72
9
0.52
3
1.02
6
7.35
9
-

Close price

22-Jun16
21-Jun16
20-Jun16
17-Jun16
16-Jun16
15-Jun16
SUM

-1.34

Mean = Sum
Ri / n - 1
Variance = Di^2
/ N-1
Standard
Deviation =

Date
23 June, 2016
Date

30-Jun16
29-Jun16
28-Jun16
27-Jun16
24-Jun-

9.65
2

0.26849230
2
1.93044081
3
1.38940304
2

Close price
4,168.60
Ri =
PiPo
100
Po

Di = [Ri Rm ]

(Di)2

4187.2

1.35

0.64

4131.25

1.29

0.57

4078.7

1.33

0.61

4025.1

-1.10

-1.82

0.40
6
0.32
6
0.37
7
3.31
9
-

Close price

4070.05

16
SUMOpen

2.87
4.42
Date
High
Low
Close
Volume
Adj Close
8
6/30/16
509.1
509.7
502.35
505.75
2334200
499.7321
6/29/16
504.5
507.25
499.3
504.95
1209500 498.9417
6/28/16
505
512.6
500.1
501
1518600 495.0387
Mean = Sum Ri /
0.7174868
6/27/16
499
509
499
504.65
1135600 498.6452
n-1
16
6/24/16
513
516.95
493.55
507.05
3567400 501.0167
Variance = Di^2
1.1069955
6/23/16
533.1
535
526.65
531.35
1027500 525.0275
/ N-1
6/22/16
540.8
542 03 530.55
532.75
1211900 526.4109
Standard 543.9
1.0521385
6/21/16
544.3
533
535
1344300 528.6341
Deviation
=
38
6/20/16
534
548.85
532.1
544.3
1592700 537.8234
6/17/16
533.1
542
532.3
535.25
946000 528.8811
6/16/16
537.05
543.35
530.5
533.1
1181300 526.7567
6/15/16
535
542
530
540.9
648900 534.4639

Maruti Suzukis shares were traded at a higher price before BREXIT. The risk involved with the
investment into the shares of the company was also high (1.389). Consequently, the returns were
also high (-0.268 - mean return).
After BREXIT the share prices came down as compared to the days before BREXIT. The price
per day was quiet low for a couple of days and the returns for the same on contrary, was higher
than the Pre-BREXIT days (0.717 mean return) and the risk also lowered (1.05). Hence, it can
be concluded that the Companys performance was affected positively by BREXIT.

STOCKPRICEOFMAHINDRAANDMAHINDRA(DonebySonamTshering
Gurung1411425):
Thedaysfortheanalysisofstockpricestartfrom15thJune2016until30thJune
2016,whileexcludingthedayofBREXIT.
ANALYSIS:
Date
6/30/16
6/29/16
6/28/16
6/27/16
6/24/16

Close Price
505.75
504.95
501
504.65
507.05

6/23/16
6/22/16
6/21/16
6/20/16
6/17/16

531.35
532.75
535
544.3
535.25

6/16/16
6/15/16

533.1
540.9

AnalysisusingStandardDeviation
5 DAYS BEFORE BREXIT
Date
22-Jun-16
21-Jun-16
20-Jun-16
17-Jun-16
16-Jun-16
15-Jun-16
SUM

Close Price
532.75
535
544.3
535.25
533.1
540.9

Ri*100
-0.42
-1.71
1.69
0.40
-1.44
-1.48

-0.436
-1.724
1.675
0.388
-1.457
-

(Di)2
0.190
2.972
2.807
0.151
2.124
8.244

-0.86
-0.23
-1.75
-1.50
-

(Di)2
0.748
0.055
3.050
2.240
6.093

Di

Ri (MEAN) = Ri / (N - 1)
= -0.295423645

Variance = (Di)2 / (N 1)
= 1.64871009

Standard Deviation = Variance

= 1.284021063

5DAYSAFTERBREXIT
Date
30-Jun-16
29-Jun-16
28-Jun-16
27-Jun-16
24-Jun-16
SUM

Close Price
505.75
504.95
501
504.65
507.05

Ri*100
0.16
0.79
-0.72
-0.47
-0.25

Di

Ri (MEAN) = Ri / (N - 1)
= -0.062436244
Variance = (Di)2 / (N 1)
4

= 1.523191054

Standard Deviation = Variance

= 1.234176266

STOCK PRICE OF TATA MOTORS (Done by Shipra Gupta 1411471):

The days for the analysis of stock price start from 15th June 2016 until 30th June 2016, while
excluding the day of BREXIT (i.e. 23rd June 2016).
PRICES
DATE
30 June, 2016
29 June, 2016
28 June, 2016
27 June, 2016
24 June, 2016
23 June, 2016
22 June, 2016
21 June, 2016

OPEN HIGH
LOW CLOSE VOLUME ADJ. CLOSE*
454.00
461.95 452.00
459.25
9,12,400
459.06
445.20
449.50 445.20
447.10
4,87,800
446.92
449.90
449.90 438.35
440.35
9,13,000
440.17
451.00
457.45 443.70
448.60
11,55,500
448.42
439.20
453.45 425.00
449.00
35,69,100
448.82
475.55
489.60 475.55
488.00
12,31,100
487.80
483.90
484.70 468.15
472.50
7,54,000
472.31
482.50
486.15 477.25
485.00
6,04,000
484.80
5

20 June, 2016
463.50
483.15 460.40
481.65
17 June, 2016
460.00
464.90 457.40
463.20
16 June, 2016
451.50
455.00 446.25
454.00
15 June, 2016
450.00
453.00 447.35
452.20
*Close price adjusted for dividends and splits.

9,06,700
7,17,500
6,08,900
5,26,700

481.45
463.01
453.82
452.02

ANALYSIS:
DATE

CLOSE PRICE

30 June, 2016
29 June, 2016
28 June, 2016
27 June, 2016
24 June, 2016
23 June, 2016
22 June, 2016
21 June, 2016
20 June, 2016
17 June, 2016
16 June, 2016
15 June, 2016

459.25
447.10
440.35
448.60
449.00
488.00
472.50
485.00
481.65
463.20
454.00
452.20

Analysis using Standard Deviation

Calculation of Standard Deviation:
Date
22 June, 2016
21 June, 2016
20 June, 2016
17 June, 2016
16 June, 2016
15 June, 2016

Close price
472.50
485.00
481.65
463.20
454.00
452.20

Ri =

PiPo
100
Po
-2.577
0.696
3.983
2.026
0.398
= 4.526

Di = [Ri Rm ]
-3.482
-0.209
3.078
1.121
-0.507
-

(Di)2
12.124
0.044
9.474
1.257
0.257
= 23.156

Ri (MEAN) = Ri / (N - 1)
= 4.526/5 = 0.905
Variance = (Di)2 / (N 1)
= 23.156 / 5
= 4.631
Standard Deviation = Variance
= 4.631
= 2.152
Date

Close price

23 June, 2016

488.00

Date

Close price

30 June, 2016
29 June, 2016
28 June, 2016
27 June, 2016
24 June, 2016

459.25
447.10
440.35
448.60
449.00

Ri =

PiPo
100
Po
2.718
1.533
-1.839
-0.089
= 2.323

Di = [Ri Rm ]
2.137
0.952
1.258
-0.492
-

(Di)2
4.567
0.906
1.583
0.242
= 7.298

Ri (MEAN) = Ri / (N - 1)
= 2.323 / 4 = 0.581
Variance = (Di)2 / (N 1)
= 7.298 / 4
= 1.825
Standard Deviation = Variance
= 1.825
= 1.351
Tata motors had higher share price before BREXIT and the risk involved with the investment
into the shares of the company was also high. The returns were also high (0.905 mean return)
and so was the risk (2.152).

After BREXIT the share prices fell comparatively. The price per day was low for almost a week
and the returns for the later was also lower (0.581 mean return) and the risk also lowered
(1.351). Thus, we can say BREXIT had a negative impact on Tata Motors share prices.

STOCK PRICE OF ASHOK LEYLAND (Done by Naina Jain 1411434 ):

The days for the analysis of stock price start from 15th June 2016 until 30th June 2016.
Date
30-Jun16
29-Jun16

Clos
e
98.3
5
99
8

28-Jun16
27-Jun16
24-Jun16
23-Jun16
22-Jun16
21-Jun16
20-Jun16
17-Jun16
16-Jun16
15-Jun16

98.9
5
97.3
5
96.2
5
99.2
99.9
102.
3
99.7
98.7
5
99.4
103

CALCULATION OF STANDARD DEVIATION

5 DAYS AFTER BREXIT
Date
30-Jun16
29-Jun16
28-Jun16
27-Jun16
24-Jun16
SUM

Close

Ri = (P1-P0)/P0*100

Di = Ri - Ri
(mean)
Di^2

98.35

-0.66

-1.68

2.822

99.00

0.05

-0.97

0.946

98.95

1.64

0.62

0.385

97.35

1.14

0.12

0.014

96.25

4.09

4.167

Mean = sum Ri / n - 1

1.023206826

Variance = Di^2 / N-1

1.041720434

Standard Devation =

1.020647066

5 DAYS BEFORE BREXIT

Date
22-Jun16
21-Jun16
20-Jun16
17-Jun16
16-Jun16
15-Jun16
SUM

Close

Ri = (P1-P0)/P0*100

Di = Ri - Ri
(mean)
Di^2

99.90

-2.35

-2.361

5.576

102.30

2.61

2.593

6.721

99.70

0.96

0.947

0.896

98.75

-0.65

-0.669

0.448

99.40

-3.50

-3.510

12.323

103.00

-2.93

25.964

Mean = sum Ri / n - 1

-0.585052288

Variance = Di^2 / N-1

5.1928988

Standard Devation =

2.278793277

INTERPRETATION
Ashok Keylands shares were traded at a higher price before BREXIT. The risk involved with the
investment into the shares of the company was also high (2.27). Consequently, the returns went
down (-0.585 - mean return).
After BREXIT the share prices came down as compared to the days before BREXIT. The price
per day was quiet low for a couple of days and the returns for the same on contrary, was higher
than the Pre-BREXIT days (1.02 mean return) and the risk also lowered (1.023). Hence, it can
be concluded that the Companys performance was affected positively by BREXIT.

10

HERO MOTOCORP (Done by Archit Jain 1411406):

The days for the analysis of stock price start from 15th June 2016 until 30th June 2016.
Date

Close

30-Jun-16

3,180.

29-Jun-16

85
3,145.

28-Jun-16

00
3,025.

27-Jun-16

50
3,054.

24-Jun-16

60
3,055.

22-Jun-16

95
3,068.

21-Jun-16

60
3,048.

20-Jun-16

75
3,048.

17-Jun-16

65
3,028.

16-Jun-16

20
3,023.

15-Jun-16

40
3,066.
70

CALCULATION OF STANDARD DEVIATION

5 DAYS AFTER BREXIT

Date

Close

Ri = (P1-P0)/P0*100 Di = Ri - Ri (mean) Di^2

30-Jun-16
29-Jun-16
28-Jun-16
27-Jun-16

3,180.85
3,145.00
3,025.50
3,054.60

1.14
3.95
-0.95
-0.04

0.12
2.93
-1.98
-1.07

0.014
8.565
3.904
1.139
11

24-Jun-16
SUM

3,055.95

4.09

13.62
2

mean = sum Ri / n - 1

1.023206826

variance = Di^2 / N-1

3.40542406

standard deviation = square root of Variance

0.84537911

5 DAYS BEFORE BREXIT

Date
22-Jun-16

Close
3,068.6

Ri = (P1-P0)/P0*100
0.65

Di = Ri - Ri (mean)
0.636

Di^2
0.404

21-Jun-16

0
3,048.7

0.00

-0.012

0.000

20-Jun-16

5
3,048.6

0.68

0.660

0.436

17-Jun-16

5
3,028.2

0.16

0.143

0.021

16-Jun-16

0
3,023.4

-1.41

-1.427

2.037

15-Jun-16

0
3,066.7

0
SUM

0.08

2.898

mean = sum Ri / n - 1

0.015301161

variance = Di^2 / N-1

0.579518446

standard deviation = square root of Variance

0.761261089

INTERPRETATION
HERO MOTOCORPS shares were traded at a higher price before BREXIT. The risk involved
with the investment into the shares of the company was low (0.5795). Consequently, the returns
were also low (0.0153- mean return).

12

After BREXIT the share prices came down as compared to the days before BREXIT. The price
per day was quiet low for 3 consecutive days and the returns for the same on contrary, was
higher than the Pre-BREXIT days (1.023 mean return) and the risk increased (0.84. Hence, it
can be concluded that the Companys performance was affected positively by BREXIT.
And the company absorbed the volatility of the markets pretty well.

STOCK PRICE OF EICHER MOTORS (Done by Aastha Surana 1411466):

The days for the analysis of stock price start from 15th June 2016 until 30th June 2016.
Date
30-Jun-16
29-Jun-16
28-Jun-16
27-Jun-16
24-Jun-16
22-Jun-16
21-Jun-16
20-Jun-16
17-Jun-16
16-Jun-16

Close
19,222.4
0
19,116.2
0
19,166.3
0
18,710.7
0
18,662.2
0
18,787.6
0
18,713.2
0
18,660.6
0
18,779.1
0
18,827.7
13

15-Jun-16

0
18,637.2
0

CALCULATION OF STANDARD DEVIATION

5 DAYS AFTER BREXIT

Date
30-Jun-16
29-Jun-16
28-Jun-16
27-Jun-16
24-Jun-16
SUM

Close
19,22
2.40
19,116
.20
19,16
6.30
18,71
0.70
18,66
2.20

Ri =
(P1P0)/P0*
100
0.56
-0.26
2.43
0.26
2.99

mean = sum Ri / n 1

0.74725
2

variance = Di^2 / N1

1.03501
1

standard devation =

1.01735
5

5 DAYS BEFORE BREXIT

Date
Close Ri =
(P1P0)/P0

Di =
Ri Ri
(me
an)
0.19
1.01

Di^2
0.037
1.017

1.69
0.49

2.848

4.140

0.238

Di = Di^2
Ri Ri
14

*100

21-Jun-16

18,78
7.60
18,71
3.20

20-Jun-16

18,66
0.60

22-Jun-16

17-Jun-16
16-Jun-16
15-Jun-16
SUM

18,77
9.10
18,82
7.70
18,63
7.20

0.40
0.28
-0.63
-0.26
1.02
0.81

mean = sum Ri / n 1

0.16249
1

variance = Di^2 / N1

0.32302
3

standard devation =

0.56835
1

(me
an)
0.23
5
0.11
9
0.79
4
0.42
1
0.86
0
-

0.055
0.014
0.630
0.177
0.739
1.615

INTERPRETATION
Eicher Motorss shares were traded at a higher price before BREXIT. The risk involved with the
investment into the shares of the company was low (0.568). Consequently, the returns were also
low (0.162 - mean return).
After BREXIT the share prices came down as compared to the days before BREXIT. The price
per day was quiet high for a couple of days and the returns for the same on contrary, was higher
than the Pre-BREXIT days (0.74 mean return) and the risk also decreased (1.01). Hence, it can
be concluded that the Companys performance was affected positively by BREXIT.

15

BAJAJ AUTO (Done by Avinandan Kumar 1411449):

The days for the analysis of stock price start from 15th June 2016 until 30th June 2016.
Date
30-Jun-16
29-Jun-16
28-Jun-16
27-Jun-16
24-Jun-16
22-Jun-16

Close
2689.95
2645.85
2624.4
2648.45
2678.8
2,632.1

21-Jun-16

5
2,636.2

20-Jun-16

5
2,617.9

17-Jun-16

0
2,581.4

16-Jun-16

0
2,567.1

15-Jun-16

0
2,603.5
5

CALCULATION OF STANDARD DEVIATION

Date
30-Jun-16
29-Jun-16
28-Jun-16
27-Jun-16
24-Jun-16

Close
2689.95
2645.85
2624.4
2648.45
2678.8

Ri = (P1-P0)/P0*100

Di = Ri - Ri Di^2

1.67
0.82
-0.91
-1.13
-

(mean)
1.56
-0.21
-1.93
-2.16
-

2.421
0.042
3.730
4.649
16

SUM

0.44

10.842

mean = sum Ri / n - 1

0.110760633

variance = Di^2 / N-1

2.710620651

standard deviation =

1.646396262

5 DAYS BEFORE BREXIT

Date
22-Jun-16
21-Jun-16
20-Jun-16
17-Jun-16
16-Jun-16
15-Jun-16
SUM

Close
2,632.15
2,636.25
2,617.90
2,581.40
2,567.10
2,603.55

Ri = (P1-P0)/P0*100
-0.16
0.70
1.41
0.56
-1.40
1.12

mean = sum Ri / n - 1

0.223283653

variance = Di^2 / N-1

0.907170815

standard deviation =

0.952455151

Di = Ri - Ri (mean)
-0.379
0.478
1.191
0.334
-1.623
-

Di^2
0.143
0.228
1.418
0.111
2.635
4.536

INTERPRETATION
BBAJAJ AUTOS shares were traded at a higher price before BREXIT. The risk involved with
the investment into the shares of the company was low (0.9524). Consequently, the returns were
also low (0.223- mean return).
After BREXIT the share prices came down as compared to the days before BREXIT. The price
per day was quiet low for 3 consecutive days and the returns for the same on contrary, was
higher than the Pre-BREXIT days (0.111 mean return) and the risk increased (1.64 Hence, it
can be concluded that the Companys performance was affected positively by BREXIT.

17

INDUSTRIAL ANALYSIS
5 days before
HERO MOTOCORP
Date
Close
22-Jun-16
3,068.60
21-Jun-16
3,048.75
20-Jun-16
3,048.65
17-Jun-16
3,028.20
16-Jun-16
3,023.40
15-Jun-16
3,066.70
TATA MOTORS
Date
Close
22-Jun-16
472.50
21-Jun-16
485.00
20-Jun-16
481.65
17-Jun-16
463.20
16-Jun-16
454.00
15-Jun-16
452.20
ASHOK LEYLAND
Date
Close
22-Jun-16
99.9
21-Jun-16
102.3
20-Jun-16
99.7
17-Jun-16
98.75
16-Jun-16
99.4
15-Jun-16
103
BAJAJ AUTO
Date
Close
22-Jun-16
2,632.15
21-Jun-16
2,636.25
20-Jun-16
2,617.90
17-Jun-16
2,581.40
16-Jun-16
2,567.10
15-Jun-16
2,603.55

Ri = (P1-P0)/P0*100
0.65
0.00
0.68
0.16
-1.41
-

Di = Ri - Ri (mean)
0.578
-0.070
0.602
0.085
-1.485
-

Di^2
0.334
0.005
0.362
0.007
2.206
-

Ri = (P1-P0)/P0*100
-2.58
0.70
3.98
2.03
0.40
-

Di = Ri - Ri (mean)
-2.651
0.622
3.910
1.953
0.325
-

Di^2
7.026
0.387
15.286
3.814
0.105
-

Ri = (P1-P0)/P0*100
-2.35
2.61
0.96
-0.65
-3.50
-

Di = Ri - Ri (mean)
-2.419
2.534
0.889
-0.727
-3.569
-

Di^2
5.854
6.423
0.790
0.529
12.734
-

Ri = (P1-P0)/P0*100
-0.16
0.70
1.41
0.56
-1.40
-

Di = Ri - Ri (mean)
-0.229
0.628
1.341
0.484
-1.473
-

Di^2
0.052
0.394
1.797
0.234
2.171
18

MARUTI SUZUKI
Date
Close
22-Jun-16
4,151.35
21-Jun-16
4,157.40
20-Jun-16
4,133.20
17-Jun-16
4,114.50
16-Jun-16
4,084.10
15-Jun-16
4,209.60
EICHER MOTORS
Date
Close
22-Jun-16
18,787.60
21-Jun-16
18,713.20
20-Jun-16
18,660.60
17-Jun-16
18,779.10
16-Jun-16
18,827.70
15-Jun-16
18,637.20
MAHINDRA & MAHINDRA
Date
Close
22-Jun-16
1359.5
21-Jun-16
1366.85
20-Jun-16
1350.85
17-Jun-16
1344
16-Jun-16
1343.95
15-Jun-16
1355.55
SUM

Ri = (P1-P0)/P0*100
-0.15
0.59
0.45
0.74
-2.98
-

Di = Ri - Ri (mean)
-0.219
0.512
0.381
0.671
-3.055
-

Di^2
0.048
0.262
0.145
0.450
9.331
-

Ri = (P1-P0)/P0*100
0.40
0.28
-0.63
-0.26
1.02
-

Di = Ri - Ri (mean)
0.324
0.209
-0.704
-0.331
0.949
-

Di^2
0.105
0.043
0.496
0.110
0.900
-

Ri = (P1-P0)/P0*100
-0.54
1.18
0.51
0.00
-0.86
-

Di = Ri - Ri (mean)
-0.611
1.111
0.436
-0.070
-0.929
-

Di^2
0.373
1.234
0.190
0.005
0.863
-

2.57

mean = SUM Ri/ N - 1

0.073367658

variance = Di^2 / N-1

2.144856477

standard devation =

1.464532853

75.070

19

5 DAYS AFTER
HERO MOTOCORP
Date
Close
30-Jun-16 3,180.85
29-Jun-16 3,145.00
28-Jun-16 3,025.50
27-Jun-16 3,054.60
24-Jun-16 3,055.95
TATA MOTORS
Date
Close
30-Jun-16 459.25
29-Jun-16 447.1
28-Jun-16 440.35
27-Jun-16 448.6
24-Jun-16 449
ASHOK LEYLAND
Date
Close
30-Jun-16 98.35
29-Jun-16 99
28-Jun-16 98.95
27-Jun-16 97.35
24-Jun-16 96.25
BAJAJ AUTO
Date
Close
30-Jun-16 2689.95
29-Jun-16 2645.85
28-Jun-16 2624.4
27-Jun-16 2648.45
24-Jun-16 2678.8
MARUTI SUZUKI
Date
Close
30-Jun-16 4187.2
29-Jun-16 4131.25
28-Jun-16 4078.7
27-Jun-16 4025.1
24-Jun-16 4070.05
EICHER MOTORS
Date
Close

Ri = (P1-P0)/P0*100
1.14
3.95
-0.95
-0.04
-

Di = Ri - Ri (mean)
1.067
3.876
-1.026
-0.118
-

Di^2
1.138
15.026
1.053
0.014
-

Ri = (P1-P0)/P0*100
2.72
1.53
-1.84
-0.09
-

Di = Ri - Ri (mean)
2.644
1.460
-1.912
-0.162
-

Di^2
6.992
2.130
3.657
0.026
-

Ri = (P1-P0)/P0*100
-0.66
0.05
1.64
1.14
-

Di = Ri - Ri (mean)
-0.730
-0.023
1.570
1.069
-

Di^2
0.533
0.001
2.465
1.144
-

Ri = (P1-P0)/P0*100
1.67
0.82
-0.91
-1.13
-

Di = Ri - Ri (mean)
1.593
0.744
-0.981
-1.206
-

Di^2
2.539
0.553
0.963
1.455
-

Ri = (P1-P0)/P0*100
1.35
1.29
1.33
-1.10
-

Di = Ri - Ri (mean)
1.281
1.215
1.258
-1.178
-

Di^2
1.641
1.476
1.583
1.387
-

Ri = (P1-P0)/P0*100

Di = Ri - Ri (mean)

Di^2
20

30-Jun-16 19,222.40 0.56

29-Jun-16 19,116.20 -0.26
28-Jun-16 19,166.30 2.43
27-Jun-16 18,710.70 0.26
24-Jun-16 18,662.20 MAHINDRA & MAHINDRA
Date
Close
Ri = (P1-P0)/P0*100
30-Jun-16 1429.95
0.86
29-Jun-16 1417.75
0.65
28-Jun-16 1408.6
1.21
27-Jun-16 1391.8
0.21
24-Jun-16 1388.9
SUM

0.482
-0.335
2.362
0.187
-

0.232
0.112
5.577
0.035
-

Di = Ri - Ri (mean)
0.787
0.576
1.134
0.135
-

Di^2
0.620
0.332
1.285
0.018
-

17.82

53.989

mean = SUM Ri/ N - 1

0.509240325

variance = Di^2 / N-1

1.542533722

standard devation =

1.241987811

INTERPRETATION
AUTOMOBILE market were traded at a higher price before BREXIT. The risk involved with the
investment into the market of the company was also high (1.464). Consequently, the returns went
down (0.753 - mean return).
After BREXIT the market came down as compared to the days before BREXIT. The price per
day was quiet low for a couple of days and the returns for the same on contrary, was higher than
the Pre-BREXIT days (1.02 mean return) and the risk also lowered (1.2419).
Hence, it can be concluded that the effect BREXIT on the Automobile industry was not much of
a show. The risk and return of the industry was not changed much as it can be seen above.

21