hedge proj proposal

7/28/2019 Hedge Proj Proposal

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A STUDY ON THE STOCK PERFORMANCE OF HIGHER

DIVIDEND YIELDING COMPANIES

With special reference to HEDGE Equities Ltd, Thrissur

PROJECT REPORT

Submitted in partial fulfillment of the requirements

for the award of Degree of

MASTER OF BUSINESS ADMINISTRATIONof the

UNIVERSITY OF CALICUT

By

ARUN.N.OUSEPH

( Reg. No: EJALMBA010 )

Under the guidance of

Mrs. DIVYA SUNNY

MBA

Assistant Professor

ELIJAH INSTITUTE OF MANAGEMENT STUDIES

THRISSUR

APRIL 2013


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Abstract

The study of stock performance of higher dividend yielding companies is to make analysis

over the stock market. How the dividend payment helps them in stock performance and what

are the other factors affects the performance of the company.

Introduction

As we all know that High Dividend Yield Stocks can be consider as a safe haven where

safety has greater priority compared to high returns. Specially, when the market remains

volatile and lot of uncertainty arises due to headwinds coming from Domestic and Globally.

Investors can still get a decent return on the Investment made in High Dividend Yield

Stocks. Investing in a kind of High Dividend paying companies is also one of Value

Investing Strategy. Dividend is a direct income for a shareholder without selling any of the

holdings. Therefore a shareholder can hold on to the stock and still earn an income sitting at

home. In a bull market, dividend would add to the overall capital appreciation and improve

gains. In a bear market, a high dividend stock can offset some of the capital loss. Hence, a

high dividend stock would always find favor in any market conditions. Rising dividends also

indicate financial soundness of a firm and a strong cash flow. Increased market volatility has

placed dividend-paying stocks back into the spotlight.

These securities have been long valued for their defensive characteristics

during down markets, but their attractive combination of steady income and capital

appreciation potential has also delivered consistent, strong returns across full market cycles.

Given this context, equity dividend investing seems particularly relevant in todays market

climate. Facing the prospects of slower growth opportunities and more extreme, more

frequent market gyrations, investors may be well served by the predictability of dividends to

help stabilize and enhance their equity returns.


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3. BACKGROUND & PURPOSE OF THE STUDY

Dividends and the companies that pay them are regaining the attention of advisors and

investors alike due to their ability to provide a predictable source of steady income, buffer

market volatility and offer the potential for capital appreciation. As bond yields have fallen

over the past decade, many traditional sources of investment income have become less

attractive to investors looking for income. Dividend-paying stocks possess the attributes

sought after during a volatile and uncertain marketplace as well as complement or

supplement income from fixed income holdings. Furthermore, in addition to paying investors

cash to hold their shares, dividend-paying stocks also offer features such as favorable tax

treatment, a potential hedge against inflation and a source of portfolio diversification.

However, investors often have concerns about dividend paying stocks,

especially those with high yields. First, there is a general perception that there simply arent

that many stocks with high yields that pay dividends consistently. Another concern is that

some stocks only appear to have high yields because they have seen their prices drop

significantly. As a trend, this was clearly visible during 2008-2009, when most financial and

insurance sector companies had high dividend yields due to sharp deteriorations in their stock

prices. Another concern is that high dividend yields may be unsustainable and companies that

pay out high dividends may cut or eliminate them in the future. There are also concerns that

high dividends are only paid by companies that have reached a mature or declining phase

of their businesses and therefore have limited price appreciation potential when compared to

high-growth companies that do not pay dividends. A final issue that investors often raise is

that there is currently too much focus on dividend stocks and that, as a result, these

stocks must be trading at premiums to the market. This study intends to address all these

questions and perceived issues while exploring the relationship between stock performance

with dividend yield.


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4. RESEARCH PROBLEM

Today, with greater volatility the norm and generally more subdued market

expectations ahead, investors are increasingly unwilling to rely on capital appreciation alone

to fuel their equity investment returns. Consequently, many are once again recognizing the

crucial role dividends can play in overall equity performance.

Dividend-paying stocks have generated consistent, positive return streams, regardless of

general market movements, and the long-term compounding benefits of dividends have been

significant.

With the volatility trend of the market and how the return over the investment helping to

have a good return over share market with regards to investing in the dividend paying shares.

The study at HEDGE Thrissur aims to analyze:

How the Stock performance of higher dividend yielding companies helps the investors

in the stock market?

5. SCOPE OF THE STUDY

Increased market volatility has placed dividend-paying stocks back into the spotlight. These

securities have been long valued for their defensive characteristics during down markets, but

their attractive combination of steady income and capital appreciation potential has also

delivered consistent, strong returns across full market cycles.Given this context, equity

dividend investing seems particularly relevant in todays market climate.

Facing the prospects of slower growth opportunities and more extreme, more frequent

market

gyrations, investors may be well served by the predictability of dividends to help stabilize

and enhance their equity returns. Here the study helps to understand in which shares need


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to be invested to make a fare return over the investment of the share holders in the market.

Today, with greater volatility the norm and generally more subdued market expectations

ahead,

investors are increasingly unwilling to rely on capital appreciation alone to fuel their equity

investment returns. Consequently, many are once again recognizing the crucial role

dividends

can play in overall equity performance.

6. RESEARCH OBJECTIVE

Specific Objective:

The main objective of the study is to have a detailed analysis of various shares

to find out the high dividend paying stock and its performance over the market.

The study is intended to have a good understanding on how these dividend and

market performance are related to each other.

Sub Objectives:

To study the Ability of Dividends to Grow

To find out Source of Total Return/Capital Appreciation Potential

To see whether the Shares Generate Income in a Low Yield Environment

To see whether the volatility of the share price affected by the dividend payment

To understand, analyze and study the relationship between share price movement and

dividend declaration


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7. RESEARCH METHODOLOGY

Research is a scientific and systematic search for pertinent information on a

specific topic. The aim of academic research is to acquire knowledge and to

apply the sources to understand social phenomena.

7.1 Research Design

The research used in this study is analytical type of research. Inanalytical research the researcher uses facts or information already available, to

make evaluation of available data. In this study the researcher analyses prices

of shares, which are historical data and derive conclusions from it.

7.2 Sampling Design

The universe for sampling is BSE index. it has 12 sectors. Various shares

from 12 sectors are selected for diversification. The sampling method used here

is convenience sampling.

7.3 Variables of the study

A variable, as opposed to a constant, is simply anything that can vary.

Every experiment has at least two types of variables: independent and


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dependent. The independent variable is often thought of as our input variable.

It is independent of everything that occurs during the experiment because once

it is chosen it does not change. The dependent variable, or outcome variable, is

dependent on our independent variable or what we start with. Here the

variables are various shares from BSE index.

7.4 Collection of Data

Most of the data is collected keeping the aim of scope of inquiry &

available resources. Proper methods are employed in the collection of data

studying the true behavior of available variables under study. The collection of

data is the foundation upon which the whole sub structure of statistical analysis

is to be raised , therefore the foundation must be properly laid in the absence of

accurate data is not possible to analyze the truth behavior of variables. In this

study only secondary data is used for analysis

Secondary Data- Secondary data is collected from books, journals, profile of

the organization & internet.

7.5 Tools/Techniques used for Data Analysis &

Presentation

1.

The Dividend Payout Ratio (DPR)

DPR = Dividends Per Share / EPS

2. DIVIDEND YIELD

Dividend Yield = annual dividend per share / stock's price per share

3. Miller and Modigliani Model (MM Model)


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MM Model:Market price of the share in the beginning of the period = Present value of dividends

paid at the end of the period + Market price of share at the end of the period.

P0 = 1/(1 + ke) x (D1 + P1)

Where: P0 = Prevailing market price of a shareke = cost of equity capital

D1=Dividend to be received at the end of

period 1 and

P1 =Market price of a share at the end of

period 1.

Value of thefirm, nP0

=

(n + n) P1 I+ E

(1 + ke)

Where: n = number of shares outstanding at the beginning of the period

n =change in the number of shares outstanding during the period/ additionalshares issued.

I = Total amount required for investmentE = Earnings of the firm during the period.

8. LITERATURE REVIEW

8.1 THEORETICAL FRAMEWORK

Dividends

Dividends: are payments made by a corporation to its shareholder members. It is the portion

of corporate profits paid out to stockholders.[1] When a corporation earns a profit or surplus,

that money can be put to two uses: it can either be re-invested in the business (called retained

earnings), or it can be distributed to shareholders. There are two ways to distribute cash to

shareholders: share repurchases or dividends.[2][3] Many corporations retain a portion of their

earnings and pay the remainder as a dividend.


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A dividend is allocated as a fixed amount per share. Therefore, a shareholder receives a

dividend in proportion to their shareholding. For the joint stock company, paying dividends

is not an expense; rather, it is the division of after tax profits among shareholders. Retained

earnings (profits that have not been distributed as dividends) are shown in the shareholder

equity section in the company's balance sheet - the same as its issued share capital.Public

companies usually pay dividends on a fixed schedule, but may declare a dividend at any

time, sometimes called a special dividend to distinguish it from the fixed schedule dividends.

Cooperatives, on the other hand, allocate dividends according to members' activity, so their

dividends are often considered to be a pre-tax expense.

Dividends are usually paid in the form of cash, store credits (common among

retail consumers' cooperatives) and shares in the company (either newly created shares or

existing shares bought in the market.) Further, many public companies offer dividend

reinvestment plans, which automatically use the cash dividend to purchase additional shares

for the shareholder.

The word "dividend" comes from the Latin word "dividendum" ("thing to be divided").

Joint stock company dividends

A dividend is allocated as a fixed amount per share. Therefore, a shareholder receives a

dividend in proportion to their shareholding.

Forms of payment

Cash dividends (most common) are those paid out in currency, usually via electronic funds

transfer or a printed paper check. Such dividends are a form of investment income and are

usually taxable to the recipient in the year they are paid. This is the most common method ofsharing corporate profits with the shareholders of the company. For each share owned, a

declared amount of money is distributed. Thus, if a person owns 100 shares and the cash

dividend is USD $0.50 per share, the holder of the stock will be paid USD $50. Dividends

paid are not classified as an expense, but rather a deduction of retained earnings. Dividends

paid does not show up on an Income Statement but does appear on the Balance Sheet.

Stock or scrip dividends are those paid out in the form of additional stock shares of the

issuing corporation, or another corporation (such as its subsidiary corporation). They are

usually issued in proportion to shares owned (for example, for every 100 shares of stock


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owned, a 5% stock dividend will yield 5 extra shares). If the payment involves the issue of

new shares, it is similar to astock split in that it increases the total number of shares while

lowering the price of each share without changing the market capitalization, or total value, of

the shares held. (See also Stock dilution.)

Property dividends or dividends in specie (Latin for "in kind") are those paid out in the

form of assets from the issuing corporation or another corporation, such as a subsidiary

corporation. They are relatively rare and most frequently are securities of other companies

owned by the issuer, however they can take other forms, such as products and services.

Interim dividends are dividend payments made before a company's annual general meeting

(AGM) and final financial statements. This declared dividend usually accompanies the

company's interim financial statements.

Other dividends can be used in structured finance. Financial assets with a known market

value can be distributed as dividends; warrants are sometimes distributed in this way. For

large companies with subsidiaries, dividends can take the form of shares in a subsidiary

company. A common technique for "spinning off" a company from its parent is to distribute

shares in the new company to the old company's shareholders. The new shares can then be

traded independently.

Reliability of dividends

Two metrics are commonly used to examine a firm's dividend policy.

Payout ratio is calculated by dividing the company's dividend by the earnings per share. A

payout ratio greater than 1 means the company is paying out more in dividends for the year

than it earned.

Dividend coveris calculated by dividing the company's cash flow from operations by the

dividend. This ratio is apparently popular with analysts of income trusts in

Canada. Dividends are payments made by a corporation to its shareholder members. It is the

portion of corporate profits paid out to stockholders.

Dividend dates

Any dividend that is declared must be approved by a company's Board of Directors before it

is paid. For public companies, there are four important dates to remember regarding


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dividends. These are discussed in detail with examples at the Securities and Exchange

Commission site

Declaration date is the day the Board of Directors announces its intention to pay a dividend.

On this day, a liability is created and the company records that liability on its books; it now

owes the money to the stockholders. On the declaration date, the Board will also announce a

date of record and a payment date.

In-dividend date is the last day, which is one trading day before the ex-dividend date, where

the stock is said to be cum dividend('with [including] dividend'). In other words, existing

holders of the stock and anyone who buys it on this day will receive the dividend, whereas

any holders selling the stock lose their right to the dividend. After this date the stock

becomes ex dividend.

Ex-dividend date (typically 2 trading days before the record date for U.S. securities) is the

day on which all shares bought and sold no longer come attached with the right to be paid

the most recently declared dividend. This is an important date for any company that has

many stockholders, including those that trade on exchanges, as it makes reconciliation of

who is to be paid the dividend easier. Existing holders of the stock will receive the dividend

even if they now sell the stock, whereas anyone who now buys the stock will not receive the

dividend. It is relatively common for a stock's price to decrease on the ex-dividend date by

an amount roughly equal to the dividend paid. This reflects the decrease in the company's

assets resulting from the declaration of the dividend. The company does not take any explicit

action to adjust its stock price; in an efficient market, buyers and sellers will automatically

price this in.

Book closure Date Whenever a company announces a dividend pay-out, it also announces adate on which the company will ideally temporarily close its books for fresh transfers of

stock.

Record date Shareholders registered in the stockholders of record on or before the date of

record will receive the dividend. Shareholders who are not registered as of this date will not

receive the dividend. Registration in most countries is essentially automatic for shares

purchased before the ex-dividend date.


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Payment date is the day when the dividend cheques will actually be mailed to the

shareholders of a company or credited to brokerage accounts.

Dividend-reinvestment

Some companies have dividend reinvestment plans, or DRIPs, not to be confused with

scrips. DRIPs allow shareholders to use dividends to systematically buy small amounts of

stock, usually with no commission and sometimes at a slight discount. In some cases, the

shareholder might not need to pay taxes on these re-invested dividends, but in most cases

they do.

Dividend taxation

In many countries, such as the U.S.A. and Canada, income from dividends is taxed, albeit at

a lower rate than ordinary income. Though in most cases, the lower tax rate is due to profits

being taxed initially as Corporate tax.

Australia and New Zealand

In Australia and New Zealand, companies also forward franking credits or imputation

credits to shareholders along with dividends. These franking credits represent the tax paid by

the company upon its pre-tax profits. One dollar of company tax paid generates one franking

credit. Companies can forward any proportion of franking up to a maximum amount that is

calculated from the prevailing company tax rate: for each dollar of dividend paid, the

maximum level of franking is the company tax rate divided by (1 - company tax rate). At the

current 30% rate, this works out at 0.30 of a credit per 70 cents of dividend, or 42.857 cents

per dollar of dividend. The shareholders who are able to use them offset these credits against

their income tax bills at a rate of a dollar per credit, thereby effectively eliminating

the double taxation of company profits. This system is called dividend imputation.

UK

The UK's taxation system operates along similar lines to Australia and New Zealand: when a

shareholder receives a dividend, the basic rate of income tax is deemed to already have been

paid on that dividend. This ensures that double taxation does not take place, however this

creates difficulties for some non-taxpaying entities such as certain trusts, charities and

pension funds which are not allowed to reclaim the deemed tax payment and thus are in

effect taxed on their income.


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India

In India, companies declaring or distributing dividend, are required to pay a Corporate

Dividend Tax in addition to the tax levied on their income. Dividend received is exempt in

the hands of the shareholder's, in respect of which Corporate Dividend Tax has been paid by

the company.

Effect on stock price

After a stock goes ex-dividend (e.g. the financial obligation for the company to pay the

dividend to the holder), the stock price should drop.

To calculate the amount of the drop, the traditional method is to view the financial effects of

the dividend from the perspective of the company. Since the company has paid say $x in

dividends per share out of its cash account on the left hand side of the balance sheet, the

equity account on the right side should decrease an equivalent amount. This means that a $x

dividend should result in a $x drop in the share price.

A more accurate method of calculating this price is to look at the share price and dividend

from the after-tax perspective of a share holder. The after-tax drop in the share price (or

capital gain/loss) should be equivalent to the after-tax dividend. For example, if the tax of

capital gains Tcg is 35%, and the tax on dividends Td is 15%, then a $1 dividend is

equivalent to $0.85 of after tax money. To get the same financial benefit from a capital loss,

the after tax capital loss value should equal $0.85. The pre-tax capital loss would be $0.85/

(1-Tcg) = $0.85/(1-35%) = $0.85/65% = $1.30. In this case, a dividend of $1 has led to a

larger drop in the share price of $1.30, because the tax rate on capital losses is higher than

the dividend tax rate.

Finally, security analysis that does not take dividends into account may mute the decline in

share price, for example in the case of a Priceearnings ratio target that does not back out

cash; or amplify the decline, for example in the case of Trend following.

Criticism

Some believe that company profits are best re-invested back into the company: research and

development, capital investment, expansion, etc. Proponents of this view (and thus critics of

dividends per se) suggest that an eagerness to return profits to shareholders may indicate the

management having run out of good ideas for the future of the company. Some studies,


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however, have demonstrated that companies that pay dividends have higher earnings growth,

suggesting that dividend payments may be evidence of confidence in earnings growth and

sufficient profitability to fund future expansion.

Taxation of dividends is often used as justification for retaining earnings, or for performing

a stock buyback, in which the company buys back stock, thereby increasing the value of the

stock left outstanding.

When dividends are paid, individual shareholders in many countries suffer from double

taxation of those dividends:

1. the company pays income tax to the government when it earns any income, and then

2. when the dividend is paid, the individual shareholder pays income tax on the

dividend payment.

In many countries, the tax rate on dividend income is lower than for other forms of income

to compensate for tax paid at the corporate level.

Capital gains should not be confused with dividends. Capital gains assumes an increase in a

stock's value. Dividend is merely parsing out a share of the profits, and is taxed at the

dividend tax rate. If there is an increase of value of stock, and a shareholder chooses to sell

the stock, the shareholder will pay a tax on capital gains (often taxed at a lower rate

than ordinary income). If a holder of the stock chooses to not participate in the buyback, the

price of the holder's shares could rise (as well as it could fall), but the tax on these gains is

delayed until the actual sale of the shares.

Certain types of specialized investment companies (such as a REIT in the U.S.) allow the

shareholder to partially or fully avoid double taxation of dividends.

Shareholders in companies that pay little or no cash dividends can reap the benefit of the

company's profits when they sell their shareholding, or when a company is wound down and

all assets liquidated and distributed amongst shareholders. This, in effect, delegates the

dividend policy from the board to the individual shareholder. Payment of a dividend can

increase the borrowing requirement, or leverage, of a company.


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Dividend Yield

Definition of 'Dividend Yield'

A financial ratio that shows how much a company pays out in dividends each year relative to

its share price. In the absence of any capital gains, the dividend yield is the return on

investment for a stock. Dividend yield is calculated as follows:

Dividend yield is a way to measure how much cash flow you are getting for each dollar

invested in an equity position - in other words, how much "bang for your buck" you are

getting from dividends. Investors who require a minimum stream of cash flow from theirinvestment portfolio can secure this cash flow by investing in stocks paying relatively high,

stable dividend yields.

To better explain the concept, refer to this dividend yield example: If two companies both

pay annual dividends of $1 per share, but ABC company's stock is trading at $20 while XYZ

company's stock is trading at $40, then ABC has a dividend yield of 5% while XYZ is only

yielding 2.5%. Thus, assuming all other factors are equivalent, an investor looking tosupplement his or her income would likely prefer ABC's stock over that of XYZ.

The dividend yield or the dividend-price ratio of a share is the company's total annual

dividend payments divided by its market capitalization, or the dividend per share, divided by

the price per share. It is often expressed as a percentage.


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Dividend yield is used to calculate the earning on investment (shares) considering only the

returns in the form of total dividends declared by the company during the year.

Its reciprocal is the Price/Dividend ratio.

Preferred share dividend yield

Dividend payments on preferred shares ("preference shares" in the UK) are set out in

the prospectus. The name of the preferred share will typically include its yield at par: for

example, a 6% preferred share. However, the dividend may under some circumstances be

passed or reduced. The yield is the ratio of the annual dividend to the current market price,

which will vary.

Common share dividend yield

Unlike preferred stock, there is no stipulated dividend for common stock ("ordinary shares"

in the UK). Instead, dividends paid to holders of common stock are set by management,

usually with regard to the company's earnings. There is no guarantee that future dividends

will match past dividends or even be paid at all. The historic yield is calculated using the

following formula:

For example, take a company which paid dividends totaling $1 per share last year and whose

shares currently sell for $20. Its dividend yield would be calculated as

follows:

The yield for the S&P 500 is reported this way. US newspaper and web listings of common

stocks apply a somewhat different calculation: they report the latest quarterly dividend


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multiplied by 4 divided by the current price. Others try to estimate the next year's dividend

and use it to derive a prospective dividend yield. Such a scheme is used for the calculation of

theFTSE UK Dividend+ Index[1]. Estimates of future dividend yields are by definition

uncertain.

Forward dividend yield

Forward dividend yield is a measure of estimating the future yield of a stock. The calculation

is done by taking the first dividend payment and annualizing it and then divide that number

by the current stock price. In other words if the first quarterly dividend was $0.04 and the

current stock price was $10.00 the forward dividend yield would be (.04*4)/10= 1.6%.

The trailing dividend yield is done in reverse by taking the last dividend annualized divided

by the current stock price.

Related measures

The reciprocal of the divided yield is the Price/Dividend ratio. The dividend yield is related

to the earnings yield via:

earnings yield = dividend yield dividend cover, and

dividend yield = earnings yield dividend payout ratio.

Desirability

Historically, a higher dividend yield has been considered to be desirable among many

investors. A high dividend yield can be considered to be evidence that a stock is under pricedor that the company has fallen on hard times and future dividends will not be as high as

previous ones. Similarly a low dividend yield can be considered evidence that the stock is

overpriced or that future dividends might be higher. Some investors may find a higher

dividend yield attractive, for instance as an aid to marketing a fund to retail investors, or

maybe because they cannot get their hands on the capital, which may be tied up in a trust

arrangement. In contrast some investors may find a higher dividend yield unattractive,

perhaps because it increases their tax bill.
http://www.ftse.com/Indices/UK_Indices/Downloads/ukdividend_factsheet.pdfhttp://www.ftse.com/Indices/UK_Indices/Downloads/ukdividend_factsheet.pdfhttp://www.ftse.com/Indices/UK_Indices/Downloads/ukdividend_factsheet.pdf


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Dividend yield fell out of favor somewhat during the 1990s because of an increasing

emphasis on price appreciation over dividends as the main form of return on investments.

The importance of the dividend yield in determining investment strength is still a debated

topic. The persistent historic low in the Dow Jones dividend yield during the early 21st

century is considered by some investors as indicative that the market is still overvalued.

Dow Industrials

The dividend yield of the Dow Jones Industrial Average, which is obtained from the annual

dividends of all 30 companies in the average divided by their cumulative stock price, has

also been considered to be an important indicator of the strength of the U.S. stock market.

Historically, the Dow Jones dividend yield has fluctuated between 3.2% (during market

highs, for example in 1929) and around 8.0% (during typical market lows). The highest ever

Dow Jones dividend yield occurred in 1932 when it yielded over 15%, which was years after

the famous stock market collapse of 1929, when it yielded only 3.1%.

With the decreased emphasis on dividends since the mid-1990s, the Dow Jones dividend

yield has fallen well below its historical low-water mark of 3.2% and reached as low as 1.4%

during the stock market peak of 2000.

TheDogs of the Dow is a popular investment strategy which invests in the ten highest

dividend yield Dow stocks at the beginning of each calendar year.

S&P 500

In 1982 the dividend yield on the S&P 500 Index reached 6.7%. Over the following 16

years, the dividend yield declined to just a percentage value of 1.4% during 1998, because

stock prices increased faster than dividend payments from earnings, and public

company earnings increased slower than stock prices. During the 20th century, the highest

growth rates for earnings and dividends over any 30-year period were 6.3% annually for

dividends, and 7.8% for earnings
http://en.wikipedia.org/wiki/Dogs_of_the_Dowhttp://en.wikipedia.org/wiki/Dogs_of_the_Dowhttp://en.wikipedia.org/wiki/Earningshttp://en.wikipedia.org/wiki/Dogs_of_the_Dowhttp://en.wikipedia.org/wiki/Earnings


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9. BIBLIOGRAPHY

9.1 JOURNALS

Janusz Brzeszczyski, Jerzy Gajdka, 2008Investment Management and Financial

Innovations, Volume 5, Issue 2, 2008

9.2 WEBLIOGRAPHY

http://rakesh-jhunjhunwala.in/index.php/2012/08/11/high-dividend-paying-stocks-in-india/#&panel1-7

http://www.tutorsonnet.com/homework_help/dividend_decisions/miller_and_modigliani_model_assignment_help_tutoring.htm

http://www.nseindia.com/

http://en.wikipedia.org/wiki/Dividend_yield


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