Mrunal Joshi | Veer Narmad South Gujarat University (original) (raw)

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Papers by Mrunal Joshi

Liberalization of economic policies in 1992 allowed foreign institutional investors investing in ... more Liberalization of economic policies in 1992 allowed foreign institutional investors investing in Indian capital markets. Though FII permitted to invest Indian stock markets in 1992, they actually started investing in India from 1997 and factual growth of FII investment came after 2002. Since then participation of FII in Indian stock market has continuously increased. They have emerged to be one of the largest investors and have acquired ownership of substantial proportion of non-promoter shares. They have also emerged to be dominant market players contributing very high proportion 41.73% of total stock exchange turnover of BSE and NSE combined. In Indian markets, FII are perceived to be very large and sophisticated investors with very high impact on stock market returns. Many investors and market participants tend to make their stock market strategy based on investment pattern of FII and base their stock market analysis on their perception about factors considered by FII in their investment decision. In this context this paper studies perception of market participants about major determinants of FII investment decision and extent to which investors are influenced by FII investment.

The Government of India took historic decision of demonetization and cancelled legal tender of hi... more The Government of India took historic decision of demonetization and cancelled legal tender of high denomination currency notes Rs. 500 and Rs. 1,000 on 8th November 2016. The main purpose of this action was to cleanse counterfeit notes from economy, put check on terror funding and fight menace of black money. It being strong measure, ought to have both good and bad impact on economy. It is also likely to have different long-term and short term effect as well as different effects on different sections of the economy. In short term, it resulted into serious contraction of money supply. In absence of medium of transaction, it was anticipated that there will be contraction in economic activity resulting into loss of income and employment amongst some sections of society. Popular media appeared to be divided about extent of difficulty faced by economic agents. India has large informal economy, banking penetration in this sector was minimal. Therefore, this sector of the economy is likely to get impacted the most. A large portion of Indian population is part of this cash based informal economy and likely to have highest adverse impact during the transition period. At centre of informal economy happens to be small retailers, who are involved in dealing with last mile individuals. Therefore, to understand demonetisation’s short term effect on informal sector and common citizens, this cross-sectional study tried to investigate effect of demonetisation on small retailers.

Digital India campaign launched on 2nd July 2015 by our Honorable Prime Minister Shri Narendra Mo... more Digital India campaign launched on 2nd July 2015 by our Honorable Prime Minister Shri Narendra Modi. The stated role of Digital India is “Faceless, Paperless, Cashless”. To support Cashless as a part of Digital India Campaign government has initiated with different modes of digital payment system. As part of digital payment system few old and few new modes were promoted to develop cashless economy, which are the need of today for developing country like India. This paper is an attempt to study the trend in various modes of digital payments like NFS Inter Bank ATM Cash Withdrawal, NACH, CTS, IMPS, AEPS, BBPS, UPI, BHIM(UPI) and NETC in last three years. In this study it is found that in previous two years (2015-16 and 2016-17) and especially during the year 2017-18 (up to July 2017) there is remarkable growth in digital payment in volume and value both.

Himalaya Publishing House, 2017

Abstract Joint Venture (JV) is a combined effort of two or more companies to form a new company. ... more Abstract Joint Venture (JV) is a combined effort of two or more companies to form a new company. JVs are undertaken to bring the distinctive competence of two or more parties together. When these resources are put together, these give birth to a new entity which is quite distinct from its parents. Usually, a joint venture is formed between two or more partners to take the advantage of their complementary skills. In India, Joint Venture was a very common mode of entry before liberalisation due to government condition to have local partner for foreign players to enter in Indian market. One such Joint Venture which was highly successful is Hero Honda. Hero Honda started its operations in 1984 as a joint venture between Hero Cycles of India and Honda of Japan with equity of ? 16 crore, which became the world’s largest two-wheeler company in early 2001. In 2010, when Honda decided to move out of the joint venture, a new company Hero MotoCorp was born. This case study talks about how the joint venture was formed why it was so successful and why it ultimately got dissolved. The Joint Venture is a classic case of how a separation can be done gracefully. This holds lessons for other JVs that will eventually split when the interests of the partners cease to align. Keywords: Joint Venture, Graceful Separation, Hero Honda, Hero Motocorp.

SSRN Electronic Journal, 2000

Stock market is ever green field for Investment and provides one of the lucrative alternatives of... more Stock market is ever green field for Investment and provides one of the lucrative alternatives of investment. But it is very difficult to select companies for investment as there are number of companies listed in different stock exchanges. In this paper attempt has been made to catagorise different stocks on the basis of different sectors and study those on the basis of has been calculated and used. In this study it has been found that there is no major difference in risk and return of different sectors, but there is significant difference in risk and return of same sector in different phases of stock market i.e. bearish trend, consolidation Period and bullish trend.

Recently continuous increasing in the contribution of Service Sector in GDP of Indian Economy, Li... more Recently continuous increasing in the contribution of Service Sector in GDP of Indian Economy, Life Insurance Sector is one of most important sector playing its role in the growth of Indian Economy. As Globalisation and Liberalisation has open the doors for foreign companies to enter in to this sector in India, of course through joint venture only, they have identified the potential of the Indian market. Thus numbers of new private companies have started their business in Life Insurance Sector and still numbers of companies are preparing to enter into this sector. IRDA is playing its crucial role in managing all this efficiently in interest of general public. In this scenario, Life Insurance sector has also faced downward growth rate as global melt down during year 2008-09. But now near about all problems have been settled in India and India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-10. As Indian Stock market has also achieved stable growth in last more than six months, investment avenues based on it are also performing well afterwards. ULIPs have also shown its increased market-share, in the total insurance business. ULIPs are also well managed by IRDA well, even in terms of ceiling of total charges charged by Insurance companies. IRDA has established detailed guidelines with explanation of the terms used in it. Finally we can say about ULIPs that its performance can be identified by its NAV and its growth, which could be the important variable for the investors for their investment decision.

In current scenario of Indian stock market each investors are required to be alert enough about h... more In current scenario of Indian stock market each investors are required to be alert enough about happenings in the market. For that purpose it is very important for each and every investor to be aware about major factors affecting stock market. In this paper it has been tried to find out major factors responsible for up-down movement in Indian stock market. From the study it has been found that factors like Flow of Foreign Institutional Investors, Political Stability, Growth of Gross Domestic Product, Inflation, Liquidity and different interest rate and Global level factors are major factors responsible to create movement in Indian stock market. Investment: Meaning Investment is the commitment of funds to one or more assets that will be held over some future time period. Investment sometimes refers as investment process. Investment process is the process of decision making about parking our fund in different investment avenues. Investment decision involves the process of selecting best alternative(s) with respect to risk averseness and expected return of investor. Investment avenues we can mainly divide in to two parts: 1. Investment in for of securities, which are marketable and 2. Non-securities form i.e. non-marketable.

The primary market is that part of the capital markets that deals with the issue of new securitie... more 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. With the reforms of industrial policy, public sector, financial sector and the many developments in the Indian money market and capital market, primary market which has become an important gateway for the retail investors to make their investment, is also influenced by various factors. Hence, this study has made an attempt to find out the perception of retail investors about factors influencing Indian primary. This study is based on primary data collected through a well designed structured questionnaire from 175 retail investors from Surat City. In this study it has been observed that the most important factors while investing in Primary Market according to Investors are Company's Goodwill, Current Financial Position of company, Corporate Profile, Government holding in company and Promoters stake in the company. While the least important factors are Size of the IPO Issued, Disclosure by market participants and Minimum Investment amount required. The study reveals that retail investor's opinion is similar on majority aspects relevant to IPOs. Saving ratio of investors is only demographic factor affecting perception of retail investors about various factors affecting primary market. SEBI is already alert about few issues immerging in primary market though few problems related to IPOs were unfolded during the study. Major problems out of the mentioned are Refund related Problems, Delay in allotment of shares and Lack of Transparency.

Initiation of reform process in early 1990’s transformed India’s policy stance on development str... more Initiation of reform process in early 1990’s transformed India’s policy stance on development strategy completely. Initial approach of financing current account deficit mainly through debt flows and official development assistance has changed to harnessing non-debt creating capital flows. Under this strategy from September 14, 1992; Foreign Institutional Investors (FIIs) were permitted to invest in financial instruments in India. Since then Indian financial markets have changed substantially in its size, depth and character. In this period, Indian and world markets have seen good times and periods of crises both on external fronts and in financial markets. This paper tries to evaluate role of FIIs in Indian markets due to increasing share of FIIs in financial markets in India.

Stock Market is ever green field for Investment and good choice of investment provides very lucra... more Stock Market is ever green field for Investment and good choice of investment provides very lucrative scope. But it is very difficult to select companies for investment as there are number of companies listed in different stock exchanges. In this paper I have tried to catagorise different stocks on the basis of Market Capitalisation and study them on the basis of performance of different Indices of Bombay Stock Exchange related to different Capitalisation

In current scenario of Indian stock market each investors are required to be alert enough about h... more In current scenario of Indian stock market each investors are required to be alert enough about happenings in the market. For that purpose it is very important for each and every investor to be aware about major factors affecting stock market. In this paper it has been tried to find out major factors responsible for up-down movement in Indian stock market. From the study it has been found that factors like Flow of Foreign Institutional Investors, Political Stability, Growth of Gross Domestic Product, Inflation, Liquidity and different interest rate and Global level factors are major factors responsible to create movement in Indian stock market.

Conference Presentations by Mrunal Joshi

In India in 1990s in its major policy shift started allowing foreign investment in its financial ... more In India in 1990s in its major policy shift started allowing foreign investment in its financial markets. This led to Foreign Institutional Investors (FII) gradually investing in Indian stock market and starting of a new era in Indian stock markets. Today FIIs have emerged to be one of the most dominant groups of investors with ownership of significant component of traded securities. Nevertheless flow of FII investment in Indian stock market has not remained same throughout. In this context, this paper tries to study trend of FII investment over the period of time. It also tries to find out structural changes in the investment flow of FIIs. Investigation is also done to find if multiple structural breaks are present in FII investment flow over the period of time. Study also tries to identify growth in Investment flow of FII in Indian stock market since liberalisation and it's impact on stock market return.

In recent time people have number of investment avenues available for investment. But the importa... more In recent time people have number of investment avenues available for investment. But the important decision is to select optimum combination out of them to generate maximum return with minimizing risk. In this paper Markowitz Model is used to construct a portfolio which can generate optimum return with minimum level of risk. This model is applied on selected scripts and commodities to construct portfolios. In securities BHEL, Reliance and Satyam Computers were selected; whereas from commodities Gold, Silver and Zinc have been selected. The result of analysis tells following risk and return position for specific period of time i.e. 31 st

Drafts by Mrunal Joshi

Liberalization of economic policies in 1992 allowed foreign institutional investors investing in ... more Liberalization of economic policies in 1992 allowed foreign institutional investors investing in Indian capital markets. Though FII permitted to invest Indian stock markets in 1992, they actually started investing in India from 1997 and factual growth of FII investment came after 2002. Since then participation of FII in Indian stock market has continuously increased. They have emerged to be one of the largest investors and have acquired ownership of substantial proportion of non-promoter shares. They have also emerged to be dominant market players contributing very high proportion 41.73% of total stock exchange turnover of BSE and NSE combined. In Indian markets, FII are perceived to be very large and sophisticated investors with very high impact on stock market returns. Many investors and market participants tend to make their stock market strategy based on investment pattern of FII and base their stock market analysis on their perception about factors considered by FII in their investment decision. In this context this paper studies perception of market participants about major determinants of FII investment decision and extent to which investors are influenced by FII investment.

Liberalization of economic policies in 1992 allowed foreign institutional investors investing in ... more Liberalization of economic policies in 1992 allowed foreign institutional investors investing in Indian capital markets. Though FII permitted to invest Indian stock markets in 1992, they actually started investing in India from 1997 and factual growth of FII investment came after 2002. Since then participation of FII in Indian stock market has continuously increased. They have emerged to be one of the largest investors and have acquired ownership of substantial proportion of non-promoter shares. They have also emerged to be dominant market players contributing very high proportion 41.73% of total stock exchange turnover of BSE and NSE combined. In Indian markets, FII are perceived to be very large and sophisticated investors with very high impact on stock market returns. Many investors and market participants tend to make their stock market strategy based on investment pattern of FII and base their stock market analysis on their perception about factors considered by FII in their investment decision. In this context this paper studies perception of market participants about major determinants of FII investment decision and extent to which investors are influenced by FII investment.

The Government of India took historic decision of demonetization and cancelled legal tender of hi... more The Government of India took historic decision of demonetization and cancelled legal tender of high denomination currency notes Rs. 500 and Rs. 1,000 on 8th November 2016. The main purpose of this action was to cleanse counterfeit notes from economy, put check on terror funding and fight menace of black money. It being strong measure, ought to have both good and bad impact on economy. It is also likely to have different long-term and short term effect as well as different effects on different sections of the economy. In short term, it resulted into serious contraction of money supply. In absence of medium of transaction, it was anticipated that there will be contraction in economic activity resulting into loss of income and employment amongst some sections of society. Popular media appeared to be divided about extent of difficulty faced by economic agents. India has large informal economy, banking penetration in this sector was minimal. Therefore, this sector of the economy is likely to get impacted the most. A large portion of Indian population is part of this cash based informal economy and likely to have highest adverse impact during the transition period. At centre of informal economy happens to be small retailers, who are involved in dealing with last mile individuals. Therefore, to understand demonetisation’s short term effect on informal sector and common citizens, this cross-sectional study tried to investigate effect of demonetisation on small retailers.

Digital India campaign launched on 2nd July 2015 by our Honorable Prime Minister Shri Narendra Mo... more Digital India campaign launched on 2nd July 2015 by our Honorable Prime Minister Shri Narendra Modi. The stated role of Digital India is “Faceless, Paperless, Cashless”. To support Cashless as a part of Digital India Campaign government has initiated with different modes of digital payment system. As part of digital payment system few old and few new modes were promoted to develop cashless economy, which are the need of today for developing country like India. This paper is an attempt to study the trend in various modes of digital payments like NFS Inter Bank ATM Cash Withdrawal, NACH, CTS, IMPS, AEPS, BBPS, UPI, BHIM(UPI) and NETC in last three years. In this study it is found that in previous two years (2015-16 and 2016-17) and especially during the year 2017-18 (up to July 2017) there is remarkable growth in digital payment in volume and value both.

Himalaya Publishing House, 2017

Abstract Joint Venture (JV) is a combined effort of two or more companies to form a new company. ... more Abstract Joint Venture (JV) is a combined effort of two or more companies to form a new company. JVs are undertaken to bring the distinctive competence of two or more parties together. When these resources are put together, these give birth to a new entity which is quite distinct from its parents. Usually, a joint venture is formed between two or more partners to take the advantage of their complementary skills. In India, Joint Venture was a very common mode of entry before liberalisation due to government condition to have local partner for foreign players to enter in Indian market. One such Joint Venture which was highly successful is Hero Honda. Hero Honda started its operations in 1984 as a joint venture between Hero Cycles of India and Honda of Japan with equity of ? 16 crore, which became the world’s largest two-wheeler company in early 2001. In 2010, when Honda decided to move out of the joint venture, a new company Hero MotoCorp was born. This case study talks about how the joint venture was formed why it was so successful and why it ultimately got dissolved. The Joint Venture is a classic case of how a separation can be done gracefully. This holds lessons for other JVs that will eventually split when the interests of the partners cease to align. Keywords: Joint Venture, Graceful Separation, Hero Honda, Hero Motocorp.

SSRN Electronic Journal, 2000

Stock market is ever green field for Investment and provides one of the lucrative alternatives of... more Stock market is ever green field for Investment and provides one of the lucrative alternatives of investment. But it is very difficult to select companies for investment as there are number of companies listed in different stock exchanges. In this paper attempt has been made to catagorise different stocks on the basis of different sectors and study those on the basis of has been calculated and used. In this study it has been found that there is no major difference in risk and return of different sectors, but there is significant difference in risk and return of same sector in different phases of stock market i.e. bearish trend, consolidation Period and bullish trend.

Recently continuous increasing in the contribution of Service Sector in GDP of Indian Economy, Li... more Recently continuous increasing in the contribution of Service Sector in GDP of Indian Economy, Life Insurance Sector is one of most important sector playing its role in the growth of Indian Economy. As Globalisation and Liberalisation has open the doors for foreign companies to enter in to this sector in India, of course through joint venture only, they have identified the potential of the Indian market. Thus numbers of new private companies have started their business in Life Insurance Sector and still numbers of companies are preparing to enter into this sector. IRDA is playing its crucial role in managing all this efficiently in interest of general public. In this scenario, Life Insurance sector has also faced downward growth rate as global melt down during year 2008-09. But now near about all problems have been settled in India and India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-10. As Indian Stock market has also achieved stable growth in last more than six months, investment avenues based on it are also performing well afterwards. ULIPs have also shown its increased market-share, in the total insurance business. ULIPs are also well managed by IRDA well, even in terms of ceiling of total charges charged by Insurance companies. IRDA has established detailed guidelines with explanation of the terms used in it. Finally we can say about ULIPs that its performance can be identified by its NAV and its growth, which could be the important variable for the investors for their investment decision.

In current scenario of Indian stock market each investors are required to be alert enough about h... more In current scenario of Indian stock market each investors are required to be alert enough about happenings in the market. For that purpose it is very important for each and every investor to be aware about major factors affecting stock market. In this paper it has been tried to find out major factors responsible for up-down movement in Indian stock market. From the study it has been found that factors like Flow of Foreign Institutional Investors, Political Stability, Growth of Gross Domestic Product, Inflation, Liquidity and different interest rate and Global level factors are major factors responsible to create movement in Indian stock market. Investment: Meaning Investment is the commitment of funds to one or more assets that will be held over some future time period. Investment sometimes refers as investment process. Investment process is the process of decision making about parking our fund in different investment avenues. Investment decision involves the process of selecting best alternative(s) with respect to risk averseness and expected return of investor. Investment avenues we can mainly divide in to two parts: 1. Investment in for of securities, which are marketable and 2. Non-securities form i.e. non-marketable.

The primary market is that part of the capital markets that deals with the issue of new securitie... more 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. With the reforms of industrial policy, public sector, financial sector and the many developments in the Indian money market and capital market, primary market which has become an important gateway for the retail investors to make their investment, is also influenced by various factors. Hence, this study has made an attempt to find out the perception of retail investors about factors influencing Indian primary. This study is based on primary data collected through a well designed structured questionnaire from 175 retail investors from Surat City. In this study it has been observed that the most important factors while investing in Primary Market according to Investors are Company's Goodwill, Current Financial Position of company, Corporate Profile, Government holding in company and Promoters stake in the company. While the least important factors are Size of the IPO Issued, Disclosure by market participants and Minimum Investment amount required. The study reveals that retail investor's opinion is similar on majority aspects relevant to IPOs. Saving ratio of investors is only demographic factor affecting perception of retail investors about various factors affecting primary market. SEBI is already alert about few issues immerging in primary market though few problems related to IPOs were unfolded during the study. Major problems out of the mentioned are Refund related Problems, Delay in allotment of shares and Lack of Transparency.

Initiation of reform process in early 1990’s transformed India’s policy stance on development str... more Initiation of reform process in early 1990’s transformed India’s policy stance on development strategy completely. Initial approach of financing current account deficit mainly through debt flows and official development assistance has changed to harnessing non-debt creating capital flows. Under this strategy from September 14, 1992; Foreign Institutional Investors (FIIs) were permitted to invest in financial instruments in India. Since then Indian financial markets have changed substantially in its size, depth and character. In this period, Indian and world markets have seen good times and periods of crises both on external fronts and in financial markets. This paper tries to evaluate role of FIIs in Indian markets due to increasing share of FIIs in financial markets in India.

Stock Market is ever green field for Investment and good choice of investment provides very lucra... more Stock Market is ever green field for Investment and good choice of investment provides very lucrative scope. But it is very difficult to select companies for investment as there are number of companies listed in different stock exchanges. In this paper I have tried to catagorise different stocks on the basis of Market Capitalisation and study them on the basis of performance of different Indices of Bombay Stock Exchange related to different Capitalisation

In current scenario of Indian stock market each investors are required to be alert enough about h... more In current scenario of Indian stock market each investors are required to be alert enough about happenings in the market. For that purpose it is very important for each and every investor to be aware about major factors affecting stock market. In this paper it has been tried to find out major factors responsible for up-down movement in Indian stock market. From the study it has been found that factors like Flow of Foreign Institutional Investors, Political Stability, Growth of Gross Domestic Product, Inflation, Liquidity and different interest rate and Global level factors are major factors responsible to create movement in Indian stock market.

In India in 1990s in its major policy shift started allowing foreign investment in its financial ... more In India in 1990s in its major policy shift started allowing foreign investment in its financial markets. This led to Foreign Institutional Investors (FII) gradually investing in Indian stock market and starting of a new era in Indian stock markets. Today FIIs have emerged to be one of the most dominant groups of investors with ownership of significant component of traded securities. Nevertheless flow of FII investment in Indian stock market has not remained same throughout. In this context, this paper tries to study trend of FII investment over the period of time. It also tries to find out structural changes in the investment flow of FIIs. Investigation is also done to find if multiple structural breaks are present in FII investment flow over the period of time. Study also tries to identify growth in Investment flow of FII in Indian stock market since liberalisation and it's impact on stock market return.

In recent time people have number of investment avenues available for investment. But the importa... more In recent time people have number of investment avenues available for investment. But the important decision is to select optimum combination out of them to generate maximum return with minimizing risk. In this paper Markowitz Model is used to construct a portfolio which can generate optimum return with minimum level of risk. This model is applied on selected scripts and commodities to construct portfolios. In securities BHEL, Reliance and Satyam Computers were selected; whereas from commodities Gold, Silver and Zinc have been selected. The result of analysis tells following risk and return position for specific period of time i.e. 31 st

Liberalization of economic policies in 1992 allowed foreign institutional investors investing in ... more Liberalization of economic policies in 1992 allowed foreign institutional investors investing in Indian capital markets. Though FII permitted to invest Indian stock markets in 1992, they actually started investing in India from 1997 and factual growth of FII investment came after 2002. Since then participation of FII in Indian stock market has continuously increased. They have emerged to be one of the largest investors and have acquired ownership of substantial proportion of non-promoter shares. They have also emerged to be dominant market players contributing very high proportion 41.73% of total stock exchange turnover of BSE and NSE combined. In Indian markets, FII are perceived to be very large and sophisticated investors with very high impact on stock market returns. Many investors and market participants tend to make their stock market strategy based on investment pattern of FII and base their stock market analysis on their perception about factors considered by FII in their investment decision. In this context this paper studies perception of market participants about major determinants of FII investment decision and extent to which investors are influenced by FII investment.