Module 1 Introduction to Stock Markets

Chapter 7

The Stock Markets Index


7.1 – Overview

If I were to ask you to give me a real time summary on the traffic situation, how would you possibly do it?

Your city may have 1000’s of roads and junctions; it is unlikely you would check each and every road in the city to find the answer. The wiser thing for you to do would be to quickly check, a few important roads and junctions across the four directions of the city and observe how the traffic is moving. If you observe chaotic conditions across these roads then you would simply summarize the traffic situation as chaotic, else traffic can be considered normal.

The few important roads and junctions that you tracked to summarize the traffic situation served as a barometer for the traffic situation for the entire city!

Drawing parallels, if I were to ask you how the stock market is moving today, how would you answer my question? There are approximately 5,000 listed companies in the Bombay Stock Exchange and about 2,000 listed companies in the National Stock Exchange. It would be clumsy to check each and every company, figure out if they are up or down for the day and then give a detailed answer.

Instead you would just check few important companies across key industrial sectors. If majority of these companies are moving up you would say markets are up, if the majority is down, you would say markets are down, and if there is a mixed trend, you would say markets are sideways!

So essentially identify a few companies to represent the broader markets. So every time someone asks you how the markets are doing, you would just check the general trend of these selected stocks and then give an answer. These companies that you have identified collectively make up the stock market index!


7.2 – The Index

Luckily you need not actually track these selected companies individually to get a sense of how the markets are doing. The important companies are pre packaged, and continuously monitored to give you this information. This pre packaged market information tool is called the ‘Market Index’.

There are two main market indices in India. The S&P BSE Sensex representing the Bombay stock exchange and CNX Nifty representing the National Stock exchange.

S&P stands for Standard and Poor’s, a global credit rating agency. S&P has the technical expertise in constructing the index which they have licensed to the BSE. Hence the index also carries the S&P tag.

CNX Nifty consists of the largest and most frequently traded stocks within the National Stock Exchange. It is maintained by India Index Services & Products Limited (IISL) which is a joint venture of National Stock Exchange and CRISIL. In fact the term ‘CNX’ stands for CRISIL and NSE.

An ideal index gives us minute by minute reading about how the market participants perceive the future. The movements in the Index reflect the changing expectations of the market participants. When the index goes up, it is because the market participants think the future will be better. The index drops if the market participants perceive the future pessimistically.

7.3 – Practical uses of the Index

Some of the practical uses of Index are discussed below.

infoInformationThe index reflects the general market trend for a period of time. The index is a broad representation of the country’s state of economy. A stock market index that is up indicates people are optimistic about the future. Likewise when the stock market index is down it indicates that people are pessimistic about the future.

For example the Nifty value on 1st of January 2014 was 6301 and the value as of 24th June 2014 was 7580. This represents a change of 1279 points in the index of 20.3% increase. This simply means that during the time period under consideration, the markets have gone up quite significantly indicating a strong optimistic economic future.

The time frame for calculating the index can be for any length of time.. For example, the Index at 9:30 AM on 25th June 2014 was at 7,583 but an hour later it moves to 7,565. A drop of 18 points during this period indicates that the market participants are not too enthusiastic.

benchmarkBenchmarkingFor all the trading or investing activity that one does, a yardstick to measure the performance is required.  Assume over the last 1 year you invested Rs.100,000/- and generated Rs.20,000 return to make your total corpus Rs.120,000/- . How do you think you performed? Well on the face of it, a 20% return looks great. However what if during the same year Nifty moved to 7,800 points from 6,000 points generating a return on 30%?

Well suddenly it may seem to you, that you have underperformed the market! If not for the Index you can’t really figure out how you performed in the stock market. You need the index to benchmark the performance of a trader or investor. Usually the objective of market participants is to outperform the Index.

tradeTrading – Trading on the index is probably one of most popular uses of the index. Majority of the traders in the market trade the index. They take a broader call on the economy or general state of affairs, and translate that into a trade.

For example imagine this situation. At 10:30 AM the Finance Minister is expected to deliver his budget speech. An hour before the announcement Nifty index is at 6,600 points. You expect the budget to be favorable to the nation’s economy. What do you think will happen to the index? Naturally the index will move up. So in order to trade your point of view, you may want to buy the index at 6,600. After all, the index is the representation of the broader economy.

So as per your expectation the budget is good and the index moves to 6,900. You can now book your profits, and exit the trade at a 300 points profit!  Trades such as these are possible through what is known as ‘Derivative’ segment of the markets. We are probably a bit early to explore derivatives, but for now do remember that index trading is possible through the derivative markets.

portfolioPortfolio HedgingInvestors usually build a portfolio of securities. A typical portfolio contains 10 – 12 stocks which they would have bought from a long term perspective. While the stocks are held from a long term perspective they could foresee a prolonged adverse movement in the market (2008) which could potentially erode the capital in the portfolio. In such a situation, investors can use the index to hedge the portfolio. We will explore this topic in the risk management module.

7.4 – Index construction methodology

It is important to know how the index is constructed /calculated especially if one wants to advance as an index trader. As we discussed, the Index is a composition of many stocks from different sectors which collectively represents the state of the economy. To include a stock in the index it should qualify certain criteria. Once qualified as an index stock, it should continue to qualify on the stated criteria. If it fails to maintain the criteria, the stock gets replaced by another stock which qualifies the prerequisites.

Based on the selection procedure the list of stocks is populated. Each stock in the index should be assigned a certain weightage. Weightage in simpler terms define how much importance a certain stock in the index gets compared to the others.  For example if ITC Limited has 7.6% weightage on Nifty 50 index, then it is as good as saying the that the 7.6% of Nifty’s movement can be attributed to ITC.

The obvious question is – How do we assign weights to the stock that make up the Index?

There are many ways to assign weights but the Indian stock exchange follows a method called free float market capitalization. The weights are assigned based on the free float market capitalization of the company, larger the market capitalization, higher the weight.

Free float market capitalization is the product of total number of shares outstanding in the market, and the price of the stock.

For example company ABC has a total of 100 shares outstanding in the market, and the stock price is at 50 then the free float market cap of ABC is 100*50 = Rs.5,000.

At the time of writing this chapter, the following are the 50 stocks in Nifty as per their weightage…

Sl No Name of the company Industry Weightage (%)
01 ITC Limited Cigarettes 7.60
02 ICICI Bank Ltd Banks 6.55
03 HDFC Ltd Housing Finance 6.45
04 Reliance Industry Ltd Refineries 6.37
05 Infosys Ltd Computer Software 6.26
06 HDFC Bank Ltd Banks 5.98
07 TCS Ltd Computer Software 5.08
08 L&T Ltd Engineering 4.72
09 Tata Motors Ltd Automobile 3.09
10 SBI Ltd Banks 2.90
11 ONGC Ltd Oil Exploration 2.73
12 Axis Bank Ltd Banks 2.50
13 Sun Pharma Ltd Pharmaceuticals 2.29
14 M&M Ltd Automobiles 2.13
15 HUL Ltd FMCG 1.87
16 Bharti Airtel Ltd Telecom Services 1.70
17 HCL Technologies Ltd Computer Software 1.61
18 Tata Steel Ltd Metal -Steel 1.42
19 Kotak Mahindra Bank Ltd Banks 1.40
20 Sesa Sterlite Ltd Mining 1.38
21 Dr.Reddy’s Lab Ltd Pharmaceuticals 1.37
22 Wipro Ltd Computer Software 1.37
23 Maruti Suzuki India Ltd Automobile 1.29
24 Tech Mahindra Ltd Computer Software 1.24
25 Hero Motocorp Ltd Automobile 1.20
26 NTPC Ltd Power 1.15
27 Power Grid Corp Ltd Power 1.13
28 Asian Paints Ltd Paints 1.10
29 Lupin Ltd Pharmaceuticals 1.09
30 Bajaj Auto Ltd Automobile 1.07
31 Hindalco Industries Ltd Metal – Aluminum 0.95
32 Ultratech Cements Ltd Cements 0.95
33 Indusind Bank Ltd Banks 0.94
34 Coal India Ltd Mining 0.93
35 Cipla Ltd Pharmaceuticals 0.89
36 BHEL Ltd Electrical Equipment 0.79
37 Grasim Industries Ltd Cements 0.79
38 Gail (India) Ltd Gas 0.78
39 IDFC Ltd Financial Services 0.74
40 Cairn India Ltd Oil Exploration 0.72
41 United Sprits Ltd Distillery 0.70
42 Tata Power Co.Ltd Power 0.68
43 Bank of Baroda Banks 0.63
44 Ambuja Cements Ltd Cements 0.61
45 BPCL Refineries 0.58
46 Punjab National Bank Banks 0.55
47 NMDC Ltd Mining 0.52
48 ACC Ltd Cements 0.50
49 Jindal Steel & Power Steel 0.38
50 DLF Ltd Construction 0.34

As you can see, ITC Ltd has the highest weightage. This means the Nifty index is most sensitive to price changes in ITC Ltd, and least sensitive to price changes in DLF Ltd.

7.5 – Sector specific indices

While the Sensex and Nifty represent the broader markets there are certain indices that represents specific sectors. These are called the sectoral indices. For example the Bank Nifty on NSE represents the mood specific to the banking industry. The CNX IT on NSE represents the behavior of all the IT stocks in the stock markets. Both BSE and NSE have sector specific indexes.  The construction and maintenance of these indices is similar to the other major indices.

Key takeaways from this chapter

  1.  An index acts as a barometer of the whole economy
  2. An index going up indicates that the market participants are optimistic
  3. An index going down indicates that the market participants are pessimistic
  4. There are two main indices in India – The BSE Sensex and NSE’s Nifty
  5.  Index can be used for a variety of purposes – information, bench marking, trading and hedging.
  6.  Index trading is probably the most popular use of the index
  7. India follows the  free float market capitalization method to construct the index
  8.  There are sector specific indices which convey the sentiment of specific sectors

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  1. harsha says:

    Hi sir, very excellent initiative by scheiss-leben.
    My question is why almost all stocks trade both in NSE and BSE?

    • Karthik Rangappa says:

      They are two different exchanges/markets. There are several companies in BSE that are not listed in NSE.

      • Chris says:

        Why would a company only trade on one indice?

        • Karthik Rangappa says:

          Not true – for example TCS trades on Nifty, CNX IT, CNX 100, and CNX 500.

          • Chris says:

            Sorry you did not get the gist of my question. You had said “There are several companies in BSE that are not listed in NSE.” Why would a company choose to be traded on one indice?

          • Karthik Rangappa says:

            Oh I get it now 🙂

            The inclusion in the Index is at the discretion of the index owner (exchanges). So BSE has its own methodology based on which they select the index constituents and so does NSE. Hence they differ. However all 30 stocks in Sensex are included in Nifty 50 or just Nifty.

          • Preeti Nair says:

            Aren’t the indices decided on by the credit rating agency and not the BSE or NSE or any other exchange?

          • Karthik Rangappa says:

            Nope, there are separate entities which maintain indices. For example Nifty is maintained by –

  2. karan kanaujia says:

    How do we know that the stock we buy is listed on bse or nse ???

  3. udit says:

    how can i know company’s ipo has launched? what things we must have to know before investment in ipo? And how can we know?

  4. RM1150 says:

    hi sir,
    can we download this modules for offline reading???

  5. Sandeep says:

    Where do I get updated information on weightage of stocks in the Nifty?

  6. Anant says:

    Mostly we see, the value of a particular stock differs from BSE to NSE. So, Can I buy a stock from NSE and sale the same at BSE ?Thanks

  7. Kaveri chozhan says:

    Sir, you have said that ” make sure you buy back the stocks you sold at BSE bought from NSE” for mr.Anant query, why it necessary to buy back the stocks?

    • Karthik Rangappa says:

      That is because Anant is referring to a trading strategy called “Cash and Carry Arbitrage”, where you sell stocks on one exchange and buy the same on another. We will discuss in one of the future modules.

  8. Rajkumar says:

    indeed a nice tutorial…. I want to know how do we buy and sell nifty? Are any tutorial already available in z-connect? If yes, where its placed? Please explain little bit briefly between buying and selling the securities between two exchanges BSE and NSE? Like if I bought a security in NSE, but it’s not listed in BSE, so, can I be allowed to sell it in BSE?

    • Karthik Rangappa says:

      If the stock is listed in only 1 exchange you cant sell it in the other. Will be dedicating a chapter completely on Nifty in the ‘Futures module’.

  9. ranjithmp says:

    was very informative.will soon see company emerging as an Investment bank.Must focus on discount stocks am currently holding Educomp bought @18 RS 1000 Q with 5 Year time frame.Must be a different company who focus on discount stocks rather than one at premium

  10. Brijesh says:

    Very helpful -thank you scheiss-leben

  11. Jyoten says:

    Great Initiative by you, helps a lot for people from non-commercial backgrounds.
    Is there any eligibility criteria to get listed in BSE ? What if more that 30 companies are eligible how will the BSE decide which one to choose ?

    • Karthik Rangappa says:

      You must be referring to BSE Sensex index. The exchange has a set of rules based on market cap and free float…if a company qualifies these conditions then the exchange adds it to the index.

  12. Pramod Beri says:

    when i place a buy order… will there be any difference whether i make it on nse or bse??
    and by the way… u guys are great… i would never have found all this information in such a lucid way anywhere else .. 🙂

    • Karthik Rangappa says:

      Thanks for the kind words Pramod 🙂

      Yes, there is a price difference between BSE and NSE although not much.

  13. Sudeshna Bora says:

    I wanted to know about the free float market capitalization technique.
    You specified it means “No.of outstanding shares in market X price of the stock”.
    What is meant by the outstanding shares in the market?
    Does it mean the shares which are still not owned by anyone and is available in the market?
    Or does it mean all the shares that is eligible to be traded in the market (even if it is currently owned by someone)?

    • Karthik Rangappa says:

      Free Float represents the number of shares that are outstanding in the markets – like you said “does it mean all the shares that is eligible to be traded in the market (even if it is currently owned by someone)?”….exactly what it means.

  14. mattia says:

    Hi, I would like to ask: isn’t this the full market capitalization method? Outstanding shares × share price. Isn’t free float market cap method: outstanding shares (minus locked-in shares held by other corporations… government…) × share price. And another question: there is a page where I can find the free float factor or the exact number of outstanding shares (without locked-in shares) of nifty or bse index?

  15. mattia says:

    Sorry, I’ve been quite rude, two questions without saying thank you for the ebook and the time!

  16. Milan says:

    Hello karthik,
    Here you mention that i can buy from one exchange and sell it by another exchange. And it is possible in CNC only and not in future, am i right ?

  17. abhishek kumar sah says:

    great work!!!!!
    say a company has 100 stocks and i bought 10 of them. so now i am the owner of 10 % of the company. now my question is— till i hold the stocks will i get the 10% of companies profit?? or my profit or loss depends only on buying and selling the stocks??

  18. Devanand Hiremath says:

    I read the lists of companies and their weightage. Please tell me that this weightage is fixed for all the time or it changes on some factors.

    • Karthik Rangappa says:

      With increase/decrease in stock price, the free float market cap of the stock changes and with this the weightage also changes.

  19. Karthik says:

    Hi Sir,
    I have one query regarding the benefits that one would get by investing on stocks with higher prices. For example, consider TCS shares currently having value around 2330.00. If a person is investing 20K for TCS, he may be getting 9 shares for this price.
    I was wondering what benefits could investors have on such stocks. ?

    • Karthik Rangappa says:

      Benefits are of 2 kinds –

      1) Capital appreciation meaning if TCS does well as a business then the stock price will also go up…lets say it goes to 2500, then your 20K investment is not valued at 25K.

      2) Dividend payout – Companies payout dividends to its shareholders. This is like a rental income on your property. Its not necessary that all companies should pay dividends, but most of them do. So if TCS gives out Rs.10 per share as dividend then you get Rs.90/- as dividends income.

      • Karthik says:

        Thanks for your quick clarification.. 🙂
        By those benefits, does that mean, the stocks of higher values yield the same as lower ones..?
        For example, the same 20K can be used to buy shares of other company say, Rs.50 per share. An increase in Rs.5 per share would yield us a profit of(400*5 ) Rs .2000 which would be the same as the TCS shares would have given us.
        Am I right?
        Just out of curiosity, what would be the general trend in this case. Would some one be willing to invest in such large share value,
        or just go ahead with the latter ones?

        By the way, I forogt to mention one thing.. You are awesome.. and your blog contents are simplicity at its peak 🙂

  20. PRASHANTH AV says:

    hi my question is about premarket buying. suppose nifty index is trading at 7600 today and closes at 7560.Same day suppose there is a bad news after markets close and i anticipate the index to fall drastically . so i decide to short nifty futures or buy a put option.but waiting till tomorrow after markets open seems to be a bad idea to me because the markets would open far less price than todays closing .in this scenario is it a good idea to buy in the after market hours today or premarket tomorrow

  21. bopanna_g says:

    Is there a specific volume ratio for the shares of a company that are being traded in both the exchanges ?
    What i mean here when company steps from primary to the secondary market how is it decided how many shares will trade in which exchange ?
    In case if there is a shortage in one exchange and if there is a surplus in the other ?

    • Karthik Rangappa says:

      Usually a certain portion of the share capital gets listed on the exchange. In simpler terms – if the total number of shares are 100, then the company can decide to issue 10%, say 10 shares to be listed. This will get traded on exchanges.

  22. bopanna_g says:

    Thanks. I understand about companies decisions. My doubt was with respect to bse and Nse. How much of this stock they get to list in their respective exchanges. Incase of high demand in one exchange does it get fulfilled by the other? I was comparing Google charts of a Tata motors where at a particular time there was a heavy volume traded in both the exchanges however there was a slight difference in price bse being on the higher side by appx 1 rupee

    • Karthik Rangappa says:

      Bopanna, you can buy stock in NSE and sell in BSE or vice versa. Eventually it all depends on liquidity and who offers the better rate.

  23. Rajat says:

    Hie Karthik sir.
    Your systematic explanation of stock market is fascinating . Indeed it should be incorporated in schools and colleges. I believe, financial literacy is must in today’s time. Thank you for such a great content.
    One question: Say, it is 10 in the morning and there is a company ‘A’ whose FFMC does not qualify it to be under top 50 companies of Nifty. However, after doing superbly well in the market, its FFMC exceeds company B’s FFMC, that is listed under top 50 companies of Nifty, at 1 in the afternoon. So will it replace the company B at that very instant or changes in the Nifty will be reflected after the market gets closed?

  24. asha says:

    sir i have one doubt / what are the issues in selection a procedure of stocks in nifty fifty index/ please anybody can answer these question pls

    • Karthik Rangappa says:

      There are a set of qualities they look for including trading volume, liquidity, market capitalization etc. NSE has listed down these details on their website.

  25. Nitin says:

    Where can I get a summary of the Indian stock market (size, liquidity, restriction, valuation, etc.)

  26. Nirmal says:

    There is type in the table mentioning the stock “Reliance Industry Ltd” should be “Reliance Industries Ltd”.

  27. Santosh says:

    Excellent series of articles. I have one question. You have shown the table listing the Nifty 50 index by weight age. Where can I find such list. I tried going through nifty website, but couldn’t find any such list?

  28. Ankur Agrawal says:

    Hi Karthik,

    I wanted to know, in kite why can’t I load indices?

  29. NareshS says:

    Hi Karthik
    I would like to know whether rise and fall of Nifty is mathematically equal to rise and fall of 50 companies in Nifty? Or does Nifty have its own sentiments separate from the companies it comprises of?

    Say for the sake of simplicity, all companies in Nifty have equal Market capitalization and they all raise by exactly 1%, so can it be possible that Nifty may rise to figure other than 1% also?

    Also does Global news affect Nifty directly or is it through the companies listed in Nifty.

    Basically I want to know is everything mathematically accurate ?

    • Karthik Rangappa says:

      Yes, Nifty factors in the movement of each stock according to its respective weight age. Yes, if all companies have equal MC, then Nifty will assign equal weightage and movement will be linear….although this does not really happen in real life.

  30. Raj says:

    Hi Karthik, doubt not related to this chapter.
    SLBS: just dial LTP =4.00
    FUTURES LTP= 429.20
    now my doubt is what is LTP=4.00 and how they arrive at 9.91% p.a???? please clear my doubt sir

    • Karthik Rangappa says:

      When you lend the underlying in spot market under the SLBM scheme you do get an interest. 9.91% is annualized, really not sure how the calculate this.

  31. Amit Deshpande says:

    Hi Karthik,

    You mean indices/indexes are nothing but dashboards ?

  32. Amit Deshpande says:

    Hi Karthik,

    One more question I didn’t get what’s the difference between Indexes & Indices ? Please explain.

    Also I am checking Indian Indices on money control no where I am seeing CNX IT, CNX I00 & CNX 500. Is it that CNX IT is other name of NIFTY IT, NIFTY 100 & NIFTY 500 ?

  33. Deepak says:

    Not understood the concept of free float market capitalization. In moneycontrol app it is given that market cap. of DLF Ltd. is 22,344.52 Cr and that of IOC is 169,155.45. In spite of larger market cap. IOC is not included in NIFTY 50 whereas DLF is included. Why???

    • Karthik Rangappa says:

      Market Cap is defined as the total number of shares outstanding multiplied by share price. Free float Market Cap is defined as the number of free shares available in the market multiplied by share price.

  34. Jeganath KR says:

    It won’t consider the face value of the stock to calculate the Market Cap?

  35. Vinod Kumar. K says:

    Hi Karthik,

    Thanks for the scheiss-leben Varsity. It is remarcable that how you explained everything in a very simplified manner.
    How promotor’s share holding is zero in a compony like ITC. What does that indicate?


  36. vaibhavwiz says:

    Does the weightage to Nifty for a particular company remains fixed or it can be changed in some conditions?

  37. Ayush says:

    1)How does sensex differ from nifty?
    2)Is index prepared on the basis of diffrent sectors?
    3)what is bank nifty and how it differ from nifty 50?
    4)what is sensex points and nifty points?

    • Karthik Rangappa says:

      1) Sensex is from BSE, Nifty from NSE
      2) Based on free float market capitalisation
      3) They are two different indices
      4) Points quantify to what extent the indices moves for a given timeframe.

      Read the chapter fully.

  38. Akshay says:

    How one can trade index?
    What is derivative Index derivative

    • Karthik Rangappa says:

      Yes, you can. You can trade by transacting in a index derivative. Read module 4 to understand this better.

  39. kalimsayyed says:

    You are superb!!! A lay man can also understand market after reading content of your website.


  40. Saiyed Kamil says:

    ” Usually the objective of market participants is to outperform the Index”
    Isn’t the assumption here that you are trading in the selected or top 50 companies because they only decide the index, which is flawed?Won’t outperforming the index be of no relevance if the stocks you are trading in isn’t of the selected companies which essentially have no bearing on the index and hence gauging your performance according to the index be flawed?

    • Karthik Rangappa says:

      You are free to use any benchmark you wish. For example I personally like to benchmark myself against the Juniorbees, as my portfolio is mainly small and mid cap stocks.

  41. Saiyed Kamil says:

    Can you explain what does trading index mean? In the next chapter there is a reference to buying index, how does that work?

  42. Vivek Pathak says:

    Beautifully Written and Well Explained..

  43. shubham chaudhary says:

    awsum page

  44. Jagateeswaran says:

    Why index has more weightage to banking stocks??

    • Karthik Rangappa says:

      Indices are based on free float market cap – so whichever companies fall under this methodology, they get included in the index.

  45. Aradhya says:

    Superb initiative to spread financial literacy in India.. your content is so good and easy to understand for everyone. I am from business management & MBA background but still this varsity thought me a lot compared to traditional MBA.

  46. Kush jana says:

    How can i find the weightage of a company in nse, bse website?

  47. bhumit says:

    how can i found low float stock …??????

  48. yash says:

    thank you for this content,its very straight-forward.may god bless you!

  49. sudhakar says:

    what is the transaction charges for trading index

  50. P.s.perumal says:

    The difference between the voting right share and non voting right share

  51. Deepak says:

    After investing in Index. will it give all features like normal shares e.g. dividend, bouns for whichever company listed in Index.?

  52. Sashidhar. L says:

    Sir even after spending few months on NSE website, I find it very hard to find information I need, from the website, like option data for last 6 months, time decay on daily basis and so on. Do you think there is any material to address this problem? Have you ever faced this problem or is it just me?

  53. Kunal says:

    How to find stocks that gap in the pre-market period on screener.smallcase?

  54. Anuraag says:

    Great article.
    1 query – Now we see Infosys is listed in both BSE and NSE. Why is the price different in both. For instance at close of markets today, the share price of Infy in NSE is 991.15 whereas in BSE its 991.40.

  55. SURAJ says:

    A big Thank u sir, for giving a wonderful explanation about the stock exchange and sensex or nifty. i got it in a very handy way. now my question is how a VC valuates a company or startup nd invest money in them by getting some share ? can u help me plz ?

Product Links

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